VANDENBALCK: 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.
VANDENBALCK
Largest movements
- Receivables within one year -€502,832
down €502,832 (-61.9%), from €812,889 to €310,056
of which Other amounts receivable: -€563,616
- Stocks and contracts -€166,790
down €166,790 (-19.4%), from €860,031 to €693,241
- Tangible fixed assets -€152,341
down €152,341 (-12.4%), from €1.2m to €1.1m
of which Other tangible fixed assets: -€118,960
- Other debts -€598,154
down €598,154 (-31.1%), from €1.9m to €1.3m
- Reserves -€338,144
down €338,144 (-73.2%), from €461,637 to €123,493
of which Distributable reserves: -€338,144
- Trade debts +€60,542
up €60,542 (+16.8%), from €360,823 to €421,366
- Current portion of long-term debt +€30,607
up €30,607 (+491%), from €6,232 to €36,839
- Gross operating margin -€176,657
down €176,657 (-25.6%), from €689,661 to €513,005
- Write-downs +€125,503
new in 2025: €125,503
- Depreciation +€49,006
up €49,006 (+39.8%), from €123,031 to €172,037
- Financial charges +€46,507
up €46,507 (+83.2%), from €55,872 to €102,379
- Staff costs -€21,682
down €21,682 (-4.6%), from €468,022 to €446,340
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 | €2,997,902 | €2,173,015 | -€824,887 | -27.5% |
| Fixed assets | 21/28 | €1,239,193 | €1,083,949 | -€155,244 | -12.5% |
| Intangible fixed assets | 21 | €9,465 | €6,562 | -€2,903 | -30.7% |
| Tangible fixed assets | 22/27 | €1,227,759 | €1,075,419 | -€152,341 | -12.4% |
| Land and buildings | 22 | €4,493 | - | -€4,493 | |
| Plant, machinery and equipment | 23 | €91,581 | €62,500 | -€29,081 | -31.8% |
| Furniture and vehicles | 24 | €2,008 | €2,202 | +€194 | +9.7% |
| Other tangible fixed assets | 26 | €1,129,676 | €1,010,716 | -€118,960 | -10.5% |
| Financial fixed assets | 28 | €1,969 | €1,969 | = | 0.0% |
| Current assets | 29/58 | €1,758,709 | €1,089,066 | -€669,643 | -38.1% |
| Stocks and contracts in progress | 3 | €860,031 | €693,241 | -€166,790 | -19.4% |
| Stocks | 30/36 | €860,031 | €693,241 | -€166,790 | -19.4% |
| Amounts receivable within one year | 40/41 | €812,889 | €310,056 | -€502,832 | -61.9% |
| Trade receivables | 40 | €13,612 | €74,396 | +€60,784 | +447% |
| Other amounts receivable | 41 | €799,276 | €235,660 | -€563,616 | -70.5% |
| Cash at bank and in hand | 54/58 | €77,535 | €74,300 | -€3,235 | -4.2% |
| Deferred charges and accrued income | 490/1 | €8,253 | €11,468 | +€3,215 | +39.0% |
| Total equity and liabilities | 10/49 | €2,997,902 | €2,173,015 | -€824,887 | -27.5% |
| Equity | 10/15 | €480,237 | €142,093 | -€338,144 | -70.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €461,637 | €123,493 | -€338,144 | -73.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €459,777 | €121,633 | -€338,144 | -73.5% |
| Amounts payable | 17/49 | €2,517,665 | €2,030,922 | -€486,743 | -19.3% |
| Amounts payable within one year | 42/48 | €2,517,665 | €2,030,106 | -€487,559 | -19.4% |
| Current portion of amounts payable after more than one year | 42 | €6,232 | €36,839 | +€30,607 | +491% |
| Financial debts | 43 | €117,115 | €119,169 | +€2,054 | +1.8% |
| Credit institutions | 430/8 | €117,115 | €119,169 | +€2,054 | +1.8% |
| Trade debts | 44 | €360,823 | €421,366 | +€60,542 | +16.8% |
| Suppliers | 440/4 | €360,823 | €421,366 | +€60,542 | +16.8% |
| Taxes, remuneration and social security | 45 | €111,323 | €128,715 | +€17,392 | +15.6% |
| Taxes | 450/3 | €72,035 | €60,932 | -€11,104 | -15.4% |
| Remuneration and social security | 454/9 | €39,288 | €67,784 | +€28,496 | +72.5% |
| Other amounts payable | 47/48 | €1,922,172 | €1,324,018 | -€598,154 | -31.1% |
| Accrued charges and deferred income | 492/3 | - | €816 | +€816 | |
| Remuneration, social security and pensions | 62 | €468,022 | €446,340 | -€21,682 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,031 | €172,037 | +€49,006 | +39.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €125,503 | +€125,503 | |
| Other operating charges | 640/8 | €12,677 | €5,562 | -€7,115 | -56.1% |
| Non-recurring operating charges | 66A | €4,353 | €0 | -€4,353 | -100% |
| Gross operating margin | 9900 | €689,661 | €513,005 | -€176,657 | -25.6% |
| Operating profit (loss) | 9901 | €81,580 | -€236,438 | -€318,017 | |
| Financial income | 75/76B | €4,950 | €903 | -€4,048 | -81.8% |
| Recurring financial income | 75 | €4,950 | €903 | -€4,048 | -81.8% |
| Financial charges | 65/66B | €55,872 | €102,379 | +€46,507 | +83.2% |
| Recurring financial charges | 65 | €55,872 | €102,379 | +€46,507 | +83.2% |
| Profit (loss) for the period before taxes | 9903 | €30,658 | -€337,913 | -€368,572 | |
| Income taxes | 67/77 | €17,919 | €230 | -€17,689 | -98.7% |
| Profit (loss) for the period | 9904 | €12,739 | -€338,144 | -€350,883 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,739 | -€338,144 | -€350,883 |
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 29 October 2026 via checked.be.