VANMA: 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.
VANMA
Largest movements
- Cash +€137,718
up €137,718 (+66.6%), from €206,734 to €344,453
mainly Receivables after one year (+€56,667) and Current investments (+€31,772)
- Receivables after one year -€56,667
down €56,667 (-14.3%), from €396,666 to €339,999
- Current investments -€31,772
down €31,772 (-4.6%), from €688,105 to €656,332
- Tangible fixed assets -€14,175
down €14,175 (-58.6%), from €24,195 to €10,020
- Profit (loss) carried forward +€29,329
up €29,329 (+99.8%), from -€29,401 to -€72
- Financial charges +€50,092
up €50,092, from -€28,057 to €22,036
- Financial income +€32,465
up €32,465 (+61.5%), from €52,786 to €85,251
- Gross operating margin +€6,667
up €6,667, from -€6,105 to €562
- Taxes +€4,982
up €4,982 (+38.8%), from €12,837 to €17,820
- Other operating charges -€219
down €219 (-8.2%), from €2,673 to €2,454
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 | €1,318,726 | €1,354,411 | +€35,686 | +2.7% |
| Fixed assets | 21/28 | €24,195 | €10,020 | -€14,175 | -58.6% |
| Tangible fixed assets | 22/27 | €24,195 | €10,020 | -€14,175 | -58.6% |
| Land and buildings | 22 | €24,195 | €10,020 | -€14,175 | -58.6% |
| Current assets | 29/58 | €1,294,531 | €1,344,392 | +€49,861 | +3.9% |
| Amounts receivable after more than one year | 29 | €396,666 | €339,999 | -€56,667 | -14.3% |
| Other amounts receivable | 291 | €396,666 | €339,999 | -€56,667 | -14.3% |
| Amounts receivable within one year | 40/41 | - | €3,607 | +€3,607 | |
| Other amounts receivable | 41 | - | €3,607 | +€3,607 | |
| Current investments | 50/53 | €688,105 | €656,332 | -€31,772 | -4.6% |
| Cash at bank and in hand | 54/58 | €206,734 | €344,453 | +€137,718 | +66.6% |
| Deferred charges and accrued income | 490/1 | €3,026 | - | -€3,026 | |
| Total equity and liabilities | 10/49 | €1,318,726 | €1,354,411 | +€35,686 | +2.7% |
| Equity | 10/15 | €1,049,706 | €1,079,035 | +€29,329 | +2.8% |
| Contributions | 10/11 | €61,949 | €61,949 | = | 0.0% |
| Capital | 10 | €61,949 | €61,949 | = | 0.0% |
| Issued capital | 100 | €61,949 | €61,949 | = | 0.0% |
| Reserves | 13 | €1,017,158 | €1,017,158 | = | 0.0% |
| Non-distributable reserves | 130/1 | €181,056 | €181,056 | = | 0.0% |
| Legal reserve | 130 | €181,056 | €181,056 | = | 0.0% |
| Distributable reserves | 133 | €836,102 | €836,102 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,401 | -€72 | +€29,329 | +99.8% |
| Amounts payable | 17/49 | €269,020 | €275,376 | +€6,356 | +2.4% |
| Amounts payable within one year | 42/48 | €266,477 | €275,376 | +€8,899 | +3.3% |
| Taxes, remuneration and social security | 45 | €4,673 | €10,530 | +€5,857 | +125.3% |
| Taxes | 450/3 | €4,673 | €10,530 | +€5,857 | +125.3% |
| Other amounts payable | 47/48 | €261,805 | €264,846 | +€3,042 | +1.2% |
| Accrued charges and deferred income | 492/3 | €2,543 | - | -€2,543 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,175 | €14,175 | = | 0.0% |
| Other operating charges | 640/8 | €2,673 | €2,454 | -€219 | -8.2% |
| Gross operating margin | 9900 | -€6,105 | €562 | +€6,667 | |
| Operating profit (loss) | 9901 | -€22,953 | -€16,066 | +€6,887 | +30.0% |
| Financial income | 75/76B | €52,786 | €85,251 | +€32,465 | +61.5% |
| Recurring financial income | 75 | €52,786 | €85,251 | +€32,465 | +61.5% |
| Financial charges | 65/66B | -€28,057 | €22,036 | +€50,092 | |
| Recurring financial charges | 65 | -€28,057 | €22,036 | +€50,092 | |
| Profit (loss) for the period before taxes | 9903 | €57,889 | €47,149 | -€10,741 | -18.6% |
| Income taxes | 67/77 | €12,837 | €17,820 | +€4,982 | +38.8% |
| Profit (loss) for the period | 9904 | €45,052 | €29,329 | -€15,723 | -34.9% |
| Profit (loss) for the period to be appropriated | 9905 | €45,052 | €29,329 | -€15,723 | -34.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.