VANDELANNOOTE: 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.
VANDELANNOOTE
Largest movements
- Cash -€87,985
down €87,985 (-76.7%), from €114,762 to €26,777
mainly Trade debts (-€142,474) and Debts after one year (-€34,282)
- Tangible fixed assets -€40,839
down €40,839 (-11.7%), from €349,329 to €308,490
of which Furniture and vehicles: -€22,032
- Receivables within one year -€35,906
down €35,906 (-9.5%), from €376,353 to €340,447
of which Trade receivables: -€79,591
- Trade debts -€142,474
down €142,474 (-61.6%), from €231,476 to €89,002
- Debts after one year -€34,282
down €34,282 (-21.2%), from €161,370 to €127,089
- Reserves +€12,010
up €12,010 (+2.9%), from €408,131 to €420,141
of which Distributable reserves: +€12,010
- Financial charges -€14,140
down €14,140 (-43.6%), from €32,414 to €18,274
- Gross operating margin -€6,486
down €6,486 (-7.9%), from €82,382 to €75,896
- Depreciation -€4,806
down €4,806 (-9.0%), from €53,137 to €48,331
- Taxes +€1,629
up €1,629 (+469%), from €347 to €1,975
- Other operating charges +€894
up €894 (+40.2%), from €2,226 to €3,120
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 | €985,234 | €814,220 | -€171,014 | -17.4% |
| Fixed assets | 21/28 | €354,181 | €313,342 | -€40,839 | -11.5% |
| Tangible fixed assets | 22/27 | €349,329 | €308,490 | -€40,839 | -11.7% |
| Land and buildings | 22 | €280,622 | €269,330 | -€11,292 | -4.0% |
| Plant, machinery and equipment | 23 | €25,798 | €18,283 | -€7,515 | -29.1% |
| Furniture and vehicles | 24 | €42,909 | €20,877 | -€22,032 | -51.3% |
| Financial fixed assets | 28 | €4,852 | €4,852 | = | 0.0% |
| Current assets | 29/58 | €631,054 | €500,878 | -€130,176 | -20.6% |
| Stocks and contracts in progress | 3 | €50,384 | €44,599 | -€5,785 | -11.5% |
| Stocks | 30/36 | €50,384 | €44,599 | -€5,785 | -11.5% |
| Amounts receivable within one year | 40/41 | €376,353 | €340,447 | -€35,906 | -9.5% |
| Trade receivables | 40 | €341,763 | €262,172 | -€79,591 | -23.3% |
| Other amounts receivable | 41 | €34,590 | €78,275 | +€43,685 | +126% |
| Current investments | 50/53 | €85,569 | €85,569 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €114,762 | €26,777 | -€87,985 | -76.7% |
| Deferred charges and accrued income | 490/1 | €3,986 | €3,486 | -€500 | -12.5% |
| Total equity and liabilities | 10/49 | €985,234 | €814,220 | -€171,014 | -17.4% |
| Equity | 10/15 | €470,131 | €482,141 | +€12,010 | +2.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €408,131 | €420,141 | +€12,010 | +2.9% |
| Non-distributable reserves | 130/1 | €91,769 | €91,769 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €85,569 | +€85,569 | |
| Own shares acquired | 1312 | €85,569 | - | -€85,569 | |
| Tax-exempt reserves | 132 | €30,765 | €30,765 | = | 0.0% |
| Distributable reserves | 133 | €285,597 | €297,607 | +€12,010 | +4.2% |
| Amounts payable | 17/49 | €515,103 | €332,079 | -€183,024 | -35.5% |
| Amounts payable after more than one year | 17 | €161,370 | €127,089 | -€34,282 | -21.2% |
| Financial debts | 170/4 | €161,370 | €127,089 | -€34,282 | -21.2% |
| Amounts payable within one year | 42/48 | €353,077 | €204,010 | -€149,067 | -42.2% |
| Current portion of amounts payable after more than one year | 42 | €40,021 | €34,282 | -€5,739 | -14.3% |
| Trade debts | 44 | €231,476 | €89,002 | -€142,474 | -61.6% |
| Suppliers | 440/4 | €231,476 | €89,002 | -€142,474 | -61.6% |
| Taxes, remuneration and social security | 45 | €31,774 | €30,926 | -€848 | -2.7% |
| Taxes | 450/3 | €27,732 | €30,926 | +€3,195 | +11.5% |
| Remuneration and social security | 454/9 | €4,042 | - | -€4,042 | |
| Other amounts payable | 47/48 | €49,805 | €49,799 | -€6 | 0.0% |
| Accrued charges and deferred income | 492/3 | €656 | €981 | +€325 | +49.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,137 | €48,331 | -€4,806 | -9.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,228 | €1,055 | -€173 | -14.1% |
| Other operating charges | 640/8 | €2,226 | €3,120 | +€894 | +40.2% |
| Non-recurring operating charges | 66A | - | €3,358 | +€3,358 | |
| Gross operating margin | 9900 | €82,382 | €75,896 | -€6,486 | -7.9% |
| Operating profit (loss) | 9901 | €25,792 | €20,032 | -€5,760 | -22.3% |
| Financial income | 75/76B | €12,697 | €12,227 | -€470 | -3.7% |
| Recurring financial income | 75 | €12,697 | €12,227 | -€470 | -3.7% |
| Financial charges | 65/66B | €32,414 | €18,274 | -€14,140 | -43.6% |
| Recurring financial charges | 65 | €32,414 | €18,274 | -€14,140 | -43.6% |
| Profit (loss) for the period before taxes | 9903 | €6,075 | €13,985 | +€7,910 | +130% |
| Income taxes | 67/77 | €347 | €1,975 | +€1,629 | +469% |
| Profit (loss) for the period | 9904 | €5,728 | €12,010 | +€6,282 | +110% |
| Profit (loss) for the period to be appropriated | 9905 | €5,728 | €12,010 | +€6,282 | +110% |
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 18 October 2026 via checked.be.