VANDERMARLIERE: 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.
VANDERMARLIERE
Largest movements
- Cash -€132,194
down €132,194 (-29.0%), from €456,535 to €324,341
mainly Investment in fixed assets (net) (-€159,834) and Contributions, distributions and other (-€89,999)
- Tangible fixed assets +€129,571
up €129,571 (+90.6%), from €143,037 to €272,608
of which Land and buildings: +€130,737
- Receivables within one year +€9,984
up €9,984 (+20.6%), from €48,560 to €58,544
of which Other amounts receivable: +€14,902
- Trade debts +€24,416
up €24,416 (+290%), from €8,419 to €32,835
- Provisions -€14,000
down €14,000 (-30.2%), from €46,362 to €32,362
- Provisions -€24,000
no longer reported in 2025 (was €24,000)
- Staff costs +€9,629
new in 2025: €9,629
- Gross operating margin -€9,131
down €9,131 (-5.5%), from €166,302 to €157,171
- Financial income +€7,747
up €7,747 (+87.2%), from €8,889 to €16,636
of which Non-recurring financial income: +€8,376
- Depreciation +€5,134
up €5,134 (+20.4%), from €25,129 to €30,263
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 | €845,133 | €854,224 | +€9,091 | +1.1% |
| Fixed assets | 21/28 | €143,037 | €272,608 | +€129,571 | +90.6% |
| Tangible fixed assets | 22/27 | €143,037 | €272,608 | +€129,571 | +90.6% |
| Land and buildings | 22 | €90,750 | €221,487 | +€130,737 | +144% |
| Plant, machinery and equipment | 23 | €6,316 | €16,211 | +€9,895 | +157% |
| Furniture and vehicles | 24 | €45,971 | €34,910 | -€11,061 | -24.1% |
| Current assets | 29/58 | €702,096 | €581,616 | -€120,480 | -17.2% |
| Stocks and contracts in progress | 3 | €75,443 | €69,195 | -€6,248 | -8.3% |
| Stocks | 30/36 | €75,443 | €69,195 | -€6,248 | -8.3% |
| Amounts receivable within one year | 40/41 | €48,560 | €58,544 | +€9,984 | +20.6% |
| Trade receivables | 40 | €39,175 | €34,257 | -€4,918 | -12.6% |
| Other amounts receivable | 41 | €9,385 | €24,287 | +€14,902 | +159% |
| Current investments | 50/53 | €120,868 | €128,936 | +€8,068 | +6.7% |
| Cash at bank and in hand | 54/58 | €456,535 | €324,341 | -€132,194 | -29.0% |
| Deferred charges and accrued income | 490/1 | €690 | €600 | -€90 | -13.0% |
| Total equity and liabilities | 10/49 | €845,133 | €854,224 | +€9,091 | +1.1% |
| Equity | 10/15 | €749,081 | €754,504 | +€5,423 | +0.7% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €686,581 | €692,004 | +€5,423 | +0.8% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €680,331 | €685,754 | +€5,423 | +0.8% |
| Provisions and deferred taxes | 16 | €46,362 | €32,362 | -€14,000 | -30.2% |
| Provisions for liabilities and charges | 160/5 | €46,362 | €32,362 | -€14,000 | -30.2% |
| Major repairs and maintenance | 162 | €14,000 | - | -€14,000 | |
| Other liabilities and charges | 164/5 | €32,362 | €32,362 | = | 0.0% |
| Amounts payable | 17/49 | €49,690 | €67,358 | +€17,668 | +35.6% |
| Amounts payable within one year | 42/48 | €42,148 | €66,479 | +€24,331 | +57.7% |
| Trade debts | 44 | €8,419 | €32,835 | +€24,416 | +290% |
| Suppliers | 440/4 | €8,419 | €32,835 | +€24,416 | +290% |
| Taxes, remuneration and social security | 45 | €33,729 | €33,644 | -€85 | -0.3% |
| Taxes | 450/3 | €33,729 | €33,644 | -€85 | -0.3% |
| Accrued charges and deferred income | 492/3 | €7,542 | €879 | -€6,663 | -88.3% |
| Non-recurring operating income | 76A | €18,264 | €2,715 | -€15,549 | -85.1% |
| Remuneration, social security and pensions | 62 | - | €9,629 | +€9,629 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,129 | €30,263 | +€5,134 | +20.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €24,000 | - | -€24,000 | |
| Other operating charges | 640/8 | €5,557 | €4,559 | -€998 | -18.0% |
| Non-recurring operating charges | 66A | €1,638 | €2,159 | +€521 | +31.8% |
| Gross operating margin | 9900 | €166,302 | €157,171 | -€9,131 | -5.5% |
| Operating profit (loss) | 9901 | €109,978 | €110,561 | +€583 | +0.5% |
| Financial income | 75/76B | €8,889 | €16,636 | +€7,747 | +87.2% |
| Recurring financial income | 75 | €2,664 | €2,035 | -€629 | -23.6% |
| Non-recurring financial income | 76B | €6,225 | €14,601 | +€8,376 | +135% |
| Financial charges | 65/66B | €3,537 | €3,751 | +€214 | +6.1% |
| Recurring financial charges | 65 | €3,537 | €3,617 | +€80 | +2.3% |
| Non-recurring financial charges | 66B | - | €134 | +€134 | |
| Profit (loss) for the period before taxes | 9903 | €115,330 | €123,446 | +€8,116 | +7.0% |
| Income taxes | 67/77 | €29,989 | €28,024 | -€1,965 | -6.6% |
| Profit (loss) for the period | 9904 | €85,341 | €95,422 | +€10,081 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €85,341 | €95,422 | +€10,081 | +11.8% |
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 20 October 2026 via checked.be.