VAC DE MEANDER: 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.
What changed
VAC DE MEANDER
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4.2m
2024 · €3.9m+€327,138
Equity
€18.0m
2024 · €17.3m+€688,424
Cash
€214,864
2024 · €4.0m-€3.8m
Balance sheet total
€116.4m
2024 · €121.9m-€5.5m
Largest movements
Assets
- Cash -€3.8m
down €3.8m (-94.7%), from €4.0m to €214,864
mainly Debts after one year (-€6.0m) and Contributions, distributions and other (-€3.5m)
- Tangible fixed assets -€3.3m
down €3.3m (-2.8%), from €117.7m to €114.4m
- Current investments +€1.6m
new in 2025: €1.6m
Equity and liabilities
- Debts after one year -€6.0m
down €6.0m (-6.3%), from €95.9m to €89.9m
Income statement
- Other operating income +€388,695
up €388,695 (+11.9%), from €3.3m to €3.6m
- Other operating charges +€374,504
up €374,504 (+11.7%), from €3.2m to €3.6m
- Turnover +€347,274
up €347,274 (+3.1%), from €11.4m to €11.7m
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.
Result 2024
€3.9m
Turnover
+€347,274
Other operating income
+€388,695
Services and other goods
+€61,237
Other operating charges
-€374,504
Financial income
-€39,835
Financial charges
+€59,928
Taxes
-€115,656
Result 2025
€4.2m
raises the resultlowers the result
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.
From operations
+€7.3m
Investment
-€1.6m
Financing
-€9.5m
Cash 2024
€4.0m
From operations (derived)
+€7.3m
Net result for the year
+€4.2m
Depreciation
+€3.3m
Receivables within one year
-€33,334
Smaller working-capital items
-€8,734
Other debts
-€238,293
Accrued charges and deferred income
+€44,186
Investment (derived)
-€1.6m
Current investments
-€1.6m
Financing
-€9.5m
Debts after one year
-€6.0m
Contributions, distributions and other
-€3.5m
Cash 2025
€214,864
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €121,930,204 | €116,416,228 | -€5.5m | -4.5% |
| Fixed assets | 21/28 | €117,735,359 | €114,398,260 | -€3.3m | -2.8% |
| Tangible fixed assets | 22/27 | €117,735,359 | €114,398,260 | -€3.3m | -2.8% |
| Land and buildings | 22 | €117,735,359 | €114,398,260 | -€3.3m | -2.8% |
| Current assets | 29/58 | €4,194,846 | €2,017,968 | -€2.2m | -51.9% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €118,081 | €151,414 | +€33,334 | +28.2% |
| Trade receivables | 40 | - | €36,300 | +€36,300 | |
| Other amounts receivable | 41 | €118,081 | €115,114 | -€2,966 | -2.5% |
| Current investments | 50/53 | - | €1,600,000 | +€1.6m | |
| Other investments | 51/53 | - | €1,600,000 | +€1.6m | |
| Cash at bank and in hand | 54/58 | €4,025,515 | €214,864 | -€3.8m | -94.7% |
| Deferred charges and accrued income | 490/1 | €51,250 | €51,690 | +€440 | +0.9% |
| Total equity and liabilities | 10/49 | €121,930,204 | €116,416,228 | -€5.5m | -4.5% |
| Equity | 10/15 | €17,310,648 | €17,999,073 | +€688,424 | +4.0% |
| Contributions | 10/11 | €15,070,562 | €15,070,562 | = | 0.0% |
| Capital | 10 | €4,000,000 | €4,000,000 | = | 0.0% |
| Issued capital | 100 | €4,000,000 | €4,000,000 | = | 0.0% |
| Contributions outside capital | 11 | €11,070,562 | €11,070,562 | = | 0.0% |
| Share premium | 1100/10 | €11,070,562 | €11,070,562 | = | 0.0% |
| Reserves | 13 | €400,000 | €400,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €400,000 | €400,000 | = | 0.0% |
| Legal reserve | 130 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,840,086 | €2,528,511 | +€688,424 | +37.4% |
| Amounts payable | 17/49 | €104,619,556 | €98,417,155 | -€6.2m | -5.9% |
| Amounts payable after more than one year | 17 | €95,908,062 | €89,908,062 | -€6.0m | -6.3% |
| Financial debts | 170/4 | €95,908,062 | €89,908,062 | -€6.0m | -6.3% |
| Other loans | 174 | €95,908,062 | €89,908,062 | -€6.0m | -6.3% |
| Amounts payable within one year | 42/48 | €5,544,056 | €5,297,469 | -€246,587 | -4.4% |
| Trade debts | 44 | €9,794 | €1,500 | -€8,294 | -84.7% |
| Suppliers | 440/4 | €9,794 | €1,500 | -€8,294 | -84.7% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €5,534,263 | €5,295,969 | -€238,293 | -4.3% |
| Accrued charges and deferred income | 492/3 | €3,167,438 | €3,211,624 | +€44,186 | +1.4% |
| Operating income | 70/76A | €14,635,163 | €15,371,132 | +€735,969 | +5.0% |
| Turnover | 70 | €11,382,235 | €11,729,508 | +€347,274 | +3.1% |
| Other operating income | 74 | €3,252,929 | €3,641,624 | +€388,695 | +11.9% |
| Operating charges | 60/66A | €7,020,289 | €7,333,556 | +€313,267 | +4.5% |
| Services and other goods | 61 | €479,636 | €418,400 | -€61,237 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,337,099 | €3,337,099 | = | 0.0% |
| Other operating charges | 640/8 | €3,203,554 | €3,578,057 | +€374,504 | +11.7% |
| Operating profit (loss) | 9901 | €7,614,874 | €8,037,576 | +€422,702 | +5.6% |
| Financial income | 75/76B | €139,045 | €99,210 | -€39,835 | -28.6% |
| Recurring financial income | 75 | €139,045 | €99,210 | -€39,835 | -28.6% |
| Income from current assets | 751 | €139,045 | €99,210 | -€39,835 | -28.6% |
| Financial charges | 65/66B | €2,442,507 | €2,382,579 | -€59,928 | -2.5% |
| Recurring financial charges | 65 | €2,442,507 | €2,382,579 | -€59,928 | -2.5% |
| Debt charges | 650 | €2,442,453 | €2,382,374 | -€60,079 | -2.5% |
| Other financial charges | 652/9 | €55 | €205 | +€151 | +276% |
| Profit (loss) for the period before taxes | 9903 | €5,311,412 | €5,754,207 | +€442,795 | +8.3% |
| Income taxes | 67/77 | €1,450,126 | €1,565,782 | +€115,656 | +8.0% |
| Taxes | 670/3 | €1,450,126 | €1,565,782 | +€115,656 | +8.0% |
| Profit (loss) for the period | 9904 | €3,861,286 | €4,188,424 | +€327,138 | +8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €3,861,286 | €4,188,424 | +€327,138 | +8.5% |
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.