VANDEMAAS: 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.
VANDEMAAS
Largest movements
- Receivables within one year -€33,863
down €33,863 (-71.3%), from €47,524 to €13,661
of which Trade receivables: -€32,889
- Cash -€2,554
down €2,554 (-57.4%), from €4,450 to €1,896
mainly Trade debts (-€26,299) and Net result for the year (-€12,713)
- Tangible fixed assets -€2,316
down €2,316 (-40.0%), from €5,793 to €3,477
- Financial fixed assets -€1,900
down €1,900 (-27.5%), from €6,900 to €5,000
- Trade debts -€26,299
down €26,299 (-95.4%), from €27,555 to €1,255
- Profit (loss) carried forward -€12,713
down €12,713 (-107%), from -€11,888 to -€24,601
- Tax, wage and social debts -€1,169
down €1,169 (-89.2%), from €1,310 to €141
- Write-downs +€41,866
new in 2025: €41,866
- Gross operating margin +€41,196
up €41,196, from -€5,577 to €35,619
- Financial charges -€2,870
down €2,870 (-96.5%), from €2,973 to €103
- Depreciation -€750
down €750 (-37.4%), from €2,003 to €1,253
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 | €67,413 | €27,146 | -€40,267 | -59.7% |
| Fixed assets | 21/28 | €12,693 | €8,477 | -€4,216 | -33.2% |
| Tangible fixed assets | 22/27 | €5,793 | €3,477 | -€2,316 | -40.0% |
| Plant, machinery and equipment | 23 | €5,793 | €3,477 | -€2,316 | -40.0% |
| Financial fixed assets | 28 | €6,900 | €5,000 | -€1,900 | -27.5% |
| Current assets | 29/58 | €54,720 | €18,669 | -€36,051 | -65.9% |
| Stocks and contracts in progress | 3 | €2,500 | €2,500 | = | 0.0% |
| Stocks | 30/36 | €2,500 | €2,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €47,524 | €13,661 | -€33,863 | -71.3% |
| Trade receivables | 40 | €45,827 | €12,938 | -€32,889 | -71.8% |
| Other amounts receivable | 41 | €1,697 | €723 | -€974 | -57.4% |
| Cash at bank and in hand | 54/58 | €4,450 | €1,896 | -€2,554 | -57.4% |
| Deferred charges and accrued income | 490/1 | €246 | €612 | +€366 | +148% |
| Total equity and liabilities | 10/49 | €67,413 | €27,146 | -€40,267 | -59.7% |
| Equity | 10/15 | €16,278 | €3,565 | -€12,713 | -78.1% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €21,666 | €21,666 | = | 0.0% |
| Distributable reserves | 133 | €21,666 | €21,666 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,888 | -€24,601 | -€12,713 | -107% |
| Amounts payable | 17/49 | €51,135 | €23,581 | -€27,554 | -53.9% |
| Amounts payable within one year | 42/48 | €51,135 | €23,581 | -€27,554 | -53.9% |
| Trade debts | 44 | €27,555 | €1,255 | -€26,299 | -95.4% |
| Suppliers | 440/4 | €27,555 | €1,255 | -€26,299 | -95.4% |
| Taxes, remuneration and social security | 45 | €1,310 | €141 | -€1,169 | -89.2% |
| Taxes | 450/3 | €1,310 | €141 | -€1,169 | -89.2% |
| Other amounts payable | 47/48 | €22,270 | €22,185 | -€86 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,003 | €1,253 | -€750 | -37.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €41,866 | +€41,866 | |
| Other operating charges | 640/8 | €1,403 | €1,312 | -€91 | -6.5% |
| Non-recurring operating charges | 66A | - | €3,691 | +€3,691 | |
| Gross operating margin | 9900 | -€5,577 | €35,619 | +€41,196 | |
| Operating profit (loss) | 9901 | -€8,983 | -€12,502 | -€3,518 | -39.2% |
| Financial income | 75/76B | €208 | €34 | -€174 | -83.9% |
| Recurring financial income | 75 | €208 | €34 | -€174 | -83.9% |
| Financial charges | 65/66B | €2,973 | €103 | -€2,870 | -96.5% |
| Recurring financial charges | 65 | €2,973 | €103 | -€2,870 | -96.5% |
| Profit (loss) for the period before taxes | 9903 | -€11,749 | -€12,572 | -€823 | -7.0% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€11,888 | -€12,713 | -€824 | -6.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,888 | -€12,713 | -€824 | -6.9% |
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 19 October 2026 via checked.be.