VANNUCO: 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.
VANNUCO
Largest movements
- Tangible fixed assets +€2.3m
up €2.3m (+70.0%), from €3.2m to €5.5m
of which Land and buildings: +€1.7m
- Cash -€281,177
down €281,177 (-36.1%), from €777,961 to €496,784
mainly Investment in fixed assets (net) (-€2.5m) and Other debts (-€1.4m)
- Receivables within one year +€88,085
up €88,085 (+138%), from €63,724 to €151,809
of which Other amounts receivable: +€131,409
- Debts after one year +€3.3m
up €3.3m (+261%), from €1.3m to €4.6m
- Other debts -€1.4m
down €1.4m (-99.2%), from €1.4m to €11,250
- Trade debts +€155,237
up €155,237 (+17,385%), from €893 to €156,130
- Financial income -€671,980
down €671,980 (-100.0%), from €672,112 to €132
- Depreciation +€140,390
up €140,390 (+175%), from €80,239 to €220,628
- Gross operating margin +€134,516
up €134,516 (+64.9%), from €207,112 to €341,628
- Taxes -€62,499
down €62,499 (-81.5%), from €76,657 to €14,158
- Financial charges -€9,093
down €9,093 (-12.7%), from €71,657 to €62,564
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 | €4,128,384 | €6,188,647 | +€2.1m | +49.9% |
| Fixed assets | 21/28 | €3,281,479 | €5,532,848 | +€2.3m | +68.6% |
| Tangible fixed assets | 22/27 | €3,218,478 | €5,469,847 | +€2.3m | +70.0% |
| Land and buildings | 22 | €3,054,678 | €4,759,810 | +€1.7m | +55.8% |
| Plant, machinery and equipment | 23 | €46,467 | €40,733 | -€5,733 | -12.3% |
| Furniture and vehicles | 24 | €117,334 | €247,207 | +€129,873 | +111% |
| Assets under construction and advance payments | 27 | - | €422,097 | +€422,097 | |
| Financial fixed assets | 28 | €63,001 | €63,001 | = | 0.0% |
| Current assets | 29/58 | €846,905 | €655,799 | -€191,105 | -22.6% |
| Amounts receivable within one year | 40/41 | €63,724 | €151,809 | +€88,085 | +138% |
| Trade receivables | 40 | €51,751 | €8,427 | -€43,324 | -83.7% |
| Other amounts receivable | 41 | €11,973 | €143,383 | +€131,409 | +1,098% |
| Cash at bank and in hand | 54/58 | €777,961 | €496,784 | -€281,177 | -36.1% |
| Deferred charges and accrued income | 490/1 | €5,219 | €7,206 | +€1,987 | +38.1% |
| Total equity and liabilities | 10/49 | €4,128,384 | €6,188,647 | +€2.1m | +49.9% |
| Equity | 10/15 | €1,259,137 | €1,288,854 | +€29,717 | +2.4% |
| Contributions | 10/11 | €187,883 | €187,883 | = | 0.0% |
| Reserves | 13 | €1,071,254 | €1,100,971 | +€29,717 | +2.8% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €1,033,754 | €1,063,471 | +€29,717 | +2.9% |
| Amounts payable | 17/49 | €2,869,247 | €4,899,793 | +€2.0m | +70.8% |
| Amounts payable after more than one year | 17 | €1,277,272 | €4,612,848 | +€3.3m | +261% |
| Financial debts | 170/4 | €1,277,272 | €4,612,848 | +€3.3m | +261% |
| Amounts payable within one year | 42/48 | €1,582,736 | €259,659 | -€1.3m | -83.6% |
| Current portion of amounts payable after more than one year | 42 | €126,758 | €91,113 | -€35,645 | -28.1% |
| Trade debts | 44 | €893 | €156,130 | +€155,237 | +17,385% |
| Suppliers | 440/4 | €893 | €156,130 | +€155,237 | +17,385% |
| Taxes, remuneration and social security | 45 | €7,828 | €1,167 | -€6,661 | -85.1% |
| Taxes | 450/3 | €7,828 | €1,167 | -€6,661 | -85.1% |
| Other amounts payable | 47/48 | €1,447,257 | €11,250 | -€1.4m | -99.2% |
| Accrued charges and deferred income | 492/3 | €9,239 | €27,286 | +€18,047 | +195% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,239 | €220,628 | +€140,390 | +175% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €8,995 | €12,103 | +€3,108 | +34.6% |
| Other operating charges | 640/8 | €3,010 | €2,590 | -€420 | -14.0% |
| Gross operating margin | 9900 | €207,112 | €341,628 | +€134,516 | +64.9% |
| Operating profit (loss) | 9901 | €114,869 | €106,307 | -€8,561 | -7.5% |
| Financial income | 75/76B | €672,112 | €132 | -€671,980 | -100.0% |
| Recurring financial income | 75 | €672,112 | €132 | -€671,980 | -100.0% |
| Financial charges | 65/66B | €71,657 | €62,564 | -€9,093 | -12.7% |
| Recurring financial charges | 65 | €71,657 | €62,564 | -€9,093 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €715,324 | €43,875 | -€671,448 | -93.9% |
| Income taxes | 67/77 | €76,657 | €14,158 | -€62,499 | -81.5% |
| Profit (loss) for the period | 9904 | €638,666 | €29,717 | -€608,949 | -95.3% |
| Profit (loss) for the period to be appropriated | 9905 | €638,666 | €29,717 | -€608,949 | -95.3% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.