VANDAPOWER: 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
VANDAPOWER
NACE 46.643, Wholesale of electrical equipment, including installation materials
financial year 31-03-2025 against 31-12-2025filed annual accounts (NBB)
Net result for the year
€155,395
31-03-2025 · €99,623+€55,772
Equity
€1.7m
31-03-2025 · €1.6m+€155,395
Cash
€175,516
31-03-2025 · €112,668+€62,849
Balance sheet total
€11.3m
31-03-2025 · €9.4m+€1.8m
Largest movements
Assets
- Receivables after one year +€3.1m
new in 2025: €3.1m
- Receivables within one year -€1.3m
down €1.3m (-23.5%), from €5.7m to €4.3m
of which Trade receivables: -€1.4m
Equity and liabilities
- Trade debts +€1.8m
up €1.8m (+52.6%), from €3.3m to €5.1m
- Debts after one year -€248,082
down €248,082 (-40.1%), from €619,410 to €371,327
- Other debts +€190,915
up €190,915 (+52.7%), from €362,079 to €552,995
- Reserves +€155,395
up €155,395 (+10.4%), from €1.5m to €1.6m
of which Distributable reserves: +€155,395
- Accrued charges and deferred income +€128,519
up €128,519 (+794.9%), from €16,168 to €144,687
Income statement
- Turnover -€4.2m
down €4.2m (-26.5%), from €15.8m to €11.6m
- Goods and materials -€2.2m
down €2.2m (-21.5%), from €10.1m to €7.9m
of which Purchases: -€1.7m
- Staff costs -€814,517
down €814,517 (-39.5%), from €2.1m to €1.2m
- Services and other goods -€556,840
down €556,840 (-15.6%), from €3.6m to €3.0m
- Other operating income +€554,101
up €554,101 (+118.0%), from €469,634 to €1.0m
From the 31-03-2025 result to the 31-12-2025 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 31-03-2025
€99,623
Turnover
-€4.2m
Other operating income
+€554,101
Goods and materials
+€2.2m
Services and other goods
+€556,840
Staff costs
+€814,517
Depreciation
+€40,246
Write-downs
-€34,857
Other operating charges
+€2,131
Other operating items
-€6,169
Financial income
+€13,521
Financial charges
+€66,603
Taxes
+€56,373
Result 31-12-2025
€155,395
Cash bridge derived
Derived from the 31-03-2025 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€409,934
Investment
-€78,690
Financing
-€268,396
Cash 31-03-2025
€112,668
From operations (derived)
+€409,934
Net result for the year
+€155,395
Depreciation
+€125,056
Receivables after one year
-€3.1m
Stocks and contracts
-€45,763
Receivables within one year
+€1.3m
Deferred charges and accrued income
+€24,166
Trade debts
+€1.8m
Tax, wage and social debts
-€119,705
Other debts
+€190,915
Accrued charges and deferred income
+€128,519
Investment (derived)
-€78,690
Investment in fixed assets (net)
-€78,690
Financing
-€268,396
Debts after one year
-€248,082
Current portion of long-term debt
-€64,989
Short-term financial debts
+€44,676
Cash 31-12-2025
€175,516
Every line side by side
| Line | Code | 31-03-2025 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,412,863 | €11,253,120 | +€1.8m | +19.6% |
| Fixed assets | 21/28 | €740,077 | €693,710 | -€46,367 | -6.3% |
| Intangible fixed assets | 21 | €142,708 | €117,726 | -€24,982 | -17.5% |
| Tangible fixed assets | 22/27 | €556,118 | €534,733 | -€21,385 | -3.8% |
| Land and buildings | 22 | €46,946 | €56,019 | +€9,072 | +19.3% |
| Plant, machinery and equipment | 23 | €208,536 | €231,267 | +€22,730 | +10.9% |
| Furniture and vehicles | 24 | €54,512 | €39,667 | -€14,845 | -27.2% |
| Other tangible fixed assets | 26 | €246,123 | €207,781 | -€38,342 | -15.6% |
| Financial fixed assets | 28 | €41,251 | €41,251 | = | 0.0% |
| Affiliated companies | 280/1 | €1 | €1 | = | 0.0% |
| Participating interests | 280 | €1 | €1 | = | 0.0% |
| Other financial fixed assets | 284/8 | €41,250 | €41,250 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €41,250 | €41,250 | = | 0.0% |
| Current assets | 29/58 | €8,672,786 | €10,559,410 | +€1.9m | +21.8% |
| Amounts receivable after more than one year | 29 | - | €3,130,751 | +€3.1m | |
| Trade receivables | 290 | - | €3,130,751 | +€3.1m | |
| Stocks and contracts in progress | 3 | €2,823,959 | €2,869,722 | +€45,763 | +1.6% |
| Stocks | 30/36 | €2,823,959 | €2,869,722 | +€45,763 | +1.6% |
| Goods purchased for resale | 34 | €2,823,959 | €2,869,722 | +€45,763 | +1.6% |
| Amounts receivable within one year | 40/41 | €5,655,957 | €4,327,384 | -€1.3m | -23.5% |
| Trade receivables | 40 | €4,962,062 | €3,525,924 | -€1.4m | -28.9% |
| Other amounts receivable | 41 | €693,895 | €801,459 | +€107,564 | +15.5% |
| Cash at bank and in hand | 54/58 | €112,668 | €175,516 | +€62,849 | +55.8% |
| Deferred charges and accrued income | 490/1 | €80,203 | €56,036 | -€24,166 | -30.1% |
| Total equity and liabilities | 10/49 | €9,412,863 | €11,253,120 | +€1.8m | +19.6% |
| Equity | 10/15 | €1,570,951 | €1,726,346 | +€155,395 | +9.9% |
| Contributions | 10/11 | €80,100 | €80,100 | = | 0.0% |
| Capital | 10 | €80,100 | €80,100 | = | 0.0% |
| Issued capital | 100 | €98,700 | €98,700 | = | 0.0% |
| Uncalled capital | 101 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,490,851 | €1,646,246 | +€155,395 | +10.4% |
| Non-distributable reserves | 130/1 | €9,870 | €9,870 | = | 0.0% |
| Legal reserve | 130 | €9,870 | €9,870 | = | 0.0% |
| Tax-exempt reserves | 132 | €914 | €914 | = | 0.0% |
| Distributable reserves | 133 | €1,480,066 | €1,635,462 | +€155,395 | +10.5% |
| Amounts payable | 17/49 | €7,841,913 | €9,526,774 | +€1.7m | +21.5% |
| Amounts payable after more than one year | 17 | €619,410 | €371,327 | -€248,082 | -40.1% |
| Financial debts | 170/4 | €619,410 | €371,327 | -€248,082 | -40.1% |
| Credit institutions | 173 | €619,410 | €371,327 | -€248,082 | -40.1% |
| Amounts payable within one year | 42/48 | €7,206,335 | €9,010,760 | +€1.8m | +25.0% |
| Current portion of amounts payable after more than one year | 42 | €324,147 | €259,158 | -€64,989 | -20.0% |
| Financial debts | 43 | €2,868,886 | €2,913,562 | +€44,676 | +1.6% |
| Credit institutions | 430/8 | €2,868,886 | €2,913,562 | +€44,676 | +1.6% |
| Trade debts | 44 | €3,335,912 | €5,089,441 | +€1.8m | +52.6% |
| Suppliers | 440/4 | €3,335,912 | €5,089,441 | +€1.8m | +52.6% |
| Taxes, remuneration and social security | 45 | €315,309 | €195,604 | -€119,705 | -38.0% |
| Taxes | 450/3 | €23,555 | €24,073 | +€518 | +2.2% |
| Remuneration and social security | 454/9 | €291,754 | €171,531 | -€120,223 | -41.2% |
| Other amounts payable | 47/48 | €362,079 | €552,995 | +€190,915 | +52.7% |
| Accrued charges and deferred income | 492/3 | €16,168 | €144,687 | +€128,519 | +794.9% |
| Operating income | 70/76A | €16,263,196 | €12,629,523 | -€3.6m | -22.3% |
| Turnover | 70 | €15,787,309 | €11,605,787 | -€4.2m | -26.5% |
| Other operating income | 74 | €469,634 | €1,023,735 | +€554,101 | +118.0% |
| Non-recurring operating income | 76A | €6,253 | €0 | -€6,253 | -100.0% |
| Operating charges | 60/66A | €15,950,692 | €12,397,744 | -€3.6m | -22.3% |
| Goods for resale, raw materials and consumables | 60 | €10,122,323 | €7,948,336 | -€2.2m | -21.5% |
| Purchases | 600/8 | €9,714,724 | €7,994,099 | -€1.7m | -17.7% |
| Change in stocks: decrease (increase) | 609 | €407,598 | -€45,763 | -€453,362 | |
| Services and other goods | 61 | €3,574,719 | €3,017,879 | -€556,840 | -15.6% |
| Remuneration, social security and pensions | 62 | €2,064,167 | €1,249,650 | -€814,517 | -39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165,303 | €125,056 | -€40,246 | -24.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €34,857 | +€34,857 | |
| Other operating charges | 640/8 | €24,096 | €21,965 | -€2,131 | -8.8% |
| Non-recurring operating charges | 66A | €84 | €0 | -€84 | -100.0% |
| Operating profit (loss) | 9901 | €312,504 | €231,779 | -€80,725 | -25.8% |
| Financial income | 75/76B | €41,462 | €54,984 | +€13,521 | +32.6% |
| Recurring financial income | 75 | €41,462 | €54,984 | +€13,521 | +32.6% |
| Income from current assets | 751 | €28,086 | €15,033 | -€13,053 | -46.5% |
| Other financial income | 752/9 | €13,376 | €39,951 | +€26,575 | +198.7% |
| Financial charges | 65/66B | €200,102 | €133,500 | -€66,603 | -33.3% |
| Recurring financial charges | 65 | €199,852 | €128,804 | -€71,048 | -35.6% |
| Debt charges | 650 | €168,483 | €95,948 | -€72,535 | -43.1% |
| Other financial charges | 652/9 | €31,369 | €32,855 | +€1,487 | +4.7% |
| Non-recurring financial charges | 66B | €250 | €4,696 | +€4,446 | +1778.3% |
| Profit (loss) for the period before taxes | 9903 | €153,864 | €153,263 | -€601 | -0.4% |
| Income taxes | 67/77 | €54,241 | -€2,132 | -€56,373 | |
| Taxes | 670/3 | €54,241 | €50,552 | -€3,689 | -6.8% |
| Tax adjustments and reversals of tax provisions | 77 | - | €52,684 | +€52,684 | |
| Profit (loss) for the period | 9904 | €99,623 | €155,395 | +€55,772 | +56.0% |
| Profit (loss) for the period to be appropriated | 9905 | €99,623 | €155,395 | +€55,772 | +56.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.