VANDEGAER: 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.
VANDEGAER
Largest movements
- Cash +€72,945
up €72,945 (+156%), from €46,802 to €119,747
mainly Net result for the year (+€67,634) and Receivables within one year (+€11,933)
- Receivables within one year -€11,933
down €11,933 (-47.0%), from €25,396 to €13,463
of which Trade receivables: -€14,727
- Reserves +€67,634
up €67,634 (+165%), from €41,055 to €108,688
- Other debts -€19,774
no longer reported in 2025 (was €19,774)
- Trade debts +€8,068
up €8,068 (+260%), from €3,108 to €11,177
- Tax, wage and social debts +€4,721
up €4,721 (+98.0%), from €4,814 to €9,535
- Gross operating margin +€17,062
up €17,062 (+19.9%), from €85,546 to €102,608
- Staff costs -€14,780
no longer reported in 2025 (was €14,780)
- Taxes +€12,366
up €12,366 (+57.5%), from €21,503 to €33,869
- Write-downs -€7,459
down €7,459, from €1,586 to -€5,873
- Other operating charges +€5,740
up €5,740 (+464%), from €1,237 to €6,977
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 | €74,990 | €135,624 | +€60,634 | +80.9% |
| Current assets | 29/58 | €74,990 | €135,624 | +€60,634 | +80.9% |
| Amounts receivable within one year | 40/41 | €25,396 | €13,463 | -€11,933 | -47.0% |
| Trade receivables | 40 | €16,287 | €1,560 | -€14,727 | -90.4% |
| Other amounts receivable | 41 | €9,109 | €11,903 | +€2,794 | +30.7% |
| Cash at bank and in hand | 54/58 | €46,802 | €119,747 | +€72,945 | +156% |
| Deferred charges and accrued income | 490/1 | €2,793 | €2,414 | -€379 | -13.6% |
| Total equity and liabilities | 10/49 | €74,990 | €135,624 | +€60,634 | +80.9% |
| Equity | 10/15 | €47,260 | €114,894 | +€67,634 | +143% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €41,055 | €108,688 | +€67,634 | +165% |
| Distributable reserves | 133 | €41,055 | €108,688 | +€67,634 | +165% |
| Amounts payable | 17/49 | €27,730 | €20,730 | -€7,000 | -25.2% |
| Amounts payable within one year | 42/48 | €27,718 | €20,718 | -€7,000 | -25.3% |
| Financial debts | 43 | €21 | €6 | -€15 | -71.6% |
| Credit institutions | 430/8 | €21 | €6 | -€15 | -71.6% |
| Trade debts | 44 | €3,108 | €11,177 | +€8,068 | +260% |
| Suppliers | 440/4 | €3,108 | €11,177 | +€8,068 | +260% |
| Taxes, remuneration and social security | 45 | €4,814 | €9,535 | +€4,721 | +98.0% |
| Taxes | 450/3 | €4,814 | €9,535 | +€4,721 | +98.0% |
| Other amounts payable | 47/48 | €19,774 | - | -€19,774 | |
| Accrued charges and deferred income | 492/3 | €12 | €12 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €14,780 | - | -€14,780 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,586 | -€5,873 | -€7,459 | |
| Other operating charges | 640/8 | €1,237 | €6,977 | +€5,740 | +464% |
| Non-recurring operating charges | 66A | €10 | - | -€10 | |
| Gross operating margin | 9900 | €85,546 | €102,608 | +€17,062 | +19.9% |
| Operating profit (loss) | 9901 | €67,932 | €101,504 | +€33,572 | +49.4% |
| Financial income | 75/76B | €284 | €346 | +€62 | +22.0% |
| Recurring financial income | 75 | €284 | €346 | +€62 | +22.0% |
| Financial charges | 65/66B | €1,574 | €347 | -€1,227 | -77.9% |
| Recurring financial charges | 65 | €1,574 | €347 | -€1,227 | -77.9% |
| Profit (loss) for the period before taxes | 9903 | €66,642 | €101,503 | +€34,861 | +52.3% |
| Income taxes | 67/77 | €21,503 | €33,869 | +€12,366 | +57.5% |
| Profit (loss) for the period | 9904 | €45,139 | €67,634 | +€22,495 | +49.8% |
| Profit (loss) for the period to be appropriated | 9905 | €45,139 | €67,634 | +€22,495 | +49.8% |
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 31 October 2026 via checked.be.