VANNEELS: what changed
Two financial 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.
VANNEELS
Largest movements
- Cash +€49,212
up €49,212 (+58.8%), from €83,696 to €132,908
mainly Net result for the year (+€44,386) and Receivables within one year (+€13,451)
- Receivables within one year -€13,451
down €13,451 (-41.3%), from €32,577 to €19,126
of which Trade receivables: -€18,204
- Reserves +€44,386
up €44,386 (+69.2%), from €64,128 to €108,514
- Trade debts -€5,292
down €5,292 (-46.1%), from €11,477 to €6,185
- Accrued charges and deferred income -€3,726
no longer reported in 2025 (was €3,726)
- Gross operating margin +€14,716
up €14,716 (+24.6%), from €59,760 to €74,476
- Staff costs +€10,666
new in 2025: €10,666
- Taxes -€4,875
down €4,875 (-23.6%), from €20,702 to €15,826
- Other operating charges -€3,432
down €3,432 (-91.0%), from €3,772 to €340
- Depreciation +€1,197
up €1,197 (+94.4%), from €1,268 to €2,465
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.
Derived cash bridge
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 | €127,992 | €163,043 | +€35,051 | +27.4% |
| Fixed assets | 21/28 | €7,551 | €7,985 | +€434 | +5.7% |
| Tangible fixed assets | 22/27 | €7,551 | €7,985 | +€434 | +5.7% |
| Plant, machinery and equipment | 23 | €6,149 | €5,805 | -€344 | -5.6% |
| Furniture and vehicles | 24 | €1,403 | €2,181 | +€778 | +55.5% |
| Current assets | 29/58 | €120,440 | €155,057 | +€34,617 | +28.7% |
| Amounts receivable within one year | 40/41 | €32,577 | €19,126 | -€13,451 | -41.3% |
| Trade receivables | 40 | €32,577 | €14,373 | -€18,204 | -55.9% |
| Other amounts receivable | 41 | - | €4,752 | +€4,752 | |
| Cash at bank and in hand | 54/58 | €83,696 | €132,908 | +€49,212 | +58.8% |
| Deferred charges and accrued income | 490/1 | €4,168 | €3,024 | -€1,143 | -27.4% |
| Total equity and liabilities | 10/49 | €127,992 | €163,043 | +€35,051 | +27.4% |
| Equity | 10/15 | €76,528 | €120,914 | +€44,386 | +58.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €64,128 | €108,514 | +€44,386 | +69.2% |
| Distributable reserves | 133 | €64,128 | €108,514 | +€44,386 | +69.2% |
| Amounts payable | 17/49 | €51,464 | €42,129 | -€9,335 | -18.1% |
| Amounts payable within one year | 42/48 | €47,738 | €42,129 | -€5,609 | -11.8% |
| Trade debts | 44 | €11,477 | €6,185 | -€5,292 | -46.1% |
| Suppliers | 440/4 | €11,477 | €6,185 | -€5,292 | -46.1% |
| Taxes, remuneration and social security | 45 | €35,316 | €35,943 | +€628 | +1.8% |
| Taxes | 450/3 | €35,316 | €35,943 | +€628 | +1.8% |
| Other amounts payable | 47/48 | €945 | - | -€945 | |
| Accrued charges and deferred income | 492/3 | €3,726 | - | -€3,726 | |
| Non-recurring operating income | 76A | €5,264 | - | -€5,264 | |
| Remuneration, social security and pensions | 62 | - | €10,666 | +€10,666 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,268 | €2,465 | +€1,197 | +94.4% |
| Other operating charges | 640/8 | €3,772 | €340 | -€3,432 | -91.0% |
| Gross operating margin | 9900 | €59,760 | €74,476 | +€14,716 | +24.6% |
| Operating profit (loss) | 9901 | €54,720 | €61,006 | +€6,286 | +11.5% |
| Financial income | 75/76B | €680 | €721 | +€41 | +6.1% |
| Recurring financial income | 75 | €680 | €721 | +€41 | +6.1% |
| Financial charges | 65/66B | €1,312 | €1,514 | +€202 | +15.4% |
| Recurring financial charges | 65 | €1,312 | €1,514 | +€202 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | €54,088 | €60,212 | +€6,124 | +11.3% |
| Income taxes | 67/77 | €20,702 | €15,826 | -€4,875 | -23.6% |
| Profit (loss) for the period | 9904 | €33,386 | €44,386 | +€11,000 | +32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,386 | €44,386 | +€11,000 | +32.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.