VANDEC: what changed
VANDEC
Largest movements
- Stocks and contracts +€13,203
up €13,203 (+76.2%), from €17,320 to €30,523
- Cash +€12,455
up €12,455 (+39.2%), from €31,750 to €44,205
mainly Net result for the year (+€24,479) and Tax, wage and social debts (+€8,739)
- Deferred charges and accrued income -€4,438
no longer reported in 2025 (was €4,438)
- Receivables within one year -€1,180
down €1,180 (-12.5%), from €9,443 to €8,263
of which Other amounts receivable: -€1,944
- Tangible fixed assets -€893
down €893 (-30.1%), from €2,962 to €2,069
of which Furniture and vehicles: -€473
- Reserves +€24,479
up €24,479 (+71.5%), from €34,230 to €58,709
- Other debts -€9,758
down €9,758 (-58.3%), from €16,746 to €6,988
- Tax, wage and social debts +€8,739
up €8,739 (+123%), from €7,105 to €15,844
- Accrued charges and deferred income -€2,998
no longer reported in 2025 (was €2,998)
- Trade debts -€1,315
down €1,315 (-71.7%), from €1,833 to €519
- Gross operating margin +€9,751
up €9,751 (+32.3%), from €30,188 to €39,938
- Taxes +€3,625
up €3,625 (+51.0%), from €7,105 to €10,731
- Other operating charges +€2,262
up €2,262 (+642%), from €352 to €2,614
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €65,912 | €85,060 | +€19,147 | +29.0% |
| Fixed assets | 21/28 | €2,962 | €2,069 | -€893 | -30.1% |
| Tangible fixed assets | 22/27 | €2,962 | €2,069 | -€893 | -30.1% |
| Plant, machinery and equipment | 23 | €2,489 | €2,069 | -€420 | -16.9% |
| Furniture and vehicles | 24 | €473 | - | -€473 | |
| Current assets | 29/58 | €62,951 | €82,991 | +€20,040 | +31.8% |
| Stocks and contracts in progress | 3 | €17,320 | €30,523 | +€13,203 | +76.2% |
| Stocks | 30/36 | €17,320 | €30,523 | +€13,203 | +76.2% |
| Amounts receivable within one year | 40/41 | €9,443 | €8,263 | -€1,180 | -12.5% |
| Trade receivables | 40 | €7,499 | €8,263 | +€764 | +10.2% |
| Other amounts receivable | 41 | €1,944 | - | -€1,944 | |
| Cash at bank and in hand | 54/58 | €31,750 | €44,205 | +€12,455 | +39.2% |
| Deferred charges and accrued income | 490/1 | €4,438 | - | -€4,438 | |
| Total equity and liabilities | 10/49 | €65,912 | €85,060 | +€19,147 | +29.0% |
| Equity | 10/15 | €37,230 | €61,709 | +€24,479 | +65.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €34,230 | €58,709 | +€24,479 | +71.5% |
| Distributable reserves | 133 | €34,230 | €58,709 | +€24,479 | +71.5% |
| Amounts payable | 17/49 | €28,682 | €23,351 | -€5,332 | -18.6% |
| Amounts payable within one year | 42/48 | €25,684 | €23,351 | -€2,334 | -9.1% |
| Trade debts | 44 | €1,833 | €519 | -€1,315 | -71.7% |
| Suppliers | 440/4 | €1,833 | €519 | -€1,315 | -71.7% |
| Taxes, remuneration and social security | 45 | €7,105 | €15,844 | +€8,739 | +123% |
| Taxes | 450/3 | €7,105 | €15,844 | +€8,739 | +123% |
| Other amounts payable | 47/48 | €16,746 | €6,988 | -€9,758 | -58.3% |
| Accrued charges and deferred income | 492/3 | €2,998 | - | -€2,998 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,983 | €2,049 | +€66 | +3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €118 | +€118 | |
| Other operating charges | 640/8 | €352 | €2,614 | +€2,262 | +642% |
| Gross operating margin | 9900 | €30,188 | €39,938 | +€9,751 | +32.3% |
| Operating profit (loss) | 9901 | €27,852 | €35,158 | +€7,306 | +26.2% |
| Financial income | 75/76B | €39 | €191 | +€152 | +393% |
| Recurring financial income | 75 | €39 | €191 | +€152 | +393% |
| Financial charges | 65/66B | €290 | €139 | -€151 | -52.2% |
| Recurring financial charges | 65 | €290 | €139 | -€151 | -52.2% |
| Profit (loss) for the period before taxes | 9903 | €27,601 | €35,210 | +€7,609 | +27.6% |
| Income taxes | 67/77 | €7,105 | €10,731 | +€3,625 | +51.0% |
| Profit (loss) for the period | 9904 | €20,496 | €24,479 | +€3,983 | +19.4% |
| Profit (loss) for the period to be appropriated | 9905 | €20,496 | €24,479 | +€3,983 | +19.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.