VANPE: 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.
VANPE
Largest movements
- Cash +€41,449
up €41,449 (+174%), from €23,763 to €65,212
mainly Other debts (+€76,848) and Net result for the year (+€54,756)
- Current investments -€15,000
down €15,000 (-3.3%), from €450,000 to €435,000
- Receivables within one year +€13,821
up €13,821 (+194%), from €7,133 to €20,954
of which Trade receivables: +€13,837
- Tangible fixed assets -€8,917
down €8,917 (-25.5%), from €34,960 to €26,044
of which Plant, machinery and equipment: -€4,607
- Other debts +€76,848
up €76,848 (+203%), from €37,808 to €114,657
- Reserves -€40,255
down €40,255 (-9.2%), from €435,592 to €395,336
of which Distributable reserves: -€40,255
- Financial income -€13,109
down €13,109 (-63.2%), from €20,730 to €7,621
- Gross operating margin -€9,112
down €9,112 (-6.3%), from €145,121 to €136,009
- Taxes -€4,474
down €4,474 (-17.3%), from €25,807 to €21,333
- Staff costs -€4,203
down €4,203 (-7.4%), from €56,851 to €52,648
- Depreciation -€2,436
down €2,436 (-19.0%), from €12,826 to €10,390
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 | €517,758 | €549,664 | +€31,906 | +6.2% |
| Fixed assets | 21/28 | €34,960 | €26,044 | -€8,917 | -25.5% |
| Tangible fixed assets | 22/27 | €34,960 | €26,044 | -€8,917 | -25.5% |
| Land and buildings | 22 | €4,522 | - | -€4,522 | |
| Plant, machinery and equipment | 23 | €29,050 | €24,443 | -€4,607 | -15.9% |
| Furniture and vehicles | 24 | €1,389 | €1,601 | +€212 | +15.3% |
| Current assets | 29/58 | €482,797 | €523,620 | +€40,823 | +8.5% |
| Stocks and contracts in progress | 3 | €1,540 | €1,620 | +€80 | +5.2% |
| Stocks | 30/36 | €1,540 | €1,620 | +€80 | +5.2% |
| Amounts receivable within one year | 40/41 | €7,133 | €20,954 | +€13,821 | +194% |
| Trade receivables | 40 | €6,596 | €20,433 | +€13,837 | +210% |
| Other amounts receivable | 41 | €537 | €521 | -€16 | -3.0% |
| Current investments | 50/53 | €450,000 | €435,000 | -€15,000 | -3.3% |
| Cash at bank and in hand | 54/58 | €23,763 | €65,212 | +€41,449 | +174% |
| Deferred charges and accrued income | 490/1 | €361 | €834 | +€472 | +131% |
| Total equity and liabilities | 10/49 | €517,758 | €549,664 | +€31,906 | +6.2% |
| Equity | 10/15 | €454,192 | €413,936 | -€40,255 | -8.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €435,592 | €395,336 | -€40,255 | -9.2% |
| Tax-exempt reserves | 132 | €7,348 | €7,348 | = | 0.0% |
| Distributable reserves | 133 | €428,244 | €387,989 | -€40,255 | -9.4% |
| Amounts payable | 17/49 | €63,566 | €135,727 | +€72,161 | +114% |
| Amounts payable within one year | 42/48 | €63,566 | €135,727 | +€72,161 | +114% |
| Trade debts | 44 | €6,868 | €7,169 | +€301 | +4.4% |
| Suppliers | 440/4 | €6,868 | €7,169 | +€301 | +4.4% |
| Taxes, remuneration and social security | 45 | €18,890 | €13,901 | -€4,988 | -26.4% |
| Taxes | 450/3 | €6,665 | €9,753 | +€3,087 | +46.3% |
| Remuneration and social security | 454/9 | €12,224 | €4,149 | -€8,076 | -66.1% |
| Other amounts payable | 47/48 | €37,808 | €114,657 | +€76,848 | +203% |
| Remuneration, social security and pensions | 62 | €56,851 | €52,648 | -€4,203 | -7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,826 | €10,390 | -€2,436 | -19.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €608 | +€608 | |
| Other operating charges | 640/8 | €3,775 | €3,595 | -€181 | -4.8% |
| Gross operating margin | 9900 | €145,121 | €136,009 | -€9,112 | -6.3% |
| Operating profit (loss) | 9901 | €71,668 | €68,768 | -€2,900 | -4.0% |
| Financial income | 75/76B | €20,730 | €7,621 | -€13,109 | -63.2% |
| Recurring financial income | 75 | €20,730 | €7,621 | -€13,109 | -63.2% |
| Financial charges | 65/66B | €910 | €300 | -€611 | -67.1% |
| Recurring financial charges | 65 | €910 | €300 | -€611 | -67.1% |
| Profit (loss) for the period before taxes | 9903 | €91,488 | €76,089 | -€15,399 | -16.8% |
| Income taxes | 67/77 | €25,807 | €21,333 | -€4,474 | -17.3% |
| Profit (loss) for the period | 9904 | €65,682 | €54,756 | -€10,925 | -16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €65,682 | €54,756 | -€10,925 | -16.6% |
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 19 October 2026 via checked.be.