VANDECAN Frères: what changed
VANDECAN Frères
Largest movements
- Receivables within one year +€27,289
up €27,289 (+77.6%), from €35,166 to €62,455
of which Trade receivables: +€24,086
- Cash -€15,167
down €15,167 (-72.6%), from €20,887 to €5,720
mainly Investment in fixed assets (net) (-€64,796) and Debts after one year (-€30,101)
- Tangible fixed assets -€9,758
down €9,758 (-4.8%), from €203,090 to €193,332
of which Leasing and similar rights: -€34,706
- Intangible fixed assets -€5,000
down €5,000 (-14.3%), from €35,000 to €30,000
- Profit (loss) carried forward +€35,004
up €35,004, from -€9,410 to €25,594
- Debts after one year -€30,101
down €30,101 (-17.5%), from €171,697 to €141,596
- Trade debts -€13,384
down €13,384 (-22.5%), from €59,528 to €46,144
- Gross operating margin +€47,291
up €47,291 (+20.7%), from €228,241 to €275,532
- Staff costs -€11,653
down €11,653 (-7.9%), from €146,752 to €135,099
- Depreciation -€7,256
down €7,256 (-8.4%), from €86,812 to €79,556
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 | €298,611 | €295,447 | -€3,164 | -1.1% |
| Formation expenses | 20 | €2 | - | -€2 | |
| Fixed assets | 21/28 | €238,407 | €223,649 | -€14,758 | -6.2% |
| Intangible fixed assets | 21 | €35,000 | €30,000 | -€5,000 | -14.3% |
| Tangible fixed assets | 22/27 | €203,090 | €193,332 | -€9,758 | -4.8% |
| Plant, machinery and equipment | 23 | €3,515 | €2,665 | -€850 | -24.2% |
| Furniture and vehicles | 24 | €75,322 | €101,120 | +€25,798 | +34.3% |
| Leasing and similar rights | 25 | €124,253 | €89,547 | -€34,706 | -27.9% |
| Financial fixed assets | 28 | €317 | €317 | = | 0.0% |
| Current assets | 29/58 | €60,202 | €71,798 | +€11,596 | +19.3% |
| Amounts receivable within one year | 40/41 | €35,166 | €62,455 | +€27,289 | +77.6% |
| Trade receivables | 40 | €27,225 | €51,311 | +€24,086 | +88.5% |
| Other amounts receivable | 41 | €7,941 | €11,144 | +€3,203 | +40.3% |
| Cash at bank and in hand | 54/58 | €20,887 | €5,720 | -€15,167 | -72.6% |
| Deferred charges and accrued income | 490/1 | €4,149 | €3,623 | -€526 | -12.7% |
| Total equity and liabilities | 10/49 | €298,611 | €295,447 | -€3,164 | -1.1% |
| Equity | 10/15 | -€4,410 | €30,594 | +€35,004 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,410 | €25,594 | +€35,004 | |
| Amounts payable | 17/49 | €303,021 | €264,853 | -€38,168 | -12.6% |
| Amounts payable after more than one year | 17 | €171,697 | €141,596 | -€30,101 | -17.5% |
| Financial debts | 170/4 | €171,697 | €141,596 | -€30,101 | -17.5% |
| Amounts payable within one year | 42/48 | €131,324 | €123,257 | -€8,067 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €66,551 | €69,335 | +€2,784 | +4.2% |
| Trade debts | 44 | €59,528 | €46,144 | -€13,384 | -22.5% |
| Suppliers | 440/4 | €59,528 | €46,144 | -€13,384 | -22.5% |
| Taxes, remuneration and social security | 45 | €5,245 | €7,778 | +€2,533 | +48.3% |
| Taxes | 450/3 | €2,687 | €3,129 | +€442 | +16.4% |
| Remuneration and social security | 454/9 | €2,558 | €4,649 | +€2,091 | +81.7% |
| Remuneration, social security and pensions | 62 | €146,752 | €135,099 | -€11,653 | -7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,812 | €79,556 | -€7,256 | -8.4% |
| Other operating charges | 640/8 | €2,854 | €3,507 | +€653 | +22.9% |
| Gross operating margin | 9900 | €228,241 | €275,532 | +€47,291 | +20.7% |
| Operating profit (loss) | 9901 | -€8,177 | €57,370 | +€65,547 | |
| Financial income | 75/76B | €663 | €1 | -€662 | -99.8% |
| Recurring financial income | 75 | €663 | €1 | -€662 | -99.8% |
| Financial charges | 65/66B | €17,420 | €19,713 | +€2,293 | +13.2% |
| Recurring financial charges | 65 | €17,420 | €19,713 | +€2,293 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | -€24,934 | €37,658 | +€62,592 | |
| Income taxes | 67/77 | €208 | €2,654 | +€2,446 | +1,176% |
| Profit (loss) for the period | 9904 | -€25,142 | €35,004 | +€60,146 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,142 | €35,004 | +€60,146 |
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 7 November 2026 via checked.be.