Vandep: what changed
Two fiscal 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.
Vandep
Largest movements
- Tangible fixed assets -€65,853
down €65,853 (-2.8%), from €2.4m to €2.3m
of which Land and buildings: -€66,134
- Cash +€50,239
up €50,239 (+109.2%), from €45,986 to €96,225
mainly Net result for the year (+€128,509) and Depreciation (+€107,422)
- Receivables within one year +€26,707
new in 2025: €26,707
- Debts after one year -€140,583
down €140,583 (-6.7%), from €2.1m to €2.0m
- Profit (loss) carried forward +€128,509
up €128,509 (+56.8%), from -€226,239 to -€97,731
- Gross operating margin +€92,712
up €92,712 (+41.6%), from €222,777 to €315,489
- Depreciation -€5,529
down €5,529 (-4.9%), from €112,951 to €107,422
- Write-downs +€4,800
new in 2025: €4,800
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.
Cash bridge derived
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 | €2,433,471 | €2,442,394 | +€8,924 | +0.4% |
| Fixed assets | 21/28 | €2,371,166 | €2,305,312 | -€65,853 | -2.8% |
| Tangible fixed assets | 22/27 | €2,371,166 | €2,305,312 | -€65,853 | -2.8% |
| Land and buildings | 22 | €2,367,778 | €2,301,645 | -€66,134 | -2.8% |
| Plant, machinery and equipment | 23 | €3,387 | €2,768 | -€619 | -18.3% |
| Furniture and vehicles | 24 | - | €899 | +€899 | |
| Current assets | 29/58 | €62,305 | €137,082 | +€74,777 | +120.0% |
| Amounts receivable within one year | 40/41 | - | €26,707 | +€26,707 | |
| Trade receivables | 40 | - | €26,707 | +€26,707 | |
| Cash at bank and in hand | 54/58 | €45,986 | €96,225 | +€50,239 | +109.2% |
| Deferred charges and accrued income | 490/1 | €16,319 | €14,150 | -€2,169 | -13.3% |
| Total equity and liabilities | 10/49 | €2,433,471 | €2,442,394 | +€8,924 | +0.4% |
| Equity | 10/15 | -€26,239 | €102,269 | +€128,509 | |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€226,239 | -€97,731 | +€128,509 | +56.8% |
| Amounts payable | 17/49 | €2,459,710 | €2,340,125 | -€119,585 | -4.9% |
| Amounts payable after more than one year | 17 | €2,094,235 | €1,953,651 | -€140,583 | -6.7% |
| Financial debts | 170/4 | €2,094,235 | €1,953,651 | -€140,583 | -6.7% |
| Amounts payable within one year | 42/48 | €349,913 | €364,944 | +€15,030 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €138,680 | €140,583 | +€1,903 | +1.4% |
| Trade debts | 44 | €3,153 | €6,428 | +€3,275 | +103.9% |
| Suppliers | 440/4 | €3,153 | €6,428 | +€3,275 | +103.9% |
| Taxes, remuneration and social security | 45 | - | €15,923 | +€15,923 | |
| Taxes | 450/3 | - | €15,923 | +€15,923 | |
| Other amounts payable | 47/48 | €208,080 | €202,009 | -€6,070 | -2.9% |
| Accrued charges and deferred income | 492/3 | €15,562 | €21,530 | +€5,968 | +38.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,951 | €107,422 | -€5,529 | -4.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,800 | +€4,800 | |
| Other operating charges | 640/8 | €26,341 | €26,361 | +€20 | +0.1% |
| Gross operating margin | 9900 | €222,777 | €315,489 | +€92,712 | +41.6% |
| Operating profit (loss) | 9901 | €83,485 | €176,906 | +€93,421 | +111.9% |
| Financial income | 75/76B | - | €96 | +€96 | |
| Recurring financial income | 75 | - | €96 | +€96 | |
| Financial charges | 65/66B | €48,498 | €48,493 | -€6 | 0.0% |
| Recurring financial charges | 65 | €48,498 | €48,493 | -€6 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €34,986 | €128,509 | +€93,522 | +267.3% |
| Profit (loss) for the period | 9904 | €34,986 | €128,509 | +€93,522 | +267.3% |
| Profit (loss) for the period to be appropriated | 9905 | €34,986 | €128,509 | +€93,522 | +267.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.