Vandenbergh: 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.
Vandenbergh
Largest movements
- Receivables within one year +€41,211
up €41,211 (+29.5%), from €139,785 to €180,996
of which Other amounts receivable: +€67,459
- Tangible fixed assets -€7,314
down €7,314 (-10.0%), from €73,387 to €66,072
of which Land and buildings: -€5,678
- Short-term financial debts +€13,228
up €13,228 (+52.1%), from €25,371 to €38,598
- Current portion of long-term debt +€12,485
up €12,485 (+77.1%), from €16,189 to €28,675
- Reserves +€9,777
up €9,777 (+8.9%), from €110,097 to €119,874
- Debts after one year -€9,561
down €9,561 (-23.1%), from €41,396 to €31,834
- Profit (loss) carried forward +€6,046
no longer reported in 2025 (was -€6,046)
- Gross operating margin +€25,420
up €25,420 (+684%), from €3,717 to €29,136
- Taxes +€3,248
up €3,248 (+835%), from €389 to €3,636
- Other operating charges -€2,068
down €2,068 (-64.7%), from €3,198 to €1,129
- Financial income +€1,089
up €1,089 (+19.5%), from €5,579 to €6,669
- Financial charges -€1,005
down €1,005 (-11.3%), from €8,907 to €7,902
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 | €217,206 | €252,138 | +€34,931 | +16.1% |
| Fixed assets | 21/28 | €73,387 | €66,072 | -€7,314 | -10.0% |
| Tangible fixed assets | 22/27 | €73,387 | €66,072 | -€7,314 | -10.0% |
| Land and buildings | 22 | €69,369 | €63,692 | -€5,678 | -8.2% |
| Furniture and vehicles | 24 | €4,017 | €2,381 | -€1,637 | -40.7% |
| Current assets | 29/58 | €143,820 | €186,065 | +€42,245 | +29.4% |
| Amounts receivable within one year | 40/41 | €139,785 | €180,996 | +€41,211 | +29.5% |
| Trade receivables | 40 | €41,641 | €15,393 | -€26,248 | -63.0% |
| Other amounts receivable | 41 | €98,144 | €165,604 | +€67,459 | +68.7% |
| Cash at bank and in hand | 54/58 | €1,673 | €1,673 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €2,361 | €3,396 | +€1,034 | +43.8% |
| Total equity and liabilities | 10/49 | €217,206 | €252,138 | +€34,931 | +16.1% |
| Equity | 10/15 | €122,643 | €138,466 | +€15,823 | +12.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Contributions outside capital | 11 | €18,592 | - | -€18,592 | |
| Share premium | 1100/10 | €18,592 | - | -€18,592 | |
| Reserves | 13 | €110,097 | €119,874 | +€9,777 | +8.9% |
| Distributable reserves | 133 | €110,097 | €119,874 | +€9,777 | +8.9% |
| Profit (loss) carried forward | 14 | -€6,046 | - | +€6,046 | |
| Amounts payable | 17/49 | €94,563 | €113,672 | +€19,108 | +20.2% |
| Amounts payable after more than one year | 17 | €41,396 | €31,834 | -€9,561 | -23.1% |
| Financial debts | 170/4 | €41,396 | €31,834 | -€9,561 | -23.1% |
| Amounts payable within one year | 42/48 | €53,168 | €81,837 | +€28,670 | +53.9% |
| Current portion of amounts payable after more than one year | 42 | €16,189 | €28,675 | +€12,485 | +77.1% |
| Financial debts | 43 | €25,371 | €38,598 | +€13,228 | +52.1% |
| Credit institutions | 430/8 | €25,371 | €38,598 | +€13,228 | +52.1% |
| Trade debts | 44 | €10,088 | €12,982 | +€2,893 | +28.7% |
| Suppliers | 440/4 | €10,088 | €12,982 | +€2,893 | +28.7% |
| Taxes, remuneration and social security | 45 | €1,519 | €1,583 | +€63 | +4.2% |
| Taxes | 450/3 | €1,519 | €1,583 | +€63 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,393 | €7,314 | -€79 | -1.1% |
| Other operating charges | 640/8 | €3,198 | €1,129 | -€2,068 | -64.7% |
| Gross operating margin | 9900 | €3,717 | €29,136 | +€25,420 | +684% |
| Operating profit (loss) | 9901 | -€6,874 | €20,693 | +€27,567 | |
| Financial income | 75/76B | €5,579 | €6,669 | +€1,089 | +19.5% |
| Recurring financial income | 75 | €5,579 | €6,669 | +€1,089 | +19.5% |
| Financial charges | 65/66B | €8,907 | €7,902 | -€1,005 | -11.3% |
| Recurring financial charges | 65 | €8,907 | €7,902 | -€1,005 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | -€10,202 | €19,459 | +€29,661 | |
| Income taxes | 67/77 | €389 | €3,636 | +€3,248 | +835% |
| Profit (loss) for the period | 9904 | -€10,591 | €15,823 | +€26,414 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,591 | €15,823 | +€26,414 |
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 28 October 2026 via checked.be.