VANNESTE PIET: what changed
VANNESTE PIET
Largest movements
- Cash +€33,532
up €33,532 (+83.8%), from €40,015 to €73,547
mainly Depreciation (+€33,950) and Receivables within one year (+€29,576)
- Receivables within one year -€29,576
down €29,576 (-39.2%), from €75,429 to €45,854
of which Trade receivables: -€28,097
- Stocks and contracts -€21,793
no longer reported in 2025 (was €21,793)
- Tangible fixed assets -€6,101
down €6,101 (-4.4%), from €137,747 to €131,646
of which Plant, machinery and equipment: -€4,495
- Deferred charges and accrued income +€5,911
new in 2025: €5,911
- Trade debts -€37,044
down €37,044 (-80.2%), from €46,166 to €9,122
- Tax, wage and social debts +€16,385
up €16,385 (+271%), from €6,042 to €22,426
- Provisions -€8,161
no longer reported in 2025 (was €8,161)
- Other debts +€7,259
up €7,259 (+16.3%), from €44,628 to €51,888
- Reserves +€3,534
up €3,534 (+2.2%), from €157,587 to €161,121
of which Distributable reserves: +€36,177
- Gross operating margin -€13,034
down €13,034 (-20.8%), from €62,645 to €49,611
- Taxes +€12,740
up €12,740 (+368%), from €3,458 to €16,199
- Depreciation +€8,462
up €8,462 (+33.2%), from €25,488 to €33,950
- Other operating charges +€2,904
up €2,904 (+267%), from €1,090 to €3,994
- Financial income -€1,799
down €1,799 (-100.0%), from €1,799 to €0
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €274,984 | €256,957 | -€18,027 | -6.6% |
| Fixed assets | 21/28 | €137,747 | €131,646 | -€6,101 | -4.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €137,747 | €131,646 | -€6,101 | -4.4% |
| Plant, machinery and equipment | 23 | €10,122 | €5,627 | -€4,495 | -44.4% |
| Furniture and vehicles | 24 | €127,625 | €126,019 | -€1,607 | -1.3% |
| Current assets | 29/58 | €137,237 | €125,311 | -€11,926 | -8.7% |
| Stocks and contracts in progress | 3 | €21,793 | - | -€21,793 | |
| Stocks | 30/36 | €21,793 | - | -€21,793 | |
| Amounts receivable within one year | 40/41 | €75,429 | €45,854 | -€29,576 | -39.2% |
| Trade receivables | 40 | €43,888 | €15,791 | -€28,097 | -64.0% |
| Other amounts receivable | 41 | €31,542 | €30,063 | -€1,479 | -4.7% |
| Cash at bank and in hand | 54/58 | €40,015 | €73,547 | +€33,532 | +83.8% |
| Deferred charges and accrued income | 490/1 | - | €5,911 | +€5,911 | |
| Total equity and liabilities | 10/49 | €274,984 | €256,957 | -€18,027 | -6.6% |
| Equity | 10/15 | €169,987 | €173,521 | +€3,534 | +2.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €157,587 | €161,121 | +€3,534 | +2.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €32,643 | - | -€32,643 | |
| Distributable reserves | 133 | €123,084 | €159,261 | +€36,177 | +29.4% |
| Provisions and deferred taxes | 16 | €8,161 | - | -€8,161 | |
| Deferred taxes | 168 | €8,161 | - | -€8,161 | |
| Amounts payable | 17/49 | €96,836 | €83,436 | -€13,400 | -13.8% |
| Amounts payable within one year | 42/48 | €96,836 | €83,436 | -€13,400 | -13.8% |
| Trade debts | 44 | €46,166 | €9,122 | -€37,044 | -80.2% |
| Suppliers | 440/4 | €46,166 | €9,122 | -€37,044 | -80.2% |
| Taxes, remuneration and social security | 45 | €6,042 | €22,426 | +€16,385 | +271% |
| Taxes | 450/3 | €6,042 | €22,426 | +€16,385 | +271% |
| Other amounts payable | 47/48 | €44,628 | €51,888 | +€7,259 | +16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,488 | €33,950 | +€8,462 | +33.2% |
| Other operating charges | 640/8 | €1,090 | €3,994 | +€2,904 | +267% |
| Gross operating margin | 9900 | €62,645 | €49,611 | -€13,034 | -20.8% |
| Operating profit (loss) | 9901 | €36,067 | €11,667 | -€24,400 | -67.7% |
| Financial income | 75/76B | €1,799 | €0 | -€1,799 | -100.0% |
| Recurring financial income | 75 | €1,799 | €0 | -€1,799 | -100.0% |
| Financial charges | 65/66B | €60 | €95 | +€35 | +58.3% |
| Recurring financial charges | 65 | €60 | €95 | +€35 | +58.3% |
| Profit (loss) for the period before taxes | 9903 | €37,807 | €11,572 | -€26,235 | -69.4% |
| Transfer from deferred taxes | 780 | €2,673 | €8,161 | +€5,488 | +205% |
| Income taxes | 67/77 | €3,458 | €16,199 | +€12,740 | +368% |
| Profit (loss) for the period | 9904 | €37,021 | €3,534 | -€33,487 | -90.5% |
| Transfer from tax-exempt reserves | 789 | €10,692 | €32,643 | +€21,951 | +205% |
| Profit (loss) for the period to be appropriated | 9905 | €47,713 | €36,177 | -€11,536 | -24.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.