VNC CNC: 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.
VNC CNC
Largest movements
- Tangible fixed assets +€319,052
up €319,052 (+50.2%), from €635,503 to €954,555
of which Leasing and similar rights: +€260,606
- Receivables within one year +€35,116
up €35,116 (+45.7%), from €76,804 to €111,919
of which Trade receivables: +€33,656
- Deferred charges and accrued income -€26,610
down €26,610 (-41.6%), from €63,964 to €37,355
- Cash -€13,889
down €13,889 (-24.1%), from €57,654 to €43,765
mainly Investment in fixed assets (net) (-€446,729) and Other debts (-€35,726)
- Debts after one year +€258,140
up €258,140 (+132.5%), from €194,777 to €452,917
of which Financial debts: +€252,290
- Current portion of long-term debt +€67,467
up €67,467 (+104.6%), from €64,502 to €131,970
- Profit (loss) carried forward +€41,108
up €41,108, from -€16,328 to €24,779
- Other debts -€35,726
down €35,726 (-6.1%), from €586,833 to €551,107
- Gross operating margin +€146,064
up €146,064 (+69.3%), from €210,884 to €356,948
- Staff costs +€91,837
up €91,837 (+128.6%), from €71,429 to €163,266
- Depreciation +€42,513
up €42,513 (+49.9%), from €85,164 to €127,677
- Financial charges +€9,148
up €9,148 (+88.6%), from €10,322 to €19,470
- Other operating charges -€3,971
down €3,971 (-37.5%), from €10,601 to €6,630
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 | €908,623 | €1,227,292 | +€318,669 | +35.1% |
| Fixed assets | 21/28 | €640,603 | €959,655 | +€319,052 | +49.8% |
| Tangible fixed assets | 22/27 | €635,503 | €954,555 | +€319,052 | +50.2% |
| Land and buildings | 22 | €177,997 | €177,997 | = | 0.0% |
| Plant, machinery and equipment | 23 | €200,948 | €272,627 | +€71,679 | +35.7% |
| Furniture and vehicles | 24 | €16,263 | €4,408 | -€11,855 | -72.9% |
| Leasing and similar rights | 25 | €228,308 | €488,914 | +€260,606 | +114.1% |
| Other tangible fixed assets | 26 | €11,987 | €10,609 | -€1,378 | -11.5% |
| Financial fixed assets | 28 | €5,100 | €5,100 | = | 0.0% |
| Current assets | 29/58 | €268,020 | €267,637 | -€383 | -0.1% |
| Stocks and contracts in progress | 3 | €69,598 | €74,598 | +€5,000 | +7.2% |
| Stocks | 30/36 | €59,598 | €59,598 | = | 0.0% |
| Contracts in progress | 37 | €10,000 | €15,000 | +€5,000 | +50.0% |
| Amounts receivable within one year | 40/41 | €76,804 | €111,919 | +€35,116 | +45.7% |
| Trade receivables | 40 | €76,746 | €110,401 | +€33,656 | +43.9% |
| Other amounts receivable | 41 | €58 | €1,518 | +€1,460 | +2506.1% |
| Cash at bank and in hand | 54/58 | €57,654 | €43,765 | -€13,889 | -24.1% |
| Deferred charges and accrued income | 490/1 | €63,964 | €37,355 | -€26,610 | -41.6% |
| Total equity and liabilities | 10/49 | €908,623 | €1,227,292 | +€318,669 | +35.1% |
| Equity | 10/15 | €8,672 | €49,779 | +€41,108 | +474.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,328 | €24,779 | +€41,108 | |
| Amounts payable | 17/49 | €899,951 | €1,177,513 | +€277,561 | +30.8% |
| Amounts payable after more than one year | 17 | €194,777 | €452,917 | +€258,140 | +132.5% |
| Financial debts | 170/4 | €194,777 | €447,067 | +€252,290 | +129.5% |
| Other amounts payable | 178/9 | - | €5,850 | +€5,850 | |
| Amounts payable within one year | 42/48 | €705,174 | €722,846 | +€17,671 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €64,502 | €131,970 | +€67,467 | +104.6% |
| Trade debts | 44 | €43,384 | €32,143 | -€11,241 | -25.9% |
| Suppliers | 440/4 | €43,384 | €32,143 | -€11,241 | -25.9% |
| Taxes, remuneration and social security | 45 | €10,455 | €7,626 | -€2,829 | -27.1% |
| Taxes | 450/3 | €9,165 | €7,626 | -€1,539 | -16.8% |
| Remuneration and social security | 454/9 | €1,290 | €0 | -€1,290 | -100.0% |
| Other amounts payable | 47/48 | €586,833 | €551,107 | -€35,726 | -6.1% |
| Accrued charges and deferred income | 492/3 | - | €1,750 | +€1,750 | |
| Remuneration, social security and pensions | 62 | €71,429 | €163,266 | +€91,837 | +128.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,164 | €127,677 | +€42,513 | +49.9% |
| Other operating charges | 640/8 | €10,601 | €6,630 | -€3,971 | -37.5% |
| Gross operating margin | 9900 | €210,884 | €356,948 | +€146,064 | +69.3% |
| Operating profit (loss) | 9901 | €43,690 | €59,375 | +€15,685 | +35.9% |
| Financial income | 75/76B | €33 | €1,306 | +€1,273 | +3850.7% |
| Recurring financial income | 75 | €33 | €1,306 | +€1,273 | +3850.7% |
| Financial charges | 65/66B | €10,322 | €19,470 | +€9,148 | +88.6% |
| Recurring financial charges | 65 | €10,322 | €19,470 | +€9,148 | +88.6% |
| Profit (loss) for the period before taxes | 9903 | €33,401 | €41,211 | +€7,810 | +23.4% |
| Income taxes | 67/77 | €146 | €104 | -€42 | -29.0% |
| Profit (loss) for the period | 9904 | €33,255 | €41,108 | +€7,852 | +23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €33,255 | €41,108 | +€7,852 | +23.6% |
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 10 October 2026 via checked.be.