VANDEK: what changed
Two fiscal 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.
VANDEK
Largest movements
- Cash -€64,088
down €64,088 (-31.8%), from €201,271 to €137,183
mainly Contributions, distributions and other (-€311,386) and Debts after one year (-€40,483)
- Current investments +€22,334
up €22,334 (+4.3%), from €519,422 to €541,756
- Other debts +€126,884
up €126,884 (+68.7%), from €184,686 to €311,570
- Reserves -€105,579
down €105,579 (-17.6%), from €600,571 to €494,992
of which Distributable reserves: -€105,579
- Profit (loss) carried forward -€47,269
down €47,269 (-100.0%), from €47,269 to €0
- Debts after one year -€40,483
down €40,483 (-25.4%), from €159,593 to €119,111
- Gross operating margin +€71,556
up €71,556 (+36.9%), from €193,663 to €265,219
- Taxes +€20,642
up €20,642 (+35.9%), from €57,421 to €78,064
- Financial charges +€12,706
up €12,706 (+1047.2%), from €1,213 to €13,919
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 | €1,066,881 | €1,017,501 | -€49,379 | -4.6% |
| Fixed assets | 21/28 | €322,984 | €313,294 | -€9,690 | -3.0% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €322,983 | €313,293 | -€9,690 | -3.0% |
| Land and buildings | 22 | €311,389 | €289,319 | -€22,070 | -7.1% |
| Furniture and vehicles | 24 | €11,594 | €23,973 | +€12,379 | +106.8% |
| Current assets | 29/58 | €743,897 | €704,208 | -€39,689 | -5.3% |
| Amounts receivable within one year | 40/41 | €21,280 | €21,713 | +€433 | +2.0% |
| Trade receivables | 40 | €21,280 | €21,713 | +€433 | +2.0% |
| Current investments | 50/53 | €519,422 | €541,756 | +€22,334 | +4.3% |
| Cash at bank and in hand | 54/58 | €201,271 | €137,183 | -€64,088 | -31.8% |
| Deferred charges and accrued income | 490/1 | €1,924 | €3,556 | +€1,632 | +84.9% |
| Total equity and liabilities | 10/49 | €1,066,881 | €1,017,501 | -€49,379 | -4.6% |
| Equity | 10/15 | €660,240 | €507,392 | -€152,848 | -23.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €600,571 | €494,992 | -€105,579 | -17.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €539 | €539 | = | 0.0% |
| Distributable reserves | 133 | €600,032 | €494,453 | -€105,579 | -17.6% |
| Profit (loss) carried forward | 14 | €47,269 | €0 | -€47,269 | -100.0% |
| Amounts payable | 17/49 | €406,640 | €510,109 | +€103,469 | +25.4% |
| Amounts payable after more than one year | 17 | €159,593 | €119,111 | -€40,483 | -25.4% |
| Financial debts | 170/4 | €159,593 | €119,111 | -€40,483 | -25.4% |
| Amounts payable within one year | 42/48 | €239,824 | €384,941 | +€145,117 | +60.5% |
| Current portion of amounts payable after more than one year | 42 | €40,303 | €40,483 | +€180 | +0.4% |
| Trade debts | 44 | €1,060 | €8,736 | +€7,676 | +724.1% |
| Suppliers | 440/4 | €1,060 | €8,736 | +€7,676 | +724.1% |
| Taxes, remuneration and social security | 45 | €13,776 | €24,153 | +€10,377 | +75.3% |
| Taxes | 450/3 | €13,776 | €24,153 | +€10,377 | +75.3% |
| Other amounts payable | 47/48 | €184,686 | €311,570 | +€126,884 | +68.7% |
| Accrued charges and deferred income | 492/3 | €7,224 | €6,058 | -€1,166 | -16.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,948 | €26,788 | +€840 | +3.2% |
| Other operating charges | 640/8 | €4,348 | €4,630 | +€282 | +6.5% |
| Gross operating margin | 9900 | €193,663 | €265,219 | +€71,556 | +36.9% |
| Operating profit (loss) | 9901 | €163,367 | €233,801 | +€70,434 | +43.1% |
| Financial income | 75/76B | €17,857 | €16,719 | -€1,137 | -6.4% |
| Recurring financial income | 75 | €17,857 | €16,719 | -€1,137 | -6.4% |
| Financial charges | 65/66B | €1,213 | €13,919 | +€12,706 | +1047.2% |
| Recurring financial charges | 65 | €1,213 | €13,919 | +€12,706 | +1047.2% |
| Profit (loss) for the period before taxes | 9903 | €180,010 | €236,601 | +€56,591 | +31.4% |
| Income taxes | 67/77 | €57,421 | €78,064 | +€20,642 | +35.9% |
| Profit (loss) for the period | 9904 | €122,589 | €158,538 | +€35,949 | +29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €122,589 | €158,538 | +€35,949 | +29.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.