Vandeborne: 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.
Vandeborne
Largest movements
- Tangible fixed assets -€316,391
down €316,391 (-80.8%), from €391,636 to €75,245
of which Land and buildings: -€283,000
- Cash +€185,535
up €185,535 (+122.0%), from €152,072 to €337,607
mainly Investment in fixed assets (net) (+€283,242) and Receivables within one year (+€93,679)
- Receivables within one year -€93,679
down €93,679 (-12.4%), from €757,750 to €664,071
of which Other amounts receivable: -€76,673
- Debts after one year -€235,459
down €235,459 (-93.6%), from €251,571 to €16,112
- Reserves +€40,775
up €40,775 (+6.3%), from €645,464 to €686,239
- Trade debts -€23,378
down €23,378 (-11.1%), from €210,614 to €187,236
- Current portion of long-term debt -€22,957
down €22,957 (-49.6%), from €46,281 to €23,324
- Accrued charges and deferred income +€15,574
up €15,574 (+20.3%), from €76,726 to €92,300
- Taxes -€20,463
down €20,463 (-50.3%), from €40,694 to €20,231
- Depreciation -€16,749
down €16,749 (-33.4%), from €50,140 to €33,391
- Staff costs +€8,754
up €8,754 (+8.7%), from €100,687 to €109,440
- Gross operating margin -€8,554
down €8,554 (-2.9%), from €291,214 to €282,660
- Financial income -€6,183
no longer reported in 2025 (was €6,183)
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 | €1,313,677 | €1,083,030 | -€230,646 | -17.6% |
| Fixed assets | 21/28 | €392,094 | €75,461 | -€316,633 | -80.8% |
| Tangible fixed assets | 22/27 | €391,636 | €75,245 | -€316,391 | -80.8% |
| Land and buildings | 22 | €283,000 | - | -€283,000 | |
| Plant, machinery and equipment | 23 | €1,548 | €1,048 | -€500 | -32.3% |
| Furniture and vehicles | 24 | €66,968 | €42,231 | -€24,737 | -36.9% |
| Other tangible fixed assets | 26 | €40,120 | €31,966 | -€8,154 | -20.3% |
| Financial fixed assets | 28 | €458 | €216 | -€242 | -52.9% |
| Current assets | 29/58 | €921,583 | €1,007,569 | +€85,987 | +9.3% |
| Amounts receivable within one year | 40/41 | €757,750 | €664,071 | -€93,679 | -12.4% |
| Trade receivables | 40 | €134,426 | €117,420 | -€17,006 | -12.7% |
| Other amounts receivable | 41 | €623,324 | €546,651 | -€76,673 | -12.3% |
| Cash at bank and in hand | 54/58 | €152,072 | €337,607 | +€185,535 | +122.0% |
| Deferred charges and accrued income | 490/1 | €11,761 | €5,891 | -€5,870 | -49.9% |
| Total equity and liabilities | 10/49 | €1,313,677 | €1,083,030 | -€230,646 | -17.6% |
| Equity | 10/15 | €701,240 | €742,015 | +€40,775 | +5.8% |
| Contributions | 10/11 | €55,776 | €55,776 | = | 0.0% |
| Reserves | 13 | €645,464 | €686,239 | +€40,775 | +6.3% |
| Distributable reserves | 133 | €645,464 | €686,239 | +€40,775 | +6.3% |
| Amounts payable | 17/49 | €612,437 | €341,016 | -€271,421 | -44.3% |
| Amounts payable after more than one year | 17 | €251,571 | €16,112 | -€235,459 | -93.6% |
| Financial debts | 170/4 | €251,571 | €16,112 | -€235,459 | -93.6% |
| Amounts payable within one year | 42/48 | €284,140 | €232,604 | -€51,536 | -18.1% |
| Current portion of amounts payable after more than one year | 42 | €46,281 | €23,324 | -€22,957 | -49.6% |
| Financial debts | 43 | €8,750 | €10,000 | +€1,250 | +14.3% |
| Credit institutions | 430/8 | €8,750 | €10,000 | +€1,250 | +14.3% |
| Trade debts | 44 | €210,614 | €187,236 | -€23,378 | -11.1% |
| Suppliers | 440/4 | €210,614 | €187,236 | -€23,378 | -11.1% |
| Taxes, remuneration and social security | 45 | €7,277 | €12,045 | +€4,767 | +65.5% |
| Taxes | 450/3 | €5,021 | - | -€5,021 | |
| Remuneration and social security | 454/9 | €2,256 | €12,045 | +€9,788 | +433.8% |
| Other amounts payable | 47/48 | €11,218 | - | -€11,218 | |
| Accrued charges and deferred income | 492/3 | €76,726 | €92,300 | +€15,574 | +20.3% |
| Non-recurring operating income | 76A | €11,890 | - | -€11,890 | |
| Remuneration, social security and pensions | 62 | €100,687 | €109,440 | +€8,754 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,140 | €33,391 | -€16,749 | -33.4% |
| Other operating charges | 640/8 | €2,167 | €4,111 | +€1,943 | +89.7% |
| Non-recurring operating charges | 66A | - | €51,000 | +€51,000 | |
| Gross operating margin | 9900 | €291,214 | €282,660 | -€8,554 | -2.9% |
| Operating profit (loss) | 9901 | €138,221 | €84,719 | -€53,502 | -38.7% |
| Financial income | 75/76B | €6,183 | - | -€6,183 | |
| Recurring financial income | 75 | €6,183 | - | -€6,183 | |
| Financial charges | 65/66B | €25,361 | €23,713 | -€1,648 | -6.5% |
| Recurring financial charges | 65 | €25,361 | €23,713 | -€1,648 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €119,042 | €61,006 | -€58,036 | -48.8% |
| Income taxes | 67/77 | €40,694 | €20,231 | -€20,463 | -50.3% |
| Profit (loss) for the period | 9904 | €78,348 | €40,775 | -€37,574 | -48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €78,348 | €40,775 | -€37,574 | -48.0% |
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 8 October 2026 via checked.be.