VANUCO: 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.
VANUCO
Largest movements
- Cash -€20,189
down €20,189 (-63.8%), from €31,649 to €11,460
mainly Investment in fixed assets (net) (-€33,363) and Debts after one year (-€8,634)
- Tangible fixed assets +€14,379
up €14,379 (+15.5%), from €93,005 to €107,383
of which Furniture and vehicles: +€21,925
- Deferred charges and accrued income -€10,016
down €10,016 (-25.0%), from €40,016 to €30,000
- Debts after one year -€8,634
down €8,634 (-14.8%), from €58,387 to €49,753
- Other debts -€6,381
down €6,381 (-43.2%), from €14,778 to €8,397
- Reserves +€5,429
up €5,429 (+2.5%), from €213,773 to €219,202
of which Distributable reserves: +€5,429
- Trade debts -€4,557
no longer reported in 2025 (was €4,557)
- Gross operating margin +€2,279
up €2,279 (+7.9%), from €28,737 to €31,016
- Depreciation +€1,009
up €1,009 (+5.6%), from €17,975 to €18,984
- Financial charges -€772
down €772 (-14.3%), from €5,380 to €4,608
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 | €357,700 | €344,419 | -€13,281 | -3.7% |
| Fixed assets | 21/28 | €286,036 | €300,414 | +€14,379 | +5.0% |
| Tangible fixed assets | 22/27 | €93,005 | €107,383 | +€14,379 | +15.5% |
| Land and buildings | 22 | €53,956 | €42,788 | -€11,169 | -20.7% |
| Plant, machinery and equipment | 23 | €1,918 | €5,541 | +€3,622 | +188.8% |
| Furniture and vehicles | 24 | €37,130 | €59,055 | +€21,925 | +59.0% |
| Financial fixed assets | 28 | €193,031 | €193,031 | = | 0.0% |
| Current assets | 29/58 | €71,664 | €44,005 | -€27,659 | -38.6% |
| Amounts receivable within one year | 40/41 | - | €2,545 | +€2,545 | |
| Trade receivables | 40 | - | €2,545 | +€2,545 | |
| Cash at bank and in hand | 54/58 | €31,649 | €11,460 | -€20,189 | -63.8% |
| Deferred charges and accrued income | 490/1 | €40,016 | €30,000 | -€10,016 | -25.0% |
| Total equity and liabilities | 10/49 | €357,700 | €344,419 | -€13,281 | -3.7% |
| Equity | 10/15 | €275,773 | €281,202 | +€5,429 | +2.0% |
| 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 | €213,773 | €219,202 | +€5,429 | +2.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €207,573 | €213,002 | +€5,429 | +2.6% |
| Amounts payable | 17/49 | €81,928 | €63,218 | -€18,710 | -22.8% |
| Amounts payable after more than one year | 17 | €58,387 | €49,753 | -€8,634 | -14.8% |
| Financial debts | 170/4 | €58,387 | €49,753 | -€8,634 | -14.8% |
| Amounts payable within one year | 42/48 | €22,441 | €12,426 | -€10,015 | -44.6% |
| Trade debts | 44 | €4,557 | - | -€4,557 | |
| Suppliers | 440/4 | €4,557 | - | -€4,557 | |
| Taxes, remuneration and social security | 45 | €3,107 | €4,029 | +€923 | +29.7% |
| Taxes | 450/3 | €3,107 | €4,029 | +€923 | +29.7% |
| Other amounts payable | 47/48 | €14,778 | €8,397 | -€6,381 | -43.2% |
| Accrued charges and deferred income | 492/3 | €1,099 | €1,039 | -€60 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,975 | €18,984 | +€1,009 | +5.6% |
| Other operating charges | 640/8 | €1,353 | €1,452 | +€98 | +7.3% |
| Gross operating margin | 9900 | €28,737 | €31,016 | +€2,279 | +7.9% |
| Operating profit (loss) | 9901 | €9,409 | €10,580 | +€1,171 | +12.4% |
| Financial charges | 65/66B | €5,380 | €4,608 | -€772 | -14.3% |
| Recurring financial charges | 65 | €5,380 | €4,608 | -€772 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €4,029 | €5,972 | +€1,943 | +48.2% |
| Income taxes | 67/77 | €366 | €543 | +€177 | +48.2% |
| Profit (loss) for the period | 9904 | €3,663 | €5,429 | +€1,766 | +48.2% |
| Profit (loss) for the period to be appropriated | 9905 | €3,663 | €5,429 | +€1,766 | +48.2% |
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 28 September 2026 via checked.be.