Vreno: 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.
Vreno
Largest movements
- Stocks and contracts +€740,937
up €740,937 (+116%), from €636,783 to €1.4m
- Tangible fixed assets +€588,529
up €588,529 (+54.4%), from €1.1m to €1.7m
of which Land and buildings: +€590,330
- Cash -€213,592
down €213,592 (-98.9%), from €216,059 to €2,466
mainly Stocks and contracts (-€740,937) and Investment in fixed assets (net) (-€599,561)
- Debts after one year +€319,306
up €319,306 (+48.0%), from €665,335 to €984,641
- Advances received +€235,000
new in 2025: €235,000
- Profit (loss) carried forward +€202,285
up €202,285, from -€202,285 to €0
- Other debts +€129,469
up €129,469 (+20.3%), from €638,311 to €767,781
- Trade debts +€87,231
up €87,231 (+889%), from €9,813 to €97,044
- Gross operating margin +€522,457
up €522,457, from -€83,582 to €438,875
- Financial charges +€62,015
up €62,015 (+106%), from €58,624 to €120,640
- Taxes +€36,361
new in 2025: €36,361
- Depreciation +€6,622
up €6,622 (+150%), from €4,411 to €11,032
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 | €1,934,493 | €3,050,608 | +€1.1m | +57.7% |
| Fixed assets | 21/28 | €1,081,400 | €1,669,929 | +€588,529 | +54.4% |
| Tangible fixed assets | 22/27 | €1,081,400 | €1,669,929 | +€588,529 | +54.4% |
| Land and buildings | 22 | €1,073,894 | €1,664,224 | +€590,330 | +55.0% |
| Furniture and vehicles | 24 | €7,506 | €5,705 | -€1,801 | -24.0% |
| Current assets | 29/58 | €853,093 | €1,380,679 | +€527,586 | +61.8% |
| Stocks and contracts in progress | 3 | €636,783 | €1,377,720 | +€740,937 | +116% |
| Stocks | 30/36 | €636,783 | €1,377,720 | +€740,937 | +116% |
| Cash at bank and in hand | 54/58 | €216,059 | €2,466 | -€213,592 | -98.9% |
| Deferred charges and accrued income | 490/1 | €251 | €492 | +€241 | +96.1% |
| Total equity and liabilities | 10/49 | €1,934,493 | €3,050,608 | +€1.1m | +57.7% |
| Equity | 10/15 | -€197,285 | €68,973 | +€266,258 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €63,973 | +€63,973 | |
| Distributable reserves | 133 | - | €63,973 | +€63,973 | |
| Profit (loss) carried forward | 14 | -€202,285 | €0 | +€202,285 | |
| Amounts payable | 17/49 | €2,131,778 | €2,981,634 | +€849,856 | +39.9% |
| Amounts payable after more than one year | 17 | €665,335 | €984,641 | +€319,306 | +48.0% |
| Financial debts | 170/4 | €665,335 | €984,641 | +€319,306 | +48.0% |
| Amounts payable within one year | 42/48 | €1,466,443 | €1,996,994 | +€530,550 | +36.2% |
| Current portion of amounts payable after more than one year | 42 | €4,347 | €36,476 | +€32,130 | +739% |
| Financial debts | 43 | €787,682 | €810,000 | +€22,318 | +2.8% |
| Credit institutions | 430/8 | €787,682 | €810,000 | +€22,318 | +2.8% |
| Trade debts | 44 | €9,813 | €97,044 | +€87,231 | +889% |
| Suppliers | 440/4 | €9,813 | €97,044 | +€87,231 | +889% |
| Advances received on contracts in progress | 46 | - | €235,000 | +€235,000 | |
| Taxes, remuneration and social security | 45 | €26,290 | €50,692 | +€24,403 | +92.8% |
| Taxes | 450/3 | €8,290 | €50,692 | +€42,403 | +512% |
| Remuneration and social security | 454/9 | €18,000 | €0 | -€18,000 | -100% |
| Other amounts payable | 47/48 | €638,311 | €767,781 | +€129,469 | +20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,411 | €11,032 | +€6,622 | +150% |
| Other operating charges | 640/8 | €2,945 | €4,772 | +€1,827 | +62.0% |
| Gross operating margin | 9900 | -€83,582 | €438,875 | +€522,457 | |
| Operating profit (loss) | 9901 | -€90,939 | €423,070 | +€514,009 | |
| Financial income | 75/76B | €0 | €189 | +€189 | +1,889,100% |
| Recurring financial income | 75 | €0 | €189 | +€189 | +1,889,100% |
| Financial charges | 65/66B | €58,624 | €120,640 | +€62,015 | +106% |
| Recurring financial charges | 65 | €58,624 | €120,640 | +€62,015 | +106% |
| Profit (loss) for the period before taxes | 9903 | -€149,563 | €302,619 | +€452,182 | |
| Income taxes | 67/77 | - | €36,361 | +€36,361 | |
| Profit (loss) for the period | 9904 | -€149,563 | €266,258 | +€415,821 | |
| Profit (loss) for the period to be appropriated | 9905 | -€149,563 | €266,258 | +€415,821 |
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 14 October 2026 via checked.be.