Vandermo: 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.
Vandermo
Largest movements
- Tangible fixed assets -€150,664
down €150,664 (-12.9%), from €1.2m to €1.0m
of which Furniture and vehicles: -€135,124
- Receivables within one year +€26,374
up €26,374 (+8.5%), from €310,422 to €336,797
of which Trade receivables: +€26,076
- Cash +€20,664
up €20,664 (+31.3%), from €66,090 to €86,753
mainly Depreciation (+€151,074) and Net result for the year (+€23,907)
- Debts after one year -€102,839
down €102,839 (-17.9%), from €573,394 to €470,554
- Current portion of long-term debt -€24,649
down €24,649 (-18.2%), from €135,532 to €110,882
- Reserves +€23,074
up €23,074 (+6.6%), from €349,324 to €372,398
of which Distributable reserves: +€23,074
- Other debts -€21,335
down €21,335 (-14.0%), from €152,066 to €130,731
- Gross operating margin +€148,913
up €148,913 (+20.7%), from €720,757 to €869,670
- Staff costs +€102,625
up €102,625 (+22.7%), from €452,160 to €554,784
- Depreciation +€13,832
up €13,832 (+10.1%), from €137,242 to €151,074
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 | €1,575,754 | €1,472,633 | -€103,121 | -6.5% |
| Fixed assets | 21/28 | €1,170,353 | €1,019,279 | -€151,074 | -12.9% |
| Intangible fixed assets | 21 | €1,449 | €1,039 | -€410 | -28.3% |
| Tangible fixed assets | 22/27 | €1,167,244 | €1,016,580 | -€150,664 | -12.9% |
| Land and buildings | 22 | €503,589 | €491,690 | -€11,900 | -2.4% |
| Plant, machinery and equipment | 23 | €12,005 | €10,014 | -€1,991 | -16.6% |
| Furniture and vehicles | 24 | €635,047 | €499,923 | -€135,124 | -21.3% |
| Other tangible fixed assets | 26 | €16,602 | €14,953 | -€1,649 | -9.9% |
| Financial fixed assets | 28 | €1,660 | €1,660 | = | 0.0% |
| Current assets | 29/58 | €405,401 | €453,354 | +€47,953 | +11.8% |
| Amounts receivable within one year | 40/41 | €310,422 | €336,797 | +€26,374 | +8.5% |
| Trade receivables | 40 | €308,661 | €334,738 | +€26,076 | +8.4% |
| Other amounts receivable | 41 | €1,761 | €2,059 | +€298 | +16.9% |
| Cash at bank and in hand | 54/58 | €66,090 | €86,753 | +€20,664 | +31.3% |
| Deferred charges and accrued income | 490/1 | €28,889 | €29,804 | +€915 | +3.2% |
| Total equity and liabilities | 10/49 | €1,575,754 | €1,472,633 | -€103,121 | -6.5% |
| Equity | 10/15 | €522,924 | €545,999 | +€23,074 | +4.4% |
| Contributions | 10/11 | €173,601 | €173,601 | = | 0.0% |
| Reserves | 13 | €349,324 | €372,398 | +€23,074 | +6.6% |
| Tax-exempt reserves | 132 | €2,098 | €2,098 | = | 0.0% |
| Distributable reserves | 133 | €347,225 | €370,300 | +€23,074 | +6.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,052,829 | €926,634 | -€126,196 | -12.0% |
| Amounts payable after more than one year | 17 | €573,394 | €470,554 | -€102,839 | -17.9% |
| Financial debts | 170/4 | €573,394 | €470,554 | -€102,839 | -17.9% |
| Amounts payable within one year | 42/48 | €477,876 | €454,699 | -€23,177 | -4.9% |
| Current portion of amounts payable after more than one year | 42 | €135,532 | €110,882 | -€24,649 | -18.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €89,904 | €92,789 | +€2,885 | +3.2% |
| Suppliers | 440/4 | €89,904 | €92,789 | +€2,885 | +3.2% |
| Advances received on contracts in progress | 46 | €4,800 | €12,347 | +€7,547 | +157% |
| Taxes, remuneration and social security | 45 | €95,574 | €107,949 | +€12,375 | +12.9% |
| Taxes | 450/3 | €44,038 | €49,657 | +€5,619 | +12.8% |
| Remuneration and social security | 454/9 | €51,536 | €58,292 | +€6,756 | +13.1% |
| Other amounts payable | 47/48 | €152,066 | €130,731 | -€21,335 | -14.0% |
| Accrued charges and deferred income | 492/3 | €1,560 | €1,381 | -€179 | -11.5% |
| Non-recurring operating income | 76A | €9,934 | €0 | -€9,934 | -100% |
| Remuneration, social security and pensions | 62 | €452,160 | €554,784 | +€102,625 | +22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,242 | €151,074 | +€13,832 | +10.1% |
| Other operating charges | 640/8 | €105,266 | €108,310 | +€3,044 | +2.9% |
| Gross operating margin | 9900 | €720,757 | €869,670 | +€148,913 | +20.7% |
| Operating profit (loss) | 9901 | €26,089 | €55,502 | +€29,413 | +113% |
| Financial income | 75/76B | €18 | €6 | -€12 | -65.3% |
| Recurring financial income | 75 | €18 | €6 | -€12 | -65.3% |
| Financial charges | 65/66B | €23,322 | €28,948 | +€5,626 | +24.1% |
| Recurring financial charges | 65 | €23,322 | €28,948 | +€5,626 | +24.1% |
| Profit (loss) for the period before taxes | 9903 | €2,785 | €26,560 | +€23,775 | +854% |
| Income taxes | 67/77 | €536 | €2,652 | +€2,116 | +395% |
| Profit (loss) for the period | 9904 | €2,249 | €23,907 | +€21,658 | +963% |
| Profit (loss) for the period to be appropriated | 9905 | €2,249 | €23,907 | +€21,658 | +963% |
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 14 October 2026 via checked.be.