VANDAT: 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.
VANDAT
Largest movements
- Cash +€8,742
up €8,742 (+136.5%), from €6,404 to €15,146
mainly Other debts (+€74,541) and Investment in fixed assets (net) (+€7,499)
- Financial fixed assets -€7,499
down €7,499 (-68.5%), from €10,952 to €3,453
- Receivables within one year -€3,934
no longer reported in 2025 (was €3,934)
- Intangible fixed assets -€2,750
down €2,750 (-17.7%), from €15,500 to €12,750
- Tangible fixed assets -€1,901
down €1,901 (-33.5%), from €5,681 to €3,780
- Other debts +€74,541
up €74,541 (+25211.6%), from €296 to €74,836
- Tax, wage and social debts -€45,182
down €45,182 (-48.4%), from €93,363 to €48,181
of which Remuneration and social security: -€46,198
- Profit (loss) carried forward -€37,668
down €37,668 (-59.2%), from -€63,677 to -€101,344
- Trade debts +€967
up €967 (+1086.5%), from €89 to €1,056
- Gross operating margin +€25,751
up €25,751 (+19.4%), from €132,444 to €158,195
- Staff costs +€11,759
up €11,759 (+6.6%), from €178,832 to €190,592
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 | €42,472 | €35,130 | -€7,342 | -17.3% |
| Fixed assets | 21/28 | €32,133 | €19,983 | -€12,150 | -37.8% |
| Intangible fixed assets | 21 | €15,500 | €12,750 | -€2,750 | -17.7% |
| Tangible fixed assets | 22/27 | €5,681 | €3,780 | -€1,901 | -33.5% |
| Furniture and vehicles | 24 | €5,681 | €3,780 | -€1,901 | -33.5% |
| Financial fixed assets | 28 | €10,952 | €3,453 | -€7,499 | -68.5% |
| Current assets | 29/58 | €10,339 | €15,146 | +€4,808 | +46.5% |
| Amounts receivable within one year | 40/41 | €3,934 | - | -€3,934 | |
| Trade receivables | 40 | €3,934 | - | -€3,934 | |
| Cash at bank and in hand | 54/58 | €6,404 | €15,146 | +€8,742 | +136.5% |
| Total equity and liabilities | 10/49 | €42,472 | €35,130 | -€7,342 | -17.3% |
| Equity | 10/15 | -€51,277 | -€88,944 | -€37,668 | -73.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€63,677 | -€101,344 | -€37,668 | -59.2% |
| Amounts payable | 17/49 | €93,748 | €124,074 | +€30,326 | +32.3% |
| Amounts payable within one year | 42/48 | €93,748 | €124,074 | +€30,326 | +32.3% |
| Trade debts | 44 | €89 | €1,056 | +€967 | +1086.5% |
| Suppliers | 440/4 | €89 | €1,056 | +€967 | +1086.5% |
| Taxes, remuneration and social security | 45 | €93,363 | €48,181 | -€45,182 | -48.4% |
| Taxes | 450/3 | €7,863 | €8,879 | +€1,016 | +12.9% |
| Remuneration and social security | 454/9 | €85,501 | €39,302 | -€46,198 | -54.0% |
| Other amounts payable | 47/48 | €296 | €74,836 | +€74,541 | +25211.6% |
| Remuneration, social security and pensions | 62 | €178,832 | €190,592 | +€11,759 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,649 | €4,651 | +€2 | 0.0% |
| Other operating charges | 640/8 | €836 | - | -€836 | |
| Gross operating margin | 9900 | €132,444 | €158,195 | +€25,751 | +19.4% |
| Operating profit (loss) | 9901 | -€51,874 | -€37,048 | +€14,826 | +28.6% |
| Financial income | 75/76B | - | €124 | +€124 | |
| Recurring financial income | 75 | - | €124 | +€124 | |
| Financial charges | 65/66B | €325 | €744 | +€419 | +128.9% |
| Recurring financial charges | 65 | €325 | €744 | +€419 | +129.0% |
| Non-recurring financial charges | 66B | €0 | - | -€0 | |
| Profit (loss) for the period before taxes | 9903 | -€52,199 | -€37,668 | +€14,531 | +27.8% |
| Profit (loss) for the period | 9904 | -€52,199 | -€37,668 | +€14,531 | +27.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€52,199 | -€37,668 | +€14,531 | +27.8% |
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 4 October 2026 via checked.be.