VANON: 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.
VANON
Largest movements
- Tangible fixed assets -€205,843
down €205,843 (-71.0%), from €290,058 to €84,215
of which Land and buildings: -€182,243
- Cash +€15,625
up €15,625 (+323.1%), from €4,836 to €20,460
mainly Investment in fixed assets (net) (+€182,297) and Depreciation (+€23,546)
- Debts after one year -€161,453
no longer reported in 2025 (was €161,453)
- Current portion of long-term debt -€27,143
no longer reported in 2025 (was €27,143)
- Gross operating margin +€17,402
up €17,402 (+55.9%), from €31,150 to €48,553
- Depreciation -€9,550
down €9,550 (-28.9%), from €33,096 to €23,546
- Financial charges -€8,853
down €8,853 (-46.4%), from €19,075 to €10,222
of which Non-recurring financial charges: -€5,587
- Staff costs +€5,483
up €5,483 (+744.4%), from €737 to €6,220
- Other operating charges +€1,320
up €1,320 (+31.7%), from €4,159 to €5,479
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 | €310,785 | €121,753 | -€189,032 | -60.8% |
| Fixed assets | 21/28 | €297,758 | €91,915 | -€205,843 | -69.1% |
| Tangible fixed assets | 22/27 | €290,058 | €84,215 | -€205,843 | -71.0% |
| Land and buildings | 22 | €182,243 | - | -€182,243 | |
| Plant, machinery and equipment | 23 | €19,636 | €12,153 | -€7,483 | -38.1% |
| Furniture and vehicles | 24 | €13,801 | €11,280 | -€2,520 | -18.3% |
| Other tangible fixed assets | 26 | €74,379 | €60,782 | -€13,597 | -18.3% |
| Financial fixed assets | 28 | €7,700 | €7,700 | = | 0.0% |
| Current assets | 29/58 | €13,027 | €29,838 | +€16,811 | +129.1% |
| Stocks and contracts in progress | 3 | €6,302 | €6,648 | +€347 | +5.5% |
| Stocks | 30/36 | €6,302 | €6,648 | +€347 | +5.5% |
| Amounts receivable within one year | 40/41 | €1,890 | €2,074 | +€185 | +9.8% |
| Trade receivables | 40 | €568 | - | -€568 | |
| Other amounts receivable | 41 | €1,321 | €2,074 | +€753 | +57.0% |
| Cash at bank and in hand | 54/58 | €4,836 | €20,460 | +€15,625 | +323.1% |
| Deferred charges and accrued income | 490/1 | - | €655 | +€655 | |
| Total equity and liabilities | 10/49 | €310,785 | €121,753 | -€189,032 | -60.8% |
| Equity | 10/15 | €106,840 | €109,873 | +€3,033 | +2.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €122,756 | €122,756 | = | 0.0% |
| Distributable reserves | 133 | €122,756 | €122,756 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,916 | -€22,883 | +€3,033 | +11.7% |
| Amounts payable | 17/49 | €203,944 | €11,880 | -€192,065 | -94.2% |
| Amounts payable after more than one year | 17 | €161,453 | - | -€161,453 | |
| Financial debts | 170/4 | €161,453 | - | -€161,453 | |
| Amounts payable within one year | 42/48 | €42,492 | €11,880 | -€30,612 | -72.0% |
| Current portion of amounts payable after more than one year | 42 | €27,143 | - | -€27,143 | |
| Trade debts | 44 | €3,131 | €3,067 | -€64 | -2.0% |
| Suppliers | 440/4 | €3,131 | €3,067 | -€64 | -2.0% |
| Taxes, remuneration and social security | 45 | €6,618 | €4,644 | -€1,974 | -29.8% |
| Taxes | 450/3 | €6,157 | €4,644 | -€1,513 | -24.6% |
| Remuneration and social security | 454/9 | €461 | - | -€461 | |
| Other amounts payable | 47/48 | €5,600 | €4,169 | -€1,431 | -25.6% |
| Non-recurring operating income | 76A | - | €52,757 | +€52,757 | |
| Remuneration, social security and pensions | 62 | €737 | €6,220 | +€5,483 | +744.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,096 | €23,546 | -€9,550 | -28.9% |
| Other operating charges | 640/8 | €4,159 | €5,479 | +€1,320 | +31.7% |
| Non-recurring operating charges | 66A | - | €54 | +€54 | |
| Gross operating margin | 9900 | €31,150 | €48,553 | +€17,402 | +55.9% |
| Operating profit (loss) | 9901 | -€6,841 | €13,255 | +€20,096 | |
| Financial charges | 65/66B | €19,075 | €10,222 | -€8,853 | -46.4% |
| Recurring financial charges | 65 | €13,487 | €10,222 | -€3,266 | -24.2% |
| Non-recurring financial charges | 66B | €5,587 | - | -€5,587 | |
| Profit (loss) for the period before taxes | 9903 | -€25,916 | €3,033 | +€28,949 | |
| Profit (loss) for the period | 9904 | -€25,916 | €3,033 | +€28,949 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,916 | €3,033 | +€28,949 |
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 12 October 2026 via checked.be.