VANRAES: 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.
VANRAES
Largest movements
- Tangible fixed assets -€62,096
down €62,096 (-4.1%), from €1.5m to €1.4m
- Cash +€30,152
up €30,152 (+100%), from €30,129 to €60,282
mainly Depreciation (+€62,096) and Net result for the year (+€33,516)
- Debts after one year -€76,397
down €76,397 (-9.4%), from €812,729 to €736,332
- Profit (loss) carried forward +€33,516
up €33,516 (+47.2%), from €70,988 to €104,504
- Other operating charges -€8,826
down €8,826 (-91.7%), from €9,623 to €797
- Taxes +€3,383
up €3,383 (+42.2%), from €8,020 to €11,403
- Gross operating margin +€2,046
up €2,046 (+1.5%), from €133,695 to €135,740
- Financial charges -€1,968
down €1,968 (-6.6%), from €29,896 to €27,928
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 | €1,591,835 | €1,554,750 | -€37,085 | -2.3% |
| Fixed assets | 21/28 | €1,506,328 | €1,444,232 | -€62,096 | -4.1% |
| Tangible fixed assets | 22/27 | €1,498,828 | €1,436,732 | -€62,096 | -4.1% |
| Land and buildings | 22 | €1,498,828 | €1,436,732 | -€62,096 | -4.1% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €85,507 | €110,518 | +€25,012 | +29.3% |
| Amounts receivable within one year | 40/41 | €55,377 | €50,237 | -€5,141 | -9.3% |
| Trade receivables | 40 | €48,389 | €50,212 | +€1,823 | +3.8% |
| Other amounts receivable | 41 | €6,988 | €25 | -€6,964 | -99.6% |
| Cash at bank and in hand | 54/58 | €30,129 | €60,282 | +€30,152 | +100% |
| Total equity and liabilities | 10/49 | €1,591,835 | €1,554,750 | -€37,085 | -2.3% |
| Equity | 10/15 | €206,151 | €239,668 | +€33,516 | +16.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €115,163 | €115,163 | = | 0.0% |
| Distributable reserves | 133 | €115,163 | €115,163 | = | 0.0% |
| Profit (loss) carried forward | 14 | €70,988 | €104,504 | +€33,516 | +47.2% |
| Amounts payable | 17/49 | €1,385,684 | €1,315,083 | -€70,601 | -5.1% |
| Amounts payable after more than one year | 17 | €812,729 | €736,332 | -€76,397 | -9.4% |
| Financial debts | 170/4 | €812,729 | €736,332 | -€76,397 | -9.4% |
| Amounts payable within one year | 42/48 | €572,955 | €578,751 | +€5,796 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €74,354 | €76,397 | +€2,043 | +2.7% |
| Trade debts | 44 | €408 | €26 | -€383 | -93.8% |
| Suppliers | 440/4 | €408 | €26 | -€383 | -93.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €649 | €4,903 | +€4,254 | +656% |
| Taxes | 450/3 | €649 | €4,903 | +€4,254 | +656% |
| Other amounts payable | 47/48 | €497,545 | €497,426 | -€119 | 0.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,096 | €62,096 | = | 0.0% |
| Other operating charges | 640/8 | €9,623 | €797 | -€8,826 | -91.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €133,695 | €135,740 | +€2,046 | +1.5% |
| Operating profit (loss) | 9901 | €61,975 | €72,847 | +€10,872 | +17.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €29,896 | €27,928 | -€1,968 | -6.6% |
| Recurring financial charges | 65 | €29,896 | €27,928 | -€1,968 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €32,079 | €44,919 | +€12,840 | +40.0% |
| Income taxes | 67/77 | €8,020 | €11,403 | +€3,383 | +42.2% |
| Profit (loss) for the period | 9904 | €24,059 | €33,516 | +€9,457 | +39.3% |
| Profit (loss) for the period to be appropriated | 9905 | €24,059 | €33,516 | +€9,457 | +39.3% |
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 16 October 2026 via checked.be.