The Vandal: 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.
The Vandal
Largest movements
- Stocks and contracts +€28,445
up €28,445 (+25.5%), from €111,524 to €139,969
- Tangible fixed assets -€16,456
down €16,456 (-38.2%), from €43,105 to €26,650
of which Leasing and similar rights: -€13,178
- Deferred charges and accrued income -€15,087
down €15,087 (-83.5%), from €18,071 to €2,984
- Cash +€12,919
up €12,919 (+16.5%), from €78,211 to €91,131
mainly Depreciation (+€19,647) and Tax, wage and social debts (+€16,472)
- Intangible fixed assets +€9,050
up €9,050 (+247%), from €3,662 to €12,712
- Tax, wage and social debts +€16,472
up €16,472 (+48.5%), from €33,996 to €50,467
of which Taxes: +€8,994
- Debts after one year -€11,456
down €11,456 (-64.9%), from €17,658 to €6,202
- Reserves +€5,460
up €5,460 (+3.2%), from €168,590 to €174,049
- Trade debts +€3,814
up €3,814 (+7.8%), from €48,883 to €52,697
- Gross operating margin +€31,098
up €31,098 (+30.4%), from €102,348 to €133,447
- Staff costs +€26,706
up €26,706 (+36.7%), from €72,866 to €99,572
- Depreciation +€2,220
up €2,220 (+12.7%), from €17,428 to €19,647
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 | €336,503 | €350,197 | +€13,694 | +4.1% |
| Fixed assets | 21/28 | €46,767 | €39,362 | -€7,406 | -15.8% |
| Intangible fixed assets | 21 | €3,662 | €12,712 | +€9,050 | +247% |
| Tangible fixed assets | 22/27 | €43,105 | €26,650 | -€16,456 | -38.2% |
| Plant, machinery and equipment | 23 | €2,768 | €1,937 | -€831 | -30.0% |
| Furniture and vehicles | 24 | €9,720 | €7,285 | -€2,435 | -25.1% |
| Leasing and similar rights | 25 | €30,606 | €17,427 | -€13,178 | -43.1% |
| Other tangible fixed assets | 26 | €11 | €0 | -€11 | -100% |
| Current assets | 29/58 | €289,736 | €310,835 | +€21,099 | +7.3% |
| Stocks and contracts in progress | 3 | €111,524 | €139,969 | +€28,445 | +25.5% |
| Stocks | 30/36 | €111,524 | €139,969 | +€28,445 | +25.5% |
| Amounts receivable within one year | 40/41 | €81,929 | €76,751 | -€5,178 | -6.3% |
| Trade receivables | 40 | €73,459 | €64,374 | -€9,085 | -12.4% |
| Other amounts receivable | 41 | €8,471 | €12,377 | +€3,907 | +46.1% |
| Cash at bank and in hand | 54/58 | €78,211 | €91,131 | +€12,919 | +16.5% |
| Deferred charges and accrued income | 490/1 | €18,071 | €2,984 | -€15,087 | -83.5% |
| Total equity and liabilities | 10/49 | €336,503 | €350,197 | +€13,694 | +4.1% |
| Equity | 10/15 | €180,990 | €186,449 | +€5,460 | +3.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €168,590 | €174,049 | +€5,460 | +3.2% |
| Distributable reserves | 133 | €168,590 | €174,049 | +€5,460 | +3.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €155,514 | €163,748 | +€8,234 | +5.3% |
| Amounts payable after more than one year | 17 | €17,658 | €6,202 | -€11,456 | -64.9% |
| Financial debts | 170/4 | €17,658 | €6,202 | -€11,456 | -64.9% |
| Amounts payable within one year | 42/48 | €137,856 | €157,546 | +€19,690 | +14.3% |
| Current portion of amounts payable after more than one year | 42 | €10,070 | €11,456 | +€1,386 | +13.8% |
| Trade debts | 44 | €48,883 | €52,697 | +€3,814 | +7.8% |
| Suppliers | 440/4 | €48,883 | €52,697 | +€3,814 | +7.8% |
| Taxes, remuneration and social security | 45 | €33,996 | €50,467 | +€16,472 | +48.5% |
| Taxes | 450/3 | €17,455 | €26,449 | +€8,994 | +51.5% |
| Remuneration and social security | 454/9 | €16,541 | €24,019 | +€7,478 | +45.2% |
| Other amounts payable | 47/48 | €44,908 | €42,926 | -€1,982 | -4.4% |
| Remuneration, social security and pensions | 62 | €72,866 | €99,572 | +€26,706 | +36.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,428 | €19,647 | +€2,220 | +12.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€650 | €0 | +€650 | |
| Other operating charges | 640/8 | €1,315 | €2,340 | +€1,025 | +78.0% |
| Gross operating margin | 9900 | €102,348 | €133,447 | +€31,098 | +30.4% |
| Operating profit (loss) | 9901 | €11,390 | €11,888 | +€498 | +4.4% |
| Financial income | 75/76B | €413 | €151 | -€263 | -63.5% |
| Recurring financial income | 75 | €413 | €151 | -€263 | -63.5% |
| Financial charges | 65/66B | €3,533 | €3,606 | +€73 | +2.1% |
| Recurring financial charges | 65 | €3,533 | €3,606 | +€73 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | €8,271 | €8,433 | +€163 | +2.0% |
| Income taxes | 67/77 | €2,316 | €2,973 | +€658 | +28.4% |
| Profit (loss) for the period | 9904 | €5,955 | €5,460 | -€495 | -8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,955 | €5,460 | -€495 | -8.3% |
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 22 October 2026 via checked.be.