VANDENBUNDER: 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.
VANDENBUNDER
Largest movements
- Cash -€98,456
down €98,456 (-55.6%), from €177,049 to €78,593
mainly Debts after one year (-€129,109) and Trade debts (-€35,883)
- Receivables within one year -€29,026
down €29,026 (-4.1%), from €701,822 to €672,796
of which Trade receivables: -€28,173
- Debts after one year -€129,109
down €129,109 (-20.0%), from €644,024 to €514,915
- Profit (loss) carried forward +€50,238
up €50,238 (+36.0%), from €139,662 to €189,900
- Trade debts -€35,883
down €35,883 (-36.7%), from €97,744 to €61,861
- Tax, wage and social debts -€20,369
down €20,369 (-28.9%), from €70,387 to €50,018
of which Taxes: -€20,369
- Gross operating margin -€140,578
down €140,578 (-49.6%), from €283,381 to €142,803
- Staff costs -€81,067
down €81,067 (-95.7%), from €84,751 to €3,684
- Financial income -€19,566
down €19,566 (-74.4%), from €26,314 to €6,748
- Financial charges -€14,043
down €14,043 (-29.3%), from €47,990 to €33,947
- Taxes -€8,139
down €8,139 (-26.8%), from €30,342 to €22,203
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 | €1,544,055 | €1,406,782 | -€137,273 | -8.9% |
| Fixed assets | 21/28 | €526,345 | €510,929 | -€15,416 | -2.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €526,345 | €510,929 | -€15,416 | -2.9% |
| Land and buildings | 22 | €509,145 | €493,831 | -€15,314 | -3.0% |
| Plant, machinery and equipment | 23 | €10,338 | €12,903 | +€2,565 | +24.8% |
| Furniture and vehicles | 24 | €6,862 | €4,195 | -€2,667 | -38.9% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,017,710 | €895,853 | -€121,857 | -12.0% |
| Amounts receivable after more than one year | 29 | €136,875 | €142,500 | +€5,625 | +4.1% |
| Other amounts receivable | 291 | €136,875 | €142,500 | +€5,625 | +4.1% |
| Stocks and contracts in progress | 3 | €1,964 | €1,964 | = | 0.0% |
| Stocks | 30/36 | €1,964 | €1,964 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €701,822 | €672,796 | -€29,026 | -4.1% |
| Trade receivables | 40 | €166,356 | €138,183 | -€28,173 | -16.9% |
| Other amounts receivable | 41 | €535,467 | €534,613 | -€853 | -0.2% |
| Cash at bank and in hand | 54/58 | €177,049 | €78,593 | -€98,456 | -55.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,544,055 | €1,406,782 | -€137,273 | -8.9% |
| Equity | 10/15 | €507,482 | €557,720 | +€50,238 | +9.9% |
| Contributions | 10/11 | €186,000 | €186,000 | = | 0.0% |
| Capital | 10 | €186,000 | €186,000 | = | 0.0% |
| Issued capital | 100 | €186,000 | €186,000 | = | 0.0% |
| Revaluation surpluses | 12 | €163,220 | €163,220 | = | 0.0% |
| Reserves | 13 | €18,600 | €18,600 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,600 | €18,600 | = | 0.0% |
| Legal reserve | 130 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €139,662 | €189,900 | +€50,238 | +36.0% |
| Investment grants | 15 | €0 | - | = | |
| Amounts payable | 17/49 | €1,036,573 | €849,062 | -€187,511 | -18.1% |
| Amounts payable after more than one year | 17 | €644,024 | €514,915 | -€129,109 | -20.0% |
| Financial debts | 170/4 | €644,024 | €514,915 | -€129,109 | -20.0% |
| Amounts payable within one year | 42/48 | €392,485 | €334,082 | -€58,403 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €80,265 | €79,109 | -€1,156 | -1.4% |
| Financial debts | 43 | €125,000 | €125,506 | +€506 | +0.4% |
| Credit institutions | 430/8 | €125,000 | €125,506 | +€506 | +0.4% |
| Trade debts | 44 | €97,744 | €61,861 | -€35,883 | -36.7% |
| Suppliers | 440/4 | €97,744 | €61,861 | -€35,883 | -36.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €70,387 | €50,018 | -€20,369 | -28.9% |
| Taxes | 450/3 | €70,387 | €50,018 | -€20,369 | -28.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €19,088 | €17,588 | -€1,500 | -7.9% |
| Accrued charges and deferred income | 492/3 | €64 | €64 | = | 0.0% |
| Non-recurring operating income | 76A | €111,933 | €0 | -€111,933 | -100% |
| Remuneration, social security and pensions | 62 | €84,751 | €3,684 | -€81,067 | -95.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,371 | €23,353 | +€981 | +4.4% |
| Other operating charges | 640/8 | €16,110 | €16,126 | +€17 | +0.1% |
| Gross operating margin | 9900 | €283,381 | €142,803 | -€140,578 | -49.6% |
| Operating profit (loss) | 9901 | €160,149 | €99,640 | -€60,509 | -37.8% |
| Financial income | 75/76B | €26,314 | €6,748 | -€19,566 | -74.4% |
| Recurring financial income | 75 | €26,314 | €6,748 | -€19,566 | -74.4% |
| Financial charges | 65/66B | €47,990 | €33,947 | -€14,043 | -29.3% |
| Recurring financial charges | 65 | €47,990 | €33,947 | -€14,043 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | €138,474 | €72,441 | -€66,032 | -47.7% |
| Income taxes | 67/77 | €30,342 | €22,203 | -€8,139 | -26.8% |
| Profit (loss) for the period | 9904 | €108,132 | €50,238 | -€57,894 | -53.5% |
| Profit (loss) for the period to be appropriated | 9905 | €108,132 | €50,238 | -€57,894 | -53.5% |
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 27 October 2026 via checked.be.