VANDAR: 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.
VANDAR
Largest movements
- Financial fixed assets -€1.2m
no longer reported in 2025 (was €1.2m)
- Receivables after one year +€708,724
new in 2025: €708,724
- Receivables within one year +€405,649
new in 2025: €405,649
- Intangible fixed assets +€59,927
new in 2025: €59,927
- Profit (loss) carried forward -€20,744
down €20,744 (-4.1%), from -€510,300 to -€531,044
- Debts after one year -€14,954
down €14,954 (-93.6%), from €15,978 to €1,024
- Gross operating margin -€14,954
down €14,954 (-478.5%), from -€3,125 to -€18,079
- Depreciation +€1,002
new in 2025: €1,002
- Financial income -€814
down €814 (-54.2%), from €1,500 to €687
- Financial charges +€382
up €382 (+47.8%), from €799 to €1,181
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 | €1,295,639 | €1,259,708 | -€35,931 | -2.8% |
| Fixed assets | 21/28 | €1,200,000 | €59,927 | -€1.1m | -95.0% |
| Intangible fixed assets | 21 | - | €59,927 | +€59,927 | |
| Financial fixed assets | 28 | €1,200,000 | - | -€1.2m | |
| Current assets | 29/58 | €95,639 | €1,199,780 | +€1.1m | +1154.5% |
| Amounts receivable after more than one year | 29 | - | €708,724 | +€708,724 | |
| Other amounts receivable | 291 | - | €708,724 | +€708,724 | |
| Amounts receivable within one year | 40/41 | - | €405,649 | +€405,649 | |
| Other amounts receivable | 41 | - | €405,649 | +€405,649 | |
| Cash at bank and in hand | 54/58 | €94,148 | €85,407 | -€8,741 | -9.3% |
| Deferred charges and accrued income | 490/1 | €1,491 | - | -€1,491 | |
| Total equity and liabilities | 10/49 | €1,295,639 | €1,259,708 | -€35,931 | -2.8% |
| Equity | 10/15 | €1,279,200 | €1,258,456 | -€20,744 | -1.6% |
| Contributions | 10/11 | €1,652,000 | €1,652,000 | = | 0.0% |
| Reserves | 13 | €137,500 | €137,500 | = | 0.0% |
| Distributable reserves | 133 | €137,500 | €137,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€510,300 | -€531,044 | -€20,744 | -4.1% |
| Amounts payable | 17/49 | €16,438 | €1,251 | -€15,187 | -92.4% |
| Amounts payable after more than one year | 17 | €15,978 | €1,024 | -€14,954 | -93.6% |
| Other amounts payable | 178/9 | €15,978 | €1,024 | -€14,954 | -93.6% |
| Amounts payable within one year | 42/48 | €197 | €227 | +€31 | +15.6% |
| Trade debts | 44 | €197 | €227 | +€31 | +15.6% |
| Suppliers | 440/4 | €197 | €227 | +€31 | +15.6% |
| Accrued charges and deferred income | 492/3 | €264 | - | -€264 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,002 | +€1,002 | |
| Other operating charges | 640/8 | €1,136 | €1,168 | +€33 | +2.9% |
| Gross operating margin | 9900 | -€3,125 | -€18,079 | -€14,954 | -478.5% |
| Operating profit (loss) | 9901 | -€4,261 | -€20,249 | -€15,989 | -375.3% |
| Financial income | 75/76B | €1,500 | €687 | -€814 | -54.2% |
| Recurring financial income | 75 | €1,500 | €687 | -€814 | -54.2% |
| Financial charges | 65/66B | €799 | €1,181 | +€382 | +47.8% |
| Recurring financial charges | 65 | €799 | €1,181 | +€382 | +47.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,560 | -€20,744 | -€17,184 | -482.7% |
| Profit (loss) for the period | 9904 | -€3,560 | -€20,744 | -€17,184 | -482.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,560 | -€20,744 | -€17,184 | -482.7% |
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.