VANSTEENKISTE: 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.
VANSTEENKISTE
Largest movements
- Receivables within one year -€95,561
down €95,561 (-53.0%), from €180,307 to €84,746
of which Trade receivables: -€79,112
- Cash -€56,926
down €56,926 (-20.1%), from €283,674 to €226,748
mainly Contributions, distributions and other (-€1.4m) and Stocks and contracts (-€39,411)
- Tangible fixed assets -€53,660
down €53,660 (-8.4%), from €638,215 to €584,555
of which Furniture and vehicles: -€33,684
- Stocks and contracts +€39,411
up €39,411 (+93.9%), from €41,974 to €81,385
- Reserves -€1.1m
down €1.1m (-48.2%), from €2.3m to €1.2m
of which Distributable reserves: -€1.1m
- Other debts +€929,275
up €929,275 (+240.8%), from €385,923 to €1.3m
- Tax, wage and social debts +€44,966
up €44,966 (+119.1%), from €37,752 to €82,718
- Gross operating margin -€37,950
down €37,950 (-6.4%), from €590,229 to €552,279
- Staff costs -€21,615
down €21,615 (-46.1%), from €46,870 to €25,255
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 | €2,843,502 | €2,676,055 | -€167,447 | -5.9% |
| Fixed assets | 21/28 | €638,215 | €584,555 | -€53,660 | -8.4% |
| Tangible fixed assets | 22/27 | €638,215 | €584,555 | -€53,660 | -8.4% |
| Land and buildings | 22 | €516,975 | €500,984 | -€15,990 | -3.1% |
| Plant, machinery and equipment | 23 | €4,995 | €3,975 | -€1,020 | -20.4% |
| Furniture and vehicles | 24 | €98,977 | €65,293 | -€33,684 | -34.0% |
| Other tangible fixed assets | 26 | €17,269 | €14,303 | -€2,966 | -17.2% |
| Current assets | 29/58 | €2,205,287 | €2,091,500 | -€113,787 | -5.2% |
| Stocks and contracts in progress | 3 | €41,974 | €81,385 | +€39,411 | +93.9% |
| Stocks | 30/36 | €41,974 | €81,385 | +€39,411 | +93.9% |
| Amounts receivable within one year | 40/41 | €180,307 | €84,746 | -€95,561 | -53.0% |
| Trade receivables | 40 | €163,797 | €84,685 | -€79,112 | -48.3% |
| Other amounts receivable | 41 | €16,510 | €61 | -€16,450 | -99.6% |
| Current investments | 50/53 | €1,672,810 | €1,678,587 | +€5,777 | +0.3% |
| Cash at bank and in hand | 54/58 | €283,674 | €226,748 | -€56,926 | -20.1% |
| Deferred charges and accrued income | 490/1 | €26,521 | €20,034 | -€6,487 | -24.5% |
| Total equity and liabilities | 10/49 | €2,843,502 | €2,676,055 | -€167,447 | -5.9% |
| Equity | 10/15 | €2,350,959 | €1,230,169 | -€1.1m | -47.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €2,325,959 | €1,205,169 | -€1.1m | -48.2% |
| Tax-exempt reserves | 132 | €51,892 | €51,616 | -€276 | -0.5% |
| Distributable reserves | 133 | €2,274,066 | €1,153,553 | -€1.1m | -49.3% |
| Amounts payable | 17/49 | €492,543 | €1,445,886 | +€953,343 | +193.6% |
| Amounts payable within one year | 42/48 | €460,684 | €1,416,844 | +€956,161 | +207.6% |
| Current portion of amounts payable after more than one year | 42 | €4,223 | - | -€4,223 | |
| Trade debts | 44 | €32,785 | €18,928 | -€13,857 | -42.3% |
| Suppliers | 440/4 | €32,785 | €18,928 | -€13,857 | -42.3% |
| Taxes, remuneration and social security | 45 | €37,752 | €82,718 | +€44,966 | +119.1% |
| Taxes | 450/3 | €37,752 | €82,718 | +€44,966 | +119.1% |
| Other amounts payable | 47/48 | €385,923 | €1,315,198 | +€929,275 | +240.8% |
| Accrued charges and deferred income | 492/3 | €31,860 | €29,042 | -€2,818 | -8.8% |
| Remuneration, social security and pensions | 62 | €46,870 | €25,255 | -€21,615 | -46.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,670 | €57,762 | -€3,907 | -6.3% |
| Other operating charges | 640/8 | €8,642 | €8,703 | +€61 | +0.7% |
| Gross operating margin | 9900 | €590,229 | €552,279 | -€37,950 | -6.4% |
| Operating profit (loss) | 9901 | €473,047 | €460,559 | -€12,488 | -2.6% |
| Financial income | 75/76B | €16,477 | €18,893 | +€2,416 | +14.7% |
| Recurring financial income | 75 | €16,477 | €18,893 | +€2,416 | +14.7% |
| Financial charges | 65/66B | €33,939 | €32,778 | -€1,160 | -3.4% |
| Recurring financial charges | 65 | €33,939 | €32,778 | -€1,160 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €455,586 | €446,674 | -€8,912 | -2.0% |
| Income taxes | 67/77 | €145,579 | €141,464 | -€4,115 | -2.8% |
| Profit (loss) for the period | 9904 | €310,007 | €305,210 | -€4,797 | -1.5% |
| Transfer from tax-exempt reserves | 789 | €276 | €276 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €310,283 | €305,486 | -€4,797 | -1.5% |
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 9 October 2026 via checked.be.