VANDENBON: 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.
VANDENBON
Largest movements
- Current investments -€145,574
down €145,574 (-40.8%), from €356,759 to €211,185
- Cash +€67,941
up €67,941 (+54.1%), from €125,654 to €193,595
mainly Other debts (+€193,921) and Current investments (+€145,574)
- Tangible fixed assets -€46,926
down €46,926 (-12.4%), from €376,928 to €330,002
of which Land and buildings: -€40,270
- Deferred charges and accrued income +€11,534
new in 2025: €11,534
- Reserves -€194,261
down €194,261 (-30.1%), from €645,966 to €451,705
of which Distributable reserves: -€194,261
- Other debts +€193,921
up €193,921 (+418%), from €46,394 to €240,315
- Profit (loss) carried forward -€68,545
no longer reported in 2025 (was €68,545)
- Provisions -€43,312
no longer reported in 2025 (was €43,312)
- Gross operating margin -€335,576
down €335,576, from €319,351 to -€16,226
- Taxes -€69,827
down €69,827 (-98.8%), from €70,702 to €875
- Financial income +€44,036
up €44,036 (+1,728%), from €2,549 to €46,585
- Depreciation -€9,122
down €9,122 (-16.3%), from €56,048 to €46,926
- Other operating charges -€4,057
down €4,057 (-96.2%), from €4,216 to €159
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 | €938,610 | €817,414 | -€121,196 | -12.9% |
| Fixed assets | 21/28 | €376,928 | €330,002 | -€46,926 | -12.4% |
| Tangible fixed assets | 22/27 | €376,928 | €330,002 | -€46,926 | -12.4% |
| Land and buildings | 22 | €353,492 | €313,222 | -€40,270 | -11.4% |
| Plant, machinery and equipment | 23 | €8,270 | €5,406 | -€2,864 | -34.6% |
| Furniture and vehicles | 24 | €15,166 | €11,374 | -€3,791 | -25.0% |
| Current assets | 29/58 | €561,682 | €487,412 | -€74,270 | -13.2% |
| Amounts receivable within one year | 40/41 | €79,269 | €71,099 | -€8,170 | -10.3% |
| Trade receivables | 40 | - | €2,826 | +€2,826 | |
| Other amounts receivable | 41 | €79,269 | €68,273 | -€10,996 | -13.9% |
| Current investments | 50/53 | €356,759 | €211,185 | -€145,574 | -40.8% |
| Cash at bank and in hand | 54/58 | €125,654 | €193,595 | +€67,941 | +54.1% |
| Deferred charges and accrued income | 490/1 | - | €11,534 | +€11,534 | |
| Total equity and liabilities | 10/49 | €938,610 | €817,414 | -€121,196 | -12.9% |
| Equity | 10/15 | €840,268 | €576,163 | -€264,105 | -31.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €107,157 | €105,858 | -€1,299 | -1.2% |
| Reserves | 13 | €645,966 | €451,705 | -€194,261 | -30.1% |
| Tax-exempt reserves | 132 | €608 | €608 | = | 0.0% |
| Distributable reserves | 133 | €645,358 | €451,097 | -€194,261 | -30.1% |
| Profit (loss) carried forward | 14 | €68,545 | - | -€68,545 | |
| Provisions and deferred taxes | 16 | €43,312 | - | -€43,312 | |
| Provisions for liabilities and charges | 160/5 | €43,312 | - | -€43,312 | |
| Other liabilities and charges | 164/5 | €43,312 | - | -€43,312 | |
| Amounts payable | 17/49 | €55,030 | €241,251 | +€186,221 | +338% |
| Amounts payable within one year | 42/48 | €50,679 | €241,251 | +€190,572 | +376% |
| Trade debts | 44 | €4,284 | €936 | -€3,348 | -78.1% |
| Suppliers | 440/4 | €4,284 | €936 | -€3,348 | -78.1% |
| Other amounts payable | 47/48 | €46,394 | €240,315 | +€193,921 | +418% |
| Accrued charges and deferred income | 492/3 | €4,351 | - | -€4,351 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,048 | €46,926 | -€9,122 | -16.3% |
| Other operating charges | 640/8 | €4,216 | €159 | -€4,057 | -96.2% |
| Gross operating margin | 9900 | €319,351 | -€16,226 | -€335,576 | |
| Operating profit (loss) | 9901 | €259,087 | -€63,310 | -€322,397 | |
| Financial income | 75/76B | €2,549 | €46,585 | +€44,036 | +1,728% |
| Recurring financial income | 75 | €2,549 | €46,585 | +€44,036 | +1,728% |
| Financial charges | 65/66B | €5,357 | €6,190 | +€833 | +15.6% |
| Recurring financial charges | 65 | €5,357 | €6,190 | +€833 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | €256,279 | -€22,915 | -€279,194 | |
| Income taxes | 67/77 | €70,702 | €875 | -€69,827 | -98.8% |
| Profit (loss) for the period | 9904 | €185,577 | -€23,790 | -€209,367 | |
| Profit (loss) for the period to be appropriated | 9905 | €185,577 | -€23,790 | -€209,367 |
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 18 October 2026 via checked.be.