VANNEC: 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.
VANNEC
Largest movements
- Receivables within one year -€40,516
down €40,516 (-24.9%), from €162,742 to €122,226
of which Trade receivables: -€36,016
- Reserves -€52,809
down €52,809 (-40.1%), from €131,534 to €78,726
- Trade debts +€12,467
new in 2025: €12,467
- Write-downs -€149,795
no longer reported in 2025 (was €149,795)
- Gross operating margin -€15,122
down €15,122 (-40.9%), from -€36,951 to -€52,074
- Financial income -€2,495
no longer reported in 2025 (was €2,495)
- Other operating charges -€1,877
down €1,877 (-78.1%), from €2,403 to €526
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 | €162,808 | €122,318 | -€40,490 | -24.9% |
| Current assets | 29/58 | €162,808 | €122,318 | -€40,490 | -24.9% |
| Amounts receivable within one year | 40/41 | €162,742 | €122,226 | -€40,516 | -24.9% |
| Trade receivables | 40 | €158,242 | €122,226 | -€36,016 | -22.8% |
| Other amounts receivable | 41 | €4,500 | - | -€4,500 | |
| Cash at bank and in hand | 54/58 | €66 | €91 | +€26 | +39.3% |
| Total equity and liabilities | 10/49 | €162,808 | €122,318 | -€40,490 | -24.9% |
| Equity | 10/15 | €161,534 | €108,726 | -€52,809 | -32.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €131,534 | €78,726 | -€52,809 | -40.1% |
| Distributable reserves | 133 | €131,534 | €78,726 | -€52,809 | -40.1% |
| Amounts payable | 17/49 | €1,273 | €13,592 | +€12,319 | +967.4% |
| Amounts payable within one year | 42/48 | €1,273 | €13,592 | +€12,319 | +967.4% |
| Trade debts | 44 | - | €12,467 | +€12,467 | |
| Suppliers | 440/4 | - | €12,467 | +€12,467 | |
| Taxes, remuneration and social security | 45 | €576 | - | -€576 | |
| Taxes | 450/3 | €576 | - | -€576 | |
| Other amounts payable | 47/48 | €697 | €1,125 | +€428 | +61.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €149,795 | - | -€149,795 | |
| Other operating charges | 640/8 | €2,403 | €526 | -€1,877 | -78.1% |
| Gross operating margin | 9900 | -€36,951 | -€52,074 | -€15,122 | -40.9% |
| Operating profit (loss) | 9901 | -€189,149 | -€52,600 | +€136,549 | +72.2% |
| Financial income | 75/76B | €2,495 | - | -€2,495 | |
| Recurring financial income | 75 | €2,495 | - | -€2,495 | |
| Financial charges | 65/66B | €647 | €209 | -€438 | -67.7% |
| Recurring financial charges | 65 | €647 | €209 | -€438 | -67.7% |
| Profit (loss) for the period before taxes | 9903 | -€187,301 | -€52,809 | +€134,492 | +71.8% |
| Profit (loss) for the period | 9904 | -€187,301 | -€52,809 | +€134,492 | +71.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€187,301 | -€52,809 | +€134,492 | +71.8% |
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 29 September 2026 via checked.be.