VRANJE III: 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.
VRANJE III
Largest movements
- Cash +€217,870
up €217,870 (+239%), from €91,186 to €309,056
mainly Investment in fixed assets (net) (+€199,228) and Net result for the year (+€115,690)
- Intangible fixed assets -€166,442
no longer reported in 2025 (was €166,442)
- Receivables within one year +€44,035
up €44,035 (+47.1%), from €93,582 to €137,617
of which Trade receivables: +€30,773
- Tangible fixed assets -€38,019
down €38,019 (-89.2%), from €42,613 to €4,594
of which Land and buildings: -€26,365
- Stocks and contracts -€8,000
no longer reported in 2025 (was €8,000)
- Reserves +€115,664
up €115,664 (+6,218%), from €1,860 to €117,524
of which Tax-exempt reserves: +€115,664
- Debts after one year -€50,250
down €50,250 (-64.8%), from €77,540 to €27,290
- Provisions +€38,555
new in 2025: €38,555
- Trade debts -€26,458
down €26,458 (-44.3%), from €59,678 to €33,220
- Tax, wage and social debts -€22,535
down €22,535 (-72.1%), from €31,256 to €8,721
of which Remuneration and social security: -€13,368
- Gross operating margin +€56,109
up €56,109 (+22.3%), from €251,270 to €307,379
- Staff costs -€41,589
down €41,589 (-24.5%), from €169,903 to €128,314
- Depreciation -€35,522
down €35,522 (-79.8%), from €44,508 to €8,986
- Provisions -€7,564
down €7,564, from €5,748 to -€1,816
- Taxes -€3,788
down €3,788 (-47.2%), from €8,020 to €4,232
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.
Derived cash bridge
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 | €418,576 | €464,267 | +€45,691 | +10.9% |
| Fixed assets | 21/28 | €225,808 | €17,594 | -€208,214 | -92.2% |
| Intangible fixed assets | 21 | €166,442 | - | -€166,442 | |
| Tangible fixed assets | 22/27 | €42,613 | €4,594 | -€38,019 | -89.2% |
| Land and buildings | 22 | €26,365 | - | -€26,365 | |
| Plant, machinery and equipment | 23 | €1,625 | - | -€1,625 | |
| Furniture and vehicles | 24 | €1,043 | - | -€1,043 | |
| Leasing and similar rights | 25 | €13,580 | €4,594 | -€8,986 | -66.2% |
| Financial fixed assets | 28 | €16,753 | €13,000 | -€3,753 | -22.4% |
| Current assets | 29/58 | €192,768 | €446,673 | +€253,905 | +132% |
| Stocks and contracts in progress | 3 | €8,000 | - | -€8,000 | |
| Stocks | 30/36 | €8,000 | - | -€8,000 | |
| Amounts receivable within one year | 40/41 | €93,582 | €137,617 | +€44,035 | +47.1% |
| Trade receivables | 40 | €12,446 | €43,219 | +€30,773 | +247% |
| Other amounts receivable | 41 | €81,136 | €94,398 | +€13,262 | +16.3% |
| Cash at bank and in hand | 54/58 | €91,186 | €309,056 | +€217,870 | +239% |
| Total equity and liabilities | 10/49 | €418,576 | €464,267 | +€45,691 | +10.9% |
| Equity | 10/15 | €190,541 | €306,231 | +€115,690 | +60.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €117,524 | +€115,664 | +6,218% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €115,664 | +€115,664 | |
| Profit (loss) carried forward | 14 | €176,281 | €176,307 | +€26 | 0.0% |
| Provisions and deferred taxes | 16 | - | €38,555 | +€38,555 | |
| Deferred taxes | 168 | - | €38,555 | +€38,555 | |
| Amounts payable | 17/49 | €228,035 | €119,481 | -€108,554 | -47.6% |
| Amounts payable after more than one year | 17 | €77,540 | €27,290 | -€50,250 | -64.8% |
| Financial debts | 170/4 | €77,540 | €27,290 | -€50,250 | -64.8% |
| Amounts payable within one year | 42/48 | €150,495 | €92,191 | -€58,304 | -38.7% |
| Current portion of amounts payable after more than one year | 42 | €53,208 | €50,250 | -€2,958 | -5.6% |
| Trade debts | 44 | €59,678 | €33,220 | -€26,458 | -44.3% |
| Suppliers | 440/4 | €59,678 | €33,220 | -€26,458 | -44.3% |
| Taxes, remuneration and social security | 45 | €31,256 | €8,721 | -€22,535 | -72.1% |
| Taxes | 450/3 | €13,102 | €3,935 | -€9,167 | -70.0% |
| Remuneration and social security | 454/9 | €18,154 | €4,786 | -€13,368 | -73.6% |
| Other amounts payable | 47/48 | €6,353 | - | -€6,353 | |
| Non-recurring operating income | 76A | - | €156,933 | +€156,933 | |
| Remuneration, social security and pensions | 62 | €169,903 | €128,314 | -€41,589 | -24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,508 | €8,986 | -€35,522 | -79.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €5,748 | -€1,816 | -€7,564 | |
| Other operating charges | 640/8 | €3,386 | €3,788 | +€402 | +11.9% |
| Gross operating margin | 9900 | €251,270 | €307,379 | +€56,109 | +22.3% |
| Operating profit (loss) | 9901 | €27,725 | €168,107 | +€140,382 | +506% |
| Financial income | 75/76B | €26 | - | -€26 | |
| Recurring financial income | 75 | €26 | - | -€26 | |
| Financial charges | 65/66B | €7,391 | €9,630 | +€2,239 | +30.3% |
| Recurring financial charges | 65 | €7,391 | €9,630 | +€2,239 | +30.3% |
| Profit (loss) for the period before taxes | 9903 | €20,360 | €158,477 | +€138,117 | +678% |
| Transfer to deferred taxes | 680 | - | €38,555 | +€38,555 | |
| Income taxes | 67/77 | €8,020 | €4,232 | -€3,788 | -47.2% |
| Profit (loss) for the period | 9904 | €12,340 | €115,690 | +€103,350 | +838% |
| Transfer to tax-exempt reserves | 689 | - | €115,664 | +€115,664 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,340 | €26 | -€12,314 | -99.8% |
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 29 October 2026 via checked.be.