VANRUSSELT ANNABEL: 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.
VANRUSSELT ANNABEL
Largest movements
- Tangible fixed assets +€298,209
up €298,209 (+1,037%), from €28,755 to €326,965
of which Land and buildings: +€273,326
- Cash -€73,597
down €73,597 (-96.2%), from €76,522 to €2,926
mainly Investment in fixed assets (net) (-€312,766) and Receivables within one year (-€37,537)
- Receivables within one year +€37,537
up €37,537 (+335%), from €11,199 to €48,736
- Deferred charges and accrued income +€11,930
up €11,930 (+1,159%), from €1,030 to €12,960
- Debts after one year +€243,535
new in 2025: €243,535
- Current portion of long-term debt +€25,797
new in 2025: €25,797
- Short-term financial debts +€6,294
new in 2025: €6,294
- Other debts -€5,533
no longer reported in 2025 (was €5,533)
- Gross operating margin -€45,013
down €45,013 (-66.1%), from €68,065 to €23,052
- Taxes -€13,277
down €13,277 (-98.8%), from €13,438 to €161
- Financial charges +€5,475
up €5,475 (+3,186%), from €172 to €5,646
- Depreciation +€5,471
up €5,471 (+55.1%), from €9,937 to €15,409
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 | €120,949 | €394,176 | +€273,228 | +226% |
| Fixed assets | 21/28 | €32,198 | €329,555 | +€297,357 | +924% |
| Intangible fixed assets | 21 | €3,442 | €2,591 | -€852 | -24.7% |
| Tangible fixed assets | 22/27 | €28,755 | €326,965 | +€298,209 | +1,037% |
| Land and buildings | 22 | - | €273,326 | +€273,326 | |
| Plant, machinery and equipment | 23 | €8,564 | €36,192 | +€27,628 | +323% |
| Furniture and vehicles | 24 | €20,191 | €17,446 | -€2,745 | -13.6% |
| Current assets | 29/58 | €88,751 | €64,621 | -€24,130 | -27.2% |
| Amounts receivable within one year | 40/41 | €11,199 | €48,736 | +€37,537 | +335% |
| Other amounts receivable | 41 | €11,199 | €48,736 | +€37,537 | +335% |
| Cash at bank and in hand | 54/58 | €76,522 | €2,926 | -€73,597 | -96.2% |
| Deferred charges and accrued income | 490/1 | €1,030 | €12,960 | +€11,930 | +1,159% |
| Total equity and liabilities | 10/49 | €120,949 | €394,176 | +€273,228 | +226% |
| Equity | 10/15 | €111,402 | €113,684 | +€2,282 | +2.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €92,802 | €95,084 | +€2,282 | +2.5% |
| Distributable reserves | 133 | €92,802 | €95,084 | +€2,282 | +2.5% |
| Amounts payable | 17/49 | €9,547 | €280,492 | +€270,945 | +2,838% |
| Amounts payable after more than one year | 17 | - | €243,535 | +€243,535 | |
| Financial debts | 170/4 | - | €243,535 | +€243,535 | |
| Amounts payable within one year | 42/48 | €9,483 | €36,283 | +€26,800 | +283% |
| Current portion of amounts payable after more than one year | 42 | - | €25,797 | +€25,797 | |
| Financial debts | 43 | - | €6,294 | +€6,294 | |
| Credit institutions | 430/8 | - | €6,294 | +€6,294 | |
| Trade debts | 44 | €1,972 | €4,192 | +€2,220 | +113% |
| Suppliers | 440/4 | €1,972 | €4,192 | +€2,220 | +113% |
| Taxes, remuneration and social security | 45 | €1,978 | - | -€1,978 | |
| Remuneration and social security | 454/9 | €1,978 | - | -€1,978 | |
| Other amounts payable | 47/48 | €5,533 | - | -€5,533 | |
| Accrued charges and deferred income | 492/3 | €64 | €674 | +€610 | +956% |
| Non-recurring operating income | 76A | - | €300 | +€300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,937 | €15,409 | +€5,471 | +55.1% |
| Other operating charges | 640/8 | €1,669 | €1,071 | -€597 | -35.8% |
| Gross operating margin | 9900 | €68,065 | €23,052 | -€45,013 | -66.1% |
| Operating profit (loss) | 9901 | €56,459 | €6,572 | -€49,887 | -88.4% |
| Financial income | 75/76B | €1,557 | €1,518 | -€39 | -2.5% |
| Recurring financial income | 75 | €1,557 | €1,518 | -€39 | -2.5% |
| Financial charges | 65/66B | €172 | €5,646 | +€5,475 | +3,186% |
| Recurring financial charges | 65 | €172 | €5,646 | +€5,475 | +3,186% |
| Profit (loss) for the period before taxes | 9903 | €57,844 | €2,444 | -€55,401 | -95.8% |
| Income taxes | 67/77 | €13,438 | €161 | -€13,277 | -98.8% |
| Profit (loss) for the period | 9904 | €44,406 | €2,282 | -€42,124 | -94.9% |
| Profit (loss) for the period to be appropriated | 9905 | €44,406 | €2,282 | -€42,124 | -94.9% |
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 28 October 2026 via checked.be.