VANDACO: 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.
VANDACO
Largest movements
- Receivables within one year +€179,224
up €179,224 (+24.1%), from €744,780 to €924,003
of which Trade receivables: +€154,599
- Tangible fixed assets +€59,458
up €59,458 (+28.6%), from €208,036 to €267,494
of which Leasing and similar rights: +€112,773
- Cash -€23,459
down €23,459 (-32.1%), from €73,110 to €49,651
mainly Receivables within one year (-€179,224) and Investment in fixed assets (net) (-€118,789)
- Trade debts +€69,058
up €69,058 (+10.4%), from €662,640 to €731,698
- Debts after one year +€62,234
up €62,234 (+193.3%), from €32,200 to €94,434
- Reserves +€50,493
up €50,493 (+10.3%), from €489,623 to €540,117
of which Distributable reserves: +€50,493
- Advances received +€40,736
new in 2025: €40,736
- Gross operating margin +€105,674
up €105,674 (+17.5%), from €603,888 to €709,562
- Staff costs +€45,417
up €45,417 (+8.8%), from €513,304 to €558,721
- Taxes +€13,605
up €13,605 (+260.0%), from €5,232 to €18,838
- Financial charges +€8,163
up €8,163 (+42.9%), from €19,022 to €27,184
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 | €1,679,321 | €1,903,953 | +€224,632 | +13.4% |
| Fixed assets | 21/28 | €219,296 | €278,754 | +€59,458 | +27.1% |
| Tangible fixed assets | 22/27 | €208,036 | €267,494 | +€59,458 | +28.6% |
| Land and buildings | 22 | €30,951 | €29,772 | -€1,180 | -3.8% |
| Plant, machinery and equipment | 23 | €110,787 | €63,087 | -€47,700 | -43.1% |
| Furniture and vehicles | 24 | €4,755 | €3,519 | -€1,235 | -26.0% |
| Leasing and similar rights | 25 | €36,731 | €149,505 | +€112,773 | +307.0% |
| Other tangible fixed assets | 26 | €24,811 | €21,611 | -€3,200 | -12.9% |
| Financial fixed assets | 28 | €11,260 | €11,260 | = | 0.0% |
| Current assets | 29/58 | €1,460,025 | €1,625,199 | +€165,174 | +11.3% |
| Amounts receivable after more than one year | 29 | €340,000 | €340,000 | = | 0.0% |
| Other amounts receivable | 291 | €340,000 | €340,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €296,688 | €307,629 | +€10,942 | +3.7% |
| Stocks | 30/36 | €296,688 | €307,629 | +€10,942 | +3.7% |
| Amounts receivable within one year | 40/41 | €744,780 | €924,003 | +€179,224 | +24.1% |
| Trade receivables | 40 | €431,041 | €585,640 | +€154,599 | +35.9% |
| Other amounts receivable | 41 | €313,739 | €338,364 | +€24,625 | +7.8% |
| Cash at bank and in hand | 54/58 | €73,110 | €49,651 | -€23,459 | -32.1% |
| Deferred charges and accrued income | 490/1 | €5,448 | €3,915 | -€1,533 | -28.1% |
| Total equity and liabilities | 10/49 | €1,679,321 | €1,903,953 | +€224,632 | +13.4% |
| Equity | 10/15 | €551,123 | €601,617 | +€50,493 | +9.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €489,623 | €540,117 | +€50,493 | +10.3% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €483,473 | €533,967 | +€50,493 | +10.4% |
| Amounts payable | 17/49 | €1,128,198 | €1,302,337 | +€174,139 | +15.4% |
| Amounts payable after more than one year | 17 | €32,200 | €94,434 | +€62,234 | +193.3% |
| Financial debts | 170/4 | €32,200 | €94,434 | +€62,234 | +193.3% |
| Amounts payable within one year | 42/48 | €1,095,998 | €1,207,903 | +€111,904 | +10.2% |
| Current portion of amounts payable after more than one year | 42 | €26,767 | €37,864 | +€11,097 | +41.5% |
| Financial debts | 43 | €260,181 | €267,453 | +€7,272 | +2.8% |
| Credit institutions | 430/8 | €260,181 | €267,453 | +€7,272 | +2.8% |
| Trade debts | 44 | €662,640 | €731,698 | +€69,058 | +10.4% |
| Suppliers | 440/4 | €662,640 | €731,698 | +€69,058 | +10.4% |
| Advances received on contracts in progress | 46 | - | €40,736 | +€40,736 | |
| Taxes, remuneration and social security | 45 | €143,936 | €129,677 | -€14,259 | -9.9% |
| Taxes | 450/3 | €73,655 | €37,162 | -€36,493 | -49.5% |
| Remuneration and social security | 454/9 | €70,281 | €92,515 | +€22,234 | +31.6% |
| Other amounts payable | 47/48 | €2,475 | €475 | -€2,000 | -80.8% |
| Remuneration, social security and pensions | 62 | €513,304 | €558,721 | +€45,417 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,895 | €59,330 | +€5,435 | +10.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,450 | €0 | -€2,450 | -100.0% |
| Other operating charges | 640/8 | €6,525 | €8,240 | +€1,715 | +26.3% |
| Gross operating margin | 9900 | €603,888 | €709,562 | +€105,674 | +17.5% |
| Operating profit (loss) | 9901 | €27,713 | €83,270 | +€55,557 | +200.5% |
| Financial income | 75/76B | €10,459 | €13,245 | +€2,786 | +26.6% |
| Recurring financial income | 75 | €10,459 | €13,245 | +€2,786 | +26.6% |
| Financial charges | 65/66B | €19,022 | €27,184 | +€8,163 | +42.9% |
| Recurring financial charges | 65 | €19,022 | €27,184 | +€8,163 | +42.9% |
| Profit (loss) for the period before taxes | 9903 | €19,150 | €69,331 | +€50,181 | +262.0% |
| Income taxes | 67/77 | €5,232 | €18,838 | +€13,605 | +260.0% |
| Profit (loss) for the period | 9904 | €13,918 | €50,493 | +€36,575 | +262.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,918 | €50,493 | +€36,575 | +262.8% |
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 1 October 2026 via checked.be.