VANVAS: 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.
VANVAS
Largest movements
- Cash -€247,978
down €247,978 (-64.8%), from €382,593 to €134,615
mainly Other debts (-€244,961) and Investment in fixed assets (net) (-€120,154)
- Tangible fixed assets +€24,891
up €24,891 (+3.0%), from €842,330 to €867,221
of which Furniture and vehicles: +€53,222
- Other debts -€244,961
down €244,961 (-49.7%), from €493,213 to €248,252
- Debts after one year +€20,606
up €20,606 (+3.9%), from €531,045 to €551,651
- Gross operating margin -€13,986
down €13,986 (-10.5%), from €133,332 to €119,346
- Depreciation -€12,443
down €12,443 (-11.5%), from €108,127 to €95,685
- Financial charges +€3,211
up €3,211 (+23.9%), from €13,410 to €16,621
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 | €1,252,039 | €1,029,385 | -€222,654 | -17.8% |
| Fixed assets | 21/28 | €843,016 | €867,486 | +€24,469 | +2.9% |
| Intangible fixed assets | 21 | €636 | €215 | -€422 | -66.3% |
| Tangible fixed assets | 22/27 | €842,330 | €867,221 | +€24,891 | +3.0% |
| Land and buildings | 22 | €760,764 | €735,339 | -€25,426 | -3.3% |
| Plant, machinery and equipment | 23 | €2,147 | €1,332 | -€815 | -38.0% |
| Furniture and vehicles | 24 | €68,154 | €121,376 | +€53,222 | +78.1% |
| Other tangible fixed assets | 26 | €11,265 | €9,174 | -€2,091 | -18.6% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €409,023 | €161,899 | -€247,123 | -60.4% |
| Amounts receivable within one year | 40/41 | €20,943 | €21,559 | +€616 | +2.9% |
| Trade receivables | 40 | €10,352 | €13,004 | +€2,652 | +25.6% |
| Other amounts receivable | 41 | €10,591 | €8,555 | -€2,036 | -19.2% |
| Cash at bank and in hand | 54/58 | €382,593 | €134,615 | -€247,978 | -64.8% |
| Deferred charges and accrued income | 490/1 | €5,486 | €5,725 | +€239 | +4.3% |
| Total equity and liabilities | 10/49 | €1,252,039 | €1,029,385 | -€222,654 | -17.8% |
| Equity | 10/15 | €128,410 | €127,447 | -€963 | -0.8% |
| Contributions | 10/11 | €93,600 | €93,600 | = | 0.0% |
| Revaluation surpluses | 12 | €19,660 | €19,660 | = | 0.0% |
| Reserves | 13 | €16,340 | €16,340 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €14,480 | €14,480 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,190 | -€2,153 | -€963 | -81.0% |
| Amounts payable | 17/49 | €1,123,629 | €901,938 | -€221,691 | -19.7% |
| Amounts payable after more than one year | 17 | €531,045 | €551,651 | +€20,606 | +3.9% |
| Financial debts | 170/4 | €531,045 | €551,651 | +€20,606 | +3.9% |
| Amounts payable within one year | 42/48 | €591,887 | €349,473 | -€242,414 | -41.0% |
| Current portion of amounts payable after more than one year | 42 | €64,982 | €74,824 | +€9,841 | +15.1% |
| Trade debts | 44 | €16,339 | €13,790 | -€2,549 | -15.6% |
| Suppliers | 440/4 | €16,339 | €13,790 | -€2,549 | -15.6% |
| Advances received on contracts in progress | 46 | €400 | €0 | -€400 | -100.0% |
| Taxes, remuneration and social security | 45 | €16,952 | €12,607 | -€4,345 | -25.6% |
| Taxes | 450/3 | €16,952 | €12,607 | -€4,345 | -25.6% |
| Other amounts payable | 47/48 | €493,213 | €248,252 | -€244,961 | -49.7% |
| Accrued charges and deferred income | 492/3 | €697 | €814 | +€117 | +16.8% |
| Non-recurring operating income | 76A | €0 | €6,697 | +€6,697 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,127 | €95,685 | -€12,443 | -11.5% |
| Other operating charges | 640/8 | €6,134 | €6,104 | -€30 | -0.5% |
| Non-recurring operating charges | 66A | €335 | €0 | -€335 | -100.0% |
| Gross operating margin | 9900 | €133,332 | €119,346 | -€13,986 | -10.5% |
| Operating profit (loss) | 9901 | €18,735 | €17,557 | -€1,178 | -6.3% |
| Financial income | 75/76B | €130 | €195 | +€66 | +50.9% |
| Recurring financial income | 75 | €130 | €195 | +€66 | +50.9% |
| Financial charges | 65/66B | €13,410 | €16,621 | +€3,211 | +23.9% |
| Recurring financial charges | 65 | €13,410 | €16,621 | +€3,211 | +23.9% |
| Profit (loss) for the period before taxes | 9903 | €5,455 | €1,132 | -€4,324 | -79.3% |
| Income taxes | 67/77 | €3,185 | €2,095 | -€1,090 | -34.2% |
| Profit (loss) for the period | 9904 | €2,270 | -€963 | -€3,234 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,270 | -€963 | -€3,234 |
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 2 October 2026 via checked.be.