VANDENBO: 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.
VANDENBO
Largest movements
- Receivables after one year +€81,804
new in 2025: €81,804
- Current investments +€22,109
up €22,109 (+8.8%), from €252,534 to €274,643
- Tangible fixed assets -€10,551
down €10,551 (-13.8%), from €76,274 to €65,723
of which Furniture and vehicles: -€8,905
- Cash -€8,766
down €8,766 (-21.8%), from €40,178 to €31,412
mainly Receivables after one year (-€81,804) and Current investments (-€22,109)
- Reserves +€81,987
up €81,987 (+27.0%), from €303,657 to €385,644
- Tax, wage and social debts +€10,604
up €10,604 (+573%), from €1,849 to €12,453
- Trade debts -€6,321
down €6,321 (-73.5%), from €8,599 to €2,278
- Financial income +€95,987
up €95,987 (+4,573%), from €2,099 to €98,086
- Taxes +€22,078
up €22,078 (+3,599%), from €614 to €22,692
- Gross operating margin +€18,108
up €18,108 (+208%), from €8,725 to €26,833
- Financial charges +€2,604
up €2,604 (+1,289%), from €202 to €2,806
- Depreciation +€617
up €617 (+3.9%), from €15,985 to €16,602
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 | €376,875 | €460,272 | +€83,397 | +22.1% |
| Fixed assets | 21/28 | €76,274 | €65,723 | -€10,551 | -13.8% |
| Tangible fixed assets | 22/27 | €76,274 | €65,723 | -€10,551 | -13.8% |
| Furniture and vehicles | 24 | €53,683 | €44,778 | -€8,905 | -16.6% |
| Leasing and similar rights | 25 | €1,644 | €424 | -€1,220 | -74.2% |
| Other tangible fixed assets | 26 | €20,947 | €20,520 | -€426 | -2.0% |
| Current assets | 29/58 | €300,601 | €394,549 | +€93,948 | +31.3% |
| Amounts receivable after more than one year | 29 | - | €81,804 | +€81,804 | |
| Other amounts receivable | 291 | - | €81,804 | +€81,804 | |
| Amounts receivable within one year | 40/41 | €3,078 | €4,494 | +€1,416 | +46.0% |
| Trade receivables | 40 | - | €3,850 | +€3,850 | |
| Other amounts receivable | 41 | €3,078 | €644 | -€2,434 | -79.1% |
| Current investments | 50/53 | €252,534 | €274,643 | +€22,109 | +8.8% |
| Cash at bank and in hand | 54/58 | €40,178 | €31,412 | -€8,766 | -21.8% |
| Deferred charges and accrued income | 490/1 | €4,811 | €2,196 | -€2,615 | -54.4% |
| Total equity and liabilities | 10/49 | €376,875 | €460,272 | +€83,397 | +22.1% |
| Equity | 10/15 | €349,413 | €431,523 | +€82,110 | +23.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €303,657 | €385,644 | +€81,987 | +27.0% |
| Distributable reserves | 133 | €303,657 | €385,644 | +€81,987 | +27.0% |
| Profit (loss) carried forward | 14 | €27,156 | €27,278 | +€123 | +0.5% |
| Amounts payable | 17/49 | €27,462 | €28,749 | +€1,288 | +4.7% |
| Amounts payable within one year | 42/48 | €27,462 | €28,749 | +€1,288 | +4.7% |
| Trade debts | 44 | €8,599 | €2,278 | -€6,321 | -73.5% |
| Suppliers | 440/4 | €8,599 | €2,278 | -€6,321 | -73.5% |
| Taxes, remuneration and social security | 45 | €1,849 | €12,453 | +€10,604 | +573% |
| Taxes | 450/3 | €1,849 | €12,453 | +€10,604 | +573% |
| Other amounts payable | 47/48 | €17,014 | €14,018 | -€2,996 | -17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,985 | €16,602 | +€617 | +3.9% |
| Other operating charges | 640/8 | €387 | - | -€387 | |
| Gross operating margin | 9900 | €8,725 | €26,833 | +€18,108 | +208% |
| Operating profit (loss) | 9901 | -€7,647 | €10,231 | +€17,879 | |
| Financial income | 75/76B | €2,099 | €98,086 | +€95,987 | +4,573% |
| Recurring financial income | 75 | €2,099 | €98,086 | +€95,987 | +4,573% |
| Financial charges | 65/66B | €202 | €2,806 | +€2,604 | +1,289% |
| Recurring financial charges | 65 | €202 | €2,806 | +€2,604 | +1,289% |
| Profit (loss) for the period before taxes | 9903 | -€5,750 | €105,512 | +€111,262 | |
| Income taxes | 67/77 | €614 | €22,692 | +€22,078 | +3,599% |
| Profit (loss) for the period | 9904 | -€6,364 | €82,820 | +€89,184 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,364 | €82,820 | +€89,184 |
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 30 October 2026 via checked.be.