VANDAELE MATHIAS: 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.
VANDAELE MATHIAS
Largest movements
- Receivables after one year +€267,000
new in 2025: €267,000
- Tangible fixed assets +€124,680
up €124,680 (+7.0%), from €1.8m to €1.9m
of which Land and buildings: +€120,147
- Receivables within one year -€89,512
down €89,512 (-3.8%), from €2.4m to €2.3m
of which Trade receivables: -€761,082
- Cash -€81,414
down €81,414 (-83.7%), from €97,309 to €15,895
mainly Debts after one year (-€385,260) and Tax, wage and social debts (-€384,827)
- Short-term financial debts +€1.0m
new in 2025: €1.0m
- Debts after one year -€385,260
down €385,260 (-48.7%), from €790,279 to €405,019
- Tax, wage and social debts -€384,827
down €384,827 (-91.0%), from €423,016 to €38,189
- Current portion of long-term debt -€50,413
down €50,413 (-58.8%), from €85,673 to €35,260
- Gross operating margin -€882,365
down €882,365 (-94.5%), from €933,295 to €50,930
- Taxes -€215,342
down €215,342 (-98.4%), from €218,803 to €3,461
- Other operating charges -€124,159
down €124,159 (-77.8%), from €159,646 to €35,487
- Financial income +€77,408
up €77,408 (+585%), from €13,225 to €90,632
- Financial charges +€20,595
up €20,595 (+39.2%), from €52,487 to €73,082
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 | €4,275,684 | €4,496,528 | +€220,845 | +5.2% |
| Fixed assets | 21/28 | €1,798,435 | €1,923,115 | +€124,680 | +6.9% |
| Tangible fixed assets | 22/27 | €1,793,435 | €1,918,115 | +€124,680 | +7.0% |
| Land and buildings | 22 | €1,682,126 | €1,802,272 | +€120,147 | +7.1% |
| Plant, machinery and equipment | 23 | €73,116 | €69,348 | -€3,768 | -5.2% |
| Furniture and vehicles | 24 | €38,194 | €46,494 | +€8,301 | +21.7% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €2,477,248 | €2,573,413 | +€96,165 | +3.9% |
| Amounts receivable after more than one year | 29 | - | €267,000 | +€267,000 | |
| Other amounts receivable | 291 | - | €267,000 | +€267,000 | |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €2,377,466 | €2,287,954 | -€89,512 | -3.8% |
| Trade receivables | 40 | €863,015 | €101,933 | -€761,082 | -88.2% |
| Other amounts receivable | 41 | €1,514,451 | €2,186,021 | +€671,570 | +44.3% |
| Cash at bank and in hand | 54/58 | €97,309 | €15,895 | -€81,414 | -83.7% |
| Deferred charges and accrued income | 490/1 | €2,473 | €2,564 | +€91 | +3.7% |
| Total equity and liabilities | 10/49 | €4,275,684 | €4,496,528 | +€220,845 | +5.2% |
| Equity | 10/15 | €2,713,339 | €2,683,949 | -€29,390 | -1.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,694,739 | €2,692,879 | -€1,860 | -0.1% |
| Distributable reserves | 133 | €2,694,739 | €2,692,879 | -€1,860 | -0.1% |
| Profit (loss) carried forward | 14 | - | -€27,530 | -€27,530 | |
| Amounts payable | 17/49 | €1,562,345 | €1,812,580 | +€250,235 | +16.0% |
| Amounts payable after more than one year | 17 | €790,279 | €405,019 | -€385,260 | -48.7% |
| Financial debts | 170/4 | €790,279 | €405,019 | -€385,260 | -48.7% |
| Amounts payable within one year | 42/48 | €713,302 | €1,359,317 | +€646,015 | +90.6% |
| Current portion of amounts payable after more than one year | 42 | €85,673 | €35,260 | -€50,413 | -58.8% |
| Financial debts | 43 | - | €1,000,000 | +€1.0m | |
| Credit institutions | 430/8 | - | €1,000,000 | +€1.0m | |
| Trade debts | 44 | €201,883 | €244,735 | +€42,852 | +21.2% |
| Suppliers | 440/4 | €201,883 | €244,735 | +€42,852 | +21.2% |
| Taxes, remuneration and social security | 45 | €423,016 | €38,189 | -€384,827 | -91.0% |
| Taxes | 450/3 | €423,016 | €38,189 | -€384,827 | -91.0% |
| Other amounts payable | 47/48 | €2,730 | €41,133 | +€38,404 | +1,407% |
| Accrued charges and deferred income | 492/3 | €58,764 | €48,243 | -€10,521 | -17.9% |
| Non-recurring operating income | 76A | €2,476 | €15,781 | +€13,305 | +537% |
| Remuneration, social security and pensions | 62 | €1,022 | €0 | -€1,022 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,482 | €58,923 | +€6,440 | +12.3% |
| Other operating charges | 640/8 | €159,646 | €35,487 | -€124,159 | -77.8% |
| Gross operating margin | 9900 | €933,295 | €50,930 | -€882,365 | -94.5% |
| Operating profit (loss) | 9901 | €720,144 | -€43,479 | -€763,623 | |
| Financial income | 75/76B | €13,225 | €90,632 | +€77,408 | +585% |
| Recurring financial income | 75 | €13,225 | €90,632 | +€77,408 | +585% |
| Financial charges | 65/66B | €52,487 | €73,082 | +€20,595 | +39.2% |
| Recurring financial charges | 65 | €52,487 | €73,082 | +€20,595 | +39.2% |
| Profit (loss) for the period before taxes | 9903 | €680,882 | -€25,929 | -€706,810 | |
| Income taxes | 67/77 | €218,803 | €3,461 | -€215,342 | -98.4% |
| Profit (loss) for the period | 9904 | €462,079 | -€29,390 | -€491,469 | |
| Profit (loss) for the period to be appropriated | 9905 | €462,079 | -€29,390 | -€491,469 |
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 21 October 2026 via checked.be.