VANDES: 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.
VANDES
Largest movements
- Cash +€11,474
up €11,474 (+569.4%), from €2,015 to €13,489
mainly Other debts (+€15,013) and Depreciation (+€7,456)
- Tangible fixed assets -€5,223
down €5,223 (-2.8%), from €188,963 to €183,740
of which Land and buildings: -€5,804
- Other debts +€15,013
up €15,013 (+1020.3%), from €1,472 to €16,485
- Reserves -€4,681
down €4,681 (-4.5%), from €103,684 to €99,003
of which Distributable reserves: -€4,681
- Debts after one year -€4,357
down €4,357 (-18.8%), from €23,192 to €18,834
- Depreciation -€4,428
down €4,428 (-37.3%), from €11,884 to €7,456
- Gross operating margin -€449
down €449 (-5.0%), from €8,920 to €8,471
- Financial charges -€119
down €119 (-5.3%), from €2,268 to €2,149
- Other operating charges +€106
up €106 (+3.1%), from €3,442 to €3,548
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 | €190,978 | €197,228 | +€6,251 | +3.3% |
| Fixed assets | 21/28 | €188,963 | €183,740 | -€5,223 | -2.8% |
| Tangible fixed assets | 22/27 | €188,963 | €183,740 | -€5,223 | -2.8% |
| Land and buildings | 22 | €188,900 | €183,096 | -€5,804 | -3.1% |
| Furniture and vehicles | 24 | €63 | €644 | +€581 | +923.0% |
| Current assets | 29/58 | €2,015 | €13,489 | +€11,474 | +569.4% |
| Cash at bank and in hand | 54/58 | €2,015 | €13,489 | +€11,474 | +569.4% |
| Total equity and liabilities | 10/49 | €190,978 | €197,228 | +€6,251 | +3.3% |
| Equity | 10/15 | €165,684 | €161,003 | -€4,681 | -2.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €103,684 | €99,003 | -€4,681 | -4.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €97,484 | €92,803 | -€4,681 | -4.8% |
| Amounts payable | 17/49 | €25,294 | €36,225 | +€10,932 | +43.2% |
| Amounts payable after more than one year | 17 | €23,192 | €18,834 | -€4,357 | -18.8% |
| Other amounts payable | 178/9 | €23,192 | €18,834 | -€4,357 | -18.8% |
| Amounts payable within one year | 42/48 | €2,102 | €17,391 | +€15,289 | +727.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | - | €270 | +€270 | |
| Suppliers | 440/4 | - | €270 | +€270 | |
| Taxes, remuneration and social security | 45 | €631 | €636 | +€6 | +0.9% |
| Taxes | 450/3 | €631 | €636 | +€6 | +0.9% |
| Other amounts payable | 47/48 | €1,472 | €16,485 | +€15,013 | +1020.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,884 | €7,456 | -€4,428 | -37.3% |
| Other operating charges | 640/8 | €3,442 | €3,548 | +€106 | +3.1% |
| Gross operating margin | 9900 | €8,920 | €8,471 | -€449 | -5.0% |
| Operating profit (loss) | 9901 | -€6,405 | -€2,533 | +€3,873 | +60.5% |
| Financial income | 75/76B | €1 | €1 | +€1 | +93.1% |
| Recurring financial income | 75 | €1 | €1 | +€1 | +93.1% |
| Financial charges | 65/66B | €2,268 | €2,149 | -€119 | -5.3% |
| Recurring financial charges | 65 | €2,268 | €2,149 | -€119 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | -€8,673 | -€4,681 | +€3,993 | +46.0% |
| Income taxes | 67/77 | €0 | €0 | +€0 | +50.0% |
| Profit (loss) for the period | 9904 | -€8,673 | -€4,681 | +€3,992 | +46.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,673 | -€4,681 | +€3,992 | +46.0% |
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 2 October 2026 via checked.be.