VANDAEL SECURITY: 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.
VANDAEL SECURITY
Largest movements
- Current investments +€28,222
up €28,222 (+46.7%), from €60,481 to €88,704
- Receivables within one year -€5,128
down €5,128 (-38.1%), from €13,466 to €8,338
of which Other amounts receivable: -€5,741
- Tangible fixed assets -€2,739
down €2,739 (-94.5%), from €2,899 to €160
of which Leasing and similar rights: -€2,465
- Cash +€2,664
up €2,664 (+4.2%), from €63,535 to €66,199
mainly Net result for the year (+€34,500) and Tax, wage and social debts (+€8,128)
- Reserves +€32,900
up €32,900 (+31.0%), from €106,196 to €139,096
- Current portion of long-term debt -€14,504
no longer reported in 2025 (was €14,504)
- Tax, wage and social debts +€8,128
up €8,128 (+1693.4%), from €480 to €8,608
- Trade debts -€2,237
down €2,237 (-63.6%), from €3,514 to €1,278
- Financial income +€15,147
up €15,147 (+96.1%), from €15,754 to €30,901
of which Non-recurring financial income: +€12,734
- Depreciation -€9,172
down €9,172 (-77.0%), from €11,911 to €2,739
- Taxes +€8,408
up €8,408 (+107.1%), from €7,850 to €16,258
- Gross operating margin +€1,264
up €1,264 (+5.6%), from €22,472 to €23,736
- Financial charges -€274
down €274 (-36.7%), from €748 to €474
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 | €145,320 | €169,722 | +€24,403 | +16.8% |
| Fixed assets | 21/28 | €2,899 | €160 | -€2,739 | -94.5% |
| Tangible fixed assets | 22/27 | €2,899 | €160 | -€2,739 | -94.5% |
| Furniture and vehicles | 24 | €434 | €160 | -€273 | -63.0% |
| Leasing and similar rights | 25 | €2,465 | - | -€2,465 | |
| Current assets | 29/58 | €142,420 | €169,562 | +€27,141 | +19.1% |
| Stocks and contracts in progress | 3 | €4,624 | €5,976 | +€1,352 | +29.2% |
| Stocks | 30/36 | €4,624 | €5,976 | +€1,352 | +29.2% |
| Amounts receivable within one year | 40/41 | €13,466 | €8,338 | -€5,128 | -38.1% |
| Trade receivables | 40 | €6,535 | €7,148 | +€613 | +9.4% |
| Other amounts receivable | 41 | €6,931 | €1,190 | -€5,741 | -82.8% |
| Current investments | 50/53 | €60,481 | €88,704 | +€28,222 | +46.7% |
| Cash at bank and in hand | 54/58 | €63,535 | €66,199 | +€2,664 | +4.2% |
| Deferred charges and accrued income | 490/1 | €313 | €345 | +€31 | +10.0% |
| Total equity and liabilities | 10/49 | €145,320 | €169,722 | +€24,403 | +16.8% |
| Equity | 10/15 | €124,746 | €157,646 | +€32,900 | +26.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €106,196 | €139,096 | +€32,900 | +31.0% |
| Distributable reserves | 133 | €106,196 | €139,096 | +€32,900 | +31.0% |
| Amounts payable | 17/49 | €20,573 | €12,076 | -€8,497 | -41.3% |
| Amounts payable within one year | 42/48 | €20,573 | €12,076 | -€8,497 | -41.3% |
| Current portion of amounts payable after more than one year | 42 | €14,504 | - | -€14,504 | |
| Trade debts | 44 | €3,514 | €1,278 | -€2,237 | -63.6% |
| Suppliers | 440/4 | €3,514 | €1,278 | -€2,237 | -63.6% |
| Taxes, remuneration and social security | 45 | €480 | €8,608 | +€8,128 | +1693.4% |
| Taxes | 450/3 | €480 | €8,608 | +€8,128 | +1693.4% |
| Other amounts payable | 47/48 | €2,075 | €2,190 | +€115 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,911 | €2,739 | -€9,172 | -77.0% |
| Other operating charges | 640/8 | €648 | €667 | +€19 | +2.9% |
| Gross operating margin | 9900 | €22,472 | €23,736 | +€1,264 | +5.6% |
| Operating profit (loss) | 9901 | €9,913 | €20,331 | +€10,418 | +105.1% |
| Financial income | 75/76B | €15,754 | €30,901 | +€15,147 | +96.1% |
| Recurring financial income | 75 | €266 | €2,679 | +€2,413 | +908.2% |
| Non-recurring financial income | 76B | €15,488 | €28,222 | +€12,734 | +82.2% |
| Financial charges | 65/66B | €748 | €474 | -€274 | -36.7% |
| Recurring financial charges | 65 | €748 | €474 | -€274 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | €24,919 | €50,758 | +€25,839 | +103.7% |
| Income taxes | 67/77 | €7,850 | €16,258 | +€8,408 | +107.1% |
| Profit (loss) for the period | 9904 | €17,069 | €34,500 | +€17,431 | +102.1% |
| Profit (loss) for the period to be appropriated | 9905 | €17,069 | €34,500 | +€17,431 | +102.1% |
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 4 October 2026 via checked.be.