VANKO MANAGEMENT: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
VANKO MANAGEMENT
Largest movements
- Current investments +€448,265
up €448,265 (+22.1%), from €2.0m to €2.5m
- Cash -€415,361
down €415,361 (-69.9%), from €594,394 to €179,033
mainly Current investments (-€448,265) and Other debts (-€16,648)
- Receivables within one year -€31,362
down €31,362 (-34.6%), from €90,610 to €59,248
of which Trade receivables: -€26,862
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€304,603
down €304,603 (-89.3%), from €341,251 to €36,648
- Taxes -€111,957
down €111,957 (-82.6%), from €135,514 to €23,557
- Gross operating margin -€55,025
down €55,025 (-43.7%), from €125,796 to €70,771
- Financial charges +€50,090
up €50,090 (+334%), from €15,011 to €65,101
of which Non-recurring financial charges: +€51,735
- Write-downs -€24,860
down €24,860, from €21,600 to -€3,260
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,738,311 | €2,729,107 | -€9,204 | -0.3% |
| Fixed assets | 21/28 | €25,087 | €13,586 | -€11,501 | -45.8% |
| Tangible fixed assets | 22/27 | €25,087 | €13,586 | -€11,501 | -45.8% |
| Furniture and vehicles | 24 | €25,087 | €13,586 | -€11,501 | -45.8% |
| Current assets | 29/58 | €2,713,224 | €2,715,521 | +€2,297 | +0.1% |
| Amounts receivable within one year | 40/41 | €90,610 | €59,248 | -€31,362 | -34.6% |
| Trade receivables | 40 | €83,610 | €56,748 | -€26,862 | -32.1% |
| Other amounts receivable | 41 | €7,000 | €2,500 | -€4,500 | -64.3% |
| Current investments | 50/53 | €2,025,762 | €2,474,027 | +€448,265 | +22.1% |
| Cash at bank and in hand | 54/58 | €594,394 | €179,033 | -€415,361 | -69.9% |
| Deferred charges and accrued income | 490/1 | €2,458 | €3,214 | +€755 | +30.7% |
| Total equity and liabilities | 10/49 | €2,738,311 | €2,729,107 | -€9,204 | -0.3% |
| Equity | 10/15 | €2,593,667 | €2,602,532 | +€8,865 | +0.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,575,067 | €2,583,932 | +€8,865 | +0.3% |
| Distributable reserves | 133 | €2,575,067 | €2,583,932 | +€8,865 | +0.3% |
| Amounts payable | 17/49 | €144,645 | €126,575 | -€18,069 | -12.5% |
| Amounts payable within one year | 42/48 | €144,645 | €126,575 | -€18,069 | -12.5% |
| Trade debts | 44 | €0 | €90 | +€90 | |
| Suppliers | 440/4 | €0 | €90 | +€90 | |
| Taxes, remuneration and social security | 45 | €13,949 | €12,438 | -€1,511 | -10.8% |
| Taxes | 450/3 | €13,949 | €12,438 | -€1,511 | -10.8% |
| Other amounts payable | 47/48 | €130,696 | €114,048 | -€16,648 | -12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,501 | €11,501 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €21,600 | -€3,260 | -€24,860 | |
| Other operating charges | 640/8 | €2,133 | €1,655 | -€479 | -22.4% |
| Gross operating margin | 9900 | €125,796 | €70,771 | -€55,025 | -43.7% |
| Operating profit (loss) | 9901 | €90,561 | €60,875 | -€29,686 | -32.8% |
| Financial income | 75/76B | €341,251 | €36,648 | -€304,603 | -89.3% |
| Recurring financial income | 75 | €341,251 | €36,648 | -€304,603 | -89.3% |
| Financial charges | 65/66B | €15,011 | €65,101 | +€50,090 | +334% |
| Recurring financial charges | 65 | €15,011 | €13,365 | -€1,645 | -11.0% |
| Non-recurring financial charges | 66B | - | €51,735 | +€51,735 | |
| Profit (loss) for the period before taxes | 9903 | €416,801 | €32,422 | -€384,379 | -92.2% |
| Income taxes | 67/77 | €135,514 | €23,557 | -€111,957 | -82.6% |
| Profit (loss) for the period | 9904 | €281,288 | €8,865 | -€272,422 | -96.8% |
| Profit (loss) for the period to be appropriated | 9905 | €281,288 | €8,865 | -€272,422 | -96.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.