VANSEAU: 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.
VANSEAU
Largest movements
- Tangible fixed assets +€89,192
up €89,192 (+45.2%), from €197,296 to €286,488
of which Land and buildings: +€91,428
- Receivables within one year -€76,042
down €76,042 (-86.6%), from €87,791 to €11,750
of which Trade receivables: -€79,536
- Cash -€70,183
down €70,183 (-92.4%), from €75,980 to €5,797
mainly Investment in fixed assets (net) (-€106,671) and Contributions, distributions and other (-€74,700)
- Current investments -€70,000
no longer reported in 2025 (was €70,000)
- Contributions -€74,700
down €74,700 (-43.0%), from €173,857 to €99,157
- Trade debts -€37,186
down €37,186 (-90.4%), from €41,123 to €3,937
- Other debts -€8,703
down €8,703 (-60.4%), from €14,414 to €5,711
- Taxes -€9,619
down €9,619 (-96.5%), from €9,966 to €347
- Gross operating margin -€9,617
down €9,617 (-39.9%), from €24,106 to €14,488
- Depreciation +€4,581
up €4,581 (+35.5%), from €12,899 to €17,480
- Financial income -€894
down €894 (-26.6%), from €3,356 to €2,462
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 | €439,026 | €310,309 | -€128,717 | -29.3% |
| Fixed assets | 21/28 | €197,346 | €286,538 | +€89,192 | +45.2% |
| Tangible fixed assets | 22/27 | €197,296 | €286,488 | +€89,192 | +45.2% |
| Land and buildings | 22 | €195,060 | €286,488 | +€91,428 | +46.9% |
| Furniture and vehicles | 24 | €2,236 | - | -€2,236 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €241,680 | €23,771 | -€217,909 | -90.2% |
| Stocks and contracts in progress | 3 | €2,047 | €301 | -€1,746 | -85.3% |
| Stocks | 30/36 | €2,047 | €301 | -€1,746 | -85.3% |
| Amounts receivable within one year | 40/41 | €87,791 | €11,750 | -€76,042 | -86.6% |
| Trade receivables | 40 | €87,791 | €8,255 | -€79,536 | -90.6% |
| Other amounts receivable | 41 | - | €3,495 | +€3,495 | |
| Current investments | 50/53 | €70,000 | - | -€70,000 | |
| Cash at bank and in hand | 54/58 | €75,980 | €5,797 | -€70,183 | -92.4% |
| Deferred charges and accrued income | 490/1 | €5,862 | €5,923 | +€61 | +1.0% |
| Total equity and liabilities | 10/49 | €439,026 | €310,309 | -€128,717 | -29.3% |
| Equity | 10/15 | €352,459 | €271,766 | -€80,693 | -22.9% |
| Contributions | 10/11 | €173,857 | €99,157 | -€74,700 | -43.0% |
| Capital | 10 | €173,857 | - | -€173,857 | |
| Issued capital | 100 | €173,857 | - | -€173,857 | |
| Reserves | 13 | €105,633 | €103,173 | -€2,460 | -2.3% |
| Non-distributable reserves | 130/1 | €14,293 | €14,293 | = | 0.0% |
| Legal reserve | 130 | €12,434 | - | -€12,434 | |
| Reserves not available under the articles | 1311 | - | €12,434 | +€12,434 | |
| Other | 1319 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €49,198 | €46,738 | -€2,460 | -5.0% |
| Distributable reserves | 133 | €42,142 | €42,142 | = | 0.0% |
| Profit (loss) carried forward | 14 | €72,968 | €69,435 | -€3,533 | -4.8% |
| Provisions and deferred taxes | 16 | €16,399 | €15,579 | -€820 | -5.0% |
| Deferred taxes | 168 | €16,399 | €15,579 | -€820 | -5.0% |
| Amounts payable | 17/49 | €70,168 | €22,964 | -€47,204 | -67.3% |
| Amounts payable within one year | 42/48 | €68,075 | €22,964 | -€45,112 | -66.3% |
| Trade debts | 44 | €41,123 | €3,937 | -€37,186 | -90.4% |
| Suppliers | 440/4 | €41,123 | €3,937 | -€37,186 | -90.4% |
| Taxes, remuneration and social security | 45 | €12,538 | €13,315 | +€777 | +6.2% |
| Taxes | 450/3 | €12,538 | €13,315 | +€777 | +6.2% |
| Other amounts payable | 47/48 | €14,414 | €5,711 | -€8,703 | -60.4% |
| Accrued charges and deferred income | 492/3 | €2,092 | - | -€2,092 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,899 | €17,480 | +€4,581 | +35.5% |
| Other operating charges | 640/8 | €5,719 | €5,651 | -€67 | -1.2% |
| Gross operating margin | 9900 | €24,106 | €14,488 | -€9,617 | -39.9% |
| Operating profit (loss) | 9901 | €5,488 | -€8,643 | -€14,131 | |
| Financial income | 75/76B | €3,356 | €2,462 | -€894 | -26.6% |
| Recurring financial income | 75 | €3,356 | €2,462 | -€894 | -26.6% |
| Financial charges | 65/66B | €265 | €286 | +€22 | +8.1% |
| Recurring financial charges | 65 | €265 | €286 | +€22 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €8,579 | -€6,467 | -€15,046 | |
| Transfer from deferred taxes | 780 | €6,037 | €820 | -€5,217 | -86.4% |
| Income taxes | 67/77 | €9,966 | €347 | -€9,619 | -96.5% |
| Profit (loss) for the period | 9904 | €4,650 | -€5,993 | -€10,643 | |
| Transfer from tax-exempt reserves | 789 | €18,111 | €2,460 | -€15,651 | -86.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,761 | -€3,533 | -€26,294 |
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 30 September 2026 via checked.be.