VANDAEL: 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.
VANDAEL
Largest movements
- Cash +€36,530
up €36,530 (+142%), from €25,739 to €62,269
mainly Receivables within one year (+€19,420) and Net result for the year (+€13,961)
- Receivables within one year -€19,420
down €19,420 (-61.1%), from €31,773 to €12,353
of which Other amounts receivable: -€18,921
- Tangible fixed assets -€13,376
down €13,376 (-13.8%), from €97,262 to €83,886
of which Furniture and vehicles: -€7,070
- Current investments +€10,514
up €10,514 (+22.3%), from €47,138 to €57,652
- Reserves +€13,961
up €13,961 (+10.1%), from €137,914 to €151,875
- Other debts -€3,000
down €3,000 (-7.3%), from €41,103 to €38,103
- Financial charges -€36,503
down €36,503 (-89.4%), from €40,825 to €4,322
- Financial income -€26,277
down €26,277 (-95.9%), from €27,413 to €1,136
- Depreciation +€2,910
up €2,910 (+27.8%), from €10,466 to €13,376
- Gross operating margin -€2,640
down €2,640 (-6.2%), from €42,672 to €40,033
- Staff costs +€1,333
up €1,333, from -€1,333 to €0
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 | €205,076 | €218,342 | +€13,265 | +6.5% |
| Fixed assets | 21/28 | €97,262 | €83,886 | -€13,376 | -13.8% |
| Tangible fixed assets | 22/27 | €97,262 | €83,886 | -€13,376 | -13.8% |
| Land and buildings | 22 | €28,508 | €28,508 | = | 0.0% |
| Plant, machinery and equipment | 23 | €38,417 | €32,111 | -€6,306 | -16.4% |
| Furniture and vehicles | 24 | €30,338 | €23,267 | -€7,070 | -23.3% |
| Current assets | 29/58 | €107,814 | €134,456 | +€26,642 | +24.7% |
| Stocks and contracts in progress | 3 | €2,350 | €1,450 | -€900 | -38.3% |
| Stocks | 30/36 | €2,350 | €1,450 | -€900 | -38.3% |
| Amounts receivable within one year | 40/41 | €31,773 | €12,353 | -€19,420 | -61.1% |
| Trade receivables | 40 | €12,852 | €12,353 | -€499 | -3.9% |
| Other amounts receivable | 41 | €18,921 | €0 | -€18,921 | -100% |
| Current investments | 50/53 | €47,138 | €57,652 | +€10,514 | +22.3% |
| Cash at bank and in hand | 54/58 | €25,739 | €62,269 | +€36,530 | +142% |
| Deferred charges and accrued income | 490/1 | €815 | €733 | -€82 | -10.1% |
| Total equity and liabilities | 10/49 | €205,076 | €218,342 | +€13,265 | +6.5% |
| Equity | 10/15 | €157,914 | €171,875 | +€13,961 | +8.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €137,914 | €151,875 | +€13,961 | +10.1% |
| Distributable reserves | 133 | €137,914 | €151,875 | +€13,961 | +10.1% |
| Amounts payable | 17/49 | €47,163 | €46,467 | -€696 | -1.5% |
| Amounts payable after more than one year | 17 | €1,400 | €1,500 | +€100 | +7.1% |
| Other amounts payable | 178/9 | €1,400 | €1,500 | +€100 | +7.1% |
| Amounts payable within one year | 42/48 | €45,063 | €42,163 | -€2,900 | -6.4% |
| Trade debts | 44 | €1,224 | €2,171 | +€947 | +77.4% |
| Suppliers | 440/4 | €1,224 | €2,171 | +€947 | +77.4% |
| Taxes, remuneration and social security | 45 | €2,736 | €1,889 | -€847 | -31.0% |
| Taxes | 450/3 | €2,736 | €1,889 | -€847 | -31.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €41,103 | €38,103 | -€3,000 | -7.3% |
| Accrued charges and deferred income | 492/3 | €700 | €2,804 | +€2,104 | +301% |
| Non-recurring operating income | 76A | €500 | €0 | -€500 | -100% |
| Remuneration, social security and pensions | 62 | -€1,333 | €0 | +€1,333 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,466 | €13,376 | +€2,910 | +27.8% |
| Other operating charges | 640/8 | €2,536 | €2,222 | -€315 | -12.4% |
| Gross operating margin | 9900 | €42,672 | €40,033 | -€2,640 | -6.2% |
| Operating profit (loss) | 9901 | €31,003 | €24,434 | -€6,568 | -21.2% |
| Financial income | 75/76B | €27,413 | €1,136 | -€26,277 | -95.9% |
| Recurring financial income | 75 | €27,413 | €1,136 | -€26,277 | -95.9% |
| Financial charges | 65/66B | €40,825 | €4,322 | -€36,503 | -89.4% |
| Recurring financial charges | 65 | €40,825 | €4,322 | -€36,503 | -89.4% |
| Profit (loss) for the period before taxes | 9903 | €17,591 | €21,249 | +€3,658 | +20.8% |
| Income taxes | 67/77 | €6,066 | €7,288 | +€1,222 | +20.1% |
| Profit (loss) for the period | 9904 | €11,525 | €13,961 | +€2,436 | +21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €11,525 | €13,961 | +€2,436 | +21.1% |
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 14 October 2026 via checked.be.