VANDAP: 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.
VANDAP
Largest movements
- Receivables within one year -€121,253
down €121,253 (-81.5%), from €148,724 to €27,471
of which Trade receivables: -€96,626
- Stocks and contracts +€11,676
up €11,676 (+22.7%), from €51,335 to €63,011
- Tangible fixed assets -€6,022
down €6,022 (-34.6%), from €17,406 to €11,384
of which Furniture and vehicles: -€3,657
- Cash +€3,626
up €3,626 (+20.1%), from €18,043 to €21,669
mainly Receivables within one year (+€121,253) and Depreciation (+€6,022)
- Trade debts -€93,474
down €93,474 (-67.8%), from €137,946 to €44,471
- Other debts -€15,163
down €15,163 (-42.3%), from €35,866 to €20,703
- Tax, wage and social debts -€4,181
down €4,181 (-89.0%), from €4,700 to €519
of which Taxes: -€2,181
- Gross operating margin +€41,595
up €41,595, from -€29,704 to €11,891
- Financial income -€3,388
down €3,388 (-91.7%), from €3,695 to €307
- Financial charges -€1,540
down €1,540 (-31.9%), from €4,826 to €3,287
- Depreciation +€949
up €949 (+18.7%), from €5,073 to €6,022
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 | €236,385 | €124,616 | -€111,769 | -47.3% |
| Fixed assets | 21/28 | €17,406 | €11,384 | -€6,022 | -34.6% |
| Tangible fixed assets | 22/27 | €17,406 | €11,384 | -€6,022 | -34.6% |
| Plant, machinery and equipment | 23 | €10,081 | €7,716 | -€2,365 | -23.5% |
| Furniture and vehicles | 24 | €7,325 | €3,668 | -€3,657 | -49.9% |
| Current assets | 29/58 | €218,979 | €113,232 | -€105,747 | -48.3% |
| Stocks and contracts in progress | 3 | €51,335 | €63,011 | +€11,676 | +22.7% |
| Stocks | 30/36 | €51,335 | €63,011 | +€11,676 | +22.7% |
| Amounts receivable within one year | 40/41 | €148,724 | €27,471 | -€121,253 | -81.5% |
| Trade receivables | 40 | €123,490 | €26,864 | -€96,626 | -78.2% |
| Other amounts receivable | 41 | €25,234 | €607 | -€24,627 | -97.6% |
| Cash at bank and in hand | 54/58 | €18,043 | €21,669 | +€3,626 | +20.1% |
| Deferred charges and accrued income | 490/1 | €877 | €1,081 | +€204 | +23.3% |
| Total equity and liabilities | 10/49 | €236,385 | €124,616 | -€111,769 | -47.3% |
| Equity | 10/15 | €7,873 | €8,922 | +€1,049 | +13.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €117,097 | €117,097 | = | 0.0% |
| Tax-exempt reserves | 132 | €567 | €567 | = | 0.0% |
| Distributable reserves | 133 | €116,529 | €116,529 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€121,624 | -€120,575 | +€1,049 | +0.9% |
| Amounts payable | 17/49 | €228,512 | €115,694 | -€112,818 | -49.4% |
| Amounts payable within one year | 42/48 | €228,512 | €115,694 | -€112,818 | -49.4% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €137,946 | €44,471 | -€93,474 | -67.8% |
| Suppliers | 440/4 | €137,946 | €44,471 | -€93,474 | -67.8% |
| Taxes, remuneration and social security | 45 | €4,700 | €519 | -€4,181 | -89.0% |
| Taxes | 450/3 | €2,700 | €519 | -€2,181 | -80.8% |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100.0% |
| Other amounts payable | 47/48 | €35,866 | €20,703 | -€15,163 | -42.3% |
| Non-recurring operating income | 76A | €6,604 | €0 | -€6,604 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | -€123 | -€123 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,073 | €6,022 | +€949 | +18.7% |
| Other operating charges | 640/8 | €1,275 | €1,444 | +€170 | +13.3% |
| Gross operating margin | 9900 | -€29,704 | €11,891 | +€41,595 | |
| Operating profit (loss) | 9901 | -€36,052 | €4,548 | +€40,600 | |
| Financial income | 75/76B | €3,695 | €307 | -€3,388 | -91.7% |
| Recurring financial income | 75 | €3,695 | €307 | -€3,388 | -91.7% |
| Financial charges | 65/66B | €4,826 | €3,287 | -€1,540 | -31.9% |
| Recurring financial charges | 65 | €4,826 | €3,287 | -€1,540 | -31.9% |
| Profit (loss) for the period before taxes | 9903 | -€37,183 | €1,568 | +€38,751 | |
| Income taxes | 67/77 | €501 | €519 | +€18 | +3.5% |
| Profit (loss) for the period | 9904 | -€37,685 | €1,049 | +€38,734 | |
| Profit (loss) for the period to be appropriated | 9905 | -€37,685 | €1,049 | +€38,734 |
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.