VANDENBORRE: 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.
VANDENBORRE
Largest movements
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Cash +€55,078
up €55,078 (+40.9%), from €134,609 to €189,688
mainly Current investments (+€100,000) and Debts after one year (+€15,989)
- Tangible fixed assets +€41,885
up €41,885 (+276%), from €15,175 to €57,061
of which Furniture and vehicles: +€45,008
- Receivables within one year -€6,961
down €6,961 (-42.9%), from €16,213 to €9,252
of which Trade receivables: -€15,890
- Reserves -€26,930
down €26,930 (-11.4%), from €235,763 to €208,833
of which Distributable reserves: -€26,930
- Debts after one year +€15,989
new in 2025: €15,989
- Current portion of long-term debt +€3,920
new in 2025: €3,920
- Trade debts +€3,121
up €3,121 (+165%), from €1,896 to €5,017
- Tax, wage and social debts -€2,829
down €2,829 (-82.5%), from €3,427 to €598
- Gross operating margin -€32,134
down €32,134, from €18,386 to -€13,748
- Taxes -€4,416
down €4,416 (-99.0%), from €4,461 to €45
- Depreciation +€3,141
up €3,141 (+104%), from €3,024 to €6,165
- Financial income +€2,597
up €2,597 (+562%), from €462 to €3,059
- Financial charges +€274
up €274 (+47.1%), from €582 to €856
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 | €270,508 | €261,972 | -€8,536 | -3.2% |
| Fixed assets | 21/28 | €15,175 | €57,061 | +€41,885 | +276% |
| Tangible fixed assets | 22/27 | €15,175 | €57,061 | +€41,885 | +276% |
| Land and buildings | 22 | €11,876 | €9,553 | -€2,322 | -19.6% |
| Plant, machinery and equipment | 23 | €3,300 | €2,499 | -€800 | -24.3% |
| Furniture and vehicles | 24 | - | €45,008 | +€45,008 | |
| Current assets | 29/58 | €255,333 | €204,911 | -€50,421 | -19.7% |
| Stocks and contracts in progress | 3 | €2,469 | €2,600 | +€130 | +5.3% |
| Stocks | 30/36 | €2,469 | €2,600 | +€130 | +5.3% |
| Amounts receivable within one year | 40/41 | €16,213 | €9,252 | -€6,961 | -42.9% |
| Trade receivables | 40 | €15,890 | - | -€15,890 | |
| Other amounts receivable | 41 | €323 | €9,252 | +€8,929 | +2,766% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €134,609 | €189,688 | +€55,078 | +40.9% |
| Deferred charges and accrued income | 490/1 | €2,041 | €3,372 | +€1,331 | +65.2% |
| Total equity and liabilities | 10/49 | €270,508 | €261,972 | -€8,536 | -3.2% |
| Equity | 10/15 | €256,214 | €229,284 | -€26,930 | -10.5% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €235,763 | €208,833 | -€26,930 | -11.4% |
| Tax-exempt reserves | 132 | €38,183 | €38,183 | = | 0.0% |
| Distributable reserves | 133 | €197,580 | €170,650 | -€26,930 | -13.6% |
| Amounts payable | 17/49 | €14,293 | €32,687 | +€18,394 | +129% |
| Amounts payable after more than one year | 17 | - | €15,989 | +€15,989 | |
| Financial debts | 170/4 | - | €15,989 | +€15,989 | |
| Amounts payable within one year | 42/48 | €14,293 | €16,699 | +€2,405 | +16.8% |
| Current portion of amounts payable after more than one year | 42 | - | €3,920 | +€3,920 | |
| Trade debts | 44 | €1,896 | €5,017 | +€3,121 | +165% |
| Suppliers | 440/4 | €1,896 | €5,017 | +€3,121 | +165% |
| Taxes, remuneration and social security | 45 | €3,427 | €598 | -€2,829 | -82.5% |
| Taxes | 450/3 | €3,427 | €598 | -€2,829 | -82.5% |
| Other amounts payable | 47/48 | €8,970 | €7,164 | -€1,807 | -20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,024 | €6,165 | +€3,141 | +104% |
| Other operating charges | 640/8 | €590 | €603 | +€13 | +2.2% |
| Gross operating margin | 9900 | €18,386 | -€13,748 | -€32,134 | |
| Operating profit (loss) | 9901 | €14,772 | -€20,517 | -€35,288 | |
| Financial income | 75/76B | €462 | €3,059 | +€2,597 | +562% |
| Recurring financial income | 75 | €462 | €3,059 | +€2,597 | +562% |
| Financial charges | 65/66B | €582 | €856 | +€274 | +47.1% |
| Recurring financial charges | 65 | €582 | €856 | +€274 | +47.1% |
| Profit (loss) for the period before taxes | 9903 | €14,652 | -€18,313 | -€32,965 | |
| Income taxes | 67/77 | €4,461 | €45 | -€4,416 | -99.0% |
| Profit (loss) for the period | 9904 | €10,190 | -€18,358 | -€28,549 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,190 | -€18,358 | -€28,549 |
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 25 October 2026 via checked.be.