VANLA: 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.
VANLA
Largest movements
- Current investments -€250,000
no longer reported in 2025 (was €250,000)
- Tangible fixed assets -€139,952
down €139,952 (-5.8%), from €2.4m to €2.3m
- Cash -€40,590
down €40,590 (-78.0%), from €52,036 to €11,446
mainly Debts after one year (-€735,761) and Current portion of long-term debt (-€92,250)
- Debts after one year -€735,761
down €735,761 (-44.9%), from €1.6m to €902,290
of which Financial debts: -€736,441
- Reserves +€245,561
up €245,561 (+62.5%), from €392,947 to €638,508
of which Distributable reserves: +€233,283
- Other debts +€100,000
new in 2025: €100,000
- Current portion of long-term debt -€92,250
down €92,250 (-41.0%), from €225,063 to €132,813
- Trade debts +€52,532
up €52,532 (+4278.1%), from €1,228 to €53,760
- Financial income +€241,908
up €241,908 (+2606.3%), from €9,282 to €251,190
- Gross operating margin -€121,885
down €121,885 (-33.2%), from €367,321 to €245,436
- Staff costs -€50,592
down €50,592 (-68.5%), from €73,850 to €23,258
- Depreciation -€10,097
down €10,097 (-6.7%), from €150,049 to €139,952
- Taxes +€7,666
up €7,666 (+31.5%), from €24,368 to €32,034
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 | €3,024,659 | €2,597,772 | -€426,887 | -14.1% |
| Fixed assets | 21/28 | €2,711,022 | €2,571,070 | -€139,952 | -5.2% |
| Tangible fixed assets | 22/27 | €2,426,885 | €2,286,932 | -€139,952 | -5.8% |
| Land and buildings | 22 | €2,426,885 | €2,286,932 | -€139,952 | -5.8% |
| Financial fixed assets | 28 | €284,137 | €284,137 | = | 0.0% |
| Current assets | 29/58 | €313,637 | €26,702 | -€286,935 | -91.5% |
| Amounts receivable within one year | 40/41 | €6,002 | €3,732 | -€2,271 | -37.8% |
| Trade receivables | 40 | €797 | - | -€797 | |
| Other amounts receivable | 41 | €5,205 | €3,732 | -€1,474 | -28.3% |
| Current investments | 50/53 | €250,000 | - | -€250,000 | |
| Cash at bank and in hand | 54/58 | €52,036 | €11,446 | -€40,590 | -78.0% |
| Deferred charges and accrued income | 490/1 | €5,598 | €11,524 | +€5,926 | +105.8% |
| Total equity and liabilities | 10/49 | €3,024,659 | €2,597,772 | -€426,887 | -14.1% |
| Equity | 10/15 | €1,125,447 | €1,371,008 | +€245,561 | +21.8% |
| Contributions | 10/11 | €732,500 | €732,500 | = | 0.0% |
| Capital | 10 | €732,500 | €732,500 | = | 0.0% |
| Issued capital | 100 | €732,500 | €732,500 | = | 0.0% |
| Reserves | 13 | €392,947 | €638,508 | +€245,561 | +62.5% |
| Non-distributable reserves | 130/1 | €8,773 | €21,051 | +€12,278 | +140.0% |
| Legal reserve | 130 | €8,773 | €21,051 | +€12,278 | +140.0% |
| Distributable reserves | 133 | €384,174 | €617,457 | +€233,283 | +60.7% |
| Amounts payable | 17/49 | €1,899,212 | €1,226,764 | -€672,448 | -35.4% |
| Amounts payable after more than one year | 17 | €1,638,050 | €902,290 | -€735,761 | -44.9% |
| Financial debts | 170/4 | €1,630,040 | €893,600 | -€736,441 | -45.2% |
| Other amounts payable | 178/9 | €8,010 | €8,690 | +€680 | +8.5% |
| Amounts payable within one year | 42/48 | €251,371 | €312,360 | +€60,988 | +24.3% |
| Current portion of amounts payable after more than one year | 42 | €225,063 | €132,813 | -€92,250 | -41.0% |
| Trade debts | 44 | €1,228 | €53,760 | +€52,532 | +4278.1% |
| Suppliers | 440/4 | €1,228 | €53,760 | +€52,532 | +4278.1% |
| Taxes, remuneration and social security | 45 | €25,080 | €25,787 | +€707 | +2.8% |
| Taxes | 450/3 | €15,644 | €25,176 | +€9,532 | +60.9% |
| Remuneration and social security | 454/9 | €9,436 | €611 | -€8,825 | -93.5% |
| Other amounts payable | 47/48 | - | €100,000 | +€100,000 | |
| Accrued charges and deferred income | 492/3 | €9,791 | €12,115 | +€2,324 | +23.7% |
| Non-recurring operating income | 76A | - | €3,500 | +€3,500 | |
| Remuneration, social security and pensions | 62 | €73,850 | €23,258 | -€50,592 | -68.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,049 | €139,952 | -€10,097 | -6.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €797 | +€797 | |
| Other operating charges | 640/8 | €13,691 | €14,926 | +€1,235 | +9.0% |
| Non-recurring operating charges | 66A | €23,244 | - | -€23,244 | |
| Gross operating margin | 9900 | €367,321 | €245,436 | -€121,885 | -33.2% |
| Operating profit (loss) | 9901 | €106,487 | €66,503 | -€39,984 | -37.5% |
| Financial income | 75/76B | €9,282 | €251,190 | +€241,908 | +2606.3% |
| Recurring financial income | 75 | €9,282 | €251,190 | +€241,908 | +2606.3% |
| Financial charges | 65/66B | €38,945 | €40,098 | +€1,153 | +3.0% |
| Recurring financial charges | 65 | €38,945 | €40,098 | +€1,153 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €76,824 | €277,595 | +€200,771 | +261.3% |
| Income taxes | 67/77 | €24,368 | €32,034 | +€7,666 | +31.5% |
| Profit (loss) for the period | 9904 | €52,456 | €245,561 | +€193,105 | +368.1% |
| Profit (loss) for the period to be appropriated | 9905 | €52,456 | €245,561 | +€193,105 | +368.1% |
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 6 October 2026 via checked.be.