VANDERCOILDEN: 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.
VANDERCOILDEN
Largest movements
- Tangible fixed assets +€94,480
up €94,480 (+244.4%), from €38,653 to €133,133
of which Leasing and similar rights: +€72,320
- Cash +€60,181
up €60,181 (+36.8%), from €163,750 to €223,931
mainly Net result for the year (+€83,783) and Debts after one year (+€56,157)
- Stocks and contracts +€19,703
up €19,703 (+19.0%), from €103,431 to €123,134
of which Stocks: +€43,703
- Receivables within one year +€12,015
up €12,015 (+10.0%), from €120,735 to €132,750
of which Other amounts receivable: +€19,045
- Reserves +€83,783
up €83,783 (+34.1%), from €245,978 to €329,761
- Debts after one year +€56,157
up €56,157 (+166.8%), from €33,659 to €89,816
- Current portion of long-term debt +€25,145
up €25,145 (+115.9%), from €21,697 to €46,842
- Tax, wage and social debts +€22,377
new in 2025: €22,377
of which Taxes: +€22,113
- Trade debts -€10,711
down €10,711 (-7.6%), from €141,183 to €130,472
of which Suppliers: -€6,792
- Gross operating margin +€84,680
up €84,680 (+96.2%), from €87,990 to €172,670
- Taxes +€27,892
up €27,892 (+688.1%), from €4,054 to €31,946
- Staff costs -€22,862
down €22,862 (-51.7%), from €44,198 to €21,335
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 | €481,491 | €658,244 | +€176,752 | +36.7% |
| Fixed assets | 21/28 | €41,015 | €133,495 | +€92,480 | +225.5% |
| Intangible fixed assets | 21 | €2,362 | €362 | -€2,000 | -84.7% |
| Tangible fixed assets | 22/27 | €38,653 | €133,133 | +€94,480 | +244.4% |
| Plant, machinery and equipment | 23 | €4,841 | €1,674 | -€3,167 | -65.4% |
| Furniture and vehicles | 24 | €33,812 | €59,139 | +€25,327 | +74.9% |
| Leasing and similar rights | 25 | - | €72,320 | +€72,320 | |
| Current assets | 29/58 | €440,476 | €524,749 | +€84,272 | +19.1% |
| Amounts receivable after more than one year | 29 | €40,655 | €37,579 | -€3,076 | -7.6% |
| Trade receivables | 290 | €40,655 | €37,579 | -€3,076 | -7.6% |
| Stocks and contracts in progress | 3 | €103,431 | €123,134 | +€19,703 | +19.0% |
| Stocks | 30/36 | €79,431 | €123,134 | +€43,703 | +55.0% |
| Contracts in progress | 37 | €24,000 | - | -€24,000 | |
| Amounts receivable within one year | 40/41 | €120,735 | €132,750 | +€12,015 | +10.0% |
| Trade receivables | 40 | €88,272 | €81,242 | -€7,030 | -8.0% |
| Other amounts receivable | 41 | €32,463 | €51,508 | +€19,045 | +58.7% |
| Cash at bank and in hand | 54/58 | €163,750 | €223,931 | +€60,181 | +36.8% |
| Deferred charges and accrued income | 490/1 | €11,905 | €7,354 | -€4,550 | -38.2% |
| Total equity and liabilities | 10/49 | €481,491 | €658,244 | +€176,752 | +36.7% |
| Equity | 10/15 | €284,953 | €368,737 | +€83,783 | +29.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €245,978 | €329,761 | +€83,783 | +34.1% |
| Distributable reserves | 133 | €245,978 | €329,761 | +€83,783 | +34.1% |
| Profit (loss) carried forward | 14 | €20,376 | €20,376 | = | 0.0% |
| Amounts payable | 17/49 | €196,538 | €289,507 | +€92,969 | +47.3% |
| Amounts payable after more than one year | 17 | €33,659 | €89,816 | +€56,157 | +166.8% |
| Financial debts | 170/4 | €33,659 | €89,816 | +€56,157 | +166.8% |
| Amounts payable within one year | 42/48 | €162,879 | €199,691 | +€36,812 | +22.6% |
| Current portion of amounts payable after more than one year | 42 | €21,697 | €46,842 | +€25,145 | +115.9% |
| Trade debts | 44 | €141,183 | €130,472 | -€10,711 | -7.6% |
| Suppliers | 440/4 | €137,264 | €130,472 | -€6,792 | -4.9% |
| Bills of exchange payable | 441 | €3,919 | - | -€3,919 | |
| Taxes, remuneration and social security | 45 | - | €22,377 | +€22,377 | |
| Taxes | 450/3 | - | €22,113 | +€22,113 | |
| Remuneration and social security | 454/9 | - | €264 | +€264 | |
| Remuneration, social security and pensions | 62 | €44,198 | €21,335 | -€22,862 | -51.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,027 | €29,458 | -€1,569 | -5.1% |
| Other operating charges | 640/8 | €3,258 | €4,729 | +€1,471 | +45.1% |
| Gross operating margin | 9900 | €87,990 | €172,670 | +€84,680 | +96.2% |
| Operating profit (loss) | 9901 | €9,507 | €117,148 | +€107,641 | +1132.2% |
| Financial income | 75/76B | €2,540 | €2,403 | -€137 | -5.4% |
| Recurring financial income | 75 | €2,540 | €2,403 | -€137 | -5.4% |
| Financial charges | 65/66B | €3,600 | €3,822 | +€222 | +6.2% |
| Recurring financial charges | 65 | €3,600 | €3,822 | +€222 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €8,447 | €115,729 | +€107,282 | +1270.0% |
| Income taxes | 67/77 | €4,054 | €31,946 | +€27,892 | +688.1% |
| Profit (loss) for the period | 9904 | €4,394 | €83,783 | +€79,390 | +1806.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,394 | €83,783 | +€79,390 | +1806.9% |
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 3 October 2026 via checked.be.