Vande: 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.
Vande
Largest movements
- Tangible fixed assets +€255,723
new in 2025: €255,723
of which Land and buildings: +€254,233
- Cash -€207,385
down €207,385 (-99.8%), from €207,820 to €435
mainly Investment in fixed assets (net) (-€292,517) and Contributions, distributions and other (-€33,000)
- Receivables within one year -€81,100
down €81,100 (-53.5%), from €151,451 to €70,351
of which Other amounts receivable: -€94,201
- Other debts -€24,000
down €24,000 (-42.1%), from €57,000 to €33,000
- Debts after one year -€8,770
down €8,770 (-28.3%), from €30,994 to €22,224
- Gross operating margin +€37,651
up €37,651 (+110.2%), from €34,159 to €71,810
- Depreciation +€36,794
new in 2025: €36,794
- Financial income -€5,084
down €5,084 (-93.5%), from €5,440 to €356
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 | €359,271 | €326,944 | -€32,327 | -9.0% |
| Fixed assets | 21/28 | - | €255,723 | +€255,723 | |
| Tangible fixed assets | 22/27 | - | €255,723 | +€255,723 | |
| Land and buildings | 22 | - | €254,233 | +€254,233 | |
| Furniture and vehicles | 24 | - | €1,490 | +€1,490 | |
| Current assets | 29/58 | €359,271 | €71,220 | -€288,051 | -80.2% |
| Amounts receivable within one year | 40/41 | €151,451 | €70,351 | -€81,100 | -53.5% |
| Trade receivables | 40 | €506 | €13,607 | +€13,101 | +2589.6% |
| Other amounts receivable | 41 | €150,945 | €56,744 | -€94,201 | -62.4% |
| Cash at bank and in hand | 54/58 | €207,820 | €435 | -€207,385 | -99.8% |
| Deferred charges and accrued income | 490/1 | - | €435 | +€435 | |
| Total equity and liabilities | 10/49 | €359,271 | €326,944 | -€32,327 | -9.0% |
| Equity | 10/15 | €212,828 | €210,316 | -€2,512 | -1.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €187,828 | €185,316 | -€2,512 | -1.3% |
| Non-distributable reserves | 130/1 | €2,500 | €0 | -€2,500 | -100.0% |
| Reserves not available under the articles | 1311 | €2,500 | €0 | -€2,500 | -100.0% |
| Tax-exempt reserves | 132 | €114,868 | €112,164 | -€2,704 | -2.4% |
| Distributable reserves | 133 | €70,460 | €73,152 | +€2,692 | +3.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €38,289 | €37,388 | -€901 | -2.4% |
| Deferred taxes | 168 | €38,289 | €37,388 | -€901 | -2.4% |
| Amounts payable | 17/49 | €108,154 | €79,240 | -€28,914 | -26.7% |
| Amounts payable after more than one year | 17 | €30,994 | €22,224 | -€8,770 | -28.3% |
| Financial debts | 170/4 | €30,994 | €22,224 | -€8,770 | -28.3% |
| Amounts payable within one year | 42/48 | €77,160 | €57,016 | -€20,144 | -26.1% |
| Current portion of amounts payable after more than one year | 42 | €7,951 | €8,770 | +€819 | +10.3% |
| Financial debts | 43 | €0 | €2,799 | +€2,799 | |
| Credit institutions | 430/8 | €0 | €2,799 | +€2,799 | |
| Trade debts | 44 | €9,094 | €8,905 | -€190 | -2.1% |
| Suppliers | 440/4 | €9,094 | €8,905 | -€190 | -2.1% |
| Taxes, remuneration and social security | 45 | €3,115 | €3,543 | +€428 | +13.7% |
| Taxes | 450/3 | €3,115 | €3,543 | +€428 | +13.7% |
| Other amounts payable | 47/48 | €57,000 | €33,000 | -€24,000 | -42.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €36,794 | +€36,794 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €34,159 | €71,810 | +€37,651 | +110.2% |
| Operating profit (loss) | 9901 | €33,772 | €34,617 | +€845 | +2.5% |
| Financial income | 75/76B | €5,440 | €356 | -€5,084 | -93.5% |
| Recurring financial income | 75 | €5,440 | €356 | -€5,084 | -93.5% |
| Financial charges | 65/66B | €5,028 | €4,398 | -€630 | -12.5% |
| Recurring financial charges | 65 | €5,028 | €4,398 | -€630 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €34,184 | €30,574 | -€3,609 | -10.6% |
| Transfer from deferred taxes | 780 | - | €901 | +€901 | |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €657 | €987 | +€330 | +50.2% |
| Profit (loss) for the period | 9904 | €33,526 | €30,488 | -€3,038 | -9.1% |
| Transfer from tax-exempt reserves | 789 | - | €2,704 | +€2,704 | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €33,526 | €33,192 | -€334 | -1.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.