VANQUISH: 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.
VANQUISH
Largest movements
- Cash -€644,327
down €644,327 (-95.6%), from €673,851 to €29,524
mainly Contributions, distributions and other (-€731,507) and Current investments (-€600,000)
- Current investments +€600,000
new in 2025: €600,000
- Receivables within one year +€205,392
up €205,392 (+35.4%), from €580,929 to €786,321
of which Other amounts receivable: +€228,823
- Other debts +€394,641
up €394,641, from €0 to €394,641
- Reserves -€378,686
down €378,686 (-25.9%), from €1.5m to €1.1m
of which Distributable reserves: -€378,686
- Tax, wage and social debts +€133,182
up €133,182 (+60.4%), from €220,520 to €353,702
- Gross operating margin +€99,841
up €99,841 (+22.5%), from €442,861 to €542,701
- Taxes +€71,111
up €71,111 (+64.4%), from €110,472 to €181,583
- Financial income +€24,758
up €24,758 (+6595.3%), from €375 to €25,133
- Financial charges -€16,427
down €16,427 (-71.1%), from €23,109 to €6,682
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 | €1,717,770 | €1,857,491 | +€139,721 | +8.1% |
| Fixed assets | 21/28 | €14,246 | €5,294 | -€8,952 | -62.8% |
| Tangible fixed assets | 22/27 | €14,246 | €5,294 | -€8,952 | -62.8% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €14,246 | €5,294 | -€8,952 | -62.8% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,703,524 | €1,852,197 | +€148,673 | +8.7% |
| Stocks and contracts in progress | 3 | €438,028 | €420,781 | -€17,247 | -3.9% |
| Stocks | 30/36 | €438,028 | €420,781 | -€17,247 | -3.9% |
| Amounts receivable within one year | 40/41 | €580,929 | €786,321 | +€205,392 | +35.4% |
| Trade receivables | 40 | €578,346 | €554,914 | -€23,432 | -4.1% |
| Other amounts receivable | 41 | €2,583 | €231,407 | +€228,823 | +8857.2% |
| Current investments | 50/53 | - | €600,000 | +€600,000 | |
| Cash at bank and in hand | 54/58 | €673,851 | €29,524 | -€644,327 | -95.6% |
| Deferred charges and accrued income | 490/1 | €10,716 | €15,571 | +€4,855 | +45.3% |
| Total equity and liabilities | 10/49 | €1,717,770 | €1,857,491 | +€139,721 | +8.1% |
| Equity | 10/15 | €1,477,956 | €1,099,270 | -€378,686 | -25.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,459,356 | €1,080,670 | -€378,686 | -25.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,457,496 | €1,078,810 | -€378,686 | -26.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €239,815 | €758,221 | +€518,406 | +216.2% |
| Amounts payable within one year | 42/48 | €239,815 | €757,756 | +€517,942 | +216.0% |
| Trade debts | 44 | €19,294 | €9,413 | -€9,881 | -51.2% |
| Suppliers | 440/4 | €19,294 | €9,413 | -€9,881 | -51.2% |
| Taxes, remuneration and social security | 45 | €220,520 | €353,702 | +€133,182 | +60.4% |
| Taxes | 450/3 | €220,520 | €353,702 | +€133,182 | +60.4% |
| Other amounts payable | 47/48 | €0 | €394,641 | +€394,641 | |
| Accrued charges and deferred income | 492/3 | €0 | €465 | +€465 | |
| Non-recurring operating income | 76A | - | €13,000 | +€13,000 | |
| Remuneration, social security and pensions | 62 | €123 | €0 | -€123 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,831 | €14,028 | -€803 | -5.4% |
| Other operating charges | 640/8 | €17,029 | €12,721 | -€4,308 | -25.3% |
| Gross operating margin | 9900 | €442,861 | €542,701 | +€99,841 | +22.5% |
| Operating profit (loss) | 9901 | €410,878 | €515,953 | +€105,074 | +25.6% |
| Financial income | 75/76B | €375 | €25,133 | +€24,758 | +6595.3% |
| Recurring financial income | 75 | €375 | €25,133 | +€24,758 | +6595.3% |
| Financial charges | 65/66B | €23,109 | €6,682 | -€16,427 | -71.1% |
| Recurring financial charges | 65 | €23,109 | €6,682 | -€16,427 | -71.1% |
| Profit (loss) for the period before taxes | 9903 | €388,144 | €534,404 | +€146,260 | +37.7% |
| Income taxes | 67/77 | €110,472 | €181,583 | +€71,111 | +64.4% |
| Profit (loss) for the period | 9904 | €277,673 | €352,821 | +€75,148 | +27.1% |
| Profit (loss) for the period to be appropriated | 9905 | €277,673 | €352,821 | +€75,148 | +27.1% |
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 4 October 2026 via checked.be.