VENARCO: 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.
VENARCO
Largest movements
- Cash +€18,960
up €18,960 (+13.4%), from €141,919 to €160,879
mainly Net result for the year (+€56,055) and Depreciation (+€16,206)
- Tangible fixed assets -€16,206
down €16,206 (-21.1%), from €76,884 to €60,678
of which Furniture and vehicles: -€13,073
- Receivables within one year +€5,297
up €5,297 (+26.6%), from €19,895 to €25,193
of which Other amounts receivable: +€9,260
- Reserves +€41,055
up €41,055 (+31.1%), from €132,217 to €173,271
- Tax, wage and social debts -€20,168
down €20,168 (-69.5%), from €29,003 to €8,835
of which Taxes: -€20,168
- Debts after one year -€13,200
down €13,200 (-22.9%), from €57,736 to €44,536
of which Financial debts: -€13,750
- Gross operating margin -€18,452
down €18,452 (-16.6%), from €111,436 to €92,984
- Taxes -€7,343
down €7,343 (-31.8%), from €23,088 to €15,745
- Depreciation +€4,470
up €4,470 (+38.1%), from €11,736 to €16,206
- Financial charges +€1,125
up €1,125 (+56.1%), from €2,005 to €3,129
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 | €239,864 | €248,392 | +€8,528 | +3.6% |
| Fixed assets | 21/28 | €76,884 | €60,678 | -€16,206 | -21.1% |
| Tangible fixed assets | 22/27 | €76,884 | €60,678 | -€16,206 | -21.1% |
| Furniture and vehicles | 24 | €60,360 | €47,287 | -€13,073 | -21.7% |
| Other tangible fixed assets | 26 | €16,524 | €13,390 | -€3,133 | -19.0% |
| Current assets | 29/58 | €162,980 | €187,715 | +€24,734 | +15.2% |
| Amounts receivable within one year | 40/41 | €19,895 | €25,193 | +€5,297 | +26.6% |
| Trade receivables | 40 | €19,895 | €15,933 | -€3,962 | -19.9% |
| Other amounts receivable | 41 | - | €9,260 | +€9,260 | |
| Cash at bank and in hand | 54/58 | €141,919 | €160,879 | +€18,960 | +13.4% |
| Deferred charges and accrued income | 490/1 | €1,166 | €1,643 | +€477 | +40.9% |
| Total equity and liabilities | 10/49 | €239,864 | €248,392 | +€8,528 | +3.6% |
| Equity | 10/15 | €137,217 | €178,271 | +€41,055 | +29.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €132,217 | €173,271 | +€41,055 | +31.1% |
| Distributable reserves | 133 | €132,217 | €173,271 | +€41,055 | +31.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €102,647 | €70,121 | -€32,526 | -31.7% |
| Amounts payable after more than one year | 17 | €57,736 | €44,536 | -€13,200 | -22.9% |
| Financial debts | 170/4 | €37,813 | €24,063 | -€13,750 | -36.4% |
| Other amounts payable | 178/9 | €19,923 | €20,473 | +€550 | +2.8% |
| Amounts payable within one year | 42/48 | €43,708 | €24,174 | -€19,534 | -44.7% |
| Current portion of amounts payable after more than one year | 42 | €14,166 | €13,750 | -€417 | -2.9% |
| Trade debts | 44 | €539 | €1,590 | +€1,051 | +195.0% |
| Suppliers | 440/4 | €539 | €1,590 | +€1,051 | +195.0% |
| Taxes, remuneration and social security | 45 | €29,003 | €8,835 | -€20,168 | -69.5% |
| Taxes | 450/3 | €27,003 | €6,835 | -€20,168 | -74.7% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,203 | €1,411 | +€207 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,736 | €16,206 | +€4,470 | +38.1% |
| Other operating charges | 640/8 | €2,191 | €1,849 | -€343 | -15.6% |
| Gross operating margin | 9900 | €111,436 | €92,984 | -€18,452 | -16.6% |
| Operating profit (loss) | 9901 | €97,508 | €74,929 | -€22,579 | -23.2% |
| Financial income | 75/76B | €338 | €0 | -€338 | -100.0% |
| Recurring financial income | 75 | €338 | €0 | -€338 | -100.0% |
| Financial charges | 65/66B | €2,005 | €3,129 | +€1,125 | +56.1% |
| Recurring financial charges | 65 | €2,005 | €3,129 | +€1,125 | +56.1% |
| Profit (loss) for the period before taxes | 9903 | €95,842 | €71,800 | -€24,042 | -25.1% |
| Income taxes | 67/77 | €23,088 | €15,745 | -€7,343 | -31.8% |
| Profit (loss) for the period | 9904 | €72,753 | €56,055 | -€16,699 | -23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €72,753 | €56,055 | -€16,699 | -23.0% |
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 4 October 2026 via checked.be.