VANVUCHELEN: 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.
VANVUCHELEN
Largest movements
- Stocks and contracts -€404,894
down €404,894 (-43.7%), from €927,380 to €522,486
- Receivables within one year +€310,704
up €310,704 (+100.3%), from €309,651 to €620,355
of which Trade receivables: +€346,777
- Cash +€22,887
up €22,887 (+46.3%), from €49,411 to €72,297
mainly Stocks and contracts (+€404,894) and Net result for the year (+€98,799)
- Intangible fixed assets -€18,634
down €18,634 (-16.9%), from €110,134 to €91,501
- Current portion of long-term debt -€167,012
down €167,012 (-73.1%), from €228,458 to €61,447
- Reserves +€98,799
up €98,799 (+24.2%), from €407,954 to €506,752
- Debts after one year -€54,554
down €54,554 (-26.9%), from €202,712 to €148,158
- Tax, wage and social debts +€20,369
up €20,369 (+160.8%), from €12,669 to €33,038
of which Taxes: +€20,185
- Gross operating margin +€87,208
up €87,208 (+40.5%), from €215,581 to €302,789
- Taxes +€22,800
up €22,800 (+115.8%), from €19,683 to €42,483
- Other operating charges +€12,349
up €12,349 (+197.8%), from €6,243 to €18,592
- Staff costs +€5,475
up €5,475 (+7.9%), from €69,351 to €74,826
- Depreciation +€3,706
up €3,706 (+7.1%), from €51,901 to €55,607
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 | €1,606,043 | €1,509,946 | -€96,097 | -6.0% |
| Fixed assets | 21/28 | €316,889 | €284,739 | -€32,150 | -10.1% |
| Intangible fixed assets | 21 | €110,134 | €91,501 | -€18,634 | -16.9% |
| Tangible fixed assets | 22/27 | €206,755 | €193,238 | -€13,516 | -6.5% |
| Land and buildings | 22 | €160,804 | €151,320 | -€9,484 | -5.9% |
| Plant, machinery and equipment | 23 | €42,614 | €41,918 | -€695 | -1.6% |
| Furniture and vehicles | 24 | €3,337 | - | -€3,337 | |
| Current assets | 29/58 | €1,289,154 | €1,225,207 | -€63,947 | -5.0% |
| Stocks and contracts in progress | 3 | €927,380 | €522,486 | -€404,894 | -43.7% |
| Stocks | 30/36 | €927,380 | €522,486 | -€404,894 | -43.7% |
| Amounts receivable within one year | 40/41 | €309,651 | €620,355 | +€310,704 | +100.3% |
| Trade receivables | 40 | €230,383 | €577,159 | +€346,777 | +150.5% |
| Other amounts receivable | 41 | €79,268 | €43,195 | -€36,073 | -45.5% |
| Current investments | 50/53 | - | €6,000 | +€6,000 | |
| Cash at bank and in hand | 54/58 | €49,411 | €72,297 | +€22,887 | +46.3% |
| Deferred charges and accrued income | 490/1 | €2,712 | €4,069 | +€1,357 | +50.0% |
| Total equity and liabilities | 10/49 | €1,606,043 | €1,509,946 | -€96,097 | -6.0% |
| Equity | 10/15 | €612,154 | €710,952 | +€98,799 | +16.1% |
| Contributions | 10/11 | €204,200 | €204,200 | = | 0.0% |
| Reserves | 13 | €407,954 | €506,752 | +€98,799 | +24.2% |
| Distributable reserves | 133 | €407,954 | €506,752 | +€98,799 | +24.2% |
| Amounts payable | 17/49 | €993,889 | €798,994 | -€194,895 | -19.6% |
| Amounts payable after more than one year | 17 | €202,712 | €148,158 | -€54,554 | -26.9% |
| Financial debts | 170/4 | €202,712 | €148,158 | -€54,554 | -26.9% |
| Amounts payable within one year | 42/48 | €791,177 | €650,836 | -€140,341 | -17.7% |
| Current portion of amounts payable after more than one year | 42 | €228,458 | €61,447 | -€167,012 | -73.1% |
| Trade debts | 44 | €478,665 | €483,581 | +€4,916 | +1.0% |
| Suppliers | 440/4 | €478,665 | €483,581 | +€4,916 | +1.0% |
| Taxes, remuneration and social security | 45 | €12,669 | €33,038 | +€20,369 | +160.8% |
| Taxes | 450/3 | €1,761 | €21,946 | +€20,185 | +1146.2% |
| Remuneration and social security | 454/9 | €10,908 | €11,092 | +€184 | +1.7% |
| Other amounts payable | 47/48 | €71,385 | €72,770 | +€1,385 | +1.9% |
| Non-recurring operating income | 76A | - | €667 | +€667 | |
| Remuneration, social security and pensions | 62 | €69,351 | €74,826 | +€5,475 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,901 | €55,607 | +€3,706 | +7.1% |
| Other operating charges | 640/8 | €6,243 | €18,592 | +€12,349 | +197.8% |
| Gross operating margin | 9900 | €215,581 | €302,789 | +€87,208 | +40.5% |
| Operating profit (loss) | 9901 | €88,085 | €153,764 | +€65,679 | +74.6% |
| Financial income | 75/76B | €2,503 | €2,083 | -€421 | -16.8% |
| Recurring financial income | 75 | €2,503 | €2,083 | -€421 | -16.8% |
| Financial charges | 65/66B | €17,865 | €14,565 | -€3,300 | -18.5% |
| Recurring financial charges | 65 | €17,865 | €14,565 | -€3,300 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €72,724 | €141,282 | +€68,558 | +94.3% |
| Income taxes | 67/77 | €19,683 | €42,483 | +€22,800 | +115.8% |
| Profit (loss) for the period | 9904 | €53,041 | €98,799 | +€45,758 | +86.3% |
| Profit (loss) for the period to be appropriated | 9905 | €53,041 | €98,799 | +€45,758 | +86.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.