VANDAELE: what changed
VANDAELE
Largest movements
- Tangible fixed assets -€55,142
down €55,142 (-12.6%), from €437,588 to €382,446
of which Land and buildings: -€42,366
- Receivables within one year +€31,352
up €31,352 (+9.2%), from €341,584 to €372,937
of which Other amounts receivable: +€19,606
- Cash +€20,094
up €20,094 (+21.1%), from €95,451 to €115,545
mainly Net result for the year (+€137,953) and Depreciation (+€55,142)
- Current investments +€18,667
up €18,667 (+4.0%), from €463,400 to €482,067
- Deferred charges and accrued income -€16,081
down €16,081 (-67.6%), from €23,787 to €7,706
- Other debts -€148,717
down €148,717 (-44.1%), from €336,921 to €188,204
- Reserves +€137,953
up €137,953 (+14.8%), from €930,214 to €1.1m
of which Distributable reserves: +€68,979
- Other operating charges -€24,484
down €24,484 (-87.3%), from €28,031 to €3,547
- Gross operating margin -€13,141
down €13,141 (-5.5%), from €239,335 to €226,194
- Taxes -€13,132
down €13,132 (-27.5%), from €47,724 to €34,592
- Depreciation +€9,669
up €9,669 (+21.3%), from €45,473 to €55,142
- Financial income +€9,444
up €9,444 (+63.6%), from €14,853 to €24,298
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,361,810 | €1,360,701 | -€1,109 | -0.1% |
| Fixed assets | 21/28 | €437,588 | €382,446 | -€55,142 | -12.6% |
| Tangible fixed assets | 22/27 | €437,588 | €382,446 | -€55,142 | -12.6% |
| Land and buildings | 22 | €376,815 | €334,449 | -€42,366 | -11.2% |
| Furniture and vehicles | 24 | €60,773 | €47,997 | -€12,776 | -21.0% |
| Current assets | 29/58 | €924,222 | €978,255 | +€54,033 | +5.8% |
| Amounts receivable within one year | 40/41 | €341,584 | €372,937 | +€31,352 | +9.2% |
| Trade receivables | 40 | €41,403 | €53,150 | +€11,747 | +28.4% |
| Other amounts receivable | 41 | €300,181 | €319,787 | +€19,606 | +6.5% |
| Current investments | 50/53 | €463,400 | €482,067 | +€18,667 | +4.0% |
| Cash at bank and in hand | 54/58 | €95,451 | €115,545 | +€20,094 | +21.1% |
| Deferred charges and accrued income | 490/1 | €23,787 | €7,706 | -€16,081 | -67.6% |
| Total equity and liabilities | 10/49 | €1,361,810 | €1,360,701 | -€1,109 | -0.1% |
| Equity | 10/15 | €950,054 | €1,088,007 | +€137,953 | +14.5% |
| Contributions | 10/11 | €19,840 | €19,840 | = | 0.0% |
| Reserves | 13 | €930,214 | €1,068,167 | +€137,953 | +14.8% |
| Tax-exempt reserves | 132 | €52,724 | €121,698 | +€68,975 | +131% |
| Distributable reserves | 133 | €877,490 | €946,469 | +€68,979 | +7.9% |
| Amounts payable | 17/49 | €411,756 | €272,694 | -€139,063 | -33.8% |
| Amounts payable within one year | 42/48 | €411,756 | €271,769 | -€139,988 | -34.0% |
| Trade debts | 44 | €2,556 | €9,784 | +€7,228 | +283% |
| Suppliers | 440/4 | €2,556 | €9,784 | +€7,228 | +283% |
| Taxes, remuneration and social security | 45 | €72,279 | €73,781 | +€1,502 | +2.1% |
| Taxes | 450/3 | €25,524 | €22,841 | -€2,683 | -10.5% |
| Remuneration and social security | 454/9 | €46,755 | €50,940 | +€4,185 | +9.0% |
| Other amounts payable | 47/48 | €336,921 | €188,204 | -€148,717 | -44.1% |
| Accrued charges and deferred income | 492/3 | - | €925 | +€925 | |
| Non-recurring operating income | 76A | €22,624 | €5,259 | -€17,366 | -76.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,473 | €55,142 | +€9,669 | +21.3% |
| Other operating charges | 640/8 | €28,031 | €3,547 | -€24,484 | -87.3% |
| Gross operating margin | 9900 | €239,335 | €226,194 | -€13,141 | -5.5% |
| Operating profit (loss) | 9901 | €165,832 | €167,505 | +€1,673 | +1.0% |
| Financial income | 75/76B | €14,853 | €24,298 | +€9,444 | +63.6% |
| Recurring financial income | 75 | €14,853 | €24,298 | +€9,444 | +63.6% |
| Financial charges | 65/66B | €19,123 | €19,257 | +€134 | +0.7% |
| Recurring financial charges | 65 | €19,123 | €19,257 | +€134 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €161,562 | €172,545 | +€10,983 | +6.8% |
| Income taxes | 67/77 | €47,724 | €34,592 | -€13,132 | -27.5% |
| Profit (loss) for the period | 9904 | €113,838 | €137,953 | +€24,115 | +21.2% |
| Transfer to tax-exempt reserves | 689 | - | €68,975 | +€68,975 | |
| Profit (loss) for the period to be appropriated | 9905 | €113,838 | €68,979 | -€44,860 | -39.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.