VANDAAN: 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.
VANDAAN
Largest movements
- Tangible fixed assets +€289,880
up €289,880 (+64.8%), from €447,186 to €737,066
of which Land and buildings: +€290,898
- Receivables within one year -€17,667
down €17,667 (-92.2%), from €19,168 to €1,502
of which Trade receivables: -€18,172
- Debts after one year +€262,799
up €262,799 (+93.9%), from €279,734 to €542,533
- Current portion of long-term debt +€20,329
up €20,329 (+90.7%), from €22,414 to €42,743
- Tax, wage and social debts -€8,782
down €8,782 (-33.3%), from €26,385 to €17,603
- Other debts +€8,194
up €8,194 (+22.9%), from €35,763 to €43,957
- Depreciation +€49,736
up €49,736 (+406.7%), from €12,230 to €61,967
- Gross operating margin -€37,741
down €37,741 (-36.3%), from €103,864 to €66,122
- Taxes -€13,358
no longer reported in 2025 (was €13,358)
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 | €468,780 | €742,671 | +€273,892 | +58.4% |
| Fixed assets | 21/28 | €447,186 | €737,066 | +€289,880 | +64.8% |
| Tangible fixed assets | 22/27 | €447,186 | €737,066 | +€289,880 | +64.8% |
| Land and buildings | 22 | €437,117 | €728,015 | +€290,898 | +66.5% |
| Furniture and vehicles | 24 | €10,069 | €9,051 | -€1,018 | -10.1% |
| Current assets | 29/58 | €21,594 | €5,606 | -€15,988 | -74.0% |
| Amounts receivable within one year | 40/41 | €19,168 | €1,502 | -€17,667 | -92.2% |
| Trade receivables | 40 | €19,150 | €978 | -€18,172 | -94.9% |
| Other amounts receivable | 41 | €18 | €524 | +€505 | +2734.1% |
| Cash at bank and in hand | 54/58 | €2,425 | €4,104 | +€1,678 | +69.2% |
| Total equity and liabilities | 10/49 | €468,780 | €742,671 | +€273,892 | +58.4% |
| Equity | 10/15 | €101,050 | €94,625 | -€6,425 | -6.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €98,050 | €91,625 | -€6,425 | -6.6% |
| Distributable reserves | 133 | €98,050 | €91,625 | -€6,425 | -6.6% |
| Amounts payable | 17/49 | €367,730 | €648,047 | +€280,317 | +76.2% |
| Amounts payable after more than one year | 17 | €279,734 | €542,533 | +€262,799 | +93.9% |
| Financial debts | 170/4 | €279,734 | €542,533 | +€262,799 | +93.9% |
| Amounts payable within one year | 42/48 | €87,996 | €105,514 | +€17,518 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €22,414 | €42,743 | +€20,329 | +90.7% |
| Trade debts | 44 | €3,434 | €1,211 | -€2,223 | -64.7% |
| Suppliers | 440/4 | €3,434 | €1,211 | -€2,223 | -64.7% |
| Taxes, remuneration and social security | 45 | €26,385 | €17,603 | -€8,782 | -33.3% |
| Taxes | 450/3 | €26,385 | €17,603 | -€8,782 | -33.3% |
| Other amounts payable | 47/48 | €35,763 | €43,957 | +€8,194 | +22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,230 | €61,967 | +€49,736 | +406.7% |
| Other operating charges | 640/8 | €2,202 | €2,675 | +€472 | +21.4% |
| Gross operating margin | 9900 | €103,864 | €66,122 | -€37,741 | -36.3% |
| Operating profit (loss) | 9901 | €89,431 | €1,481 | -€87,950 | -98.3% |
| Financial charges | 65/66B | €8,246 | €7,906 | -€339 | -4.1% |
| Recurring financial charges | 65 | €8,246 | €7,906 | -€339 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €81,186 | -€6,425 | -€87,611 | |
| Income taxes | 67/77 | €13,358 | - | -€13,358 | |
| Profit (loss) for the period | 9904 | €67,828 | -€6,425 | -€74,253 | |
| Profit (loss) for the period to be appropriated | 9905 | €67,828 | -€6,425 | -€74,253 |
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 10 October 2026 via checked.be.