VANLIVAR: 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.
VANLIVAR
Largest movements
- Receivables within one year -€336,267
down €336,267 (-91.1%), from €369,142 to €32,875
of which Trade receivables: -€321,870
- Cash +€65,018
up €65,018 (+64.0%), from €101,522 to €166,539
mainly Receivables within one year (+€336,267) and Stocks and contracts (+€27,596)
- Stocks and contracts -€27,596
down €27,596 (-11.8%), from €233,227 to €205,630
- Tangible fixed assets -€15,125
down €15,125 (-26.5%), from €57,091 to €41,966
of which Land and buildings: -€12,522
- Trade debts -€328,168
down €328,168 (-57.7%), from €569,169 to €241,000
- Other debts +€15,945
up €15,945 (+45.2%), from €35,315 to €51,260
- Gross operating margin -€111,868
down €111,868 (-83.1%), from €134,607 to €22,739
- Taxes -€3,709
down €3,709 (-41.9%), from €8,850 to €5,141
- Financial charges -€3,468
down €3,468 (-98.7%), from €3,513 to €45
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 | €762,300 | €448,474 | -€313,826 | -41.2% |
| Fixed assets | 21/28 | €57,241 | €42,116 | -€15,125 | -26.4% |
| Tangible fixed assets | 22/27 | €57,091 | €41,966 | -€15,125 | -26.5% |
| Land and buildings | 22 | €50,090 | €37,567 | -€12,522 | -25.0% |
| Plant, machinery and equipment | 23 | €7,001 | €4,398 | -€2,603 | -37.2% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €705,060 | €406,359 | -€298,701 | -42.4% |
| Stocks and contracts in progress | 3 | €233,227 | €205,630 | -€27,596 | -11.8% |
| Stocks | 30/36 | €233,227 | €205,630 | -€27,596 | -11.8% |
| Amounts receivable within one year | 40/41 | €369,142 | €32,875 | -€336,267 | -91.1% |
| Trade receivables | 40 | €349,530 | €27,660 | -€321,870 | -92.1% |
| Other amounts receivable | 41 | €19,612 | €5,215 | -€14,397 | -73.4% |
| Cash at bank and in hand | 54/58 | €101,522 | €166,539 | +€65,018 | +64.0% |
| Deferred charges and accrued income | 490/1 | €1,169 | €1,314 | +€145 | +12.4% |
| Total equity and liabilities | 10/49 | €762,300 | €448,474 | -€313,826 | -41.2% |
| Equity | 10/15 | €155,082 | €155,098 | +€16 | 0.0% |
| Contributions | 10/11 | €125,178 | €125,178 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,904 | €29,920 | +€16 | +0.1% |
| Amounts payable | 17/49 | €607,218 | €293,376 | -€313,842 | -51.7% |
| Amounts payable within one year | 42/48 | €604,484 | €293,364 | -€311,119 | -51.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €569,169 | €241,000 | -€328,168 | -57.7% |
| Suppliers | 440/4 | €569,169 | €241,000 | -€328,168 | -57.7% |
| Taxes, remuneration and social security | 45 | €0 | €1,104 | +€1,104 | |
| Taxes | 450/3 | €0 | €1,104 | +€1,104 | |
| Other amounts payable | 47/48 | €35,315 | €51,260 | +€15,945 | +45.2% |
| Accrued charges and deferred income | 492/3 | €2,734 | €11 | -€2,723 | -99.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,125 | €15,125 | = | 0.0% |
| Other operating charges | 640/8 | €3,522 | €2,649 | -€874 | -24.8% |
| Gross operating margin | 9900 | €134,607 | €22,739 | -€111,868 | -83.1% |
| Operating profit (loss) | 9901 | €115,960 | €4,965 | -€110,995 | -95.7% |
| Financial income | 75/76B | €389 | €237 | -€152 | -39.0% |
| Recurring financial income | 75 | €389 | €237 | -€152 | -39.0% |
| Financial charges | 65/66B | €3,513 | €45 | -€3,468 | -98.7% |
| Recurring financial charges | 65 | €3,513 | €45 | -€3,468 | -98.7% |
| Profit (loss) for the period before taxes | 9903 | €112,836 | €5,157 | -€107,679 | -95.4% |
| Income taxes | 67/77 | €8,850 | €5,141 | -€3,709 | -41.9% |
| Profit (loss) for the period | 9904 | €103,986 | €16 | -€103,969 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €103,986 | €16 | -€103,969 | -100.0% |
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 30 September 2026 via checked.be.