VANSTRA INVEST: 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.
What changed
VANSTRA INVEST
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€42,998
2024 · €5,546-€48,544
Equity
€272,104
2024 · €315,103-€42,998
Cash
€30,310
2024 · €35,612-€5,303
Balance sheet total
€3.4m
2024 · €3.1m+€262,295
Largest movements
Assets
- Stocks and contracts +€292,350
up €292,350 (+68.6%), from €426,310 to €718,661
- Tangible fixed assets -€165,803
down €165,803 (-6.6%), from €2.5m to €2.3m
of which Land and buildings: -€182,584
- Receivables within one year +€135,076
up €135,076 (+120%), from €112,609 to €247,685
of which Other amounts receivable: +€134,205
Equity and liabilities
- Other debts +€260,379
up €260,379 (+12.3%), from €2.1m to €2.4m
- Short-term financial debts +€160,000
new in 2025: €160,000
- Debts after one year -€138,336
down €138,336 (-29.9%), from €462,567 to €324,232
Income statement
- Gross operating margin -€29,860
down €29,860 (-17.2%), from €173,651 to €143,791
- Depreciation -€11,047
down €11,047 (-7.5%), from €146,705 to €135,658
- Staff costs +€10,871
new in 2025: €10,871
- Other operating charges +€9,360
up €9,360 (+46.6%), from €20,090 to €29,450
- Financial charges +€5,142
up €5,142 (+46.6%), from €11,040 to €16,182
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.
Result 2024
€5,546
Gross operating margin
-€29,860
Staff costs
-€10,871
Depreciation
+€11,047
Other operating charges
-€9,360
Financial income
-€4,128
Financial charges
-€5,142
Deferred taxes and other
-€230
Result 2025
-€42,998
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€60,620
Investment
+€30,145
Financing
+€25,172
Cash 2024
€35,612
From operations (derived)
-€60,620
Net result for the year
-€42,998
Depreciation
+€135,658
Stocks and contracts
-€292,350
Receivables within one year
-€135,076
Deferred charges and accrued income
-€5,974
Provisions
-€5,154
Trade debts
+€11,625
Tax, wage and social debts
+€8,931
Other debts
+€260,379
Accrued charges and deferred income
+€4,341
Investment (derived)
+€30,145
Investment in fixed assets (net)
+€30,145
Financing
+€25,172
Debts after one year
-€138,336
Current portion of long-term debt
+€3,508
Short-term financial debts
+€160,000
Cash 2025
€30,310
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,094,406 | €3,356,701 | +€262,295 | +8.5% |
| Fixed assets | 21/28 | €2,514,506 | €2,348,703 | -€165,803 | -6.6% |
| Tangible fixed assets | 22/27 | €2,514,506 | €2,348,703 | -€165,803 | -6.6% |
| Land and buildings | 22 | €2,514,506 | €2,331,922 | -€182,584 | -7.3% |
| Furniture and vehicles | 24 | - | €16,781 | +€16,781 | |
| Current assets | 29/58 | €579,900 | €1,007,998 | +€428,098 | +73.8% |
| Stocks and contracts in progress | 3 | €426,310 | €718,661 | +€292,350 | +68.6% |
| Stocks | 30/36 | €426,310 | €718,661 | +€292,350 | +68.6% |
| Amounts receivable within one year | 40/41 | €112,609 | €247,685 | +€135,076 | +120% |
| Trade receivables | 40 | €301 | €1,172 | +€872 | +290% |
| Other amounts receivable | 41 | €112,308 | €246,513 | +€134,205 | +119% |
| Cash at bank and in hand | 54/58 | €35,612 | €30,310 | -€5,303 | -14.9% |
| Deferred charges and accrued income | 490/1 | €5,369 | €11,342 | +€5,974 | +111% |
| Total equity and liabilities | 10/49 | €3,094,406 | €3,356,701 | +€262,295 | +8.5% |
| Equity | 10/15 | €315,103 | €272,104 | -€42,998 | -13.6% |
| Contributions | 10/11 | €420,000 | €420,000 | = | 0.0% |
| Reserves | 13 | €287,770 | €272,309 | -€15,461 | -5.4% |
| Tax-exempt reserves | 132 | €145,770 | €130,309 | -€15,461 | -10.6% |
| Distributable reserves | 133 | €142,000 | €142,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€392,668 | -€420,205 | -€27,537 | -7.0% |
| Provisions and deferred taxes | 16 | €48,590 | €43,436 | -€5,154 | -10.6% |
| Deferred taxes | 168 | €48,590 | €43,436 | -€5,154 | -10.6% |
| Amounts payable | 17/49 | €2,730,713 | €3,041,160 | +€310,447 | +11.4% |
| Amounts payable after more than one year | 17 | €462,567 | €324,232 | -€138,336 | -29.9% |
| Financial debts | 170/4 | €462,567 | €324,232 | -€138,336 | -29.9% |
| Amounts payable within one year | 42/48 | €2,266,771 | €2,711,213 | +€444,442 | +19.6% |
| Current portion of amounts payable after more than one year | 42 | €134,828 | €138,336 | +€3,508 | +2.6% |
| Financial debts | 43 | - | €160,000 | +€160,000 | |
| Credit institutions | 430/8 | - | €160,000 | +€160,000 | |
| Trade debts | 44 | €6,671 | €18,295 | +€11,625 | +174% |
| Suppliers | 440/4 | €6,671 | €18,295 | +€11,625 | +174% |
| Taxes, remuneration and social security | 45 | €0 | €8,931 | +€8,931 | |
| Taxes | 450/3 | €0 | €5,585 | +€5,585 | |
| Remuneration and social security | 454/9 | - | €3,346 | +€3,346 | |
| Other amounts payable | 47/48 | €2,125,273 | €2,385,652 | +€260,379 | +12.3% |
| Accrued charges and deferred income | 492/3 | €1,375 | €5,716 | +€4,341 | +316% |
| Non-recurring operating income | 76A | €114,000 | €159,280 | +€45,280 | +39.7% |
| Remuneration, social security and pensions | 62 | - | €10,871 | +€10,871 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,705 | €135,658 | -€11,047 | -7.5% |
| Other operating charges | 640/8 | €20,090 | €29,450 | +€9,360 | +46.6% |
| Gross operating margin | 9900 | €173,651 | €143,791 | -€29,860 | -17.2% |
| Operating profit (loss) | 9901 | €6,855 | -€32,189 | -€39,044 | |
| Financial income | 75/76B | €4,347 | €219 | -€4,128 | -95.0% |
| Recurring financial income | 75 | €4,347 | €219 | -€4,128 | -95.0% |
| Financial charges | 65/66B | €11,040 | €16,182 | +€5,142 | +46.6% |
| Recurring financial charges | 65 | €11,040 | €16,182 | +€5,142 | +46.6% |
| Profit (loss) for the period before taxes | 9903 | €162 | -€48,152 | -€48,314 | |
| Transfer from deferred taxes | 780 | €5,384 | €5,154 | -€230 | -4.3% |
| Profit (loss) for the period | 9904 | €5,546 | -€42,998 | -€48,544 | |
| Transfer from tax-exempt reserves | 789 | €16,151 | €15,461 | -€690 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €21,697 | -€27,537 | -€49,234 |
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 31 October 2026 via checked.be.