VANSER: 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.
VANSER
Largest movements
- Tangible fixed assets +€799,422
up €799,422 (+64.5%), from €1.2m to €2.0m
of which Land and buildings: +€803,329
- Current investments -€496,474
down €496,474 (-96.1%), from €516,372 to €19,898
- Receivables within one year +€83,030
up €83,030 (+112.5%), from €73,793 to €156,824
of which Other amounts receivable: +€43,237
- Cash +€72,261
up €72,261 (+164.2%), from €43,997 to €116,258
mainly Current investments (+€496,474) and Debts after one year (+€451,255)
- Debts after one year +€451,255
up €451,255 (+50.1%), from €900,669 to €1.4m
- Trade debts +€113,540
up €113,540 (+2537.8%), from €4,474 to €118,014
- Reserves -€74,304
down €74,304 (-7.1%), from €1.0m to €965,390
of which Distributable reserves: -€72,988
- Other debts -€36,300
down €36,300 (-100.0%), from €36,300 to €0
- Financial income -€510,253
down €510,253 (-95.8%), from €532,395 to €22,142
- Taxes -€116,925
down €116,925 (-99.6%), from €117,363 to €438
- Gross operating margin +€36,857
up €36,857 (+181.7%), from €20,283 to €57,140
- Staff costs -€13,435
down €13,435, from €13,390 to -€46
- Financial charges -€13,323
down €13,323 (-30.2%), from €44,155 to €30,832
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 | €2,120,453 | €2,585,635 | +€465,182 | +21.9% |
| Fixed assets | 21/28 | €1,240,265 | €2,046,688 | +€806,422 | +65.0% |
| Tangible fixed assets | 22/27 | €1,240,265 | €2,039,688 | +€799,422 | +64.5% |
| Land and buildings | 22 | €1,188,931 | €1,992,260 | +€803,329 | +67.6% |
| Plant, machinery and equipment | 23 | €2,426 | €1,947 | -€479 | -19.8% |
| Furniture and vehicles | 24 | €20,703 | €21,655 | +€952 | +4.6% |
| Other tangible fixed assets | 26 | €28,205 | €23,826 | -€4,379 | -15.5% |
| Financial fixed assets | 28 | - | €7,000 | +€7,000 | |
| Current assets | 29/58 | €880,188 | €538,947 | -€341,241 | -38.8% |
| Amounts receivable after more than one year | 29 | €245,000 | €245,000 | = | 0.0% |
| Other amounts receivable | 291 | €245,000 | €245,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €73,793 | €156,824 | +€83,030 | +112.5% |
| Trade receivables | 40 | €817 | €40,610 | +€39,793 | +4872.2% |
| Other amounts receivable | 41 | €72,977 | €116,213 | +€43,237 | +59.2% |
| Current investments | 50/53 | €516,372 | €19,898 | -€496,474 | -96.1% |
| Cash at bank and in hand | 54/58 | €43,997 | €116,258 | +€72,261 | +164.2% |
| Deferred charges and accrued income | 490/1 | €1,025 | €968 | -€57 | -5.6% |
| Total equity and liabilities | 10/49 | €2,120,453 | €2,585,635 | +€465,182 | +21.9% |
| Equity | 10/15 | €1,058,244 | €983,940 | -€74,304 | -7.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,039,694 | €965,390 | -€74,304 | -7.1% |
| Tax-exempt reserves | 132 | €41,296 | €39,979 | -€1,317 | -3.2% |
| Distributable reserves | 133 | €998,398 | €925,410 | -€72,988 | -7.3% |
| Provisions and deferred taxes | 16 | €10,324 | €9,995 | -€329 | -3.2% |
| Deferred taxes | 168 | €10,324 | €9,995 | -€329 | -3.2% |
| Amounts payable | 17/49 | €1,051,885 | €1,591,700 | +€539,815 | +51.3% |
| Amounts payable after more than one year | 17 | €900,669 | €1,351,924 | +€451,255 | +50.1% |
| Financial debts | 170/4 | €900,669 | €1,351,924 | +€451,255 | +50.1% |
| Amounts payable within one year | 42/48 | €149,756 | €234,220 | +€84,464 | +56.4% |
| Current portion of amounts payable after more than one year | 42 | €59,167 | €79,520 | +€20,353 | +34.4% |
| Financial debts | 43 | €12,657 | €0 | -€12,657 | -100.0% |
| Credit institutions | 430/8 | €12,657 | €0 | -€12,657 | -100.0% |
| Trade debts | 44 | €4,474 | €118,014 | +€113,540 | +2537.8% |
| Suppliers | 440/4 | €4,474 | €118,014 | +€113,540 | +2537.8% |
| Taxes, remuneration and social security | 45 | €37,158 | €36,686 | -€472 | -1.3% |
| Taxes | 450/3 | €36,883 | €36,411 | -€472 | -1.3% |
| Remuneration and social security | 454/9 | €276 | €276 | = | 0.0% |
| Other amounts payable | 47/48 | €36,300 | €0 | -€36,300 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,460 | €5,556 | +€4,096 | +280.5% |
| Remuneration, social security and pensions | 62 | €13,390 | -€46 | -€13,435 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,785 | €46,753 | +€8,969 | +23.7% |
| Other operating charges | 640/8 | €2,954 | €5,938 | +€2,985 | +101.0% |
| Non-recurring operating charges | 66A | - | €70,000 | +€70,000 | |
| Gross operating margin | 9900 | €20,283 | €57,140 | +€36,857 | +181.7% |
| Operating profit (loss) | 9901 | -€33,845 | -€65,506 | -€31,660 | -93.5% |
| Financial income | 75/76B | €532,395 | €22,142 | -€510,253 | -95.8% |
| Recurring financial income | 75 | €532,395 | €22,142 | -€510,253 | -95.8% |
| Financial charges | 65/66B | €44,155 | €30,832 | -€13,323 | -30.2% |
| Recurring financial charges | 65 | €44,155 | €30,832 | -€13,323 | -30.2% |
| Profit (loss) for the period before taxes | 9903 | €454,395 | -€74,195 | -€528,590 | |
| Transfer from deferred taxes | 780 | €329 | €329 | = | 0.0% |
| Income taxes | 67/77 | €117,363 | €438 | -€116,925 | -99.6% |
| Profit (loss) for the period | 9904 | €337,361 | -€74,304 | -€411,665 | |
| Transfer from tax-exempt reserves | 789 | €1,317 | €1,317 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €338,678 | -€72,988 | -€411,665 |
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 11 October 2026 via checked.be.