VANDEL02 Management: 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.
VANDEL02 Management
Largest movements
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Receivables within one year +€22,758
up €22,758 (+911.4%), from €2,497 to €25,255
of which Trade receivables: +€21,711
- Cash +€7,360
up €7,360 (+3.3%), from €220,166 to €227,526
mainly Other debts (+€125,890) and Current investments (+€100,000)
- Tangible fixed assets -€7,199
down €7,199 (-2.4%), from €296,242 to €289,043
of which Leasing and similar rights: -€28,338
- Profit (loss) carried forward -€166,250
down €166,250 (-49.7%), from €334,566 to €168,316
- Other debts +€125,890
up €125,890 (+503.6%), from €25,000 to €150,890
- Debts after one year -€29,129
down €29,129 (-15.7%), from €185,580 to €156,451
- Gross operating margin -€8,656
down €8,656 (-5.1%), from €171,184 to €162,528
- Taxes -€3,238
down €3,238 (-9.7%), from €33,230 to €29,992
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 | €621,694 | €548,468 | -€73,226 | -11.8% |
| Fixed assets | 21/28 | €296,242 | €289,043 | -€7,199 | -2.4% |
| Tangible fixed assets | 22/27 | €296,242 | €289,043 | -€7,199 | -2.4% |
| Land and buildings | 22 | €267,204 | €262,147 | -€5,057 | -1.9% |
| Furniture and vehicles | 24 | €700 | €26,896 | +€26,196 | +3743.0% |
| Leasing and similar rights | 25 | €28,338 | - | -€28,338 | |
| Current assets | 29/58 | €325,452 | €259,425 | -€66,027 | -20.3% |
| Amounts receivable within one year | 40/41 | €2,497 | €25,255 | +€22,758 | +911.4% |
| Trade receivables | 40 | €2,489 | €24,200 | +€21,711 | +872.1% |
| Other amounts receivable | 41 | €8 | €1,055 | +€1,048 | +13968.5% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €220,166 | €227,526 | +€7,360 | +3.3% |
| Deferred charges and accrued income | 490/1 | €2,789 | €6,643 | +€3,855 | +138.2% |
| Total equity and liabilities | 10/49 | €621,694 | €548,468 | -€73,226 | -11.8% |
| Equity | 10/15 | €339,566 | €173,316 | -€166,250 | -49.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Outside capital | 11 | €5,000 | - | -€5,000 | |
| Other | 1109/19 | €5,000 | - | -€5,000 | |
| Profit (loss) carried forward | 14 | €334,566 | €168,316 | -€166,250 | -49.7% |
| Amounts payable | 17/49 | €282,128 | €375,152 | +€93,023 | +33.0% |
| Amounts payable after more than one year | 17 | €185,580 | €156,451 | -€29,129 | -15.7% |
| Financial debts | 170/4 | €185,580 | €156,451 | -€29,129 | -15.7% |
| Amounts payable within one year | 42/48 | €96,087 | €218,631 | +€122,545 | +127.5% |
| Current portion of amounts payable after more than one year | 42 | €16,169 | €14,651 | -€1,519 | -9.4% |
| Trade debts | 44 | €5,780 | €1,508 | -€4,272 | -73.9% |
| Suppliers | 440/4 | €5,780 | €1,508 | -€4,272 | -73.9% |
| Taxes, remuneration and social security | 45 | €49,137 | €51,583 | +€2,446 | +5.0% |
| Taxes | 450/3 | €49,137 | €51,583 | +€2,446 | +5.0% |
| Other amounts payable | 47/48 | €25,000 | €150,890 | +€125,890 | +503.6% |
| Accrued charges and deferred income | 492/3 | €462 | €69 | -€393 | -85.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,054 | €23,982 | -€72 | -0.3% |
| Other operating charges | 640/8 | €4,528 | €4,148 | -€381 | -8.4% |
| Non-recurring operating charges | 66A | - | €14,640 | +€14,640 | |
| Gross operating margin | 9900 | €171,184 | €162,528 | -€8,656 | -5.1% |
| Operating profit (loss) | 9901 | €142,601 | €119,758 | -€22,844 | -16.0% |
| Financial income | 75/76B | €3 | €462 | +€459 | +15731.2% |
| Recurring financial income | 75 | €3 | €462 | +€459 | +15731.2% |
| Financial charges | 65/66B | €4,172 | €3,536 | -€636 | -15.2% |
| Recurring financial charges | 65 | €4,172 | €3,536 | -€636 | -15.2% |
| Profit (loss) for the period before taxes | 9903 | €138,432 | €116,684 | -€21,749 | -15.7% |
| Income taxes | 67/77 | €33,230 | €29,992 | -€3,238 | -9.7% |
| Profit (loss) for the period | 9904 | €105,202 | €86,692 | -€18,511 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €105,202 | €86,692 | -€18,511 | -17.6% |
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 7 October 2026 via checked.be.