VANSTEELAND: 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.
VANSTEELAND
Largest movements
- Stocks and contracts +€277,177
up €277,177 (+19.5%), from €1.4m to €1.7m
of which Stocks: +€278,177
- Receivables within one year -€247,137
down €247,137 (-16.6%), from €1.5m to €1.2m
of which Trade receivables: -€181,600
- Cash +€242,038
up €242,038 (+14.4%), from €1.7m to €1.9m
mainly Trade debts (+€460,618) and Net result for the year (+€433,921)
- Trade debts +€460,618
up €460,618 (+47.4%), from €972,163 to €1.4m
- Advances received -€272,469
down €272,469 (-70.4%), from €386,890 to €114,420
- Reserves +€83,921
up €83,921 (+3.2%), from €2.6m to €2.7m
of which Distributable reserves: +€83,921
- Gross operating margin +€117,914
up €117,914 (+4.8%), from €2.5m to €2.6m
- Taxes +€35,324
up €35,324 (+25.1%), from €140,747 to €176,071
- Financial charges -€35,298
down €35,298 (-74.5%), from €47,388 to €12,090
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 | €4,804,456 | €5,063,395 | +€258,939 | +5.4% |
| Fixed assets | 21/28 | €200,293 | €195,343 | -€4,950 | -2.5% |
| Tangible fixed assets | 22/27 | €200,293 | €195,343 | -€4,950 | -2.5% |
| Plant, machinery and equipment | 23 | €166,272 | €91,512 | -€74,760 | -45.0% |
| Furniture and vehicles | 24 | €34,021 | €103,831 | +€69,810 | +205.2% |
| Current assets | 29/58 | €4,604,163 | €4,868,052 | +€263,889 | +5.7% |
| Stocks and contracts in progress | 3 | €1,417,972 | €1,695,149 | +€277,177 | +19.5% |
| Stocks | 30/36 | €1,336,020 | €1,614,197 | +€278,177 | +20.8% |
| Contracts in progress | 37 | €81,952 | €80,952 | -€1,000 | -1.2% |
| Amounts receivable within one year | 40/41 | €1,484,531 | €1,237,393 | -€247,137 | -16.6% |
| Trade receivables | 40 | €1,417,373 | €1,235,773 | -€181,600 | -12.8% |
| Other amounts receivable | 41 | €67,158 | €1,620 | -€65,538 | -97.6% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,678,186 | €1,920,224 | +€242,038 | +14.4% |
| Deferred charges and accrued income | 490/1 | €23,474 | €15,284 | -€8,189 | -34.9% |
| Total equity and liabilities | 10/49 | €4,804,456 | €5,063,395 | +€258,939 | +5.4% |
| Equity | 10/15 | €2,649,412 | €2,733,333 | +€83,921 | +3.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,587,412 | €2,671,333 | +€83,921 | +3.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,569 | €6,569 | = | 0.0% |
| Distributable reserves | 133 | €2,574,643 | €2,658,564 | +€83,921 | +3.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,155,043 | €2,330,061 | +€175,018 | +8.1% |
| Amounts payable within one year | 42/48 | €2,083,692 | €2,283,691 | +€199,998 | +9.6% |
| Trade debts | 44 | €972,163 | €1,432,781 | +€460,618 | +47.4% |
| Suppliers | 440/4 | €972,163 | €1,432,781 | +€460,618 | +47.4% |
| Advances received on contracts in progress | 46 | €386,890 | €114,420 | -€272,469 | -70.4% |
| Taxes, remuneration and social security | 45 | €424,640 | €386,485 | -€38,154 | -9.0% |
| Taxes | 450/3 | €148,634 | €119,534 | -€29,100 | -19.6% |
| Remuneration and social security | 454/9 | €276,006 | €266,952 | -€9,054 | -3.3% |
| Other amounts payable | 47/48 | €300,000 | €350,004 | +€50,004 | +16.7% |
| Accrued charges and deferred income | 492/3 | €71,351 | €46,371 | -€24,980 | -35.0% |
| Non-recurring operating income | 76A | €4,500 | €40,183 | +€35,683 | +793.0% |
| Remuneration, social security and pensions | 62 | €1,829,020 | €1,819,745 | -€9,276 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,256 | €105,205 | +€6,949 | +7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,199 | +€8,199 | |
| Other operating charges | 640/8 | €18,805 | €25,691 | +€6,886 | +36.6% |
| Gross operating margin | 9900 | €2,451,994 | €2,569,908 | +€117,914 | +4.8% |
| Operating profit (loss) | 9901 | €505,912 | €611,068 | +€105,156 | +20.8% |
| Financial income | 75/76B | €17,567 | €11,014 | -€6,554 | -37.3% |
| Recurring financial income | 75 | €17,567 | €11,014 | -€6,554 | -37.3% |
| Financial charges | 65/66B | €47,388 | €12,090 | -€35,298 | -74.5% |
| Recurring financial charges | 65 | €47,388 | €12,090 | -€35,298 | -74.5% |
| Profit (loss) for the period before taxes | 9903 | €476,092 | €609,992 | +€133,901 | +28.1% |
| Income taxes | 67/77 | €140,747 | €176,071 | +€35,324 | +25.1% |
| Profit (loss) for the period | 9904 | €335,344 | €433,921 | +€98,577 | +29.4% |
| Profit (loss) for the period to be appropriated | 9905 | €335,344 | €433,921 | +€98,577 | +29.4% |
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.