VANRUSSELT: 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.
VANRUSSELT
Largest movements
- Cash +€138,533
up €138,533 (+84.6%), from €163,695 to €302,227
mainly Stocks and contracts (+€88,735) and Net result for the year (+€28,648)
- Stocks and contracts -€88,735
down €88,735 (-17.1%), from €519,074 to €430,339
- Receivables within one year +€22,535
up €22,535 (+338.6%), from €6,655 to €29,190
of which Trade receivables: +€26,503
- Tangible fixed assets -€19,497
down €19,497 (-21.3%), from €91,528 to €72,031
of which Leasing and similar rights: -€16,012
- Reserves +€28,648
up €28,648 (+5.7%), from €502,142 to €530,789
of which Distributable reserves: +€28,648
- Trade debts +€22,383
up €22,383 (+23.0%), from €97,461 to €119,844
- Tax, wage and social debts +€21,857
up €21,857 (+80.6%), from €27,132 to €48,989
of which Taxes: +€20,304
- Debts after one year -€15,554
down €15,554 (-38.4%), from €40,496 to €24,942
- Gross operating margin -€35,836
down €35,836 (-12.2%), from €294,516 to €258,681
- Staff costs +€13,281
up €13,281 (+7.9%), from €168,831 to €182,112
- Taxes -€13,147
down €13,147 (-46.3%), from €28,416 to €15,269
- Write-downs -€9,957
down €9,957, from €9,957 to -€0
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 | €789,558 | €841,110 | +€51,552 | +6.5% |
| Fixed assets | 21/28 | €91,528 | €72,031 | -€19,497 | -21.3% |
| Tangible fixed assets | 22/27 | €91,528 | €72,031 | -€19,497 | -21.3% |
| Plant, machinery and equipment | 23 | €11,719 | €8,858 | -€2,861 | -24.4% |
| Furniture and vehicles | 24 | €843 | €421 | -€421 | -50.0% |
| Leasing and similar rights | 25 | €53,688 | €37,676 | -€16,012 | -29.8% |
| Other tangible fixed assets | 26 | €25,278 | €25,075 | -€203 | -0.8% |
| Current assets | 29/58 | €698,030 | €769,079 | +€71,049 | +10.2% |
| Stocks and contracts in progress | 3 | €519,074 | €430,339 | -€88,735 | -17.1% |
| Stocks | 30/36 | €519,074 | €430,339 | -€88,735 | -17.1% |
| Amounts receivable within one year | 40/41 | €6,655 | €29,190 | +€22,535 | +338.6% |
| Trade receivables | 40 | €2,231 | €28,734 | +€26,503 | +1187.8% |
| Other amounts receivable | 41 | €4,424 | €456 | -€3,968 | -89.7% |
| Cash at bank and in hand | 54/58 | €163,695 | €302,227 | +€138,533 | +84.6% |
| Deferred charges and accrued income | 490/1 | €8,605 | €7,322 | -€1,283 | -14.9% |
| Total equity and liabilities | 10/49 | €789,558 | €841,110 | +€51,552 | +6.5% |
| Equity | 10/15 | €578,886 | €607,534 | +€28,648 | +4.9% |
| Contributions | 10/11 | €37,500 | €37,500 | = | 0.0% |
| Reserves | 13 | €502,142 | €530,789 | +€28,648 | +5.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €495,942 | €524,589 | +€28,648 | +5.8% |
| Profit (loss) carried forward | 14 | €39,244 | €39,244 | = | 0.0% |
| Amounts payable | 17/49 | €210,672 | €233,576 | +€22,904 | +10.9% |
| Amounts payable after more than one year | 17 | €40,496 | €24,942 | -€15,554 | -38.4% |
| Financial debts | 170/4 | €40,496 | €24,942 | -€15,554 | -38.4% |
| Amounts payable within one year | 42/48 | €168,413 | €207,077 | +€38,664 | +23.0% |
| Current portion of amounts payable after more than one year | 42 | €15,126 | €15,554 | +€427 | +2.8% |
| Trade debts | 44 | €97,461 | €119,844 | +€22,383 | +23.0% |
| Suppliers | 440/4 | €97,461 | €119,844 | +€22,383 | +23.0% |
| Advances received on contracts in progress | 46 | €7,399 | - | -€7,399 | |
| Taxes, remuneration and social security | 45 | €27,132 | €48,989 | +€21,857 | +80.6% |
| Taxes | 450/3 | €3,248 | €23,552 | +€20,304 | +625.2% |
| Remuneration and social security | 454/9 | €23,884 | €25,437 | +€1,553 | +6.5% |
| Other amounts payable | 47/48 | €21,295 | €22,691 | +€1,396 | +6.6% |
| Accrued charges and deferred income | 492/3 | €1,763 | €1,557 | -€206 | -11.7% |
| Remuneration, social security and pensions | 62 | €168,831 | €182,112 | +€13,281 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,413 | €27,673 | +€1,260 | +4.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,957 | -€0 | -€9,957 | |
| Other operating charges | 640/8 | €1,115 | €958 | -€156 | -14.0% |
| Gross operating margin | 9900 | €294,516 | €258,681 | -€35,836 | -12.2% |
| Operating profit (loss) | 9901 | €88,201 | €47,937 | -€40,264 | -45.7% |
| Financial income | 75/76B | €256 | €141 | -€115 | -45.1% |
| Recurring financial income | 75 | €256 | €141 | -€115 | -45.1% |
| Financial charges | 65/66B | €4,981 | €4,161 | -€820 | -16.5% |
| Recurring financial charges | 65 | €4,981 | €4,161 | -€820 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | €83,476 | €43,917 | -€39,559 | -47.4% |
| Income taxes | 67/77 | €28,416 | €15,269 | -€13,147 | -46.3% |
| Profit (loss) for the period | 9904 | €55,060 | €28,648 | -€26,412 | -48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €55,060 | €28,648 | -€26,412 | -48.0% |
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 2 October 2026 via checked.be.