VANNESTE PROJECTS: 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 PROJECTS
Largest movements
- Receivables after one year +€62,500
up €62,500 (+100.0%), from €62,500 to €125,000
- Receivables within one year +€44,484
up €44,484 (+252.5%), from €17,616 to €62,100
of which Other amounts receivable: +€48,248
- Cash -€26,943
down €26,943 (-73.3%), from €36,751 to €9,808
mainly Receivables after one year (-€62,500) and Receivables within one year (-€44,484)
- Tangible fixed assets -€10,547
down €10,547 (-35.1%), from €30,044 to €19,496
- Debts after one year +€62,500
up €62,500 (+65.8%), from €95,000 to €157,500
- Reserves +€13,391
up €13,391 (+105.6%), from €12,676 to €26,067
- Tax, wage and social debts -€8,275
down €8,275 (-64.6%), from €12,809 to €4,534
- Other debts +€3,934
up €3,934 (+30.9%), from €12,715 to €16,649
- Gross operating margin +€5,076
up €5,076 (+20.1%), from €25,273 to €30,349
- Depreciation +€2,625
up €2,625 (+33.1%), from €7,923 to €10,547
- Other operating charges +€1,689
up €1,689 (+220.3%), from €767 to €2,456
- Financial income +€1,132
up €1,132 (+170.3%), from €664 to €1,796
- Taxes +€1,075
up €1,075 (+23.7%), from €4,534 to €5,610
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 | €149,785 | €220,492 | +€70,707 | +47.2% |
| Fixed assets | 21/28 | €30,044 | €19,496 | -€10,547 | -35.1% |
| Tangible fixed assets | 22/27 | €30,044 | €19,496 | -€10,547 | -35.1% |
| Furniture and vehicles | 24 | €30,044 | €19,496 | -€10,547 | -35.1% |
| Current assets | 29/58 | €119,742 | €200,996 | +€81,254 | +67.9% |
| Amounts receivable after more than one year | 29 | €62,500 | €125,000 | +€62,500 | +100.0% |
| Other amounts receivable | 291 | €62,500 | €125,000 | +€62,500 | +100.0% |
| Stocks and contracts in progress | 3 | €2,210 | €2,210 | = | 0.0% |
| Stocks | 30/36 | €2,210 | €2,210 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €17,616 | €62,100 | +€44,484 | +252.5% |
| Trade receivables | 40 | €12,679 | €8,915 | -€3,764 | -29.7% |
| Other amounts receivable | 41 | €4,937 | €53,185 | +€48,248 | +977.2% |
| Cash at bank and in hand | 54/58 | €36,751 | €9,808 | -€26,943 | -73.3% |
| Deferred charges and accrued income | 490/1 | €664 | €1,878 | +€1,214 | +182.7% |
| Total equity and liabilities | 10/49 | €149,785 | €220,492 | +€70,707 | +47.2% |
| Equity | 10/15 | €18,676 | €32,067 | +€13,391 | +71.7% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €12,676 | €26,067 | +€13,391 | +105.6% |
| Distributable reserves | 133 | €12,676 | €26,067 | +€13,391 | +105.6% |
| Amounts payable | 17/49 | €131,109 | €188,425 | +€57,316 | +43.7% |
| Amounts payable after more than one year | 17 | €95,000 | €157,500 | +€62,500 | +65.8% |
| Other amounts payable | 178/9 | €95,000 | €157,500 | +€62,500 | +65.8% |
| Amounts payable within one year | 42/48 | €34,333 | €29,079 | -€5,254 | -15.3% |
| Trade debts | 44 | €8,808 | €7,896 | -€912 | -10.4% |
| Suppliers | 440/4 | €8,808 | €7,896 | -€912 | -10.4% |
| Taxes, remuneration and social security | 45 | €12,809 | €4,534 | -€8,275 | -64.6% |
| Taxes | 450/3 | €12,809 | €4,534 | -€8,275 | -64.6% |
| Other amounts payable | 47/48 | €12,715 | €16,649 | +€3,934 | +30.9% |
| Accrued charges and deferred income | 492/3 | €1,777 | €1,846 | +€69 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,923 | €10,547 | +€2,625 | +33.1% |
| Other operating charges | 640/8 | €767 | €2,456 | +€1,689 | +220.3% |
| Gross operating margin | 9900 | €25,273 | €30,349 | +€5,076 | +20.1% |
| Operating profit (loss) | 9901 | €16,584 | €17,346 | +€762 | +4.6% |
| Financial income | 75/76B | €664 | €1,796 | +€1,132 | +170.3% |
| Recurring financial income | 75 | €664 | €1,796 | +€1,132 | +170.3% |
| Financial charges | 65/66B | €38 | €141 | +€103 | +274.8% |
| Recurring financial charges | 65 | €38 | €141 | +€103 | +274.8% |
| Profit (loss) for the period before taxes | 9903 | €17,210 | €19,001 | +€1,791 | +10.4% |
| Income taxes | 67/77 | €4,534 | €5,610 | +€1,075 | +23.7% |
| Profit (loss) for the period | 9904 | €12,676 | €13,391 | +€715 | +5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €12,676 | €13,391 | +€715 | +5.6% |
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 10 October 2026 via checked.be.