VANDEL: 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.
VANDEL
Largest movements
- Stocks and contracts -€376,304
no longer reported in 2025 (was €376,304)
- Tangible fixed assets +€130,504
up €130,504 (+8.9%), from €1.5m to €1.6m
of which Land and buildings: +€130,106
- Receivables within one year +€114,143
up €114,143 (+148.6%), from €76,818 to €190,961
of which Other amounts receivable: +€96,067
- Other debts -€352,235
down €352,235 (-87.5%), from €402,503 to €50,268
- Profit (loss) carried forward +€302,001
up €302,001 (+67.4%), from €447,793 to €749,793
- Debts after one year -€91,495
down €91,495 (-10.0%), from €915,695 to €824,200
- Gross operating margin -€61,292
down €61,292 (-10.9%), from €562,338 to €501,047
- Taxes -€17,518
down €17,518 (-15.4%), from €113,410 to €95,892
- Depreciation +€10,763
up €10,763 (+20.0%), from €53,709 to €64,471
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 | €1,951,908 | €1,819,110 | -€132,798 | -6.8% |
| Fixed assets | 21/28 | €1,471,425 | €1,601,928 | +€130,504 | +8.9% |
| Tangible fixed assets | 22/27 | €1,471,425 | €1,601,928 | +€130,504 | +8.9% |
| Land and buildings | 22 | €1,470,938 | €1,601,044 | +€130,106 | +8.8% |
| Furniture and vehicles | 24 | €487 | €885 | +€398 | +81.8% |
| Current assets | 29/58 | €480,483 | €217,181 | -€263,302 | -54.8% |
| Stocks and contracts in progress | 3 | €376,304 | - | -€376,304 | |
| Stocks | 30/36 | €376,304 | - | -€376,304 | |
| Amounts receivable within one year | 40/41 | €76,818 | €190,961 | +€114,143 | +148.6% |
| Trade receivables | 40 | €46,996 | €65,072 | +€18,076 | +38.5% |
| Other amounts receivable | 41 | €29,821 | €125,888 | +€96,067 | +322.1% |
| Cash at bank and in hand | 54/58 | €27,362 | €26,220 | -€1,141 | -4.2% |
| Total equity and liabilities | 10/49 | €1,951,908 | €1,819,110 | -€132,798 | -6.8% |
| Equity | 10/15 | €472,793 | €774,793 | +€302,001 | +63.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €447,793 | €749,793 | +€302,001 | +67.4% |
| Amounts payable | 17/49 | €1,479,115 | €1,044,316 | -€434,799 | -29.4% |
| Amounts payable after more than one year | 17 | €915,695 | €824,200 | -€91,495 | -10.0% |
| Financial debts | 170/4 | €915,695 | €824,200 | -€91,495 | -10.0% |
| Amounts payable within one year | 42/48 | €563,020 | €219,716 | -€343,304 | -61.0% |
| Current portion of amounts payable after more than one year | 42 | €90,102 | €91,495 | +€1,393 | +1.5% |
| Financial debts | 43 | €33,333 | €28,587 | -€4,746 | -14.2% |
| Other loans | 439 | €33,333 | €28,587 | -€4,746 | -14.2% |
| Trade debts | 44 | €15,246 | €17,032 | +€1,786 | +11.7% |
| Suppliers | 440/4 | €15,246 | €17,032 | +€1,786 | +11.7% |
| Taxes, remuneration and social security | 45 | €21,836 | €32,334 | +€10,498 | +48.1% |
| Taxes | 450/3 | €14,852 | €25,262 | +€10,411 | +70.1% |
| Remuneration and social security | 454/9 | €6,984 | €7,072 | +€88 | +1.3% |
| Other amounts payable | 47/48 | €402,503 | €50,268 | -€352,235 | -87.5% |
| Accrued charges and deferred income | 492/3 | €400 | €400 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,709 | €64,471 | +€10,763 | +20.0% |
| Other operating charges | 640/8 | €19,591 | €18,187 | -€1,404 | -7.2% |
| Gross operating margin | 9900 | €562,338 | €501,047 | -€61,292 | -10.9% |
| Operating profit (loss) | 9901 | €489,039 | €418,388 | -€70,650 | -14.4% |
| Financial charges | 65/66B | €21,596 | €20,496 | -€1,101 | -5.1% |
| Recurring financial charges | 65 | €21,596 | €20,496 | -€1,101 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €467,442 | €397,892 | -€69,550 | -14.9% |
| Income taxes | 67/77 | €113,410 | €95,892 | -€17,518 | -15.4% |
| Profit (loss) for the period | 9904 | €354,032 | €302,001 | -€52,032 | -14.7% |
| Profit (loss) for the period to be appropriated | 9905 | €354,032 | €302,001 | -€52,032 | -14.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.