Vranken Law: 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.
Vranken Law
Largest movements
- Receivables within one year +€29,774
up €29,774 (+128%), from €23,214 to €52,989
of which Trade receivables: +€22,225
- Cash -€9,182
down €9,182 (-16.8%), from €54,500 to €45,318
mainly Receivables within one year (-€29,774)
- Reserves +€12,071
up €12,071 (+21.4%), from €56,321 to €68,393
- Tax, wage and social debts +€7,366
up €7,366 (+34.7%), from €21,246 to €28,612
of which Taxes: +€7,366
- Gross operating margin -€58,263
down €58,263 (-76.9%), from €75,784 to €17,522
- Taxes -€11,403
down €11,403 (-73.2%), from €15,587 to €4,185
- Staff costs -€1,008
no longer reported in 2025 (was €1,008)
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 | €80,777 | €100,869 | +€20,092 | +24.9% |
| Fixed assets | 21/28 | €1,574 | €1,217 | -€357 | -22.7% |
| Tangible fixed assets | 22/27 | €1,574 | €1,217 | -€357 | -22.7% |
| Other tangible fixed assets | 26 | €1,574 | €1,217 | -€357 | -22.7% |
| Current assets | 29/58 | €79,203 | €99,652 | +€20,449 | +25.8% |
| Amounts receivable within one year | 40/41 | €23,214 | €52,989 | +€29,774 | +128% |
| Trade receivables | 40 | €2,884 | €25,109 | +€22,225 | +771% |
| Other amounts receivable | 41 | €20,330 | €27,880 | +€7,550 | +37.1% |
| Cash at bank and in hand | 54/58 | €54,500 | €45,318 | -€9,182 | -16.8% |
| Deferred charges and accrued income | 490/1 | €1,489 | €1,346 | -€143 | -9.6% |
| Total equity and liabilities | 10/49 | €80,777 | €100,869 | +€20,092 | +24.9% |
| Equity | 10/15 | €58,321 | €70,393 | +€12,071 | +20.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €56,321 | €68,393 | +€12,071 | +21.4% |
| Distributable reserves | 133 | €56,321 | €68,393 | +€12,071 | +21.4% |
| Amounts payable | 17/49 | €22,456 | €30,476 | +€8,021 | +35.7% |
| Amounts payable within one year | 42/48 | €22,456 | €30,476 | +€8,021 | +35.7% |
| Trade debts | 44 | €1,209 | €1,865 | +€655 | +54.2% |
| Suppliers | 440/4 | €1,209 | €1,865 | +€655 | +54.2% |
| Taxes, remuneration and social security | 45 | €21,246 | €28,612 | +€7,366 | +34.7% |
| Taxes | 450/3 | €19,346 | €26,712 | +€7,366 | +38.1% |
| Remuneration and social security | 454/9 | €1,900 | €1,900 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €1,008 | - | -€1,008 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €213 | €357 | +€145 | +67.9% |
| Other operating charges | 640/8 | €966 | €691 | -€275 | -28.4% |
| Non-recurring operating charges | 66A | €1,829 | €0 | -€1,829 | -100% |
| Gross operating margin | 9900 | €75,784 | €17,522 | -€58,263 | -76.9% |
| Operating profit (loss) | 9901 | €71,769 | €16,473 | -€55,295 | -77.0% |
| Financial income | 75/76B | €1,587 | €1,518 | -€69 | -4.4% |
| Recurring financial income | 75 | €1,587 | €1,518 | -€69 | -4.4% |
| Financial charges | 65/66B | €1,447 | €1,735 | +€288 | +19.9% |
| Recurring financial charges | 65 | €1,447 | €1,735 | +€288 | +19.9% |
| Profit (loss) for the period before taxes | 9903 | €71,909 | €16,256 | -€55,653 | -77.4% |
| Income taxes | 67/77 | €15,587 | €4,185 | -€11,403 | -73.2% |
| Profit (loss) for the period | 9904 | €56,321 | €12,071 | -€44,250 | -78.6% |
| Profit (loss) for the period to be appropriated | 9905 | €56,321 | €12,071 | -€44,250 | -78.6% |
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 20 October 2026 via checked.be.