VANDENDRIVEN: 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.
VANDENDRIVEN
Largest movements
- Receivables within one year +€84,676
up €84,676 (+99.5%), from €85,104 to €169,779
- Cash -€21,549
no longer reported in 2025 (was €21,549)
mainly Net result for the year (-€108,861) and Receivables within one year (-€84,676)
- Tangible fixed assets +€14,279
up €14,279 (+16.4%), from €87,116 to €101,396
of which Other tangible fixed assets: +€20,335
- Financial fixed assets -€5,468
down €5,468 (-73.9%), from €7,400 to €1,932
- Deferred charges and accrued income +€5,113
up €5,113 (+297%), from €1,724 to €6,837
- Trade debts +€113,933
up €113,933 (+235%), from €48,388 to €162,321
- Profit (loss) carried forward -€108,861
down €108,861 (-438%), from -€24,833 to -€133,694
- Current portion of long-term debt +€35,448
new in 2025: €35,448
- Tax, wage and social debts +€17,084
up €17,084 (+17.1%), from €100,038 to €117,122
of which Taxes: +€40,062
- Other debts +€12,352
up €12,352 (+64.6%), from €19,133 to €31,485
- Gross operating margin -€42,390
down €42,390 (-15.8%), from €268,464 to €226,074
- Staff costs +€31,661
up €31,661 (+12.1%), from €262,599 to €294,260
- Financial charges +€19,251
up €19,251 (+1,270%), from €1,516 to €20,767
- Financial income +€3,849
new in 2025: €3,849
- Depreciation +€3,468
up €3,468 (+19.6%), from €17,739 to €21,207
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 | €207,351 | €284,732 | +€77,381 | +37.3% |
| Fixed assets | 21/28 | €98,975 | €108,116 | +€9,141 | +9.2% |
| Intangible fixed assets | 21 | €4,458 | €4,788 | +€330 | +7.4% |
| Tangible fixed assets | 22/27 | €87,116 | €101,396 | +€14,279 | +16.4% |
| Plant, machinery and equipment | 23 | €12,854 | €13,009 | +€155 | +1.2% |
| Furniture and vehicles | 24 | €2,403 | €1,863 | -€540 | -22.5% |
| Leasing and similar rights | 25 | €18,332 | €12,661 | -€5,671 | -30.9% |
| Other tangible fixed assets | 26 | €53,527 | €73,862 | +€20,335 | +38.0% |
| Financial fixed assets | 28 | €7,400 | €1,932 | -€5,468 | -73.9% |
| Current assets | 29/58 | €108,377 | €176,616 | +€68,239 | +63.0% |
| Amounts receivable within one year | 40/41 | €85,104 | €169,779 | +€84,676 | +99.5% |
| Trade receivables | 40 | €85,104 | €169,779 | +€84,676 | +99.5% |
| Cash at bank and in hand | 54/58 | €21,549 | - | -€21,549 | |
| Deferred charges and accrued income | 490/1 | €1,724 | €6,837 | +€5,113 | +297% |
| Total equity and liabilities | 10/49 | €207,351 | €284,732 | +€77,381 | +37.3% |
| Equity | 10/15 | -€4,527 | -€113,388 | -€108,861 | -2,405% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €18,306 | €18,306 | = | 0.0% |
| Distributable reserves | 133 | €18,306 | €18,306 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,833 | -€133,694 | -€108,861 | -438% |
| Amounts payable | 17/49 | €211,878 | €398,120 | +€186,242 | +87.9% |
| Amounts payable after more than one year | 17 | €41,327 | €35,012 | -€6,315 | -15.3% |
| Financial debts | 170/4 | €41,327 | €35,012 | -€6,315 | -15.3% |
| Amounts payable within one year | 42/48 | €167,559 | €363,108 | +€195,549 | +117% |
| Current portion of amounts payable after more than one year | 42 | - | €35,448 | +€35,448 | |
| Financial debts | 43 | - | €10,523 | +€10,523 | |
| Credit institutions | 430/8 | - | €10,523 | +€10,523 | |
| Trade debts | 44 | €48,388 | €162,321 | +€113,933 | +235% |
| Suppliers | 440/4 | €48,388 | €162,321 | +€113,933 | +235% |
| Advances received on contracts in progress | 46 | - | €6,209 | +€6,209 | |
| Taxes, remuneration and social security | 45 | €100,038 | €117,122 | +€17,084 | +17.1% |
| Taxes | 450/3 | €47,430 | €87,492 | +€40,062 | +84.5% |
| Remuneration and social security | 454/9 | €52,609 | €29,630 | -€22,978 | -43.7% |
| Other amounts payable | 47/48 | €19,133 | €31,485 | +€12,352 | +64.6% |
| Accrued charges and deferred income | 492/3 | €2,992 | - | -€2,992 | |
| Remuneration, social security and pensions | 62 | €262,599 | €294,260 | +€31,661 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,739 | €21,207 | +€3,468 | +19.6% |
| Other operating charges | 640/8 | €1,906 | €2,551 | +€645 | +33.9% |
| Non-recurring operating charges | 66A | €9,537 | - | -€9,537 | |
| Gross operating margin | 9900 | €268,464 | €226,074 | -€42,390 | -15.8% |
| Operating profit (loss) | 9901 | -€23,317 | -€91,944 | -€68,627 | -294% |
| Financial income | 75/76B | - | €3,849 | +€3,849 | |
| Recurring financial income | 75 | - | €3,849 | +€3,849 | |
| Financial charges | 65/66B | €1,516 | €20,767 | +€19,251 | +1,270% |
| Recurring financial charges | 65 | €1,516 | €20,767 | +€19,251 | +1,270% |
| Profit (loss) for the period before taxes | 9903 | -€24,833 | -€108,861 | -€84,028 | -338% |
| Profit (loss) for the period | 9904 | -€24,833 | -€108,861 | -€84,028 | -338% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,833 | -€108,861 | -€84,028 | -338% |
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 26 October 2026 via checked.be.