VANDEG: 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.
VANDEG
Largest movements
- Current investments -€250,000
down €250,000 (-100.0%), from €250,000 to €0
- Cash +€137,787
up €137,787 (+103.4%), from €133,229 to €271,016
mainly Current investments (+€250,000) and Other debts (+€58,944)
- Tangible fixed assets +€110,854
up €110,854 (+34.7%), from €319,071 to €429,926
of which Land and buildings: +€115,611
- Receivables within one year +€13,721
up €13,721 (+54.7%), from €25,083 to €38,803
of which Trade receivables: +€25,341
- Other debts +€58,944
up €58,944, from €0 to €58,944
- Debts after one year -€21,333
down €21,333 (-10.3%), from €207,333 to €186,000
- Reserves -€15,818
down €15,818 (-4.2%), from €373,563 to €357,745
of which Distributable reserves: -€10,065
- Gross operating margin +€22,541
up €22,541 (+33.5%), from €67,308 to €89,849
- Depreciation +€12,783
up €12,783 (+124.3%), from €10,283 to €23,066
- Taxes +€3,114
up €3,114 (+17.7%), from €17,603 to €20,717
- Financial charges +€2,054
up €2,054 (+36.3%), from €5,656 to €7,710
- Financial income +€1,088
up €1,088 (+22.2%), from €4,894 to €5,981
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 | €728,942 | €741,104 | +€12,162 | +1.7% |
| Fixed assets | 21/28 | €319,071 | €429,926 | +€110,854 | +34.7% |
| Tangible fixed assets | 22/27 | €319,071 | €429,926 | +€110,854 | +34.7% |
| Land and buildings | 22 | €256,596 | €372,207 | +€115,611 | +45.1% |
| Plant, machinery and equipment | 23 | €14,660 | €15,018 | +€358 | +2.4% |
| Furniture and vehicles | 24 | €47,815 | €42,700 | -€5,115 | -10.7% |
| Current assets | 29/58 | €409,870 | €311,178 | -€98,692 | -24.1% |
| Amounts receivable within one year | 40/41 | €25,083 | €38,803 | +€13,721 | +54.7% |
| Trade receivables | 40 | €13,371 | €38,712 | +€25,341 | +189.5% |
| Other amounts receivable | 41 | €11,712 | €92 | -€11,621 | -99.2% |
| Current investments | 50/53 | €250,000 | €0 | -€250,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €133,229 | €271,016 | +€137,787 | +103.4% |
| Deferred charges and accrued income | 490/1 | €1,558 | €1,358 | -€200 | -12.8% |
| Total equity and liabilities | 10/49 | €728,942 | €741,104 | +€12,162 | +1.7% |
| Equity | 10/15 | €392,163 | €376,345 | -€15,818 | -4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €373,563 | €357,745 | -€15,818 | -4.2% |
| Tax-exempt reserves | 132 | €194,148 | €188,395 | -€5,753 | -3.0% |
| Distributable reserves | 133 | €179,415 | €169,350 | -€10,065 | -5.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €64,716 | €62,798 | -€1,918 | -3.0% |
| Deferred taxes | 168 | €64,716 | €62,798 | -€1,918 | -3.0% |
| Amounts payable | 17/49 | €272,063 | €301,960 | +€29,898 | +11.0% |
| Amounts payable after more than one year | 17 | €207,333 | €186,000 | -€21,333 | -10.3% |
| Financial debts | 170/4 | €207,333 | €186,000 | -€21,333 | -10.3% |
| Amounts payable within one year | 42/48 | €64,729 | €115,960 | +€51,231 | +79.1% |
| Current portion of amounts payable after more than one year | 42 | €24,718 | €21,333 | -€3,384 | -13.7% |
| Trade debts | 44 | €22,133 | €15,365 | -€6,769 | -30.6% |
| Suppliers | 440/4 | €22,133 | €15,365 | -€6,769 | -30.6% |
| Taxes, remuneration and social security | 45 | €17,878 | €20,319 | +€2,440 | +13.7% |
| Taxes | 450/3 | €17,878 | €20,319 | +€2,440 | +13.7% |
| Other amounts payable | 47/48 | €0 | €58,944 | +€58,944 | |
| Non-recurring operating income | 76A | €9,200 | €8 | -€9,192 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,283 | €23,066 | +€12,783 | +124.3% |
| Other operating charges | 640/8 | €3,184 | €3,311 | +€127 | +4.0% |
| Gross operating margin | 9900 | €67,308 | €89,849 | +€22,541 | +33.5% |
| Operating profit (loss) | 9901 | €53,840 | €63,471 | +€9,631 | +17.9% |
| Financial income | 75/76B | €4,894 | €5,981 | +€1,088 | +22.2% |
| Recurring financial income | 75 | €4,894 | €5,981 | +€1,088 | +22.2% |
| Financial charges | 65/66B | €5,656 | €7,710 | +€2,054 | +36.3% |
| Recurring financial charges | 65 | €5,656 | €7,710 | +€2,054 | +36.3% |
| Profit (loss) for the period before taxes | 9903 | €53,078 | €61,743 | +€8,665 | +16.3% |
| Transfer from deferred taxes | 780 | €2,305 | €1,918 | -€387 | -16.8% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €17,603 | €20,717 | +€3,114 | +17.7% |
| Profit (loss) for the period | 9904 | €37,780 | €42,943 | +€5,163 | +13.7% |
| Transfer from tax-exempt reserves | 789 | €7,022 | €5,753 | -€1,269 | -18.1% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €44,802 | €48,696 | +€3,894 | +8.7% |
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 11 October 2026 via checked.be.