Vanqui: 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.
Vanqui
Largest movements
- Cash -€1.5m
down €1.5m (-82.2%), from €1.8m to €321,862
mainly Current investments (-€1.1m) and Other debts (-€705,582)
- Current investments +€1.1m
new in 2025: €1.1m
- Intangible fixed assets -€768,081
no longer reported in 2025 (was €768,081)
- Tangible fixed assets +€301,866
up €301,866 (+62.9%), from €479,606 to €781,472
of which Land and buildings: +€303,399
- Receivables within one year -€133,774
down €133,774 (-66.5%), from €201,267 to €67,493
of which Trade receivables: -€110,125
- Other debts -€705,582
down €705,582 (-98.1%), from €719,278 to €13,697
- Trade debts -€666,862
down €666,862 (-100.0%), from €666,930 to €68
of which Suppliers: -€666,930
- Reserves +€660,000
up €660,000 (+57.5%), from €1.1m to €1.8m
- Debts after one year -€238,542
down €238,542 (-50.0%), from €477,430 to €238,889
- Current portion of long-term debt -€37,500
down €37,500 (-36.0%), from €104,167 to €66,667
- Gross operating margin +€324,762
up €324,762 (+44.4%), from €731,083 to €1.1m
- Taxes +€193,971
up €193,971 (+164.6%), from €117,874 to €311,845
- Staff costs -€138,359
down €138,359 (-71.2%), from €194,188 to €55,829
- Depreciation -€132,790
down €132,790 (-85.1%), from €156,035 to €23,245
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 | €3,265,630 | €2,248,045 | -€1.0m | -31.2% |
| Fixed assets | 21/28 | €1,247,687 | €781,472 | -€466,215 | -37.4% |
| Intangible fixed assets | 21 | €768,081 | - | -€768,081 | |
| Tangible fixed assets | 22/27 | €479,606 | €781,472 | +€301,866 | +62.9% |
| Land and buildings | 22 | €478,073 | €781,472 | +€303,399 | +63.5% |
| Furniture and vehicles | 24 | €1,533 | - | -€1,533 | |
| Current assets | 29/58 | €2,017,944 | €1,466,573 | -€551,370 | -27.3% |
| Amounts receivable within one year | 40/41 | €201,267 | €67,493 | -€133,774 | -66.5% |
| Trade receivables | 40 | €120,815 | €10,690 | -€110,125 | -91.2% |
| Other amounts receivable | 41 | €80,453 | €56,803 | -€23,649 | -29.4% |
| Current investments | 50/53 | - | €1,077,218 | +€1.1m | |
| Cash at bank and in hand | 54/58 | €1,805,765 | €321,862 | -€1.5m | -82.2% |
| Deferred charges and accrued income | 490/1 | €10,911 | - | -€10,911 | |
| Total equity and liabilities | 10/49 | €3,265,630 | €2,248,045 | -€1.0m | -31.2% |
| Equity | 10/15 | €1,202,373 | €1,870,091 | +€667,719 | +55.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,148,675 | €1,808,675 | +€660,000 | +57.5% |
| Distributable reserves | 133 | €1,148,675 | €1,808,675 | +€660,000 | +57.5% |
| Profit (loss) carried forward | 14 | €3,698 | €11,417 | +€7,719 | +208.7% |
| Amounts payable | 17/49 | €2,063,257 | €377,953 | -€1.7m | -81.7% |
| Amounts payable after more than one year | 17 | €477,430 | €238,889 | -€238,542 | -50.0% |
| Financial debts | 170/4 | €477,430 | €238,889 | -€238,542 | -50.0% |
| Amounts payable within one year | 42/48 | €1,585,827 | €139,065 | -€1.4m | -91.2% |
| Current portion of amounts payable after more than one year | 42 | €104,167 | €66,667 | -€37,500 | -36.0% |
| Trade debts | 44 | €666,930 | €68 | -€666,862 | -100.0% |
| Suppliers | 440/4 | €666,930 | - | -€666,930 | |
| Bills of exchange payable | 441 | - | €68 | +€68 | |
| Taxes, remuneration and social security | 45 | €95,453 | €58,634 | -€36,819 | -38.6% |
| Taxes | 450/3 | €72,928 | €58,634 | -€14,295 | -19.6% |
| Remuneration and social security | 454/9 | €22,524 | - | -€22,524 | |
| Other amounts payable | 47/48 | €719,278 | €13,697 | -€705,582 | -98.1% |
| Non-recurring operating income | 76A | - | €811,171 | +€811,171 | |
| Remuneration, social security and pensions | 62 | €194,188 | €55,829 | -€138,359 | -71.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €156,035 | €23,245 | -€132,790 | -85.1% |
| Other operating charges | 640/8 | €871 | €1,844 | +€974 | +111.8% |
| Gross operating margin | 9900 | €731,083 | €1,055,845 | +€324,762 | +44.4% |
| Operating profit (loss) | 9901 | €379,989 | €974,926 | +€594,937 | +156.6% |
| Financial income | 75/76B | €16,045 | €16,139 | +€94 | +0.6% |
| Recurring financial income | 75 | €15,941 | €16,139 | +€197 | +1.2% |
| Non-recurring financial income | 76B | €104 | - | -€104 | |
| Financial charges | 65/66B | €14,462 | €11,501 | -€2,960 | -20.5% |
| Recurring financial charges | 65 | €11,255 | €11,501 | +€246 | +2.2% |
| Non-recurring financial charges | 66B | €3,207 | - | -€3,207 | |
| Profit (loss) for the period before taxes | 9903 | €381,572 | €979,563 | +€597,991 | +156.7% |
| Income taxes | 67/77 | €117,874 | €311,845 | +€193,971 | +164.6% |
| Profit (loss) for the period | 9904 | €263,698 | €667,719 | +€404,020 | +153.2% |
| Profit (loss) for the period to be appropriated | 9905 | €263,698 | €667,719 | +€404,020 | +153.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.