Vandecasteele: 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.
Vandecasteele
Largest movements
- Cash -€118,932
down €118,932 (-50.9%), from €233,429 to €114,498
mainly Current investments (-€113,037) and Investment in fixed assets (net) (-€43,756)
- Current investments +€113,037
up €113,037 (+286.1%), from €39,511 to €152,549
- Tangible fixed assets -€71,146
down €71,146 (-18.9%), from €376,360 to €305,213
of which Plant, machinery and equipment: -€64,079
- Stocks and contracts +€24,529
up €24,529 (+179.8%), from €13,640 to €38,169
- Receivables within one year +€19,158
up €19,158 (+61.5%), from €31,151 to €50,309
of which Other amounts receivable: +€33,076
- Reserves +€70,371
up €70,371 (+27.5%), from €256,211 to €326,581
- Trade debts -€39,167
down €39,167 (-71.4%), from €54,856 to €15,689
- Debts after one year -€36,674
down €36,674 (-16.0%), from €229,783 to €193,109
- Other debts -€15,910
down €15,910 (-30.8%), from €51,622 to €35,712
- Accrued charges and deferred income -€13,243
down €13,243 (-98.9%), from €13,391 to €148
- Gross operating margin -€51,740
down €51,740 (-14.3%), from €362,785 to €311,045
- Taxes -€22,761
down €22,761 (-56.7%), from €40,162 to €17,400
- Staff costs +€22,062
up €22,062 (+29.9%), from €73,761 to €95,823
- Depreciation +€20,166
up €20,166 (+21.2%), from €95,237 to €115,403
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 | €701,420 | €669,522 | -€31,898 | -4.5% |
| Fixed assets | 21/28 | €379,734 | €308,088 | -€71,646 | -18.9% |
| Intangible fixed assets | 21 | €3,375 | €2,875 | -€500 | -14.8% |
| Tangible fixed assets | 22/27 | €376,360 | €305,213 | -€71,146 | -18.9% |
| Land and buildings | 22 | €172,672 | €183,349 | +€10,677 | +6.2% |
| Plant, machinery and equipment | 23 | €126,827 | €62,748 | -€64,079 | -50.5% |
| Furniture and vehicles | 24 | €9,684 | €8,385 | -€1,299 | -13.4% |
| Leasing and similar rights | 25 | €67,176 | €50,731 | -€16,445 | -24.5% |
| Current assets | 29/58 | €321,686 | €361,434 | +€39,748 | +12.4% |
| Stocks and contracts in progress | 3 | €13,640 | €38,169 | +€24,529 | +179.8% |
| Stocks | 30/36 | €13,640 | €38,169 | +€24,529 | +179.8% |
| Amounts receivable within one year | 40/41 | €31,151 | €50,309 | +€19,158 | +61.5% |
| Trade receivables | 40 | €28,866 | €14,948 | -€13,918 | -48.2% |
| Other amounts receivable | 41 | €2,285 | €35,361 | +€33,076 | +1447.5% |
| Current investments | 50/53 | €39,511 | €152,549 | +€113,037 | +286.1% |
| Cash at bank and in hand | 54/58 | €233,429 | €114,498 | -€118,932 | -50.9% |
| Deferred charges and accrued income | 490/1 | €3,954 | €5,910 | +€1,956 | +49.5% |
| Total equity and liabilities | 10/49 | €701,420 | €669,522 | -€31,898 | -4.5% |
| Equity | 10/15 | €261,011 | €331,381 | +€70,371 | +27.0% |
| Contributions | 10/11 | €4,800 | €4,800 | = | 0.0% |
| Reserves | 13 | €256,211 | €326,581 | +€70,371 | +27.5% |
| Distributable reserves | 133 | €256,211 | €326,581 | +€70,371 | +27.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €440,410 | €338,141 | -€102,269 | -23.2% |
| Amounts payable after more than one year | 17 | €229,783 | €193,109 | -€36,674 | -16.0% |
| Financial debts | 170/4 | €229,783 | €193,109 | -€36,674 | -16.0% |
| Amounts payable within one year | 42/48 | €197,236 | €144,884 | -€52,352 | -26.5% |
| Current portion of amounts payable after more than one year | 42 | €69,131 | €70,746 | +€1,615 | +2.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €54,856 | €15,689 | -€39,167 | -71.4% |
| Suppliers | 440/4 | €54,856 | €15,689 | -€39,167 | -71.4% |
| Taxes, remuneration and social security | 45 | €21,626 | €22,736 | +€1,110 | +5.1% |
| Taxes | 450/3 | €9,691 | €6,849 | -€2,842 | -29.3% |
| Remuneration and social security | 454/9 | €11,935 | €15,887 | +€3,952 | +33.1% |
| Other amounts payable | 47/48 | €51,622 | €35,712 | -€15,910 | -30.8% |
| Accrued charges and deferred income | 492/3 | €13,391 | €148 | -€13,243 | -98.9% |
| Remuneration, social security and pensions | 62 | €73,761 | €95,823 | +€22,062 | +29.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,237 | €115,403 | +€20,166 | +21.2% |
| Other operating charges | 640/8 | €5,389 | €5,934 | +€545 | +10.1% |
| Gross operating margin | 9900 | €362,785 | €311,045 | -€51,740 | -14.3% |
| Operating profit (loss) | 9901 | €188,398 | €93,885 | -€94,513 | -50.2% |
| Financial income | 75/76B | €1,300 | €3,541 | +€2,241 | +172.4% |
| Recurring financial income | 75 | €1,300 | €3,541 | +€2,241 | +172.4% |
| Financial charges | 65/66B | €6,879 | €9,654 | +€2,775 | +40.4% |
| Recurring financial charges | 65 | €6,879 | €9,654 | +€2,775 | +40.4% |
| Profit (loss) for the period before taxes | 9903 | €182,819 | €87,771 | -€95,048 | -52.0% |
| Income taxes | 67/77 | €40,162 | €17,400 | -€22,761 | -56.7% |
| Profit (loss) for the period | 9904 | €142,657 | €70,371 | -€72,287 | -50.7% |
| Profit (loss) for the period to be appropriated | 9905 | €142,657 | €70,371 | -€72,287 | -50.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.