Vande Moortel Services: 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 Moortel Services
Largest movements
- Financial fixed assets +€23.5m
up €23.5m (+6,652%), from €353,750 to €23.9m
- Receivables within one year -€1.4m
down €1.4m (-87.5%), from €1.6m to €203,431
of which Other amounts receivable: -€1.5m
- Cash -€504,133
down €504,133 (-98.4%), from €512,515 to €8,382
mainly Investment in fixed assets (net) (-€24.0m) and Contributions, distributions and other (-€2.0m)
- Tangible fixed assets +€301,767
up €301,767 (+107%), from €281,082 to €582,849
of which Furniture and vehicles: +€301,767
- Other debts +€24.1m
up €24.1m (+20,061%), from €120,000 to €24.2m
- Contributions -€2.0m
down €2.0m (-99.1%), from €2.0m to €18,914
- Depreciation -€86,313
down €86,313 (-33.7%), from €256,450 to €170,137
- Staff costs +€73,860
new in 2025: €73,860
- Financial income -€60,413
down €60,413 (-86.9%), from €69,544 to €9,132
- Other operating charges -€40,697
down €40,697 (-57.2%), from €71,158 to €30,461
- Gross operating margin -€35,243
down €35,243 (-10.6%), from €331,783 to €296,541
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.
Derived cash bridge
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 | €2,776,341 | €24,679,852 | +€21.9m | +789% |
| Fixed assets | 21/28 | €634,832 | €24,466,962 | +€23.8m | +3,754% |
| Tangible fixed assets | 22/27 | €281,082 | €582,849 | +€301,767 | +107% |
| Furniture and vehicles | 24 | €281,082 | €582,849 | +€301,767 | +107% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €353,750 | €23,884,113 | +€23.5m | +6,652% |
| Current assets | 29/58 | €2,141,509 | €212,889 | -€1.9m | -90.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €1,626,172 | €203,431 | -€1.4m | -87.5% |
| Trade receivables | 40 | €54,486 | €140,801 | +€86,315 | +158% |
| Other amounts receivable | 41 | €1,571,686 | €62,630 | -€1.5m | -96.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €512,515 | €8,382 | -€504,133 | -98.4% |
| Deferred charges and accrued income | 490/1 | €2,822 | €1,076 | -€1,746 | -61.9% |
| Total equity and liabilities | 10/49 | €2,776,341 | €24,679,852 | +€21.9m | +789% |
| Equity | 10/15 | €2,034,068 | €40,713 | -€2.0m | -98.0% |
| Contributions | 10/11 | €2,018,600 | €18,914 | -€2.0m | -99.1% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €15,468 | €21,799 | +€6,331 | +40.9% |
| Amounts payable | 17/49 | €742,273 | €24,639,138 | +€23.9m | +3,219% |
| Amounts payable after more than one year | 17 | €250,994 | €11,330 | -€239,663 | -95.5% |
| Financial debts | 170/4 | €250,994 | €11,330 | -€239,663 | -95.5% |
| Amounts payable within one year | 42/48 | €491,279 | €24,627,639 | +€24.1m | +4,913% |
| Current portion of amounts payable after more than one year | 42 | €331,361 | €239,663 | -€91,697 | -27.7% |
| Trade debts | 44 | €19,440 | €181,569 | +€162,128 | +834% |
| Suppliers | 440/4 | €19,440 | €181,569 | +€162,128 | +834% |
| Taxes, remuneration and social security | 45 | €20,478 | €13,657 | -€6,821 | -33.3% |
| Taxes | 450/3 | €20,478 | €1,436 | -€19,042 | -93.0% |
| Remuneration and social security | 454/9 | - | €12,220 | +€12,220 | |
| Other amounts payable | 47/48 | €120,000 | €24,192,750 | +€24.1m | +20,061% |
| Accrued charges and deferred income | 492/3 | €0 | €169 | +€169 | |
| Remuneration, social security and pensions | 62 | - | €73,860 | +€73,860 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €256,450 | €170,137 | -€86,313 | -33.7% |
| Other operating charges | 640/8 | €71,158 | €30,461 | -€40,697 | -57.2% |
| Gross operating margin | 9900 | €331,783 | €296,541 | -€35,243 | -10.6% |
| Operating profit (loss) | 9901 | €4,175 | €22,082 | +€17,907 | +429% |
| Financial income | 75/76B | €69,544 | €9,132 | -€60,413 | -86.9% |
| Recurring financial income | 75 | €69,544 | €9,132 | -€60,413 | -86.9% |
| Financial charges | 65/66B | €23,685 | €6,488 | -€17,197 | -72.6% |
| Recurring financial charges | 65 | €23,685 | €6,488 | -€17,197 | -72.6% |
| Profit (loss) for the period before taxes | 9903 | €50,035 | €24,726 | -€25,309 | -50.6% |
| Income taxes | 67/77 | €12,521 | €3,080 | -€9,441 | -75.4% |
| Profit (loss) for the period | 9904 | €37,514 | €21,645 | -€15,868 | -42.3% |
| Profit (loss) for the period to be appropriated | 9905 | €37,514 | €21,645 | -€15,868 | -42.3% |
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 28 October 2026 via checked.be.