VANKEL: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VANKEL
Largest movements
- Cash +€478,677
up €478,677 (+7104.9%), from €6,737 to €485,414
mainly Current investments (+€369,000) and Depreciation (+€56,120)
- Current investments -€369,000
no longer reported in 2026 (was €369,000)
- Tangible fixed assets -€56,120
down €56,120 (-13.7%), from €410,012 to €353,892
- Reserves +€37,639
up €37,639 (+47.5%), from €79,215 to €116,853
of which Tax-exempt reserves: +€63,880
- Other operating charges -€20,653
no longer reported in 2026 (was €20,653)
- Financial income -€9,900
down €9,900 (-52.8%), from €18,734 to €8,834
- Gross operating margin +€8,719
up €8,719 (+9.1%), from €95,936 to €104,654
- Taxes +€8,244
up €8,244 (+88.9%), from €9,277 to €17,521
- Financial charges -€7,009
down €7,009 (-76.0%), from €9,217 to €2,209
From the 2025 result to the 2026 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €798,542 | €843,763 | +€45,221 | +5.7% |
| Fixed assets | 21/28 | €410,012 | €353,892 | -€56,120 | -13.7% |
| Tangible fixed assets | 22/27 | €410,012 | €353,892 | -€56,120 | -13.7% |
| Land and buildings | 22 | €410,012 | €353,892 | -€56,120 | -13.7% |
| Current assets | 29/58 | €388,530 | €489,871 | +€101,341 | +26.1% |
| Amounts receivable within one year | 40/41 | €5,793 | €4,457 | -€1,336 | -23.1% |
| Trade receivables | 40 | - | €245 | +€245 | |
| Other amounts receivable | 41 | €5,793 | €4,212 | -€1,582 | -27.3% |
| Current investments | 50/53 | €369,000 | - | -€369,000 | |
| Cash at bank and in hand | 54/58 | €6,737 | €485,414 | +€478,677 | +7104.9% |
| Deferred charges and accrued income | 490/1 | €7,000 | - | -€7,000 | |
| Total equity and liabilities | 10/49 | €798,542 | €843,763 | +€45,221 | +5.7% |
| Equity | 10/15 | €760,318 | €797,957 | +€37,639 | +5.0% |
| Contributions | 10/11 | €386,540 | €386,540 | = | 0.0% |
| Capital | 10 | €386,540 | €386,540 | = | 0.0% |
| Issued capital | 100 | €386,540 | €386,540 | = | 0.0% |
| Reserves | 13 | €79,215 | €116,853 | +€37,639 | +47.5% |
| Non-distributable reserves | 130/1 | €38,654 | €38,654 | = | 0.0% |
| Legal reserve | 130 | €38,654 | €38,654 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €63,880 | +€63,880 | |
| Distributable reserves | 133 | €40,561 | €14,319 | -€26,241 | -64.7% |
| Profit (loss) carried forward | 14 | €294,563 | €294,563 | = | 0.0% |
| Amounts payable | 17/49 | €38,224 | €45,807 | +€7,583 | +19.8% |
| Amounts payable after more than one year | 17 | €25,000 | €25,000 | = | 0.0% |
| Financial debts | 170/4 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,046 | €18,639 | +€14,593 | +360.7% |
| Trade debts | 44 | €1,377 | €4,336 | +€2,959 | +214.9% |
| Suppliers | 440/4 | €1,377 | €4,336 | +€2,959 | +214.9% |
| Taxes, remuneration and social security | 45 | €1,940 | €7,149 | +€5,209 | +268.4% |
| Taxes | 450/3 | €1,940 | €7,149 | +€5,209 | +268.4% |
| Other amounts payable | 47/48 | €729 | €7,154 | +€6,425 | +881.7% |
| Accrued charges and deferred income | 492/3 | €9,178 | €2,168 | -€7,010 | -76.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €5,799 | - | -€5,799 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,120 | €56,120 | = | 0.0% |
| Other operating charges | 640/8 | €20,653 | - | -€20,653 | |
| Gross operating margin | 9900 | €95,936 | €104,654 | +€8,719 | +9.1% |
| Operating profit (loss) | 9901 | €19,163 | €48,535 | +€29,372 | +153.3% |
| Financial income | 75/76B | €18,734 | €8,834 | -€9,900 | -52.8% |
| Recurring financial income | 75 | €18,734 | €8,834 | -€9,900 | -52.8% |
| Financial charges | 65/66B | €9,217 | €2,209 | -€7,009 | -76.0% |
| Recurring financial charges | 65 | €9,217 | €2,209 | -€7,009 | -76.0% |
| Profit (loss) for the period before taxes | 9903 | €28,680 | €55,160 | +€26,480 | +92.3% |
| Income taxes | 67/77 | €9,277 | €17,521 | +€8,244 | +88.9% |
| Profit (loss) for the period | 9904 | €19,403 | €37,639 | +€18,236 | +94.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,403 | €37,639 | +€18,236 | +94.0% |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.