VANDALEM: 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.
VANDALEM
Largest movements
- Current investments -€181,043
down €181,043 (-49.4%), from €366,627 to €185,584
- Cash -€6,914
down €6,914 (-68.8%), from €10,045 to €3,131
mainly Other debts (-€177,128) and Net result for the year (-€22,905)
- Receivables within one year -€6,808
down €6,808 (-94.5%), from €7,206 to €398
- Tangible fixed assets -€5,300
down €5,300 (-21.2%), from €24,967 to €19,667
of which Furniture and vehicles: -€5,025
- Stocks and contracts -€4,856
down €4,856 (-31.5%), from €15,410 to €10,554
- Other debts -€177,128
down €177,128 (-89.3%), from €198,441 to €21,313
- Profit (loss) carried forward -€22,905
down €22,905 (-15.3%), from €149,426 to €126,521
- Gross operating margin -€32,831
down €32,831, from €15,831 to -€17,000
- Depreciation +€3,769
up €3,769 (+246.2%), from €1,531 to €5,300
- Taxes -€3,028
down €3,028 (-95.8%), from €3,161 to €133
- Financial income -€418
down €418 (-82.9%), from €504 to €86
- Other operating charges -€197
down €197 (-39.9%), from €494 to €297
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 | €424,255 | €219,334 | -€204,921 | -48.3% |
| Fixed assets | 21/28 | €24,967 | €19,667 | -€5,300 | -21.2% |
| Tangible fixed assets | 22/27 | €24,967 | €19,667 | -€5,300 | -21.2% |
| Plant, machinery and equipment | 23 | €1,099 | €824 | -€275 | -25.0% |
| Furniture and vehicles | 24 | €23,868 | €18,843 | -€5,025 | -21.1% |
| Current assets | 29/58 | €399,288 | €199,667 | -€199,621 | -50.0% |
| Stocks and contracts in progress | 3 | €15,410 | €10,554 | -€4,856 | -31.5% |
| Stocks | 30/36 | €15,410 | €10,554 | -€4,856 | -31.5% |
| Amounts receivable within one year | 40/41 | €7,206 | €398 | -€6,808 | -94.5% |
| Other amounts receivable | 41 | €7,206 | €398 | -€6,808 | -94.5% |
| Current investments | 50/53 | €366,627 | €185,584 | -€181,043 | -49.4% |
| Cash at bank and in hand | 54/58 | €10,045 | €3,131 | -€6,914 | -68.8% |
| Total equity and liabilities | 10/49 | €424,255 | €219,334 | -€204,921 | -48.3% |
| Equity | 10/15 | €220,926 | €198,021 | -€22,905 | -10.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €61,500 | €61,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,500 | €11,500 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €149,426 | €126,521 | -€22,905 | -15.3% |
| Amounts payable | 17/49 | €203,329 | €21,313 | -€182,016 | -89.5% |
| Amounts payable within one year | 42/48 | €203,329 | €21,313 | -€182,016 | -89.5% |
| Trade debts | 44 | €1,813 | - | -€1,813 | |
| Suppliers | 440/4 | €1,813 | - | -€1,813 | |
| Taxes, remuneration and social security | 45 | €3,075 | - | -€3,075 | |
| Taxes | 450/3 | €3,075 | - | -€3,075 | |
| Other amounts payable | 47/48 | €198,441 | €21,313 | -€177,128 | -89.3% |
| Remuneration, social security and pensions | 62 | €171 | - | -€171 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,531 | €5,300 | +€3,769 | +246.2% |
| Other operating charges | 640/8 | €494 | €297 | -€197 | -39.9% |
| Gross operating margin | 9900 | €15,831 | -€17,000 | -€32,831 | |
| Operating profit (loss) | 9901 | €13,635 | -€22,597 | -€36,232 | |
| Financial income | 75/76B | €504 | €86 | -€418 | -82.9% |
| Recurring financial income | 75 | €504 | €86 | -€418 | -82.9% |
| Financial charges | 65/66B | €219 | €261 | +€42 | +19.2% |
| Recurring financial charges | 65 | €219 | €261 | +€42 | +19.2% |
| Profit (loss) for the period before taxes | 9903 | €13,920 | -€22,772 | -€36,692 | |
| Income taxes | 67/77 | €3,161 | €133 | -€3,028 | -95.8% |
| Profit (loss) for the period | 9904 | €10,759 | -€22,905 | -€33,664 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,759 | -€22,905 | -€33,664 |
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 6 October 2026 via checked.be.