VANQUATHEM: 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.
VANQUATHEM
Largest movements
- Receivables within one year -€105,043
down €105,043 (-25.3%), from €415,252 to €310,209
of which Other amounts receivable: -€164,773
- Stocks and contracts +€89,825
up €89,825 (+623.8%), from €14,400 to €104,225
- Cash +€45,955
up €45,955 (+58.8%), from €78,163 to €124,118
mainly Net result for the year (+€183,279) and Trade debts (+€159,407)
- Tangible fixed assets +€41,209
up €41,209 (+14.3%), from €287,656 to €328,865
of which Furniture and vehicles: +€49,124
- Other debts -€186,890
down €186,890 (-45.4%), from €411,382 to €224,492
- Trade debts +€159,407
up €159,407 (+1192.0%), from €13,373 to €172,780
- Debts after one year +€35,517
up €35,517 (+17.2%), from €207,000 to €242,517
- Current portion of long-term debt +€31,981
up €31,981 (+51.4%), from €62,198 to €94,179
- Tax, wage and social debts +€14,580
up €14,580 (+28.1%), from €51,821 to €66,401
of which Remuneration and social security: +€16,412
- Staff costs +€91,721
up €91,721 (+86.7%), from €105,775 to €197,496
- Gross operating margin +€83,837
up €83,837 (+18.9%), from €443,249 to €527,086
- Other operating charges +€18,504
up €18,504 (+96.9%), from €19,097 to €37,601
- Write-downs -€13,737
new in 2025: -€13,737
- Taxes -€13,562
down €13,562 (-81.4%), from €16,668 to €3,106
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 | €808,637 | €879,839 | +€71,202 | +8.8% |
| Fixed assets | 21/28 | €291,018 | €332,365 | +€41,347 | +14.2% |
| Tangible fixed assets | 22/27 | €287,656 | €328,865 | +€41,209 | +14.3% |
| Land and buildings | 22 | €28,776 | €41,212 | +€12,436 | +43.2% |
| Plant, machinery and equipment | 23 | €21,454 | €24,327 | +€2,873 | +13.4% |
| Furniture and vehicles | 24 | €184,334 | €233,458 | +€49,124 | +26.6% |
| Leasing and similar rights | 25 | €39,897 | €29,798 | -€10,099 | -25.3% |
| Other tangible fixed assets | 26 | €13,194 | €70 | -€13,124 | -99.5% |
| Financial fixed assets | 28 | €3,363 | €3,500 | +€138 | +4.1% |
| Current assets | 29/58 | €517,619 | €547,474 | +€29,856 | +5.8% |
| Stocks and contracts in progress | 3 | €14,400 | €104,225 | +€89,825 | +623.8% |
| Stocks | 30/36 | €14,400 | €104,225 | +€89,825 | +623.8% |
| Amounts receivable within one year | 40/41 | €415,252 | €310,209 | -€105,043 | -25.3% |
| Trade receivables | 40 | €216,977 | €276,707 | +€59,730 | +27.5% |
| Other amounts receivable | 41 | €198,275 | €33,502 | -€164,773 | -83.1% |
| Cash at bank and in hand | 54/58 | €78,163 | €124,118 | +€45,955 | +58.8% |
| Deferred charges and accrued income | 490/1 | €9,803 | €8,922 | -€881 | -9.0% |
| Total equity and liabilities | 10/49 | €808,637 | €879,839 | +€71,202 | +8.8% |
| Equity | 10/15 | €51,086 | €59,365 | +€8,279 | +16.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,486 | €40,765 | +€8,279 | +25.5% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €30,626 | €40,765 | +€10,139 | +33.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €757,551 | €820,474 | +€62,924 | +8.3% |
| Amounts payable after more than one year | 17 | €207,000 | €242,517 | +€35,517 | +17.2% |
| Financial debts | 170/4 | €207,000 | €242,517 | +€35,517 | +17.2% |
| Amounts payable within one year | 42/48 | €550,551 | €577,017 | +€26,466 | +4.8% |
| Current portion of amounts payable after more than one year | 42 | €62,198 | €94,179 | +€31,981 | +51.4% |
| Financial debts | 43 | €11,776 | €19,165 | +€7,389 | +62.7% |
| Credit institutions | 430/8 | €11,776 | €19,165 | +€7,389 | +62.7% |
| Trade debts | 44 | €13,373 | €172,780 | +€159,407 | +1192.0% |
| Suppliers | 440/4 | €13,373 | €172,780 | +€159,407 | +1192.0% |
| Taxes, remuneration and social security | 45 | €51,821 | €66,401 | +€14,580 | +28.1% |
| Taxes | 450/3 | €34,900 | €33,068 | -€1,832 | -5.3% |
| Remuneration and social security | 454/9 | €16,921 | €33,333 | +€16,412 | +97.0% |
| Other amounts payable | 47/48 | €411,382 | €224,492 | -€186,890 | -45.4% |
| Accrued charges and deferred income | 492/3 | €0 | €941 | +€941 | |
| Non-recurring operating income | 76A | €1,250 | €32,500 | +€31,250 | +2500.0% |
| Remuneration, social security and pensions | 62 | €105,775 | €197,496 | +€91,721 | +86.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,269 | €106,396 | +€9,127 | +9.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€13,737 | -€13,737 | |
| Other operating charges | 640/8 | €19,097 | €37,601 | +€18,504 | +96.9% |
| Non-recurring operating charges | 66A | €1,271 | €0 | -€1,271 | -100.0% |
| Gross operating margin | 9900 | €443,249 | €527,086 | +€83,837 | +18.9% |
| Operating profit (loss) | 9901 | €219,837 | €199,331 | -€20,506 | -9.3% |
| Financial income | 75/76B | €10,698 | €6,725 | -€3,972 | -37.1% |
| Recurring financial income | 75 | €10,698 | €6,725 | -€3,972 | -37.1% |
| Financial charges | 65/66B | €13,522 | €19,671 | +€6,149 | +45.5% |
| Recurring financial charges | 65 | €13,522 | €19,671 | +€6,149 | +45.5% |
| Profit (loss) for the period before taxes | 9903 | €217,012 | €186,385 | -€30,627 | -14.1% |
| Income taxes | 67/77 | €16,668 | €3,106 | -€13,562 | -81.4% |
| Profit (loss) for the period | 9904 | €200,344 | €183,279 | -€17,066 | -8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €200,344 | €183,279 | -€17,066 | -8.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.