Vandapower Group: 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.
Vandapower Group
Largest movements
- Receivables within one year +€130,269
up €130,269 (+81.7%), from €159,355 to €289,624
of which Trade receivables: +€104,361
- Reserves +€88,382
up €88,382 (+8.2%), from €1.1m to €1.2m
of which Distributable reserves: +€88,382
- Debts after one year -€67,443
down €67,443 (-30.3%), from €222,389 to €154,946
- Trade debts +€47,178
up €47,178 (+22.3%), from €211,251 to €258,430
- Tax, wage and social debts -€43,115
down €43,115 (-22.7%), from €189,947 to €146,832
of which Remuneration and social security: -€52,451
- Other debts +€39,311
up €39,311 (+2.5%), from €1.6m to €1.6m
- Gross operating margin -€273,132
down €273,132 (-27.3%), from €1.0m to €728,845
- Staff costs -€262,201
down €262,201 (-33.0%), from €794,525 to €532,325
- Financial charges -€43,176
down €43,176 (-44.0%), from €98,042 to €54,865
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.
Derived cash bridge
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.
Every line side by side
| Line | Code | 31-03-2025 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,510,602 | €3,622,173 | +€111,571 | +3.2% |
| Fixed assets | 21/28 | €3,338,376 | €3,327,409 | -€10,967 | -0.3% |
| Tangible fixed assets | 22/27 | €21,935 | €10,968 | -€10,967 | -50.0% |
| Furniture and vehicles | 24 | €21,935 | €10,968 | -€10,967 | -50.0% |
| Financial fixed assets | 28 | €3,316,441 | €3,316,441 | = | 0.0% |
| Current assets | 29/58 | €172,226 | €294,764 | +€122,539 | +71.1% |
| Stocks and contracts in progress | 3 | €281 | €0 | -€281 | -100% |
| Stocks | 30/36 | €281 | €0 | -€281 | -100% |
| Amounts receivable within one year | 40/41 | €159,355 | €289,624 | +€130,269 | +81.7% |
| Trade receivables | 40 | €153,337 | €257,697 | +€104,361 | +68.1% |
| Other amounts receivable | 41 | €6,018 | €31,927 | +€25,909 | +431% |
| Cash at bank and in hand | 54/58 | €944 | €801 | -€143 | -15.1% |
| Deferred charges and accrued income | 490/1 | €11,647 | €4,339 | -€7,307 | -62.7% |
| Total equity and liabilities | 10/49 | €3,510,602 | €3,622,173 | +€111,571 | +3.2% |
| Equity | 10/15 | €1,134,957 | €1,223,340 | +€88,382 | +7.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,073,457 | €1,161,840 | +€88,382 | +8.2% |
| Non-distributable reserves | 130/1 | €11,250 | €11,250 | = | 0.0% |
| Legal reserve | 130 | €11,250 | €11,250 | = | 0.0% |
| Distributable reserves | 133 | €1,062,207 | €1,150,590 | +€88,382 | +8.3% |
| Amounts payable | 17/49 | €2,375,645 | €2,398,834 | +€23,189 | +1.0% |
| Amounts payable after more than one year | 17 | €222,389 | €154,946 | -€67,443 | -30.3% |
| Financial debts | 170/4 | €222,389 | €154,946 | -€67,443 | -30.3% |
| Amounts payable within one year | 42/48 | €2,153,256 | €2,229,254 | +€75,998 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €154,357 | €186,981 | +€32,623 | +21.1% |
| Trade debts | 44 | €211,251 | €258,430 | +€47,178 | +22.3% |
| Suppliers | 440/4 | €211,251 | €258,430 | +€47,178 | +22.3% |
| Taxes, remuneration and social security | 45 | €189,947 | €146,832 | -€43,115 | -22.7% |
| Taxes | 450/3 | €59,312 | €68,648 | +€9,336 | +15.7% |
| Remuneration and social security | 454/9 | €130,635 | €78,184 | -€52,451 | -40.2% |
| Other amounts payable | 47/48 | €1,597,701 | €1,637,012 | +€39,311 | +2.5% |
| Accrued charges and deferred income | 492/3 | - | €14,634 | +€14,634 | |
| Remuneration, social security and pensions | 62 | €794,525 | €532,325 | -€262,201 | -33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,561 | €10,967 | -€5,593 | -33.8% |
| Other operating charges | 640/8 | €3,501 | €4,110 | +€609 | +17.4% |
| Non-recurring operating charges | 66A | €978 | €0 | -€978 | -100% |
| Gross operating margin | 9900 | €1,001,977 | €728,845 | -€273,132 | -27.3% |
| Operating profit (loss) | 9901 | €186,412 | €181,443 | -€4,969 | -2.7% |
| Financial income | 75/76B | €6,558 | €174 | -€6,384 | -97.4% |
| Recurring financial income | 75 | €6,558 | €174 | -€6,384 | -97.4% |
| Financial charges | 65/66B | €98,042 | €54,865 | -€43,176 | -44.0% |
| Recurring financial charges | 65 | €98,042 | €54,865 | -€43,176 | -44.0% |
| Profit (loss) for the period before taxes | 9903 | €94,928 | €126,751 | +€31,823 | +33.5% |
| Income taxes | 67/77 | €29,140 | €38,302 | +€9,162 | +31.4% |
| Profit (loss) for the period | 9904 | €65,788 | €88,449 | +€22,661 | +34.4% |
| Profit (loss) for the period to be appropriated | 9905 | €65,788 | €88,449 | +€22,661 | +34.4% |
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 23 October 2026 via checked.be.