Vandabo: 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.
Vandabo
Largest movements
- Receivables within one year +€107,492
up €107,492 (+58.6%), from €183,398 to €290,890
of which Trade receivables: +€116,569
- Tangible fixed assets +€72,121
up €72,121 (+244%), from €29,536 to €101,656
of which Plant, machinery and equipment: +€66,842
- Cash -€41,915
down €41,915 (-54.0%), from €77,612 to €35,697
mainly Receivables within one year (-€107,492) and Investment in fixed assets (net) (-€96,356)
- Stocks and contracts -€10,046
down €10,046 (-25.2%), from €39,890 to €29,843
- Trade debts +€72,424
up €72,424 (+61.4%), from €118,050 to €190,474
- Other debts +€33,598
up €33,598 (+82.8%), from €40,570 to €74,168
- Reserves +€22,237
up €22,237 (+20.1%), from €110,691 to €132,928
- Advances received +€9,799
up €9,799 (+26.2%), from €37,371 to €47,170
- Tax, wage and social debts -€9,451
down €9,451 (-52.1%), from €18,135 to €8,684
- Depreciation +€11,742
up €11,742 (+93.0%), from €12,631 to €24,372
- Gross operating margin +€9,851
up €9,851 (+19.4%), from €50,875 to €60,725
- Financial charges +€1,410
up €1,410 (+38.0%), from €3,709 to €5,119
- Other operating charges +€828
up €828 (+50.8%), from €1,630 to €2,457
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 | €337,233 | €465,841 | +€128,608 | +38.1% |
| Fixed assets | 21/28 | €31,036 | €103,019 | +€71,984 | +232% |
| Intangible fixed assets | 21 | €1,500 | €1,000 | -€500 | -33.3% |
| Tangible fixed assets | 22/27 | €29,536 | €101,656 | +€72,121 | +244% |
| Plant, machinery and equipment | 23 | €16,759 | €83,601 | +€66,842 | +399% |
| Furniture and vehicles | 24 | €12,777 | €18,056 | +€5,279 | +41.3% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | - | €363 | +€363 | |
| Current assets | 29/58 | €306,197 | €362,821 | +€56,624 | +18.5% |
| Stocks and contracts in progress | 3 | €39,890 | €29,843 | -€10,046 | -25.2% |
| Stocks | 30/36 | €39,890 | €29,843 | -€10,046 | -25.2% |
| Amounts receivable within one year | 40/41 | €183,398 | €290,890 | +€107,492 | +58.6% |
| Trade receivables | 40 | €174,320 | €290,890 | +€116,569 | +66.9% |
| Other amounts receivable | 41 | €9,078 | €0 | -€9,078 | -100% |
| Cash at bank and in hand | 54/58 | €77,612 | €35,697 | -€41,915 | -54.0% |
| Deferred charges and accrued income | 490/1 | €5,299 | €6,392 | +€1,093 | +20.6% |
| Total equity and liabilities | 10/49 | €337,233 | €465,841 | +€128,608 | +38.1% |
| Equity | 10/15 | €123,091 | €145,328 | +€22,237 | +18.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €110,691 | €132,928 | +€22,237 | +20.1% |
| Distributable reserves | 133 | €110,691 | €132,928 | +€22,237 | +20.1% |
| Amounts payable | 17/49 | €214,142 | €320,512 | +€106,370 | +49.7% |
| Amounts payable within one year | 42/48 | €214,126 | €320,496 | +€106,370 | +49.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €118,050 | €190,474 | +€72,424 | +61.4% |
| Suppliers | 440/4 | €118,050 | €190,474 | +€72,424 | +61.4% |
| Advances received on contracts in progress | 46 | €37,371 | €47,170 | +€9,799 | +26.2% |
| Taxes, remuneration and social security | 45 | €18,135 | €8,684 | -€9,451 | -52.1% |
| Taxes | 450/3 | €18,135 | €8,684 | -€9,451 | -52.1% |
| Other amounts payable | 47/48 | €40,570 | €74,168 | +€33,598 | +82.8% |
| Accrued charges and deferred income | 492/3 | €16 | €16 | +€0 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,631 | €24,372 | +€11,742 | +93.0% |
| Other operating charges | 640/8 | €1,630 | €2,457 | +€828 | +50.8% |
| Non-recurring operating charges | 66A | €3,740 | €0 | -€3,740 | -100% |
| Gross operating margin | 9900 | €50,875 | €60,725 | +€9,851 | +19.4% |
| Operating profit (loss) | 9901 | €32,874 | €33,896 | +€1,021 | +3.1% |
| Financial income | 75/76B | €21 | €270 | +€249 | +1,171% |
| Recurring financial income | 75 | €21 | €270 | +€249 | +1,171% |
| Financial charges | 65/66B | €3,709 | €5,119 | +€1,410 | +38.0% |
| Recurring financial charges | 65 | €3,709 | €5,119 | +€1,410 | +38.0% |
| Profit (loss) for the period before taxes | 9903 | €29,187 | €29,047 | -€140 | -0.5% |
| Income taxes | 67/77 | €6,641 | €6,810 | +€169 | +2.5% |
| Profit (loss) for the period | 9904 | €22,546 | €22,237 | -€309 | -1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,546 | €22,237 | -€309 | -1.4% |
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 13 October 2026 via checked.be.