Vandecc: 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.
Vandecc
Largest movements
- Current investments +€568,827
up €568,827 (+22.1%), from €2.6m to €3.1m
- Cash +€134,262
up €134,262 (+116.9%), from €114,881 to €249,143
mainly Net result for the year (+€665,780) and Depreciation (+€27,870)
- Reserves +€665,780
up €665,780 (+23.8%), from €2.8m to €3.5m
- Financial income +€590,428
up €590,428 (+640.7%), from €92,152 to €682,579
- Taxes +€49,967
up €49,967 (+88.2%), from €56,630 to €106,597
- Gross operating margin +€16,921
up €16,921 (+16.2%), from €104,604 to €121,525
- Depreciation +€10,949
up €10,949 (+64.7%), from €16,921 to €27,870
- Financial charges -€3,078
down €3,078 (-56.7%), from €5,428 to €2,350
of which Non-recurring financial charges: -€3,407
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 | €3,352,674 | €4,038,225 | +€685,550 | +20.4% |
| Fixed assets | 21/28 | €453,250 | €425,381 | -€27,870 | -6.1% |
| Tangible fixed assets | 22/27 | €80,331 | €52,461 | -€27,870 | -34.7% |
| Land and buildings | 22 | €1,020 | €0 | -€1,020 | -100.0% |
| Plant, machinery and equipment | 23 | €2,202 | €1,722 | -€480 | -21.8% |
| Furniture and vehicles | 24 | €77,108 | €50,739 | -€26,369 | -34.2% |
| Financial fixed assets | 28 | €372,920 | €372,920 | = | 0.0% |
| Current assets | 29/58 | €2,899,424 | €3,612,844 | +€713,420 | +24.6% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €207,961 | €218,195 | +€10,233 | +4.9% |
| Trade receivables | 40 | €27,355 | €28,195 | +€839 | +3.1% |
| Other amounts receivable | 41 | €180,606 | €190,000 | +€9,394 | +5.2% |
| Current investments | 50/53 | €2,575,000 | €3,143,827 | +€568,827 | +22.1% |
| Cash at bank and in hand | 54/58 | €114,881 | €249,143 | +€134,262 | +116.9% |
| Deferred charges and accrued income | 490/1 | €1,582 | €1,679 | +€97 | +6.2% |
| Total equity and liabilities | 10/49 | €3,352,674 | €4,038,225 | +€685,550 | +20.4% |
| Equity | 10/15 | €3,280,554 | €3,946,334 | +€665,780 | +20.3% |
| Contributions | 10/11 | €485,000 | €485,000 | = | 0.0% |
| Reserves | 13 | €2,795,554 | €3,461,334 | +€665,780 | +23.8% |
| Distributable reserves | 133 | €2,795,554 | €3,461,334 | +€665,780 | +23.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €72,121 | €91,891 | +€19,770 | +27.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €71,590 | €91,274 | +€19,684 | +27.5% |
| Current portion of amounts payable after more than one year | 42 | €1,167 | €0 | -€1,167 | -100.0% |
| Trade debts | 44 | €2,425 | €1,213 | -€1,212 | -50.0% |
| Suppliers | 440/4 | €2,425 | €1,213 | -€1,212 | -50.0% |
| Taxes, remuneration and social security | 45 | €55,816 | €68,386 | +€12,569 | +22.5% |
| Taxes | 450/3 | €52,596 | €65,166 | +€12,569 | +23.9% |
| Remuneration and social security | 454/9 | €3,220 | €3,220 | = | 0.0% |
| Other amounts payable | 47/48 | €12,182 | €21,676 | +€9,494 | +77.9% |
| Accrued charges and deferred income | 492/3 | €530 | €616 | +€86 | +16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,921 | €27,870 | +€10,949 | +64.7% |
| Other operating charges | 640/8 | €1,450 | €1,506 | +€56 | +3.9% |
| Gross operating margin | 9900 | €104,604 | €121,525 | +€16,921 | +16.2% |
| Operating profit (loss) | 9901 | €86,232 | €92,149 | +€5,916 | +6.9% |
| Financial income | 75/76B | €92,152 | €682,579 | +€590,428 | +640.7% |
| Recurring financial income | 75 | €92,152 | €682,579 | +€590,428 | +640.7% |
| Financial charges | 65/66B | €5,428 | €2,350 | -€3,078 | -56.7% |
| Recurring financial charges | 65 | €2,022 | €2,350 | +€329 | +16.3% |
| Non-recurring financial charges | 66B | €3,407 | €0 | -€3,407 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €172,956 | €772,377 | +€599,422 | +346.6% |
| Income taxes | 67/77 | €56,630 | €106,597 | +€49,967 | +88.2% |
| Profit (loss) for the period | 9904 | €116,325 | €665,780 | +€549,455 | +472.3% |
| Profit (loss) for the period to be appropriated | 9905 | €116,325 | €665,780 | +€549,455 | +472.3% |
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 9 October 2026 via checked.be.