Vandenberghe: what changed
Two fiscal 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.
Vandenberghe
Largest movements
- Current investments +€248,750
new in 2025: €248,750
- Cash -€204,491
down €204,491 (-73.3%), from €279,034 to €74,543
mainly Current investments (-€248,750) and Receivables within one year (-€33,739)
- Receivables within one year +€33,739
up €33,739 (+19.3%), from €174,402 to €208,141
of which Other amounts receivable: +€20,656
- Tangible fixed assets -€19,628
down €19,628 (-13.3%), from €147,871 to €128,243
- Reserves +€37,176
up €37,176 (+6.7%), from €557,742 to €594,917
of which Distributable reserves: +€37,176
- Tax, wage and social debts +€23,250
new in 2025: €23,250
of which Taxes: +€16,500
- Gross operating margin +€38,196
up €38,196 (+37.5%), from €101,736 to €139,931
- Other operating charges +€17,076
up €17,076 (+679.0%), from €2,515 to €19,591
- Depreciation -€5,370
down €5,370 (-12.2%), from €44,090 to €38,719
- Taxes +€5,025
up €5,025 (+37.7%), from €13,341 to €18,366
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.
Cash bridge derived
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 | €601,932 | €660,302 | +€58,370 | +9.7% |
| Fixed assets | 21/28 | €148,496 | €128,868 | -€19,628 | -13.2% |
| Tangible fixed assets | 22/27 | €147,871 | €128,243 | -€19,628 | -13.3% |
| Land and buildings | 22 | €41,222 | €33,513 | -€7,709 | -18.7% |
| Plant, machinery and equipment | 23 | €6,090 | €3,656 | -€2,434 | -40.0% |
| Furniture and vehicles | 24 | €100,559 | €91,074 | -€9,485 | -9.4% |
| Financial fixed assets | 28 | €625 | €625 | = | 0.0% |
| Current assets | 29/58 | €453,436 | €531,434 | +€77,998 | +17.2% |
| Amounts receivable within one year | 40/41 | €174,402 | €208,141 | +€33,739 | +19.3% |
| Trade receivables | 40 | €101,580 | €114,663 | +€13,083 | +12.9% |
| Other amounts receivable | 41 | €72,822 | €93,478 | +€20,656 | +28.4% |
| Current investments | 50/53 | - | €248,750 | +€248,750 | |
| Cash at bank and in hand | 54/58 | €279,034 | €74,543 | -€204,491 | -73.3% |
| Total equity and liabilities | 10/49 | €601,932 | €660,302 | +€58,370 | +9.7% |
| Equity | 10/15 | €576,342 | €613,517 | +€37,176 | +6.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €557,742 | €594,917 | +€37,176 | +6.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €85,164 | €85,164 | = | 0.0% |
| Distributable reserves | 133 | €470,719 | €507,894 | +€37,176 | +7.9% |
| Provisions and deferred taxes | 16 | €18,896 | €18,896 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €18,896 | €18,896 | = | 0.0% |
| Pensions and similar obligations | 160 | €18,896 | €18,896 | = | 0.0% |
| Amounts payable | 17/49 | €6,695 | €27,889 | +€21,194 | +316.6% |
| Amounts payable within one year | 42/48 | €6,695 | €27,889 | +€21,194 | +316.6% |
| Trade debts | 44 | €6,695 | €4,639 | -€2,056 | -30.7% |
| Suppliers | 440/4 | €6,695 | €4,639 | -€2,056 | -30.7% |
| Taxes, remuneration and social security | 45 | - | €23,250 | +€23,250 | |
| Taxes | 450/3 | - | €16,500 | +€16,500 | |
| Remuneration and social security | 454/9 | - | €6,750 | +€6,750 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,090 | €38,719 | -€5,370 | -12.2% |
| Other operating charges | 640/8 | €2,515 | €19,591 | +€17,076 | +679.0% |
| Gross operating margin | 9900 | €101,736 | €139,931 | +€38,196 | +37.5% |
| Operating profit (loss) | 9901 | €55,131 | €81,621 | +€26,490 | +48.0% |
| Financial income | 75/76B | €4,018 | €5,357 | +€1,338 | +33.3% |
| Recurring financial income | 75 | €4,018 | €5,357 | +€1,338 | +33.3% |
| Financial charges | 65/66B | €438 | €1,436 | +€998 | +227.6% |
| Recurring financial charges | 65 | €438 | €1,436 | +€998 | +227.6% |
| Profit (loss) for the period before taxes | 9903 | €58,711 | €85,542 | +€26,830 | +45.7% |
| Income taxes | 67/77 | €13,341 | €18,366 | +€5,025 | +37.7% |
| Profit (loss) for the period | 9904 | €45,370 | €67,176 | +€21,805 | +48.1% |
| Profit (loss) for the period to be appropriated | 9905 | €45,370 | €67,176 | +€21,805 | +48.1% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.