VANDENBUSSCHE: 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.
VANDENBUSSCHE
Largest movements
- Stocks and contracts -€152,466
down €152,466 (-33.1%), from €461,139 to €308,674
- Cash +€99,670
up €99,670 (+17.1%), from €583,763 to €683,433
mainly Stocks and contracts (+€152,466) and Net result for the year (+€67,515)
- Tangible fixed assets -€36,780
down €36,780 (-9.3%), from €396,919 to €360,139
of which Land and buildings: -€36,104
- Other debts -€104,765
down €104,765 (-26.3%), from €398,537 to €293,772
- Reserves +€67,515
up €67,515 (+7.4%), from €907,687 to €975,202
- Trade debts -€26,688
down €26,688 (-55.8%), from €47,845 to €21,157
- Gross operating margin -€40,555
down €40,555 (-15.1%), from €267,972 to €227,417
- Taxes -€14,252
down €14,252 (-30.0%), from €47,521 to €33,269
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 | €1,773,460 | €1,678,948 | -€94,512 | -5.3% |
| Fixed assets | 21/28 | €396,919 | €360,139 | -€36,780 | -9.3% |
| Tangible fixed assets | 22/27 | €396,919 | €360,139 | -€36,780 | -9.3% |
| Land and buildings | 22 | €381,561 | €345,456 | -€36,104 | -9.5% |
| Plant, machinery and equipment | 23 | €15,009 | €14,540 | -€469 | -3.1% |
| Furniture and vehicles | 24 | €350 | €143 | -€206 | -59.1% |
| Current assets | 29/58 | €1,376,541 | €1,318,809 | -€57,732 | -4.2% |
| Stocks and contracts in progress | 3 | €461,139 | €308,674 | -€152,466 | -33.1% |
| Stocks | 30/36 | €461,139 | €308,674 | -€152,466 | -33.1% |
| Amounts receivable within one year | 40/41 | €73,051 | €57,259 | -€15,792 | -21.6% |
| Trade receivables | 40 | €73,051 | €41,432 | -€31,619 | -43.3% |
| Other amounts receivable | 41 | €0 | €15,827 | +€15,827 | |
| Current investments | 50/53 | €250,000 | €250,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €583,763 | €683,433 | +€99,670 | +17.1% |
| Deferred charges and accrued income | 490/1 | €8,588 | €19,443 | +€10,855 | +126% |
| Total equity and liabilities | 10/49 | €1,773,460 | €1,678,948 | -€94,512 | -5.3% |
| Equity | 10/15 | €1,238,291 | €1,305,806 | +€67,515 | +5.5% |
| Contributions | 10/11 | €330,604 | €330,604 | = | 0.0% |
| Reserves | 13 | €907,687 | €975,202 | +€67,515 | +7.4% |
| Distributable reserves | 133 | €907,687 | €975,202 | +€67,515 | +7.4% |
| Amounts payable | 17/49 | €535,169 | €373,142 | -€162,027 | -30.3% |
| Amounts payable after more than one year | 17 | €10,978 | €0 | -€10,978 | -100% |
| Financial debts | 170/4 | €10,978 | €0 | -€10,978 | -100% |
| Amounts payable within one year | 42/48 | €516,231 | €362,078 | -€154,153 | -29.9% |
| Current portion of amounts payable after more than one year | 42 | €26,140 | €10,978 | -€15,162 | -58.0% |
| Trade debts | 44 | €47,845 | €21,157 | -€26,688 | -55.8% |
| Suppliers | 440/4 | €47,845 | €21,157 | -€26,688 | -55.8% |
| Taxes, remuneration and social security | 45 | €43,708 | €36,171 | -€7,537 | -17.2% |
| Taxes | 450/3 | €25,681 | €17,645 | -€8,036 | -31.3% |
| Remuneration and social security | 454/9 | €18,027 | €18,526 | +€499 | +2.8% |
| Other amounts payable | 47/48 | €398,537 | €293,772 | -€104,765 | -26.3% |
| Accrued charges and deferred income | 492/3 | €7,961 | €11,065 | +€3,104 | +39.0% |
| Remuneration, social security and pensions | 62 | €73,758 | €75,512 | +€1,754 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,123 | €44,184 | +€61 | +0.1% |
| Other operating charges | 640/8 | €8,906 | €9,446 | +€540 | +6.1% |
| Gross operating margin | 9900 | €267,972 | €227,417 | -€40,555 | -15.1% |
| Operating profit (loss) | 9901 | €141,185 | €98,275 | -€42,910 | -30.4% |
| Financial income | 75/76B | €5,695 | €4,195 | -€1,500 | -26.3% |
| Recurring financial income | 75 | €5,695 | €4,195 | -€1,500 | -26.3% |
| Financial charges | 65/66B | €2,005 | €1,685 | -€320 | -16.0% |
| Recurring financial charges | 65 | €2,005 | €1,685 | -€320 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €144,874 | €100,784 | -€44,090 | -30.4% |
| Income taxes | 67/77 | €47,521 | €33,269 | -€14,252 | -30.0% |
| Profit (loss) for the period | 9904 | €97,353 | €67,515 | -€29,838 | -30.6% |
| Profit (loss) for the period to be appropriated | 9905 | €97,353 | €67,515 | -€29,838 | -30.6% |
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.