VANBEL: 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.
VANBEL
Largest movements
- Cash +€20,219
up €20,219 (+12.3%), from €164,644 to €184,863
mainly Depreciation (+€35,330) and Other debts (+€7,989)
- Tangible fixed assets -€15,330
down €15,330 (-3.3%), from €467,247 to €451,916
of which Land and buildings: -€32,748
- Other debts +€7,989
up €7,989 (+4.0%), from €201,913 to €209,902
- Provisions -€10,000
down €10,000 (-100%), from €10,000 to €0
- Gross operating margin -€2,644
down €2,644 (-4.0%), from €66,214 to €63,570
- Financial charges -€2,271
down €2,271 (-13.3%), from €17,113 to €14,843
- Taxes +€950
up €950 (+622%), from €153 to €1,102
- Depreciation -€742
down €742 (-2.1%), from €36,073 to €35,330
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €662,414 | €666,641 | +€4,227 | +0.6% |
| Fixed assets | 21/28 | €467,296 | €451,965 | -€15,330 | -3.3% |
| Tangible fixed assets | 22/27 | €467,247 | €451,916 | -€15,330 | -3.3% |
| Land and buildings | 22 | €466,348 | €433,599 | -€32,748 | -7.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €899 | €18,317 | +€17,418 | +1,937% |
| Financial fixed assets | 28 | €49 | €49 | = | 0.0% |
| Current assets | 29/58 | €195,118 | €214,676 | +€19,558 | +10.0% |
| Amounts receivable within one year | 40/41 | €2,880 | €1,676 | -€1,205 | -41.8% |
| Other amounts receivable | 41 | €2,880 | €1,676 | -€1,205 | -41.8% |
| Current investments | 50/53 | €27,000 | €27,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €164,644 | €184,863 | +€20,219 | +12.3% |
| Deferred charges and accrued income | 490/1 | €594 | €1,137 | +€543 | +91.5% |
| Total equity and liabilities | 10/49 | €662,414 | €666,641 | +€4,227 | +0.6% |
| Equity | 10/15 | €312,413 | €318,837 | +€6,424 | +2.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €119,240 | €125,665 | +€6,424 | +5.4% |
| Tax-exempt reserves | 132 | €72,751 | €72,751 | = | 0.0% |
| Distributable reserves | 133 | €46,490 | €52,914 | +€6,424 | +13.8% |
| Profit (loss) carried forward | 14 | €186,973 | €186,973 | = | 0.0% |
| Provisions and deferred taxes | 16 | €121,613 | €121,613 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €121,613 | €121,613 | = | 0.0% |
| Pensions and similar obligations | 160 | €94,613 | €94,613 | = | 0.0% |
| Other liabilities and charges | 164/5 | €27,000 | €27,000 | = | 0.0% |
| Amounts payable | 17/49 | €228,388 | €226,191 | -€2,197 | -1.0% |
| Amounts payable within one year | 42/48 | €212,712 | €212,144 | -€568 | -0.3% |
| Financial debts | 43 | €154 | €0 | -€154 | -100% |
| Credit institutions | 430/8 | €154 | €0 | -€154 | -100% |
| Trade debts | 44 | €3,905 | €1,599 | -€2,307 | -59.1% |
| Suppliers | 440/4 | €3,905 | €1,599 | -€2,307 | -59.1% |
| Taxes, remuneration and social security | 45 | €6,739 | €643 | -€6,096 | -90.5% |
| Taxes | 450/3 | €739 | €643 | -€96 | -13.0% |
| Remuneration and social security | 454/9 | €6,000 | €0 | -€6,000 | -100% |
| Other amounts payable | 47/48 | €201,913 | €209,902 | +€7,989 | +4.0% |
| Accrued charges and deferred income | 492/3 | €15,676 | €14,047 | -€1,630 | -10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,073 | €35,330 | -€742 | -2.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €10,000 | €0 | -€10,000 | -100% |
| Other operating charges | 640/8 | €5,746 | €6,177 | +€431 | +7.5% |
| Gross operating margin | 9900 | €66,214 | €63,570 | -€2,644 | -4.0% |
| Operating profit (loss) | 9901 | €14,395 | €22,063 | +€7,668 | +53.3% |
| Financial income | 75/76B | €331 | €306 | -€25 | -7.4% |
| Recurring financial income | 75 | €331 | €306 | -€25 | -7.4% |
| Financial charges | 65/66B | €17,113 | €14,843 | -€2,271 | -13.3% |
| Recurring financial charges | 65 | €17,113 | €14,843 | -€2,271 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | -€2,387 | €7,527 | +€9,914 | |
| Income taxes | 67/77 | €153 | €1,102 | +€950 | +622% |
| Profit (loss) for the period | 9904 | -€2,540 | €6,424 | +€8,964 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,540 | €6,424 | +€8,964 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.