VANDEF: 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.
VANDEF
Largest movements
- Current investments +€70,000
up €70,000 (+25.0%), from €280,000 to €350,000
- Reserves +€65,338
up €65,338 (+57.6%), from €113,341 to €178,679
of which Distributable reserves: +€62,071
- Gross operating margin -€7,059
down €7,059 (-6.2%), from €113,784 to €106,726
- Financial income +€5,026
up €5,026 (+213.3%), from €2,356 to €7,382
- Financial charges -€1,647
down €1,647 (-26.5%), from €6,207 to €4,560
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 | €725,021 | €792,944 | +€67,923 | +9.4% |
| Fixed assets | 21/28 | €400,349 | €398,519 | -€1,830 | -0.5% |
| Tangible fixed assets | 22/27 | €400,286 | €398,456 | -€1,830 | -0.5% |
| Land and buildings | 22 | €400,286 | €398,456 | -€1,830 | -0.5% |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €324,672 | €394,425 | +€69,753 | +21.5% |
| Amounts receivable within one year | 40/41 | - | €2,627 | +€2,627 | |
| Trade receivables | 40 | - | €1,831 | +€1,831 | |
| Other amounts receivable | 41 | - | €796 | +€796 | |
| Current investments | 50/53 | €280,000 | €350,000 | +€70,000 | +25.0% |
| Cash at bank and in hand | 54/58 | €44,672 | €39,548 | -€5,124 | -11.5% |
| Deferred charges and accrued income | 490/1 | - | €2,250 | +€2,250 | |
| Total equity and liabilities | 10/49 | €725,021 | €792,944 | +€67,923 | +9.4% |
| Equity | 10/15 | €634,956 | €700,294 | +€65,338 | +10.3% |
| Contributions | 10/11 | €1,072,808 | €1,072,808 | = | 0.0% |
| Capital | 10 | €756,000 | €756,000 | = | 0.0% |
| Issued capital | 100 | €756,000 | €756,000 | = | 0.0% |
| Contributions outside capital | 11 | €316,808 | €316,808 | = | 0.0% |
| Share premium | 1100/10 | €316,808 | €316,808 | = | 0.0% |
| Reserves | 13 | €113,341 | €178,679 | +€65,338 | +57.6% |
| Non-distributable reserves | 130/1 | €47,928 | €51,195 | +€3,267 | +6.8% |
| Legal reserve | 130 | €47,928 | €51,195 | +€3,267 | +6.8% |
| Distributable reserves | 133 | €65,414 | €127,485 | +€62,071 | +94.9% |
| Profit (loss) carried forward | 14 | -€551,193 | -€551,193 | = | 0.0% |
| Amounts payable | 17/49 | €90,065 | €92,650 | +€2,585 | +2.9% |
| Amounts payable within one year | 42/48 | €84,209 | €82,587 | -€1,622 | -1.9% |
| Trade debts | 44 | €190 | €561 | +€371 | +195.5% |
| Suppliers | 440/4 | €190 | €561 | +€371 | +195.5% |
| Taxes, remuneration and social security | 45 | €7,631 | €5,638 | -€1,993 | -26.1% |
| Taxes | 450/3 | €7,631 | €5,638 | -€1,993 | -26.1% |
| Other amounts payable | 47/48 | €76,389 | €76,389 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €5,855 | €10,063 | +€4,207 | +71.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,646 | €1,830 | +€184 | +11.2% |
| Other operating charges | 640/8 | €11,529 | €11,890 | +€360 | +3.1% |
| Gross operating margin | 9900 | €113,784 | €106,726 | -€7,059 | -6.2% |
| Operating profit (loss) | 9901 | €100,609 | €93,006 | -€7,603 | -7.6% |
| Financial income | 75/76B | €2,356 | €7,382 | +€5,026 | +213.3% |
| Recurring financial income | 75 | €2,356 | €7,382 | +€5,026 | +213.3% |
| Financial charges | 65/66B | €6,207 | €4,560 | -€1,647 | -26.5% |
| Recurring financial charges | 65 | €6,207 | €4,560 | -€1,647 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | €96,758 | €95,829 | -€929 | -1.0% |
| Income taxes | 67/77 | €31,344 | €30,491 | -€853 | -2.7% |
| Profit (loss) for the period | 9904 | €65,414 | €65,338 | -€76 | -0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €65,414 | €65,338 | -€76 | -0.1% |
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 10 October 2026 via checked.be.