VANOKIN: 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.
VANOKIN
Largest movements
- Current investments -€69,790
down €69,790 (-14.0%), from €497,066 to €427,276
- Cash -€30,429
down €30,429 (-87.4%), from €34,812 to €4,383
mainly Contributions, distributions and other (-€236,015) and Investment in fixed assets (net) (-€7,506)
- Receivables within one year -€5,603
down €5,603 (-82.2%), from €6,817 to €1,214
of which Other amounts receivable: -€3,774
- Reserves -€109,780
down €109,780 (-22.0%), from €498,830 to €389,050
- Tax, wage and social debts +€11,252
new in 2025: €11,252
- Financial income +€139,699
up €139,699 (+19,417%), from €719 to €140,419
- Taxes +€9,808
up €9,808 (+311%), from €3,153 to €12,960
- Gross operating margin -€6,357
down €6,357 (-65.2%), from €9,754 to €3,397
- Depreciation +€1,668
up €1,668 (+355%), from €470 to €2,138
- Financial charges +€756
up €756 (+118%), from €640 to €1,397
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 | €547,762 | €446,945 | -€100,817 | -18.4% |
| Fixed assets | 21/28 | €6,500 | €11,868 | +€5,368 | +82.6% |
| Tangible fixed assets | 22/27 | €5,432 | €10,800 | +€5,368 | +98.8% |
| Furniture and vehicles | 24 | €3,500 | €9,338 | +€5,838 | +167% |
| Other tangible fixed assets | 26 | €1,932 | €1,462 | -€470 | -24.3% |
| Financial fixed assets | 28 | €1,069 | €1,069 | = | 0.0% |
| Current assets | 29/58 | €541,261 | €435,077 | -€106,185 | -19.6% |
| Amounts receivable within one year | 40/41 | €6,817 | €1,214 | -€5,603 | -82.2% |
| Trade receivables | 40 | €1,829 | - | -€1,829 | |
| Other amounts receivable | 41 | €4,989 | €1,214 | -€3,774 | -75.7% |
| Current investments | 50/53 | €497,066 | €427,276 | -€69,790 | -14.0% |
| Cash at bank and in hand | 54/58 | €34,812 | €4,383 | -€30,429 | -87.4% |
| Deferred charges and accrued income | 490/1 | €2,566 | €2,203 | -€363 | -14.1% |
| Total equity and liabilities | 10/49 | €547,762 | €446,945 | -€100,817 | -18.4% |
| Equity | 10/15 | €543,830 | €434,050 | -€109,780 | -20.2% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Contributions outside capital | 11 | €45,000 | €45,000 | = | 0.0% |
| Other | 1109/19 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €498,830 | €389,050 | -€109,780 | -22.0% |
| Distributable reserves | 133 | €498,830 | €389,050 | -€109,780 | -22.0% |
| Amounts payable | 17/49 | €3,932 | €12,895 | +€8,963 | +228% |
| Amounts payable within one year | 42/48 | €3,132 | €12,095 | +€8,963 | +286% |
| Trade debts | 44 | €396 | €493 | +€96 | +24.3% |
| Suppliers | 440/4 | €396 | €493 | +€96 | +24.3% |
| Advances received on contracts in progress | 46 | €120 | - | -€120 | |
| Taxes, remuneration and social security | 45 | - | €11,252 | +€11,252 | |
| Taxes | 450/3 | - | €11,252 | +€11,252 | |
| Other amounts payable | 47/48 | €2,615 | €350 | -€2,265 | -86.6% |
| Accrued charges and deferred income | 492/3 | €800 | €800 | = | 0.0% |
| Non-recurring operating income | 76A | - | €120 | +€120 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €470 | €2,138 | +€1,668 | +355% |
| Other operating charges | 640/8 | €1,013 | €1,086 | +€72 | +7.1% |
| Gross operating margin | 9900 | €9,754 | €3,397 | -€6,357 | -65.2% |
| Operating profit (loss) | 9901 | €8,271 | €173 | -€8,098 | -97.9% |
| Financial income | 75/76B | €719 | €140,419 | +€139,699 | +19,417% |
| Recurring financial income | 75 | €719 | €140,419 | +€139,699 | +19,417% |
| Financial charges | 65/66B | €640 | €1,397 | +€756 | +118% |
| Recurring financial charges | 65 | €640 | €1,397 | +€756 | +118% |
| Profit (loss) for the period before taxes | 9903 | €8,350 | €139,195 | +€130,845 | +1,567% |
| Income taxes | 67/77 | €3,153 | €12,960 | +€9,808 | +311% |
| Profit (loss) for the period | 9904 | €5,197 | €126,235 | +€121,038 | +2,329% |
| Profit (loss) for the period to be appropriated | 9905 | €5,197 | €126,235 | +€121,038 | +2,329% |
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 15 October 2026 via checked.be.