VAANDA: what changed
Two fiscal 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.
VAANDA
Largest movements
- Cash +€62,990
up €62,990 (+87.9%), from €71,692 to €134,682
mainly Net result for the year (+€150,474) and Depreciation (+€31,922)
- Current investments +€55,358
up €55,358 (+44.3%), from €125,000 to €180,358
- Tangible fixed assets -€27,272
down €27,272 (-6.1%), from €449,186 to €421,915
of which Land and buildings: -€18,405
- Receivables within one year +€8,164
new in 2025: €8,164
- Reserves +€136,248
up €136,248 (+28.8%), from €472,685 to €608,933
- Debts after one year -€23,169
down €23,169 (-19.5%), from €118,974 to €95,805
- Current portion of long-term debt -€13,935
down €13,935 (-37.6%), from €37,103 to €23,169
- Gross operating margin +€27,118
up €27,118 (+12.0%), from €225,467 to €252,585
- Taxes +€8,990
up €8,990 (+16.3%), from €55,178 to €64,168
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.
Cash bridge derived
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 | €648,250 | €749,690 | +€101,440 | +15.6% |
| Fixed assets | 21/28 | €449,786 | €422,515 | -€27,272 | -6.1% |
| Tangible fixed assets | 22/27 | €449,186 | €421,915 | -€27,272 | -6.1% |
| Land and buildings | 22 | €411,048 | €392,643 | -€18,405 | -4.5% |
| Plant, machinery and equipment | 23 | €1,384 | €918 | -€466 | -33.7% |
| Furniture and vehicles | 24 | €36,755 | €28,354 | -€8,401 | -22.9% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €198,464 | €327,176 | +€128,712 | +64.9% |
| Amounts receivable within one year | 40/41 | - | €8,164 | +€8,164 | |
| Other amounts receivable | 41 | - | €8,164 | +€8,164 | |
| Current investments | 50/53 | €125,000 | €180,358 | +€55,358 | +44.3% |
| Cash at bank and in hand | 54/58 | €71,692 | €134,682 | +€62,990 | +87.9% |
| Deferred charges and accrued income | 490/1 | €1,772 | €3,972 | +€2,200 | +124.1% |
| Total equity and liabilities | 10/49 | €648,250 | €749,690 | +€101,440 | +15.6% |
| Equity | 10/15 | €491,277 | €627,525 | +€136,248 | +27.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €472,685 | €608,933 | +€136,248 | +28.8% |
| Distributable reserves | 133 | €472,685 | €608,933 | +€136,248 | +28.8% |
| Amounts payable | 17/49 | €156,973 | €122,165 | -€34,808 | -22.2% |
| Amounts payable after more than one year | 17 | €118,974 | €95,805 | -€23,169 | -19.5% |
| Financial debts | 170/4 | €118,974 | €95,805 | -€23,169 | -19.5% |
| Amounts payable within one year | 42/48 | €37,999 | €26,360 | -€11,639 | -30.6% |
| Current portion of amounts payable after more than one year | 42 | €37,103 | €23,169 | -€13,935 | -37.6% |
| Trade debts | 44 | €718 | €1,688 | +€971 | +135.3% |
| Suppliers | 440/4 | €718 | €1,688 | +€971 | +135.3% |
| Taxes, remuneration and social security | 45 | €178 | €1,503 | +€1,325 | +745.1% |
| Taxes | 450/3 | €178 | €1,503 | +€1,325 | +745.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,404 | €31,922 | -€483 | -1.5% |
| Other operating charges | 640/8 | €4,765 | €4,911 | +€146 | +3.1% |
| Gross operating margin | 9900 | €225,467 | €252,585 | +€27,118 | +12.0% |
| Operating profit (loss) | 9901 | €188,298 | €215,752 | +€27,454 | +14.6% |
| Financial income | 75/76B | €1,834 | €2,751 | +€917 | +50.0% |
| Recurring financial income | 75 | €1,834 | €2,751 | +€917 | +50.0% |
| Financial charges | 65/66B | €4,098 | €3,862 | -€237 | -5.8% |
| Recurring financial charges | 65 | €4,098 | €3,862 | -€237 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €186,034 | €214,642 | +€28,608 | +15.4% |
| Income taxes | 67/77 | €55,178 | €64,168 | +€8,990 | +16.3% |
| Profit (loss) for the period | 9904 | €130,856 | €150,474 | +€19,618 | +15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €130,856 | €150,474 | +€19,618 | +15.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.