VANDEFI: 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.
VANDEFI
Largest movements
- Cash +€256,900
up €256,900 (+101%), from €255,436 to €512,335
mainly Other debts (+€313,844) and Net result for the year (+€241,950)
- Tangible fixed assets -€18,048
down €18,048 (-43.1%), from €41,922 to €23,874
of which Furniture and vehicles: -€17,665
- Other debts +€313,844
up €313,844 (+379%), from €82,881 to €396,725
- Profit (loss) carried forward -€132,584
down €132,584 (-59.0%), from €224,534 to €91,950
- Tax, wage and social debts +€55,180
up €55,180 (+312%), from €17,668 to €72,847
- Gross operating margin +€146,767
up €146,767 (+76.4%), from €192,011 to €338,778
- Taxes +€36,840
up €36,840 (+91.5%), from €40,274 to €77,114
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.
Derived cash bridge
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 | €346,390 | €585,275 | +€238,886 | +69.0% |
| Fixed assets | 21/28 | €62,082 | €44,034 | -€18,048 | -29.1% |
| Tangible fixed assets | 22/27 | €41,922 | €23,874 | -€18,048 | -43.1% |
| Land and buildings | 22 | €3,236 | €2,852 | -€384 | -11.9% |
| Furniture and vehicles | 24 | €38,686 | €21,022 | -€17,665 | -45.7% |
| Financial fixed assets | 28 | €20,160 | €20,160 | = | 0.0% |
| Current assets | 29/58 | €284,307 | €541,241 | +€256,934 | +90.4% |
| Amounts receivable within one year | 40/41 | €26,172 | €26,021 | -€151 | -0.6% |
| Trade receivables | 40 | €21,305 | €21,722 | +€417 | +2.0% |
| Other amounts receivable | 41 | €4,867 | €4,299 | -€568 | -11.7% |
| Cash at bank and in hand | 54/58 | €255,436 | €512,335 | +€256,900 | +101% |
| Deferred charges and accrued income | 490/1 | €2,699 | €2,885 | +€185 | +6.9% |
| Total equity and liabilities | 10/49 | €346,390 | €585,275 | +€238,886 | +69.0% |
| Equity | 10/15 | €243,471 | €110,887 | -€132,584 | -54.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €337 | €337 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €337 | €337 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €224,534 | €91,950 | -€132,584 | -59.0% |
| Amounts payable | 17/49 | €102,919 | €474,389 | +€371,470 | +361% |
| Amounts payable within one year | 42/48 | €102,150 | €471,689 | +€369,539 | +362% |
| Financial debts | 43 | €1,335 | €431 | -€904 | -67.7% |
| Credit institutions | 430/8 | €1,335 | €431 | -€904 | -67.7% |
| Trade debts | 44 | €266 | €1,686 | +€1,419 | +533% |
| Suppliers | 440/4 | €266 | €1,686 | +€1,419 | +533% |
| Taxes, remuneration and social security | 45 | €17,668 | €72,847 | +€55,180 | +312% |
| Taxes | 450/3 | €17,668 | €72,847 | +€55,180 | +312% |
| Other amounts payable | 47/48 | €82,881 | €396,725 | +€313,844 | +379% |
| Accrued charges and deferred income | 492/3 | €769 | €2,700 | +€1,931 | +251% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,087 | €18,048 | -€38 | -0.2% |
| Other operating charges | 640/8 | €1,445 | €1,481 | +€37 | +2.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €192,011 | €338,778 | +€146,767 | +76.4% |
| Operating profit (loss) | 9901 | €172,480 | €319,248 | +€146,768 | +85.1% |
| Financial income | 75/76B | €2 | €1 | -€1 | -56.0% |
| Recurring financial income | 75 | €2 | €1 | -€1 | -56.0% |
| Financial charges | 65/66B | €253 | €185 | -€68 | -27.0% |
| Recurring financial charges | 65 | €253 | €185 | -€68 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | €172,229 | €319,064 | +€146,836 | +85.3% |
| Income taxes | 67/77 | €40,274 | €77,114 | +€36,840 | +91.5% |
| Profit (loss) for the period | 9904 | €131,955 | €241,950 | +€109,995 | +83.4% |
| Profit (loss) for the period to be appropriated | 9905 | €131,955 | €241,950 | +€109,995 | +83.4% |
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 14 October 2026 via checked.be.