VANDENA: 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
VANDENA
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€134,471
2024 · €455,669-€590,141
Equity
€34.2m
2024 · €34.3m-€134,471
Cash
€973,185
2024 · €186,382+€786,803
Balance sheet total
€39.1m
2024 · €39.1m+€38,608
Largest movements
Assets
- Current investments -€3.9m
down €3.9m (-48.7%), from €7.9m to €4.1m
- Financial fixed assets +€2.1m
up €2.1m (+8.0%), from €25.7m to €27.7m
of which Affiliated companies: +€2.1m
- Receivables within one year +€1.2m
up €1.2m (+58.1%), from €2.0m to €3.2m
of which Other amounts receivable: +€871,446
- Cash +€786,803
up €786,803 (+422%), from €186,382 to €973,185
mainly Current investments (+€3.9m) and Other debts (+€256,882)
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Financial income -€393,904
down €393,904 (-41.3%), from €953,989 to €560,085
- Financial charges +€221,133
up €221,133 (+112%), from €197,809 to €418,942
- Taxes -€119,490
down €119,490 (-99.5%), from €120,130 to €640
- Services and other goods +€62,920
up €62,920 (+24.2%), from €259,954 to €322,874
- Turnover -€37,342
down €37,342 (-23.1%), from €161,950 to €124,607
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.
Result 2024
€455,669
Turnover
-€37,342
Other operating income
-€2,168
Services and other goods
-€62,920
Depreciation
+€2,380
Other operating charges
+€5,457
Financial income
-€393,904
Financial charges
-€221,133
Taxes
+€119,490
Result 2025
-€134,471
raises the resultlowers the result
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.
From operations
-€1.0m
Investment
+€1.8m
Financing
€0
Cash 2024
€186,382
From operations (derived)
-€1.0m
Net result for the year
-€134,471
Depreciation
+€89,093
Receivables within one year
-€1.2m
Deferred charges and accrued income
+€25,433
Trade debts
-€7,123
Tax, wage and social debts
-€19,366
Other debts
+€256,882
Accrued charges and deferred income
-€57,314
Investment (derived)
+€1.8m
Investment in fixed assets (net)
-€2.1m
Current investments
+€3.9m
Cash 2025
€973,185
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €39,101,113 | €39,139,721 | +€38,608 | +0.1% |
| Fixed assets | 21/28 | €28,911,459 | €30,877,366 | +€2.0m | +6.8% |
| Tangible fixed assets | 22/27 | €3,217,199 | €3,128,106 | -€89,093 | -2.8% |
| Land and buildings | 22 | €3,202,521 | €3,119,640 | -€82,881 | -2.6% |
| Plant, machinery and equipment | 23 | €6,774 | €4,986 | -€1,788 | -26.4% |
| Furniture and vehicles | 24 | €7,904 | €3,480 | -€4,424 | -56.0% |
| Financial fixed assets | 28 | €25,694,260 | €27,749,260 | +€2.1m | +8.0% |
| Affiliated companies | 280/1 | €25,634,008 | €27,689,008 | +€2.1m | +8.0% |
| Participating interests | 280 | €19,104,008 | €22,104,008 | +€3.0m | +15.7% |
| Amounts receivable | 281 | €6,530,000 | €5,585,000 | -€945,000 | -14.5% |
| Other financial fixed assets | 284/8 | €60,253 | €60,253 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €60,253 | €60,253 | = | 0.0% |
| Current assets | 29/58 | €10,189,653 | €8,262,354 | -€1.9m | -18.9% |
| Amounts receivable within one year | 40/41 | €2,023,060 | €3,197,529 | +€1.2m | +58.1% |
| Trade receivables | 40 | €1,231,050 | €1,534,073 | +€303,023 | +24.6% |
| Other amounts receivable | 41 | €792,010 | €1,663,456 | +€871,446 | +110% |
| Current investments | 50/53 | €7,929,191 | €4,066,052 | -€3.9m | -48.7% |
| Other investments | 51/53 | €7,929,191 | €4,066,052 | -€3.9m | -48.7% |
| Cash at bank and in hand | 54/58 | €186,382 | €973,185 | +€786,803 | +422% |
| Deferred charges and accrued income | 490/1 | €51,021 | €25,588 | -€25,433 | -49.8% |
| Total equity and liabilities | 10/49 | €39,101,113 | €39,139,721 | +€38,608 | +0.1% |
| Equity | 10/15 | €34,326,293 | €34,191,822 | -€134,471 | -0.4% |
| Contributions | 10/11 | €2,169,068 | €2,169,068 | = | 0.0% |
| Capital | 10 | €2,169,068 | €2,169,068 | = | 0.0% |
| Issued capital | 100 | €2,169,068 | €2,169,068 | = | 0.0% |
| Reserves | 13 | €31,701,178 | €31,701,178 | = | 0.0% |
| Non-distributable reserves | 130/1 | €459,457 | €459,457 | = | 0.0% |
| Legal reserve | 130 | €459,457 | €459,457 | = | 0.0% |
| Distributable reserves | 133 | €31,241,721 | €31,241,721 | = | 0.0% |
| Profit (loss) carried forward | 14 | €456,047 | €321,575 | -€134,471 | -29.5% |
| Amounts payable | 17/49 | €4,774,820 | €4,947,899 | +€173,079 | +3.6% |
| Amounts payable within one year | 42/48 | €4,717,383 | €4,947,776 | +€230,393 | +4.9% |
| Trade debts | 44 | €113,603 | €106,480 | -€7,123 | -6.3% |
| Suppliers | 440/4 | €113,603 | €106,480 | -€7,123 | -6.3% |
| Taxes, remuneration and social security | 45 | €19,366 | - | -€19,366 | |
| Taxes | 450/3 | €19,366 | - | -€19,366 | |
| Other amounts payable | 47/48 | €4,584,414 | €4,841,296 | +€256,882 | +5.6% |
| Accrued charges and deferred income | 492/3 | €57,437 | €123 | -€57,314 | -99.8% |
| Operating income | 70/76A | €193,242 | €153,731 | -€39,511 | -20.4% |
| Turnover | 70 | €161,950 | €124,607 | -€37,342 | -23.1% |
| Other operating income | 74 | €31,292 | €29,124 | -€2,168 | -6.9% |
| Operating charges | 60/66A | €373,622 | €428,706 | +€55,083 | +14.7% |
| Services and other goods | 61 | €259,954 | €322,874 | +€62,920 | +24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,473 | €89,093 | -€2,380 | -2.6% |
| Other operating charges | 640/8 | €22,196 | €16,739 | -€5,457 | -24.6% |
| Operating profit (loss) | 9901 | -€180,381 | -€274,975 | -€94,594 | -52.4% |
| Financial income | 75/76B | €953,989 | €560,085 | -€393,904 | -41.3% |
| Recurring financial income | 75 | €953,989 | €560,085 | -€393,904 | -41.3% |
| Income from financial fixed assets | 750 | €605,865 | €274,419 | -€331,446 | -54.7% |
| Income from current assets | 751 | €343,733 | €121,856 | -€221,878 | -64.5% |
| Other financial income | 752/9 | €4,391 | €163,811 | +€159,420 | +3,631% |
| Financial charges | 65/66B | €197,809 | €418,942 | +€221,133 | +112% |
| Recurring financial charges | 65 | €197,809 | €418,942 | +€221,133 | +112% |
| Debt charges | 650 | €317,372 | €319,260 | +€1,888 | +0.6% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€120,420 | €62,275 | +€182,695 | |
| Other financial charges | 652/9 | €856 | €37,406 | +€36,550 | +4,268% |
| Profit (loss) for the period before taxes | 9903 | €575,800 | -€133,831 | -€709,631 | |
| Income taxes | 67/77 | €120,130 | €640 | -€119,490 | -99.5% |
| Taxes | 670/3 | €120,130 | €640 | -€119,490 | -99.5% |
| Profit (loss) for the period | 9904 | €455,669 | -€134,471 | -€590,141 | |
| Profit (loss) for the period to be appropriated | 9905 | €455,669 | -€134,471 | -€590,141 |
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 13 October 2026 via checked.be.