VANTORRE: 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
VANTORRE
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€17,418
2024 · €757,721-€775,139
Equity
€1.4m
2024 · €1.4m-€17,418
Cash
€91,497
2024 · €29,683+€61,815
Balance sheet total
€1.6m
2024 · €1.6m-€40,241
Largest movements
Assets
- Current investments -€75,000
down €75,000 (-50.0%), from €150,000 to €75,000
- Cash +€61,815
up €61,815 (+208%), from €29,683 to €91,497
mainly Current investments (+€75,000) and Depreciation (+€43,622)
- Tangible fixed assets -€37,536
down €37,536 (-3.8%), from €995,651 to €958,115
of which Land and buildings: -€31,465
Equity and liabilities
- Debts after one year -€22,960
down €22,960 (-19.3%), from €118,704 to €95,744
of which Financial debts: -€19,960
Income statement
- Gross operating margin -€1.1m
down €1.1m (-97.0%), from €1.2m to €34,500
- Taxes -€354,459
down €354,459 (-99.9%), from €354,736 to €276
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
€757,721
Gross operating margin
-€1.1m
Depreciation
-€1,972
Other operating charges
+€1,751
Other operating items
-€783
Financial income
+€319
Financial charges
+€321
Taxes
+€354,459
Result 2025
-€17,418
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
+€15,668
Investment
+€68,915
Financing
-€22,768
Cash 2024
€29,683
From operations (derived)
+€15,668
Net result for the year
-€17,418
Depreciation
+€43,622
Receivables within one year
-€10,746
Deferred charges and accrued income
+€265
Smaller working-capital items
-€54
Investment (derived)
+€68,915
Investment in fixed assets (net)
-€6,085
Current investments
+€75,000
Financing
-€22,768
Debts after one year
-€22,960
Current portion of long-term debt
+€192
Cash 2025
€91,497
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,612,454 | €1,572,213 | -€40,241 | -2.5% |
| Fixed assets | 21/28 | €995,651 | €958,115 | -€37,536 | -3.8% |
| Tangible fixed assets | 22/27 | €995,651 | €958,115 | -€37,536 | -3.8% |
| Land and buildings | 22 | €969,460 | €937,995 | -€31,465 | -3.2% |
| Furniture and vehicles | 24 | €26,191 | €20,120 | -€6,071 | -23.2% |
| Current assets | 29/58 | €616,802 | €614,098 | -€2,704 | -0.4% |
| Amounts receivable after more than one year | 29 | €435,000 | €435,000 | = | 0.0% |
| Other amounts receivable | 291 | €435,000 | €435,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €479 | €11,225 | +€10,746 | +2,245% |
| Trade receivables | 40 | - | €4,000 | +€4,000 | |
| Other amounts receivable | 41 | €479 | €7,225 | +€6,746 | +1,409% |
| Current investments | 50/53 | €150,000 | €75,000 | -€75,000 | -50.0% |
| Cash at bank and in hand | 54/58 | €29,683 | €91,497 | +€61,815 | +208% |
| Deferred charges and accrued income | 490/1 | €1,641 | €1,376 | -€265 | -16.2% |
| Total equity and liabilities | 10/49 | €1,612,454 | €1,572,213 | -€40,241 | -2.5% |
| Equity | 10/15 | €1,394,907 | €1,377,488 | -€17,418 | -1.2% |
| Contributions | 10/11 | €343,100 | €343,100 | = | 0.0% |
| Capital | 10 | €343,100 | €343,100 | = | 0.0% |
| Issued capital | 100 | €343,100 | €343,100 | = | 0.0% |
| Reserves | 13 | €1,051,807 | €1,048,853 | -€2,954 | -0.3% |
| Non-distributable reserves | 130/1 | €41,715 | €41,715 | = | 0.0% |
| Legal reserve | 130 | €41,715 | €41,715 | = | 0.0% |
| Distributable reserves | 133 | €1,010,092 | €1,007,138 | -€2,954 | -0.3% |
| Profit (loss) carried forward | 14 | - | -€14,465 | -€14,465 | |
| Amounts payable | 17/49 | €217,547 | €194,725 | -€22,822 | -10.5% |
| Amounts payable after more than one year | 17 | €118,704 | €95,744 | -€22,960 | -19.3% |
| Financial debts | 170/4 | €115,704 | €95,744 | -€19,960 | -17.3% |
| Other amounts payable | 178/9 | €3,000 | €0 | -€3,000 | -100% |
| Amounts payable within one year | 42/48 | €96,768 | €96,835 | +€68 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €19,768 | €19,960 | +€192 | +1.0% |
| Trade debts | 44 | €3,599 | €3,475 | -€124 | -3.5% |
| Suppliers | 440/4 | €3,599 | €3,475 | -€124 | -3.5% |
| Taxes, remuneration and social security | 45 | €73,401 | €73,401 | = | 0.0% |
| Taxes | 450/3 | €73,401 | €73,401 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €2,075 | €2,145 | +€70 | +3.4% |
| Non-recurring operating income | 76A | €1,113,561 | €0 | -€1.1m | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,649 | €43,622 | +€1,972 | +4.7% |
| Other operating charges | 640/8 | €10,159 | €8,409 | -€1,751 | -17.2% |
| Non-recurring operating charges | 66A | - | €783 | +€783 | |
| Gross operating margin | 9900 | €1,163,734 | €34,500 | -€1.1m | -97.0% |
| Operating profit (loss) | 9901 | €1,111,925 | -€18,313 | -€1.1m | |
| Financial income | 75/76B | €2,784 | €3,102 | +€319 | +11.4% |
| Recurring financial income | 75 | €2,784 | €3,102 | +€319 | +11.4% |
| Financial charges | 65/66B | €2,252 | €1,931 | -€321 | -14.3% |
| Recurring financial charges | 65 | €2,252 | €1,931 | -€321 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €1,112,456 | -€17,142 | -€1.1m | |
| Income taxes | 67/77 | €354,736 | €276 | -€354,459 | -99.9% |
| Profit (loss) for the period | 9904 | €757,721 | -€17,418 | -€775,139 | |
| Profit (loss) for the period to be appropriated | 9905 | €757,721 | -€17,418 | -€775,139 |
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 16 October 2026 via checked.be.