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 -€21,812
down €21,812 (-23.5%), from €92,800 to €70,988
of which Trade receivables: -€24,661
- Cash +€15,933
up €15,933 (+51.5%), from €30,951 to €46,885
mainly Net result for the year (+€22,732) and Receivables within one year (+€21,812)
- Tangible fixed assets -€6,687
down €6,687 (-54.4%), from €12,284 to €5,597
- Short-term financial debts -€25,078
down €25,078 (-100%), from €25,078 to €0
- Reserves +€21,899
up €21,899 (+31.1%), from €70,311 to €92,210
- Other debts -€8,765
down €8,765 (-49.3%), from €17,766 to €9,001
- Gross operating margin -€72,069
down €72,069 (-62.8%), from €114,713 to €42,644
- Taxes -€19,882
down €19,882 (-67.3%), from €29,533 to €9,651
- Depreciation -€3,703
down €3,703 (-31.1%), from €11,892 to €8,189
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 | €138,085 | €125,273 | -€12,812 | -9.3% |
| Fixed assets | 21/28 | €13,125 | €6,338 | -€6,787 | -51.7% |
| Intangible fixed assets | 21 | €841 | €741 | -€100 | -11.9% |
| Tangible fixed assets | 22/27 | €12,284 | €5,597 | -€6,687 | -54.4% |
| Furniture and vehicles | 24 | €12,284 | €5,597 | -€6,687 | -54.4% |
| Current assets | 29/58 | €124,961 | €118,935 | -€6,026 | -4.8% |
| Amounts receivable within one year | 40/41 | €92,800 | €70,988 | -€21,812 | -23.5% |
| Trade receivables | 40 | €92,800 | €68,139 | -€24,661 | -26.6% |
| Other amounts receivable | 41 | - | €2,849 | +€2,849 | |
| Cash at bank and in hand | 54/58 | €30,951 | €46,885 | +€15,933 | +51.5% |
| Deferred charges and accrued income | 490/1 | €1,209 | €1,062 | -€148 | -12.2% |
| Total equity and liabilities | 10/49 | €138,085 | €125,273 | -€12,812 | -9.3% |
| Equity | 10/15 | €73,311 | €95,210 | +€21,899 | +29.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €70,311 | €92,210 | +€21,899 | +31.1% |
| Distributable reserves | 133 | €70,311 | €92,210 | +€21,899 | +31.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €64,774 | €30,063 | -€34,712 | -53.6% |
| Amounts payable within one year | 42/48 | €64,774 | €30,063 | -€34,712 | -53.6% |
| Financial debts | 43 | €25,078 | €0 | -€25,078 | -100% |
| Credit institutions | 430/8 | €25,078 | €0 | -€25,078 | -100% |
| Trade debts | 44 | €1,980 | €1,992 | +€12 | +0.6% |
| Suppliers | 440/4 | €1,980 | €1,992 | +€12 | +0.6% |
| Taxes, remuneration and social security | 45 | €19,951 | €19,070 | -€881 | -4.4% |
| Taxes | 450/3 | €17,251 | €16,370 | -€881 | -5.1% |
| Remuneration and social security | 454/9 | €2,700 | €2,700 | = | 0.0% |
| Other amounts payable | 47/48 | €17,766 | €9,001 | -€8,765 | -49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,892 | €8,189 | -€3,703 | -31.1% |
| Other operating charges | 640/8 | €2,269 | €1,398 | -€871 | -38.4% |
| Gross operating margin | 9900 | €114,713 | €42,644 | -€72,069 | -62.8% |
| Operating profit (loss) | 9901 | €100,552 | €33,058 | -€67,494 | -67.1% |
| Financial income | 75/76B | €215 | €5 | -€210 | -97.7% |
| Recurring financial income | 75 | €215 | €5 | -€210 | -97.7% |
| Financial charges | 65/66B | €90 | €680 | +€590 | +659% |
| Recurring financial charges | 65 | €90 | €680 | +€590 | +659% |
| Profit (loss) for the period before taxes | 9903 | €100,677 | €32,383 | -€68,294 | -67.8% |
| Income taxes | 67/77 | €29,533 | €9,651 | -€19,882 | -67.3% |
| Profit (loss) for the period | 9904 | €71,144 | €22,732 | -€48,412 | -68.0% |
| Profit (loss) for the period to be appropriated | 9905 | €71,144 | €22,732 | -€48,412 | -68.0% |
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 21 October 2026 via checked.be.