VANDAELE & CO: 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.
What changed
VANDAELE & CO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€23.7m
2024 · -€1.6m-€22.0m
Equity
€22.4m
2024 · €3.7m+€18.7m
Cash
€3.1m
2024 · €802,497+€2.2m
Balance sheet total
€76.4m
2024 · €20.3m+€56.1m
Largest movements
Assets
- Receivables within one year +€24.3m
up €24.3m (+18,689%), from €129,957 to €24.4m
of which Trade receivables: +€20.4m
- Fixed assets +€16.8m
up €16.8m (+87.3%), from €19.3m to €36.1m
of which Tangible fixed assets: +€21.0m
- Receivables after one year +€4.6m
new in 2025: €4.6m
- Stocks and contracts +€4.2m
up €4.2m, from €0 to €4.2m
- Current investments +€3.5m
new in 2025: €3.5m
Equity and liabilities
- Equity +€18.7m
up €18.7m (+510%), from €3.7m to €22.4m
- Short-term financial debts +€11.5m
new in 2025: €11.5m
- Debts after one year +€11.2m
up €11.2m (+75.8%), from €14.7m to €25.9m
of which Other amounts payable: +€11.7m
- Trade debts +€11.0m
up €11.0m (+13,772%), from €79,643 to €11.0m
- Accrued charges and deferred income +€1.5m
up €1.5m (+5,319%), from €27,773 to €1.5m
Income statement
- Turnover +€207.9m
up €207.9m (+24,059%), from €864,000 to €208.7m
- Goods and materials +€180.3m
new in 2025: €180.3m
- Financial charges +€23.5m
up €23.5m (+4,698%), from €500,241 to €24.0m
of which Non-recurring financial charges: +€17.9m
- Services and other goods +€20.2m
up €20.2m (+3,275%), from €615,965 to €20.8m
- Staff costs +€7.4m
up €7.4m (+606%), from €1.2m to €8.6m
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.
Result 2024
-€1.6m
Turnover
+€207.9m
Other operating income
+€2.1m
Goods and materials
-€180.3m
Services and other goods
-€20.2m
Staff costs
-€7.4m
Depreciation
-€2.7m
Write-downs
-€60,000
Other operating charges
+€41,605
Other operating items
+€743,000
Financial income
-€43,863
Financial charges
-€23.5m
Other financial items
+€1.6m
Taxes
-€138,275
Result 2025
-€23.7m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€39.7m
Investment
-€23.5m
Financing
+€65.5m
Cash 2024
€802,497
From operations (derived)
-€39.7m
Net result for the year
-€23.7m
Depreciation
+€3.2m
Receivables after one year
-€4.6m
Stocks and contracts
-€4.2m
Receivables within one year
-€24.3m
Deferred charges and accrued income
-€466,838
Trade debts
+€11.0m
Tax, wage and social debts
+€988,180
Advances received
+€464,000
Other debts
+€404,847
Accrued charges and deferred income
+€1.5m
Investment (derived)
-€23.5m
Investment in fixed assets (net)
-€20.0m
Current investments
-€3.5m
Financing
+€65.5m
Debts after one year
+€11.2m
Current portion of long-term debt
+€398,665
Short-term financial debts
+€11.5m
Contributions, distributions and other
+€42.4m
Not broken down
+€27,000
Cash 2025
€3.1m
brings cash intakes cash outdifference the filed balance sheets leave
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,315,306 | €76,429,000 | +€56.1m | +276% |
| Fixed assets | 21/28 | €19,286,690 | €36,130,000 | +€16.8m | +87.3% |
| Intangible fixed assets | 21 | €29,786 | €25,000 | -€4,786 | -16.1% |
| Tangible fixed assets | 22/27 | €9,153,666 | €30,175,000 | +€21.0m | +230% |
| Land and buildings | 22 | €9,033,236 | €25,518,000 | +€16.5m | +182% |
| Plant, machinery and equipment | 23 | - | €3,707,000 | +€3.7m | |
| Furniture and vehicles | 24 | €89,542 | €267,000 | +€177,458 | +198% |
| Leasing and similar rights | 25 | - | €346,000 | +€346,000 | |
| Assets under construction and advance payments | 27 | €30,888 | €337,000 | +€306,112 | +991% |
| Financial fixed assets | 28 | €10,103,238 | €1,968,000 | -€8.1m | -80.5% |
| Affiliated companies | 280/1 | €10,103,238 | - | -€10.1m | |
| Participating interests | 280 | €10,103,238 | - | -€10.1m | |
| Other financial fixed assets | 284/8 | - | €7,000 | +€7,000 | |
| Amounts receivable and cash guarantees | 285/8 | - | €7,000 | +€7,000 | |
| Current assets | 29/58 | €1,028,616 | €40,299,000 | +€39.3m | +3,818% |
| Amounts receivable after more than one year | 29 | - | €4,601,000 | +€4.6m | |
| Other amounts receivable | 291 | - | €4,601,000 | +€4.6m | |
| Stocks and contracts in progress | 3 | €0 | €4,185,000 | +€4.2m | |
| Stocks | 30/36 | - | €4,185,000 | +€4.2m | |
| Finished goods | 33 | - | €3,049,000 | +€3.0m | |
| Goods purchased for resale | 34 | - | €1,136,000 | +€1.1m | |
| Amounts receivable within one year | 40/41 | €129,957 | €24,417,000 | +€24.3m | +18,689% |
| Trade receivables | 40 | €0 | €20,424,000 | +€20.4m | |
| Other amounts receivable | 41 | €129,957 | €3,993,000 | +€3.9m | +2,973% |
| Current investments | 50/53 | - | €3,482,000 | +€3.5m | |
| Other investments | 51/53 | - | €3,482,000 | +€3.5m | |
| Cash at bank and in hand | 54/58 | €802,497 | €3,051,000 | +€2.2m | +280% |
| Deferred charges and accrued income | 490/1 | €96,162 | €563,000 | +€466,838 | +485% |
| Total equity and liabilities | 10/49 | €20,315,306 | €76,429,000 | +€56.1m | +276% |
| Equity | 10/15 | €3,670,040 | €22,384,000 | +€18.7m | +510% |
| Contributions | 10/11 | €1,000,000 | €2,475,000 | +€1.5m | +148% |
| Capital | 10 | €1,000,000 | €2,475,000 | +€1.5m | +148% |
| Issued capital | 100 | €1,000,000 | €2,475,000 | +€1.5m | +148% |
| Reserves | 13 | €2,670,040 | - | -€2.7m | |
| Non-distributable reserves | 130/1 | €100,000 | - | -€100,000 | |
| Legal reserve | 130 | €100,000 | - | -€100,000 | |
| Tax-exempt reserves | 132 | €95,225 | - | -€95,225 | |
| Distributable reserves | 133 | €2,474,815 | - | -€2.5m | |
| Provisions for liabilities and charges | 160/5 | - | €1,000 | +€1,000 | |
| Taxes | 161 | - | €1,000 | +€1,000 | |
| Amounts payable | 17/49 | €16,645,266 | €54,018,000 | +€37.4m | +225% |
| Amounts payable after more than one year | 17 | €14,733,542 | €25,905,000 | +€11.2m | +75.8% |
| Financial debts | 170/4 | €6,263,402 | €5,763,000 | -€500,402 | -8.0% |
| Leasing and similar obligations | 172 | - | €11,000 | +€11,000 | |
| Credit institutions | 173 | €6,263,402 | €5,752,000 | -€511,402 | -8.2% |
| Other amounts payable | 178/9 | €8,470,140 | €20,142,000 | +€11.7m | +138% |
| Amounts payable within one year | 42/48 | €1,883,951 | €26,608,000 | +€24.7m | +1,312% |
| Current portion of amounts payable after more than one year | 42 | €759,335 | €1,158,000 | +€398,665 | +52.5% |
| Financial debts | 43 | - | €11,500,000 | +€11.5m | |
| Credit institutions | 430/8 | - | €11,500,000 | +€11.5m | |
| Trade debts | 44 | €79,643 | €11,048,000 | +€11.0m | +13,772% |
| Suppliers | 440/4 | €79,643 | €11,048,000 | +€11.0m | +13,772% |
| Advances received on contracts in progress | 46 | - | €464,000 | +€464,000 | |
| Taxes, remuneration and social security | 45 | €272,820 | €1,261,000 | +€988,180 | +362% |
| Taxes | 450/3 | €17,808 | €68,000 | +€50,192 | +282% |
| Remuneration and social security | 454/9 | €255,012 | €1,193,000 | +€937,988 | +368% |
| Other amounts payable | 47/48 | €772,153 | €1,177,000 | +€404,847 | +52.4% |
| Accrued charges and deferred income | 492/3 | €27,773 | €1,505,000 | +€1.5m | +5,319% |
| Operating income | 70/76A | €1,534,401 | €212,555,000 | +€211.0m | +13,753% |
| Turnover | 70 | €864,000 | €208,730,000 | +€207.9m | +24,059% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | - | €1,056,000 | +€1.1m | |
| Other operating income | 74 | €670,401 | €2,746,000 | +€2.1m | +310% |
| Non-recurring operating income | 76A | €0 | €23,000 | +€23,000 | |
| Operating charges | 60/66A | €2,718,867 | €213,671,000 | +€211.0m | +7,759% |
| Goods for resale, raw materials and consumables | 60 | - | €180,327,000 | +€180.3m | |
| Change in stocks: decrease (increase) | 609 | - | €290,000 | +€290,000 | |
| Services and other goods | 61 | €615,965 | €20,791,000 | +€20.2m | +3,275% |
| Remuneration, social security and pensions | 62 | €1,216,547 | €8,594,000 | +€7.4m | +606% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €473,750 | €3,192,000 | +€2.7m | +574% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €60,000 | +€60,000 | |
| Other operating charges | 640/8 | €412,605 | €371,000 | -€41,605 | -10.1% |
| Non-recurring operating charges | 66A | - | €336,000 | +€336,000 | |
| Operating profit (loss) | 9901 | -€1,184,467 | -€1,116,000 | +€68,467 | +5.8% |
| Financial income | 75/76B | €43,863 | - | -€43,863 | |
| Recurring financial income | 75 | €43,863 | €1,123,000 | +€1.1m | +2,460% |
| Income from financial fixed assets | 750 | - | €172,000 | +€172,000 | |
| Other financial income | 752/9 | €43,863 | €951,000 | +€907,137 | +2,068% |
| Non-recurring financial income | 76B | - | €451,000 | +€451,000 | |
| Financial charges | 65/66B | €500,241 | €24,004,000 | +€23.5m | +4,698% |
| Recurring financial charges | 65 | €500,241 | €6,112,000 | +€5.6m | +1,122% |
| Debt charges | 650 | €430,088 | €825,000 | +€394,912 | +91.8% |
| Other financial charges | 652/9 | €70,153 | €1,535,000 | +€1.5m | +2,088% |
| Non-recurring financial charges | 66B | - | €17,892,000 | +€17.9m | |
| Profit (loss) for the period before taxes | 9903 | -€1,640,844 | -€23,546,000 | -€21.9m | -1,335% |
| Income taxes | 67/77 | €1,725 | €140,000 | +€138,275 | +8,017% |
| Taxes | 670/3 | €1,725 | €140,000 | +€138,275 | +8,017% |
| Profit (loss) for the period | 9904 | -€1,642,569 | -€23,686,000 | -€22.0m | -1,342% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,642,569 | - | +€1.6m |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.