VANNESTE: 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.
VANNESTE
Largest movements
- Cash +€408,984
up €408,984 (+84.9%), from €481,601 to €890,584
mainly Net result for the year (+€362,615) and Depreciation (+€47,384)
- Reserves +€362,615
up €362,615 (+22.2%), from €1.6m to €2.0m
of which Distributable reserves: +€362,615
- Tax, wage and social debts +€35,881
up €35,881 (+59.3%), from €60,513 to €96,393
of which Taxes: +€31,150
- Trade debts -€24,306
down €24,306 (-32.8%), from €74,189 to €49,883
- Gross operating margin +€80,690
up €80,690 (+15.0%), from €536,461 to €617,151
- Taxes +€25,884
up €25,884 (+19.2%), from €134,950 to €160,834
- Depreciation -€7,506
down €7,506 (-13.7%), from €54,890 to €47,384
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 | €1,825,784 | €2,186,043 | +€360,259 | +19.7% |
| Fixed assets | 21/28 | €359,379 | €344,154 | -€15,224 | -4.2% |
| Tangible fixed assets | 22/27 | €359,233 | €344,008 | -€15,224 | -4.2% |
| Land and buildings | 22 | €319,648 | €320,819 | +€1,171 | +0.4% |
| Plant, machinery and equipment | 23 | €23,889 | €18,366 | -€5,523 | -23.1% |
| Furniture and vehicles | 24 | €15,695 | €4,823 | -€10,872 | -69.3% |
| Financial fixed assets | 28 | €146 | €146 | = | 0.0% |
| Current assets | 29/58 | €1,466,405 | €1,841,888 | +€375,483 | +25.6% |
| Stocks and contracts in progress | 3 | €209,539 | €197,404 | -€12,135 | -5.8% |
| Stocks | 30/36 | €209,539 | €197,404 | -€12,135 | -5.8% |
| Amounts receivable within one year | 40/41 | €21,000 | €3,900 | -€17,100 | -81.4% |
| Other amounts receivable | 41 | €21,000 | €3,900 | -€17,100 | -81.4% |
| Current investments | 50/53 | €750,000 | €750,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €481,601 | €890,584 | +€408,984 | +84.9% |
| Deferred charges and accrued income | 490/1 | €4,266 | €0 | -€4,266 | -100.0% |
| Total equity and liabilities | 10/49 | €1,825,784 | €2,186,043 | +€360,259 | +19.7% |
| Equity | 10/15 | €1,655,119 | €2,017,734 | +€362,615 | +21.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,634,432 | €1,997,046 | +€362,615 | +22.2% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,615,682 | €1,978,296 | +€362,615 | +22.4% |
| Profit (loss) carried forward | 14 | €2,088 | €2,088 | = | 0.0% |
| Provisions and deferred taxes | 16 | €9,600 | €9,600 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €9,600 | €9,600 | = | 0.0% |
| Major repairs and maintenance | 162 | €9,600 | €9,600 | = | 0.0% |
| Amounts payable | 17/49 | €161,065 | €158,709 | -€2,356 | -1.5% |
| Amounts payable within one year | 42/48 | €161,065 | €158,709 | -€2,356 | -1.5% |
| Trade debts | 44 | €74,189 | €49,883 | -€24,306 | -32.8% |
| Suppliers | 440/4 | €74,189 | €49,883 | -€24,306 | -32.8% |
| Taxes, remuneration and social security | 45 | €60,513 | €96,393 | +€35,881 | +59.3% |
| Taxes | 450/3 | €55,981 | €87,131 | +€31,150 | +55.6% |
| Remuneration and social security | 454/9 | €4,532 | €9,262 | +€4,730 | +104.4% |
| Other amounts payable | 47/48 | €26,363 | €12,432 | -€13,930 | -52.8% |
| Non-recurring operating income | 76A | - | €8,557 | +€8,557 | |
| Remuneration, social security and pensions | 62 | €65,093 | €70,546 | +€5,453 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,890 | €47,384 | -€7,506 | -13.7% |
| Other operating charges | 640/8 | €16,513 | €15,869 | -€644 | -3.9% |
| Gross operating margin | 9900 | €536,461 | €617,151 | +€80,690 | +15.0% |
| Operating profit (loss) | 9901 | €399,964 | €483,351 | +€83,387 | +20.8% |
| Financial income | 75/76B | €39,420 | €43,372 | +€3,952 | +10.0% |
| Recurring financial income | 75 | €39,420 | €43,372 | +€3,952 | +10.0% |
| Financial charges | 65/66B | €2,236 | €3,275 | +€1,039 | +46.5% |
| Recurring financial charges | 65 | €2,236 | €3,275 | +€1,039 | +46.5% |
| Profit (loss) for the period before taxes | 9903 | €437,149 | €523,449 | +€86,300 | +19.7% |
| Income taxes | 67/77 | €134,950 | €160,834 | +€25,884 | +19.2% |
| Profit (loss) for the period | 9904 | €302,199 | €362,615 | +€60,416 | +20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €302,199 | €362,615 | +€60,416 | +20.0% |
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 4 October 2026 via checked.be.