VANDEMA: 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.
What changed
VANDEMA
financial year 2025 against 2026filed annual accounts (NBB)
Net result for the year
€620,476
2025 · €30.8m-€30.2m
Equity
€100.8m
2025 · €102.2m-€1.4m
Cash
€30,251
2025 · €47,240-€16,988
Balance sheet total
€102.8m
2025 · €102.3m+€515,020
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Other debts +€1.7m
up €1.7m (+10701.7%), from €15,957 to €1.7m
- Profit (loss) carried forward -€1.4m
down €1.4m (-1.4%), from €102.1m to €100.7m
Income statement
- Financial income -€30.2m
down €30.2m (-97.3%), from €31.1m to €837,596
of which Non-recurring financial income: -€21.6m
From the 2025 result to the 2026 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.
Result 2025
€30.8m
Other operating charges
-€4
Other operating items
+€24,833
Financial income
-€30.2m
Financial charges
+€1
Taxes
+€52,742
Result 2026
€620,476
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€2.5m
Investment
-€471,610
Financing
-€2.0m
Cash 2025
€47,240
From operations (derived)
+€2.5m
Net result for the year
+€620,476
Receivables within one year
-€89,424
Deferred charges and accrued income
+€29,025
Trade debts
+€120
Tax, wage and social debts
+€188,719
Other debts
+€1.7m
Investment (derived)
-€471,610
Investment in fixed assets (net)
-€461,610
Current investments
-€10,000
Financing
-€2.0m
Contributions, distributions and other
-€2.0m
Cash 2026
€30,251
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €102,297,067 | €102,812,088 | +€515,020 | +0.5% |
| Fixed assets | 21/28 | €81,632,440 | €82,094,050 | +€461,610 | +0.6% |
| Financial fixed assets | 28 | €81,632,440 | €82,094,050 | +€461,610 | +0.6% |
| Affiliated companies | 280/1 | €30,272,940 | €30,457,943 | +€185,003 | +0.6% |
| Participating interests | 280 | €24,888,795 | €24,888,795 | = | 0.0% |
| Amounts receivable | 281 | €5,384,145 | €5,569,148 | +€185,003 | +3.4% |
| Companies linked by participating interests | 282/3 | €51,359,501 | €51,636,107 | +€276,606 | +0.5% |
| Participating interests | 282 | €43,500,000 | €43,500,000 | = | 0.0% |
| Amounts receivable | 283 | €7,859,501 | €8,136,107 | +€276,606 | +3.5% |
| Current assets | 29/58 | €20,664,627 | €20,718,038 | +€53,411 | +0.3% |
| Amounts receivable within one year | 40/41 | - | €89,424 | +€89,424 | |
| Other amounts receivable | 41 | - | €89,424 | +€89,424 | |
| Current investments | 50/53 | €20,510,000 | €20,520,000 | +€10,000 | 0.0% |
| Other investments | 51/53 | €20,510,000 | €20,520,000 | +€10,000 | 0.0% |
| Cash at bank and in hand | 54/58 | €47,240 | €30,251 | -€16,988 | -36.0% |
| Deferred charges and accrued income | 490/1 | €107,387 | €78,363 | -€29,025 | -27.0% |
| Total equity and liabilities | 10/49 | €102,297,067 | €102,812,088 | +€515,020 | +0.5% |
| Equity | 10/15 | €102,166,081 | €100,784,556 | -€1.4m | -1.4% |
| 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 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €102,097,881 | €100,716,356 | -€1.4m | -1.4% |
| Amounts payable | 17/49 | €130,987 | €2,027,531 | +€1.9m | +1447.9% |
| Amounts payable within one year | 42/48 | €130,987 | €2,027,531 | +€1.9m | +1447.9% |
| Trade debts | 44 | €4,351 | €4,470 | +€120 | +2.8% |
| Suppliers | 440/4 | €4,351 | €4,470 | +€120 | +2.8% |
| Taxes, remuneration and social security | 45 | €110,679 | €299,398 | +€188,719 | +170.5% |
| Taxes | 450/3 | €110,679 | €299,398 | +€188,719 | +170.5% |
| Other amounts payable | 47/48 | €15,957 | €1,723,663 | +€1.7m | +10701.7% |
| Operating charges | 60/66A | €33,673 | €8,843 | -€24,829 | -73.7% |
| Services and other goods | 61 | €33,532 | €8,699 | -€24,833 | -74.1% |
| Other operating charges | 640/8 | €141 | €144 | +€4 | +2.6% |
| Operating profit (loss) | 9901 | -€33,673 | -€8,843 | +€24,829 | +73.7% |
| Financial income | 75/76B | €31,078,625 | €837,596 | -€30.2m | -97.3% |
| Recurring financial income | 75 | €9,438,625 | €837,596 | -€8.6m | -91.1% |
| Income from financial fixed assets | 750 | €8,924,469 | €432,656 | -€8.5m | -95.2% |
| Income from current assets | 751 | €514,156 | €404,940 | -€109,215 | -21.2% |
| Non-recurring financial income | 76B | €21,640,000 | - | -€21.6m | |
| Financial charges | 65/66B | €1,221 | €1,219 | -€1 | -0.1% |
| Recurring financial charges | 65 | €1,221 | €1,219 | -€1 | -0.1% |
| Other financial charges | 652/9 | €1,221 | €1,219 | -€1 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €31,043,731 | €827,534 | -€30.2m | -97.3% |
| Income taxes | 67/77 | €259,800 | €207,058 | -€52,742 | -20.3% |
| Taxes | 670/3 | €259,800 | €207,058 | -€52,742 | -20.3% |
| Profit (loss) for the period | 9904 | €30,783,931 | €620,476 | -€30.2m | -98.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,783,931 | €620,476 | -€30.2m | -98.0% |
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.