BANDEMAN VDH: 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.
BANDEMAN VDH
Largest movements
- Cash -€8,523
down €8,523 (-9.9%), from €86,463 to €77,940
mainly Debts after one year (-€66,162) and Investment in fixed assets (net) (-€32,003)
- Intangible fixed assets -€8,000
down €8,000 (-11.1%), from €72,022 to €64,022
- Stocks and contracts +€7,669
up €7,669 (+16.2%), from €47,249 to €54,917
- Receivables within one year -€5,176
down €5,176 (-5.9%), from €88,328 to €83,152
- Debts after one year -€66,162
down €66,162 (-39.7%), from €166,728 to €100,566
- Reserves +€53,430
up €53,430 (+150%), from €35,615 to €89,045
- Trade debts -€6,689
down €6,689 (-14.3%), from €46,679 to €39,989
- Tax, wage and social debts +€5,920
up €5,920 (+10.8%), from €54,814 to €60,734
of which Taxes: +€3,454
- Gross operating margin +€45,414
up €45,414 (+30.7%), from €148,043 to €193,458
- Depreciation +€11,615
up €11,615 (+39.2%), from €29,651 to €41,265
- Staff costs +€8,449
up €8,449 (+14.6%), from €58,027 to €66,477
- Taxes +€7,614
up €7,614 (+58.2%), from €13,084 to €20,698
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 | €402,611 | €388,754 | -€13,858 | -3.4% |
| Fixed assets | 21/28 | €177,142 | €167,880 | -€9,262 | -5.2% |
| Intangible fixed assets | 21 | €72,022 | €64,022 | -€8,000 | -11.1% |
| Tangible fixed assets | 22/27 | €105,120 | €103,858 | -€1,262 | -1.2% |
| Plant, machinery and equipment | 23 | €75,740 | €57,961 | -€17,780 | -23.5% |
| Furniture and vehicles | 24 | €29,380 | €45,897 | +€16,517 | +56.2% |
| Current assets | 29/58 | €225,469 | €220,874 | -€4,595 | -2.0% |
| Stocks and contracts in progress | 3 | €47,249 | €54,917 | +€7,669 | +16.2% |
| Stocks | 30/36 | €47,249 | €54,917 | +€7,669 | +16.2% |
| Amounts receivable within one year | 40/41 | €88,328 | €83,152 | -€5,176 | -5.9% |
| Trade receivables | 40 | €88,328 | €83,152 | -€5,176 | -5.9% |
| Cash at bank and in hand | 54/58 | €86,463 | €77,940 | -€8,523 | -9.9% |
| Deferred charges and accrued income | 490/1 | €3,430 | €4,865 | +€1,435 | +41.8% |
| Total equity and liabilities | 10/49 | €402,611 | €388,754 | -€13,858 | -3.4% |
| Equity | 10/15 | €80,615 | €134,045 | +€53,430 | +66.3% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €35,615 | €89,045 | +€53,430 | +150% |
| Distributable reserves | 133 | €35,615 | €89,045 | +€53,430 | +150% |
| Amounts payable | 17/49 | €321,996 | €254,709 | -€67,287 | -20.9% |
| Amounts payable after more than one year | 17 | €166,728 | €100,566 | -€66,162 | -39.7% |
| Financial debts | 170/4 | €166,728 | €100,566 | -€66,162 | -39.7% |
| Amounts payable within one year | 42/48 | €150,810 | €150,540 | -€270 | -0.2% |
| Current portion of amounts payable after more than one year | 42 | €26,384 | €27,412 | +€1,028 | +3.9% |
| Trade debts | 44 | €46,679 | €39,989 | -€6,689 | -14.3% |
| Suppliers | 440/4 | €46,679 | €39,989 | -€6,689 | -14.3% |
| Taxes, remuneration and social security | 45 | €54,814 | €60,734 | +€5,920 | +10.8% |
| Taxes | 450/3 | €50,872 | €54,326 | +€3,454 | +6.8% |
| Remuneration and social security | 454/9 | €3,942 | €6,408 | +€2,466 | +62.6% |
| Other amounts payable | 47/48 | €22,933 | €22,404 | -€529 | -2.3% |
| Accrued charges and deferred income | 492/3 | €4,458 | €3,603 | -€855 | -19.2% |
| Remuneration, social security and pensions | 62 | €58,027 | €66,477 | +€8,449 | +14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,651 | €41,265 | +€11,615 | +39.2% |
| Other operating charges | 640/8 | €1,487 | €2,258 | +€771 | +51.8% |
| Non-recurring operating charges | 66A | €662 | €0 | -€662 | -100% |
| Gross operating margin | 9900 | €148,043 | €193,458 | +€45,414 | +30.7% |
| Operating profit (loss) | 9901 | €58,216 | €83,458 | +€25,241 | +43.4% |
| Financial income | 75/76B | €350 | €287 | -€63 | -17.9% |
| Recurring financial income | 75 | €350 | €287 | -€63 | -17.9% |
| Financial charges | 65/66B | €9,867 | €9,617 | -€250 | -2.5% |
| Recurring financial charges | 65 | €9,867 | €9,617 | -€250 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €48,699 | €74,128 | +€25,429 | +52.2% |
| Income taxes | 67/77 | €13,084 | €20,698 | +€7,614 | +58.2% |
| Profit (loss) for the period | 9904 | €35,615 | €53,430 | +€17,815 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,615 | €53,430 | +€17,815 | +50.0% |
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 26 October 2026 via checked.be.