Vanneste Management: 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.
Vanneste Management
Largest movements
- Cash +€612,453
up €612,453 (+336.5%), from €182,027 to €794,481
mainly Net result for the year (+€892,306) and Other debts (+€265,189)
- Financial fixed assets +€267,066
up €267,066 (+111.3%), from €240,000 to €507,066
- Receivables within one year +€25,568
up €25,568 (+529.0%), from €4,833 to €30,401
of which Trade receivables: +€30,401
- Reserves +€540,836
up €540,836 (+143.0%), from €378,241 to €919,077
- Other debts +€265,189
up €265,189 (+440.2%), from €60,246 to €325,435
- Current portion of long-term debt +€46,197
up €46,197 (+689.2%), from €6,703 to €52,900
- Tax, wage and social debts +€44,284
up €44,284 (+192.1%), from €23,052 to €67,336
- Financial income +€856,298
up €856,298 (+1712.6%), from €50,000 to €906,298
of which Non-recurring financial income: +€806,310
- Gross operating margin -€40,050
down €40,050 (-46.0%), from €86,996 to €46,946
- Taxes +€26,200
up €26,200 (+121.7%), from €21,527 to €47,728
- Depreciation +€4,694
up €4,694 (+89.7%), from €5,235 to €9,929
- Financial charges +€944
up €944 (+85.1%), from €1,109 to €2,053
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 | €483,287 | €1,380,057 | +€896,770 | +185.6% |
| Fixed assets | 21/28 | €294,483 | €553,130 | +€258,648 | +87.8% |
| Tangible fixed assets | 22/27 | €54,483 | €46,064 | -€8,418 | -15.5% |
| Plant, machinery and equipment | 23 | - | €1,131 | +€1,131 | |
| Furniture and vehicles | 24 | €15,604 | €9,771 | -€5,834 | -37.4% |
| Other tangible fixed assets | 26 | €38,878 | €35,162 | -€3,716 | -9.6% |
| Financial fixed assets | 28 | €240,000 | €507,066 | +€267,066 | +111.3% |
| Current assets | 29/58 | €188,805 | €826,927 | +€638,122 | +338.0% |
| Amounts receivable within one year | 40/41 | €4,833 | €30,401 | +€25,568 | +529.0% |
| Trade receivables | 40 | €0 | €30,401 | +€30,401 | |
| Other amounts receivable | 41 | €4,833 | €0 | -€4,833 | -100.0% |
| Cash at bank and in hand | 54/58 | €182,027 | €794,481 | +€612,453 | +336.5% |
| Deferred charges and accrued income | 490/1 | €1,945 | €2,045 | +€100 | +5.2% |
| Total equity and liabilities | 10/49 | €483,287 | €1,380,057 | +€896,770 | +185.6% |
| Equity | 10/15 | €392,241 | €933,077 | +€540,836 | +137.9% |
| Contributions | 10/11 | €14,000 | €14,000 | = | 0.0% |
| Reserves | 13 | €378,241 | €919,077 | +€540,836 | +143.0% |
| Distributable reserves | 133 | €378,241 | €919,077 | +€540,836 | +143.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €91,046 | €446,980 | +€355,934 | +390.9% |
| Amounts payable within one year | 42/48 | €91,046 | €446,980 | +€355,934 | +390.9% |
| Current portion of amounts payable after more than one year | 42 | €6,703 | €52,900 | +€46,197 | +689.2% |
| Trade debts | 44 | €1,045 | €1,309 | +€265 | +25.3% |
| Suppliers | 440/4 | €1,045 | €1,309 | +€265 | +25.3% |
| Taxes, remuneration and social security | 45 | €23,052 | €67,336 | +€44,284 | +192.1% |
| Taxes | 450/3 | €23,052 | €67,336 | +€44,284 | +192.1% |
| Other amounts payable | 47/48 | €60,246 | €325,435 | +€265,189 | +440.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,235 | €9,929 | +€4,694 | +89.7% |
| Other operating charges | 640/8 | €1,334 | €1,227 | -€107 | -8.0% |
| Gross operating margin | 9900 | €86,996 | €46,946 | -€40,050 | -46.0% |
| Operating profit (loss) | 9901 | €80,426 | €35,789 | -€44,637 | -55.5% |
| Financial income | 75/76B | €50,000 | €906,298 | +€856,298 | +1712.6% |
| Recurring financial income | 75 | €50,000 | €99,988 | +€49,988 | +100.0% |
| Non-recurring financial income | 76B | - | €806,310 | +€806,310 | |
| Financial charges | 65/66B | €1,109 | €2,053 | +€944 | +85.1% |
| Recurring financial charges | 65 | €1,109 | €2,053 | +€944 | +85.1% |
| Profit (loss) for the period before taxes | 9903 | €129,317 | €940,034 | +€810,717 | +626.9% |
| Income taxes | 67/77 | €21,527 | €47,728 | +€26,200 | +121.7% |
| Profit (loss) for the period | 9904 | €107,790 | €892,306 | +€784,516 | +727.8% |
| Profit (loss) for the period to be appropriated | 9905 | €107,790 | €892,306 | +€784,516 | +727.8% |
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 12 October 2026 via checked.be.