VANO: 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.
VANO
Largest movements
- Current investments -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Cash +€47,029
up €47,029 (+29.0%), from €162,061 to €209,090
mainly Current investments (+€100,000) and Depreciation (+€13,978)
- Receivables within one year +€15,971
up €15,971 (+24.9%), from €64,228 to €80,199
of which Trade receivables: +€39,257
- Tangible fixed assets -€13,978
down €13,978 (-29.8%), from €46,909 to €32,931
of which Furniture and vehicles: -€11,717
- Profit (loss) carried forward -€32,932
new in 2025: -€32,932
- Other debts -€18,885
down €18,885 (-9.6%), from €196,496 to €177,611
- Trade debts +€13,565
up €13,565 (+65.5%), from €20,720 to €34,286
- Debts after one year -€7,215
down €7,215 (-43.3%), from €16,680 to €9,465
- Gross operating margin -€59,338
down €59,338 (-51.2%), from €115,853 to €56,515
- Staff costs -€11,726
down €11,726 (-14.0%), from €83,578 to €71,852
- Taxes -€4,831
down €4,831 (-90.3%), from €5,350 to €519
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 | €434,688 | €386,795 | -€47,893 | -11.0% |
| Fixed assets | 21/28 | €57,270 | €43,292 | -€13,978 | -24.4% |
| Tangible fixed assets | 22/27 | €46,909 | €32,931 | -€13,978 | -29.8% |
| Plant, machinery and equipment | 23 | €9,969 | €7,708 | -€2,261 | -22.7% |
| Furniture and vehicles | 24 | €36,941 | €25,224 | -€11,717 | -31.7% |
| Financial fixed assets | 28 | €10,360 | €10,360 | = | 0.0% |
| Current assets | 29/58 | €377,418 | €343,503 | -€33,915 | -9.0% |
| Stocks and contracts in progress | 3 | €47,759 | €51,937 | +€4,178 | +8.7% |
| Stocks | 30/36 | €47,759 | €51,937 | +€4,178 | +8.7% |
| Amounts receivable within one year | 40/41 | €64,228 | €80,199 | +€15,971 | +24.9% |
| Trade receivables | 40 | €38,341 | €77,598 | +€39,257 | +102.4% |
| Other amounts receivable | 41 | €25,887 | €2,601 | -€23,287 | -90.0% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €162,061 | €209,090 | +€47,029 | +29.0% |
| Deferred charges and accrued income | 490/1 | €3,371 | €2,277 | -€1,094 | -32.4% |
| Total equity and liabilities | 10/49 | €434,688 | €386,795 | -€47,893 | -11.0% |
| Equity | 10/15 | €174,915 | €141,984 | -€32,932 | -18.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €156,323 | €156,323 | = | 0.0% |
| Distributable reserves | 133 | €156,323 | €156,323 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€32,932 | -€32,932 | |
| Amounts payable | 17/49 | €259,773 | €244,811 | -€14,962 | -5.8% |
| Amounts payable after more than one year | 17 | €16,680 | €9,465 | -€7,215 | -43.3% |
| Financial debts | 170/4 | €16,680 | €9,465 | -€7,215 | -43.3% |
| Amounts payable within one year | 42/48 | €242,621 | €235,346 | -€7,274 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €6,913 | €7,215 | +€302 | +4.4% |
| Trade debts | 44 | €20,720 | €34,286 | +€13,565 | +65.5% |
| Suppliers | 440/4 | €20,720 | €34,286 | +€13,565 | +65.5% |
| Taxes, remuneration and social security | 45 | €18,491 | €16,234 | -€2,257 | -12.2% |
| Taxes | 450/3 | €7,608 | €3,380 | -€4,227 | -55.6% |
| Remuneration and social security | 454/9 | €10,884 | €12,854 | +€1,970 | +18.1% |
| Other amounts payable | 47/48 | €196,496 | €177,611 | -€18,885 | -9.6% |
| Accrued charges and deferred income | 492/3 | €472 | €0 | -€472 | -100.0% |
| Remuneration, social security and pensions | 62 | €83,578 | €71,852 | -€11,726 | -14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,053 | €13,978 | +€924 | +7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €887 | +€887 | |
| Other operating charges | 640/8 | €1,361 | €1,706 | +€345 | +25.3% |
| Gross operating margin | 9900 | €115,853 | €56,515 | -€59,338 | -51.2% |
| Operating profit (loss) | 9901 | €17,860 | -€31,907 | -€49,767 | |
| Financial income | 75/76B | €2,281 | €2,562 | +€282 | +12.4% |
| Recurring financial income | 75 | €2,281 | €2,562 | +€282 | +12.4% |
| Financial charges | 65/66B | €3,829 | €3,068 | -€761 | -19.9% |
| Recurring financial charges | 65 | €3,829 | €3,068 | -€761 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | €16,312 | -€32,412 | -€48,724 | |
| Income taxes | 67/77 | €5,350 | €519 | -€4,831 | -90.3% |
| Profit (loss) for the period | 9904 | €10,962 | -€32,932 | -€43,893 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,962 | -€32,932 | -€43,893 |
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 2 October 2026 via checked.be.