VAN-DI: 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.
VAN-DI
Largest movements
- Tangible fixed assets -€47,520
down €47,520 (-12.2%), from €388,442 to €340,921
- Cash +€32,024
up €32,024 (+188%), from €17,044 to €49,067
mainly Depreciation (+€50,568) and Receivables within one year (+€24,239)
- Receivables within one year -€24,239
down €24,239 (-14.7%), from €165,025 to €140,786
of which Trade receivables: -€26,350
- Debts after one year -€28,732
down €28,732 (-63.6%), from €45,206 to €16,475
- Other debts -€22,683
down €22,683 (-14.9%), from €152,369 to €129,686
- Profit (loss) carried forward +€9,596
up €9,596 (+75.4%), from -€12,721 to -€3,125
- Staff costs +€14,841
up €14,841 (+843%), from €1,760 to €16,601
- Gross operating margin +€11,947
up €11,947 (+13.8%), from €86,543 to €98,490
- Depreciation +€3,742
up €3,742 (+8.0%), from €46,826 to €50,568
- Financial charges -€3,082
down €3,082 (-21.5%), from €14,359 to €11,276
- Other operating charges -€1,275
down €1,275 (-28.7%), from €4,437 to €3,162
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 | €576,327 | €536,279 | -€40,048 | -6.9% |
| Fixed assets | 21/28 | €388,442 | €340,921 | -€47,520 | -12.2% |
| Tangible fixed assets | 22/27 | €388,442 | €340,921 | -€47,520 | -12.2% |
| Land and buildings | 22 | €288,272 | €269,772 | -€18,500 | -6.4% |
| Plant, machinery and equipment | 23 | €34,290 | €29,202 | -€5,087 | -14.8% |
| Furniture and vehicles | 24 | €46,290 | €32,261 | -€14,029 | -30.3% |
| Leasing and similar rights | 25 | €19,591 | €9,687 | -€9,904 | -50.6% |
| Current assets | 29/58 | €187,885 | €195,357 | +€7,472 | +4.0% |
| Amounts receivable within one year | 40/41 | €165,025 | €140,786 | -€24,239 | -14.7% |
| Trade receivables | 40 | €157,608 | €131,257 | -€26,350 | -16.7% |
| Other amounts receivable | 41 | €7,417 | €9,529 | +€2,111 | +28.5% |
| Cash at bank and in hand | 54/58 | €17,044 | €49,067 | +€32,024 | +188% |
| Deferred charges and accrued income | 490/1 | €5,816 | €5,504 | -€312 | -5.4% |
| Total equity and liabilities | 10/49 | €576,327 | €536,279 | -€40,048 | -6.9% |
| Equity | 10/15 | €188,568 | €198,164 | +€9,596 | +5.1% |
| Contributions | 10/11 | €167,328 | €167,328 | = | 0.0% |
| Capital | 10 | €167,328 | €167,328 | = | 0.0% |
| Issued capital | 100 | €167,328 | €167,328 | = | 0.0% |
| Reserves | 13 | €33,961 | €33,961 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €32,101 | €32,101 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,721 | -€3,125 | +€9,596 | +75.4% |
| Amounts payable | 17/49 | €387,759 | €338,115 | -€49,644 | -12.8% |
| Amounts payable after more than one year | 17 | €45,206 | €16,475 | -€28,732 | -63.6% |
| Financial debts | 170/4 | €45,206 | €16,475 | -€28,732 | -63.6% |
| Amounts payable within one year | 42/48 | €342,553 | €321,640 | -€20,912 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €28,368 | €28,732 | +€364 | +1.3% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €8,239 | €6,726 | -€1,513 | -18.4% |
| Suppliers | 440/4 | €8,239 | €6,726 | -€1,513 | -18.4% |
| Taxes, remuneration and social security | 45 | €3,577 | €6,497 | +€2,920 | +81.6% |
| Taxes | 450/3 | €3,577 | €4,410 | +€833 | +23.3% |
| Remuneration and social security | 454/9 | - | €2,087 | +€2,087 | |
| Other amounts payable | 47/48 | €152,369 | €129,686 | -€22,683 | -14.9% |
| Non-recurring operating income | 76A | - | €35,215 | +€35,215 | |
| Remuneration, social security and pensions | 62 | €1,760 | €16,601 | +€14,841 | +843% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,826 | €50,568 | +€3,742 | +8.0% |
| Other operating charges | 640/8 | €4,437 | €3,162 | -€1,275 | -28.7% |
| Non-recurring operating charges | 66A | €11,424 | €3,000 | -€8,424 | -73.7% |
| Gross operating margin | 9900 | €86,543 | €98,490 | +€11,947 | +13.8% |
| Operating profit (loss) | 9901 | €22,097 | €25,159 | +€3,063 | +13.9% |
| Financial income | 75/76B | €896 | €104 | -€792 | -88.4% |
| Recurring financial income | 75 | €896 | €104 | -€792 | -88.4% |
| Financial charges | 65/66B | €14,359 | €11,276 | -€3,082 | -21.5% |
| Recurring financial charges | 65 | €14,359 | €11,276 | -€3,082 | -21.5% |
| Profit (loss) for the period before taxes | 9903 | €8,634 | €13,987 | +€5,353 | +62.0% |
| Income taxes | 67/77 | €3,558 | €4,391 | +€833 | +23.4% |
| Profit (loss) for the period | 9904 | €5,076 | €9,596 | +€4,520 | +89.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,076 | €9,596 | +€4,520 | +89.1% |
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 21 October 2026 via checked.be.