Vandermoeren: 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.
Vandermoeren
Largest movements
- Cash +€28,847
up €28,847 (+52.4%), from €55,010 to €83,857
mainly Depreciation (+€36,300) and Other debts (+€28,728)
- Receivables within one year +€12,536
up €12,536 (+97.1%), from €12,907 to €25,443
of which Trade receivables: +€14,011
- Stocks and contracts +€4,860
up €4,860 (+31.6%), from €15,391 to €20,251
- Tangible fixed assets +€2,274
up €2,274 (+2.7%), from €84,341 to €86,615
of which Furniture and vehicles: +€7,204
- Other debts +€28,728
up €28,728 (+33.0%), from €87,136 to €115,864
- Reserves +€23,583
up €23,583 (+33.2%), from €70,930 to €94,513
- Current portion of long-term debt -€2,457
no longer reported in 2025 (was €2,457)
- Gross operating margin +€24,272
up €24,272 (+55.5%), from €43,712 to €67,984
- Taxes +€5,196
up €5,196 (+340.7%), from €1,525 to €6,721
- Financial income +€830
up €830 (+696.9%), from €119 to €949
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 | €171,397 | €218,977 | +€47,580 | +27.8% |
| Fixed assets | 21/28 | €84,341 | €86,615 | +€2,274 | +2.7% |
| Tangible fixed assets | 22/27 | €84,341 | €86,615 | +€2,274 | +2.7% |
| Plant, machinery and equipment | 23 | €10,540 | €5,610 | -€4,930 | -46.8% |
| Furniture and vehicles | 24 | €73,802 | €81,006 | +€7,204 | +9.8% |
| Current assets | 29/58 | €87,056 | €132,362 | +€45,306 | +52.0% |
| Stocks and contracts in progress | 3 | €15,391 | €20,251 | +€4,860 | +31.6% |
| Stocks | 30/36 | €15,391 | €20,251 | +€4,860 | +31.6% |
| Amounts receivable within one year | 40/41 | €12,907 | €25,443 | +€12,536 | +97.1% |
| Trade receivables | 40 | €11,433 | €25,443 | +€14,011 | +122.6% |
| Other amounts receivable | 41 | €1,475 | - | -€1,475 | |
| Cash at bank and in hand | 54/58 | €55,010 | €83,857 | +€28,847 | +52.4% |
| Deferred charges and accrued income | 490/1 | €3,748 | €2,810 | -€938 | -25.0% |
| Total equity and liabilities | 10/49 | €171,397 | €218,977 | +€47,580 | +27.8% |
| Equity | 10/15 | €73,930 | €97,513 | +€23,583 | +31.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €70,930 | €94,513 | +€23,583 | +33.2% |
| Distributable reserves | 133 | €70,930 | €94,513 | +€23,583 | +33.2% |
| Amounts payable | 17/49 | €97,467 | €121,464 | +€23,997 | +24.6% |
| Amounts payable within one year | 42/48 | €97,467 | €121,464 | +€23,997 | +24.6% |
| Current portion of amounts payable after more than one year | 42 | €2,457 | - | -€2,457 | |
| Trade debts | 44 | €3,150 | €1,416 | -€1,734 | -55.0% |
| Suppliers | 440/4 | €3,150 | €1,416 | -€1,734 | -55.0% |
| Taxes, remuneration and social security | 45 | €4,724 | €4,184 | -€540 | -11.4% |
| Taxes | 450/3 | €4,724 | €4,184 | -€540 | -11.4% |
| Other amounts payable | 47/48 | €87,136 | €115,864 | +€28,728 | +33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,195 | €36,300 | +€105 | +0.3% |
| Other operating charges | 640/8 | €1,920 | €1,329 | -€592 | -30.8% |
| Gross operating margin | 9900 | €43,712 | €67,984 | +€24,272 | +55.5% |
| Operating profit (loss) | 9901 | €5,597 | €30,355 | +€24,759 | +442.4% |
| Financial income | 75/76B | €119 | €949 | +€830 | +696.9% |
| Recurring financial income | 75 | €119 | €949 | +€830 | +696.9% |
| Financial charges | 65/66B | €78 | €200 | +€122 | +155.3% |
| Recurring financial charges | 65 | €78 | €200 | +€122 | +155.3% |
| Profit (loss) for the period before taxes | 9903 | €5,637 | €31,104 | +€25,467 | +451.7% |
| Income taxes | 67/77 | €1,525 | €6,721 | +€5,196 | +340.7% |
| Profit (loss) for the period | 9904 | €4,112 | €24,383 | +€20,271 | +492.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,112 | €24,383 | +€20,271 | +492.9% |
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 12 October 2026 via checked.be.