VANKO: what changed
Two fiscal 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.
VANKO
Largest movements
- Cash +€45,688
up €45,688 (+41.8%), from €109,418 to €155,106
mainly Depreciation (+€101,685) and Net result for the year (+€24,754)
- Receivables within one year +€27,034
up €27,034 (+168.3%), from €16,063 to €43,097
of which Other amounts receivable: +€25,351
- Tangible fixed assets -€19,685
down €19,685 (-4.2%), from €470,103 to €450,418
of which Land and buildings: -€51,297
- Deferred charges and accrued income -€8,327
down €8,327 (-87.0%), from €9,572 to €1,245
- Trade debts -€26,399
down €26,399 (-55.8%), from €47,314 to €20,914
- Reserves +€24,754
up €24,754 (+5.5%), from €453,414 to €478,168
of which Distributable reserves: +€24,754
- Debts after one year +€21,511
new in 2025: €21,511
- Tax, wage and social debts +€13,836
up €13,836 (+37.8%), from €36,604 to €50,440
of which Taxes: +€15,404
- Other debts +€11,956
up €11,956 (+26.3%), from €45,504 to €57,460
- Staff costs +€25,220
up €25,220 (+10.3%), from €244,160 to €269,380
- Gross operating margin +€16,414
up €16,414 (+4.2%), from €395,347 to €411,761
- Taxes +€6,101
up €6,101 (+205.3%), from €2,972 to €9,074
From the 2024 result to the 2025 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 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €606,928 | €652,991 | +€46,063 | +7.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €470,103 | €450,418 | -€19,685 | -4.2% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €470,103 | €450,418 | -€19,685 | -4.2% |
| Land and buildings | 22 | €405,369 | €354,072 | -€51,297 | -12.7% |
| Plant, machinery and equipment | 23 | €50,096 | €58,297 | +€8,201 | +16.4% |
| Furniture and vehicles | 24 | €14,638 | €38,049 | +€23,412 | +159.9% |
| Current assets | 29/58 | €136,826 | €202,574 | +€65,748 | +48.1% |
| Stocks and contracts in progress | 3 | €1,773 | €3,125 | +€1,353 | +76.3% |
| Stocks | 30/36 | €1,773 | €3,125 | +€1,353 | +76.3% |
| Amounts receivable within one year | 40/41 | €16,063 | €43,097 | +€27,034 | +168.3% |
| Trade receivables | 40 | €1,779 | €3,462 | +€1,683 | +94.6% |
| Other amounts receivable | 41 | €14,284 | €39,635 | +€25,351 | +177.5% |
| Cash at bank and in hand | 54/58 | €109,418 | €155,106 | +€45,688 | +41.8% |
| Deferred charges and accrued income | 490/1 | €9,572 | €1,245 | -€8,327 | -87.0% |
| Total equity and liabilities | 10/49 | €606,928 | €652,991 | +€46,063 | +7.6% |
| Equity | 10/15 | €472,006 | €496,760 | +€24,754 | +5.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €453,414 | €478,168 | +€24,754 | +5.5% |
| Tax-exempt reserves | 132 | €145,350 | €145,350 | = | 0.0% |
| Distributable reserves | 133 | €308,064 | €332,818 | +€24,754 | +8.0% |
| Amounts payable | 17/49 | €134,922 | €156,232 | +€21,309 | +15.8% |
| Amounts payable after more than one year | 17 | - | €21,511 | +€21,511 | |
| Financial debts | 170/4 | - | €21,511 | +€21,511 | |
| Amounts payable within one year | 42/48 | €129,422 | €134,721 | +€5,298 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | - | €5,906 | +€5,906 | |
| Trade debts | 44 | €47,314 | €20,914 | -€26,399 | -55.8% |
| Suppliers | 440/4 | €47,314 | €20,914 | -€26,399 | -55.8% |
| Taxes, remuneration and social security | 45 | €36,604 | €50,440 | +€13,836 | +37.8% |
| Taxes | 450/3 | €16,930 | €32,334 | +€15,404 | +91.0% |
| Remuneration and social security | 454/9 | €19,674 | €18,105 | -€1,569 | -8.0% |
| Other amounts payable | 47/48 | €45,504 | €57,460 | +€11,956 | +26.3% |
| Accrued charges and deferred income | 492/3 | €5,500 | - | -€5,500 | |
| Non-recurring operating income | 76A | €1,800 | - | -€1,800 | |
| Remuneration, social security and pensions | 62 | €244,160 | €269,380 | +€25,220 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,677 | €101,685 | -€2,992 | -2.9% |
| Other operating charges | 640/8 | €3,013 | €4,638 | +€1,625 | +53.9% |
| Gross operating margin | 9900 | €395,347 | €411,761 | +€16,414 | +4.2% |
| Operating profit (loss) | 9901 | €43,497 | €36,058 | -€7,439 | -17.1% |
| Financial income | 75/76B | €315 | €1,066 | +€751 | +237.9% |
| Recurring financial income | 75 | €315 | €1,066 | +€751 | +237.9% |
| Financial charges | 65/66B | €4,058 | €3,297 | -€761 | -18.8% |
| Recurring financial charges | 65 | €4,058 | €3,297 | -€761 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €39,755 | €33,828 | -€5,927 | -14.9% |
| Income taxes | 67/77 | €2,972 | €9,074 | +€6,101 | +205.3% |
| Profit (loss) for the period | 9904 | €36,782 | €24,754 | -€12,028 | -32.7% |
| Profit (loss) for the period to be appropriated | 9905 | €36,782 | €24,754 | -€12,028 | -32.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.