VANDENDRIES: 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.
VANDENDRIES
Largest movements
- Stocks and contracts +€24,653
up €24,653 (+4.7%), from €525,612 to €550,265
- Cash -€9,715
down €9,715 (-7.3%), from €133,063 to €123,348
mainly Contributions, distributions and other (-€360,467) and Stocks and contracts (-€24,653)
- Other debts +€343,509
up €343,509 (+94.8%), from €362,210 to €705,719
- Reserves -€338,017
down €338,017 (-67.6%), from €500,332 to €162,315
of which Distributable reserves: -€338,017
- Gross operating margin -€10,906
down €10,906 (-17.8%), from €61,428 to €50,522
- Taxes -€2,720
down €2,720 (-20.5%), from €13,257 to €10,537
- Depreciation +€1,326
up €1,326 (+31.3%), from €4,234 to €5,559
- Financial income -€1,144
down €1,144 (-10.9%), from €10,530 to €9,385
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 | €932,609 | €953,572 | +€20,963 | +2.2% |
| Fixed assets | 21/28 | €33,081 | €29,562 | -€3,519 | -10.6% |
| Tangible fixed assets | 22/27 | €15,864 | €12,955 | -€2,909 | -18.3% |
| Land and buildings | 22 | €5,755 | €4,197 | -€1,559 | -27.1% |
| Plant, machinery and equipment | 23 | €3,640 | €3,976 | +€337 | +9.2% |
| Furniture and vehicles | 24 | €6,469 | €4,781 | -€1,688 | -26.1% |
| Financial fixed assets | 28 | €17,217 | €16,607 | -€610 | -3.5% |
| Current assets | 29/58 | €899,528 | €924,010 | +€24,483 | +2.7% |
| Stocks and contracts in progress | 3 | €525,612 | €550,265 | +€24,653 | +4.7% |
| Stocks | 30/36 | €525,612 | €550,265 | +€24,653 | +4.7% |
| Amounts receivable within one year | 40/41 | €4,079 | €2,645 | -€1,434 | -35.1% |
| Trade receivables | 40 | €4,079 | €2,645 | -€1,434 | -35.1% |
| Current investments | 50/53 | €235,772 | €239,138 | +€3,366 | +1.4% |
| Cash at bank and in hand | 54/58 | €133,063 | €123,348 | -€9,715 | -7.3% |
| Deferred charges and accrued income | 490/1 | €1,001 | €8,615 | +€7,613 | +760% |
| Total equity and liabilities | 10/49 | €932,609 | €953,572 | +€20,963 | +2.2% |
| Equity | 10/15 | €548,377 | €210,373 | -€338,004 | -61.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €500,332 | €162,315 | -€338,017 | -67.6% |
| Tax-exempt reserves | 132 | €18,677 | €18,677 | = | 0.0% |
| Distributable reserves | 133 | €481,655 | €143,638 | -€338,017 | -70.2% |
| Profit (loss) carried forward | 14 | €29,445 | €29,458 | +€13 | 0.0% |
| Amounts payable | 17/49 | €384,232 | €743,199 | +€358,967 | +93.4% |
| Amounts payable within one year | 42/48 | €384,232 | €743,199 | +€358,967 | +93.4% |
| Trade debts | 44 | €12,203 | €21,699 | +€9,496 | +77.8% |
| Suppliers | 440/4 | €12,203 | €21,699 | +€9,496 | +77.8% |
| Taxes, remuneration and social security | 45 | €9,818 | €15,781 | +€5,962 | +60.7% |
| Taxes | 450/3 | €5,711 | €10,171 | +€4,460 | +78.1% |
| Remuneration and social security | 454/9 | €4,108 | €5,610 | +€1,503 | +36.6% |
| Other amounts payable | 47/48 | €362,210 | €705,719 | +€343,509 | +94.8% |
| Remuneration, social security and pensions | 62 | €17,383 | €17,985 | +€602 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,234 | €5,559 | +€1,326 | +31.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €259 | +€259 | |
| Other operating charges | 640/8 | €2,626 | €2,191 | -€435 | -16.6% |
| Non-recurring operating charges | 66A | - | €63 | +€63 | |
| Gross operating margin | 9900 | €61,428 | €50,522 | -€10,906 | -17.8% |
| Operating profit (loss) | 9901 | €37,185 | €24,464 | -€12,721 | -34.2% |
| Financial income | 75/76B | €10,530 | €9,385 | -€1,144 | -10.9% |
| Recurring financial income | 75 | €10,530 | €9,385 | -€1,144 | -10.9% |
| Financial charges | 65/66B | €714 | €849 | +€135 | +18.8% |
| Recurring financial charges | 65 | €714 | €849 | +€135 | +18.8% |
| Profit (loss) for the period before taxes | 9903 | €47,000 | €33,000 | -€14,000 | -29.8% |
| Income taxes | 67/77 | €13,257 | €10,537 | -€2,720 | -20.5% |
| Profit (loss) for the period | 9904 | €33,744 | €22,463 | -€11,280 | -33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €33,744 | €22,463 | -€11,280 | -33.4% |
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 21 October 2026 via checked.be.