VANOCO: 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.
VANOCO
Largest movements
- Financial fixed assets +€46,913
up €46,913 (+7.0%), from €666,721 to €713,634
- Tangible fixed assets -€40,454
down €40,454 (-3.1%), from €1.3m to €1.3m
- Other debts +€108,572
up €108,572 (+10.7%), from €1.0m to €1.1m
- Debts after one year -€57,452
down €57,452 (-6.5%), from €881,086 to €823,634
- Profit (loss) carried forward -€51,872
down €51,872 (-51.2%), from -€101,308 to -€153,180
- Financial income -€55,591
down €55,591 (-100.0%), from €55,591 to €0
- Gross operating margin -€3,221
down €3,221 (-4.7%), from €69,198 to €65,977
- Financial charges +€1,036
up €1,036 (+1.5%), from €68,435 to €69,471
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 | €2,020,224 | €2,023,214 | +€2,990 | +0.1% |
| Fixed assets | 21/28 | €1,988,606 | €1,995,064 | +€6,458 | +0.3% |
| Tangible fixed assets | 22/27 | €1,321,885 | €1,281,430 | -€40,454 | -3.1% |
| Land and buildings | 22 | €1,321,885 | €1,281,430 | -€40,454 | -3.1% |
| Financial fixed assets | 28 | €666,721 | €713,634 | +€46,913 | +7.0% |
| Current assets | 29/58 | €31,618 | €28,150 | -€3,468 | -11.0% |
| Cash at bank and in hand | 54/58 | €30,760 | €27,260 | -€3,500 | -11.4% |
| Deferred charges and accrued income | 490/1 | €859 | €891 | +€32 | +3.7% |
| Total equity and liabilities | 10/49 | €2,020,224 | €2,023,214 | +€2,990 | +0.1% |
| Equity | 10/15 | €65,692 | €13,820 | -€51,872 | -79.0% |
| Contributions | 10/11 | €167,000 | €167,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€101,308 | -€153,180 | -€51,872 | -51.2% |
| Amounts payable | 17/49 | €1,954,532 | €2,009,394 | +€54,862 | +2.8% |
| Amounts payable after more than one year | 17 | €881,086 | €823,634 | -€57,452 | -6.5% |
| Financial debts | 170/4 | €881,086 | €823,634 | -€57,452 | -6.5% |
| Amounts payable within one year | 42/48 | €1,073,446 | €1,185,761 | +€112,315 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €59,717 | €62,138 | +€2,421 | +4.1% |
| Trade debts | 44 | €1,276 | €2,598 | +€1,322 | +103.5% |
| Suppliers | 440/4 | €1,276 | €2,598 | +€1,322 | +103.5% |
| Other amounts payable | 47/48 | €1,012,453 | €1,121,025 | +€108,572 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,454 | €40,454 | = | 0.0% |
| Other operating charges | 640/8 | €7,597 | €7,923 | +€326 | +4.3% |
| Gross operating margin | 9900 | €69,198 | €65,977 | -€3,221 | -4.7% |
| Operating profit (loss) | 9901 | €21,146 | €17,599 | -€3,547 | -16.8% |
| Financial income | 75/76B | €55,591 | €0 | -€55,591 | -100.0% |
| Recurring financial income | 75 | €55,591 | €0 | -€55,591 | -100.0% |
| Financial charges | 65/66B | €68,435 | €69,471 | +€1,036 | +1.5% |
| Recurring financial charges | 65 | €68,435 | €69,471 | +€1,036 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €8,302 | -€51,872 | -€60,174 | |
| Profit (loss) for the period | 9904 | €8,302 | -€51,872 | -€60,174 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,302 | -€51,872 | -€60,174 |
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 9 October 2026 via checked.be.