VANDERBORGHT: 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.
VANDERBORGHT
Largest movements
- Receivables within one year +€519,734
up €519,734 (+110.0%), from €472,353 to €992,087
of which Other amounts receivable: +€453,041
- Tangible fixed assets -€222,082
down €222,082 (-18.1%), from €1.2m to €1.0m
of which Furniture and vehicles: -€145,177
- Stocks and contracts +€215,216
up €215,216 (+4.1%), from €5.3m to €5.5m
- Cash -€208,993
down €208,993 (-9.7%), from €2.1m to €1.9m
mainly Contributions, distributions and other (-€730,000) and Receivables within one year (-€519,734)
- Current investments +€100,000
new in 2025: €100,000
- Profit (loss) carried forward +€534,423
up €534,423 (+7.8%), from €6.9m to €7.4m
- Tax, wage and social debts +€146,721
up €146,721 (+42.4%), from €345,750 to €492,471
of which Taxes: +€136,032
- Trade debts -€128,363
down €128,363 (-43.8%), from €293,125 to €164,762
- Write-downs -€279,038
down €279,038, from €85,091 to -€193,947
- Depreciation -€209,940
down €209,940 (-28.2%), from €743,892 to €533,952
- Gross operating margin +€116,436
up €116,436 (+3.4%), from €3.4m to €3.5m
- Staff costs +€71,649
up €71,649 (+4.7%), from €1.5m to €1.6m
- Other operating charges +€66,014
up €66,014 (+107.8%), from €61,263 to €127,276
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 | €9,141,390 | €9,543,265 | +€401,875 | +4.4% |
| Fixed assets | 21/28 | €1,232,121 | €1,010,039 | -€222,082 | -18.0% |
| Tangible fixed assets | 22/27 | €1,224,835 | €1,002,753 | -€222,082 | -18.1% |
| Land and buildings | 22 | €306,688 | €243,139 | -€63,549 | -20.7% |
| Plant, machinery and equipment | 23 | €154,185 | €140,829 | -€13,356 | -8.7% |
| Furniture and vehicles | 24 | €763,962 | €618,784 | -€145,177 | -19.0% |
| Financial fixed assets | 28 | €7,286 | €7,286 | = | 0.0% |
| Current assets | 29/58 | €7,909,269 | €8,533,226 | +€623,957 | +7.9% |
| Stocks and contracts in progress | 3 | €5,285,204 | €5,500,420 | +€215,216 | +4.1% |
| Stocks | 30/36 | €5,285,204 | €5,500,420 | +€215,216 | +4.1% |
| Amounts receivable within one year | 40/41 | €472,353 | €992,087 | +€519,734 | +110.0% |
| Trade receivables | 40 | €306,173 | €372,865 | +€66,692 | +21.8% |
| Other amounts receivable | 41 | €166,181 | €619,222 | +€453,041 | +272.6% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €2,149,711 | €1,940,718 | -€208,993 | -9.7% |
| Deferred charges and accrued income | 490/1 | €2,000 | €0 | -€2,000 | -100.0% |
| Total equity and liabilities | 10/49 | €9,141,390 | €9,543,265 | +€401,875 | +4.4% |
| Equity | 10/15 | €7,477,012 | €8,011,434 | +€534,423 | +7.1% |
| Contributions | 10/11 | €490,000 | €490,000 | = | 0.0% |
| Reserves | 13 | €109,414 | €109,414 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €71,914 | €71,914 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,877,597 | €7,412,020 | +€534,423 | +7.8% |
| Provisions and deferred taxes | 16 | €90,625 | €64,750 | -€25,875 | -28.6% |
| Provisions for liabilities and charges | 160/5 | €90,625 | €64,750 | -€25,875 | -28.6% |
| Other liabilities and charges | 164/5 | €90,625 | €64,750 | -€25,875 | -28.6% |
| Amounts payable | 17/49 | €1,573,753 | €1,467,080 | -€106,673 | -6.8% |
| Amounts payable after more than one year | 17 | €79,847 | €44,360 | -€35,488 | -44.4% |
| Financial debts | 170/4 | €79,847 | €44,360 | -€35,488 | -44.4% |
| Amounts payable within one year | 42/48 | €1,493,080 | €1,422,721 | -€70,359 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €35,488 | €35,488 | = | 0.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €293,125 | €164,762 | -€128,363 | -43.8% |
| Suppliers | 440/4 | €293,125 | €164,762 | -€128,363 | -43.8% |
| Taxes, remuneration and social security | 45 | €345,750 | €492,471 | +€146,721 | +42.4% |
| Taxes | 450/3 | €159,676 | €295,708 | +€136,032 | +85.2% |
| Remuneration and social security | 454/9 | €186,074 | €196,763 | +€10,689 | +5.7% |
| Other amounts payable | 47/48 | €818,717 | €730,000 | -€88,717 | -10.8% |
| Accrued charges and deferred income | 492/3 | €826 | €0 | -€826 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,532,778 | €1,604,426 | +€71,649 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €743,892 | €533,952 | -€209,940 | -28.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €85,091 | -€193,947 | -€279,038 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€14,750 | -€25,875 | -€11,125 | -75.4% |
| Other operating charges | 640/8 | €61,263 | €127,276 | +€66,014 | +107.8% |
| Non-recurring operating charges | 66A | €21 | €3 | -€18 | -86.1% |
| Gross operating margin | 9900 | €3,400,088 | €3,516,524 | +€116,436 | +3.4% |
| Operating profit (loss) | 9901 | €991,794 | €1,470,688 | +€478,894 | +48.3% |
| Financial income | 75/76B | €12,172 | €5,494 | -€6,678 | -54.9% |
| Recurring financial income | 75 | €12,172 | €5,494 | -€6,678 | -54.9% |
| Financial charges | 65/66B | €17,011 | €14,816 | -€2,194 | -12.9% |
| Recurring financial charges | 65 | €17,011 | €14,816 | -€2,194 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €986,955 | €1,461,366 | +€474,411 | +48.1% |
| Income taxes | 67/77 | €139,688 | €196,943 | +€57,254 | +41.0% |
| Profit (loss) for the period | 9904 | €847,267 | €1,264,423 | +€417,156 | +49.2% |
| Profit (loss) for the period to be appropriated | 9905 | €847,267 | €1,264,423 | +€417,156 | +49.2% |
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 8 October 2026 via checked.be.