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 +€89,490
up €89,490 (+21.4%), from €417,906 to €507,396
mainly Depreciation (+€145,655) and Net result for the year (+€140,375)
- Tangible fixed assets -€62,367
down €62,367 (-3.1%), from €2.0m to €2.0m
of which Land and buildings: -€53,435
- Reserves +€139,423
up €139,423 (+11.1%), from €1.3m to €1.4m
of which Distributable reserves: +€188,212
- Debts after one year -€100,117
down €100,117 (-18.4%), from €544,516 to €444,399
- Gross operating margin +€37,291
up €37,291 (+10.7%), from €348,021 to €385,311
- Depreciation +€7,886
up €7,886 (+5.7%), from €137,769 to €145,655
- Taxes +€7,393
up €7,393 (+18.1%), from €40,744 to €48,137
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 | €2,486,335 | €2,528,778 | +€42,443 | +1.7% |
| Fixed assets | 21/28 | €2,036,334 | €1,973,966 | -€62,367 | -3.1% |
| Tangible fixed assets | 22/27 | €2,036,334 | €1,973,966 | -€62,367 | -3.1% |
| Land and buildings | 22 | €1,990,404 | €1,936,970 | -€53,435 | -2.7% |
| Furniture and vehicles | 24 | €45,929 | €36,996 | -€8,933 | -19.4% |
| Current assets | 29/58 | €450,001 | €554,812 | +€104,811 | +23.3% |
| Amounts receivable within one year | 40/41 | €26,944 | €42,036 | +€15,092 | +56.0% |
| Trade receivables | 40 | €26,019 | €40,228 | +€14,208 | +54.6% |
| Other amounts receivable | 41 | €924 | €1,808 | +€884 | +95.6% |
| Cash at bank and in hand | 54/58 | €417,906 | €507,396 | +€89,490 | +21.4% |
| Deferred charges and accrued income | 490/1 | €5,151 | €5,380 | +€228 | +4.4% |
| Total equity and liabilities | 10/49 | €2,486,335 | €2,528,778 | +€42,443 | +1.7% |
| Equity | 10/15 | €1,775,142 | €1,915,516 | +€140,375 | +7.9% |
| Contributions | 10/11 | €487,889 | €487,889 | = | 0.0% |
| Capital | 10 | €487,889 | - | -€487,889 | |
| Issued capital | 100 | €487,889 | - | -€487,889 | |
| Reserves | 13 | €1,257,859 | €1,397,282 | +€139,423 | +11.1% |
| Non-distributable reserves | 130/1 | €48,789 | €0 | -€48,789 | -100.0% |
| Legal reserve | 130 | €48,789 | - | -€48,789 | |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Distributable reserves | 133 | €1,209,070 | €1,397,282 | +€188,212 | +15.6% |
| Profit (loss) carried forward | 14 | €26,022 | €26,973 | +€952 | +3.7% |
| Investment grants | 15 | €3,371 | €3,371 | = | 0.0% |
| Amounts payable | 17/49 | €711,193 | €613,262 | -€97,931 | -13.8% |
| Amounts payable after more than one year | 17 | €544,516 | €444,399 | -€100,117 | -18.4% |
| Financial debts | 170/4 | €544,516 | €444,399 | -€100,117 | -18.4% |
| Amounts payable within one year | 42/48 | €143,279 | €145,121 | +€1,843 | +1.3% |
| Current portion of amounts payable after more than one year | 42 | €107,448 | €108,419 | +€971 | +0.9% |
| Trade debts | 44 | €18,425 | €16,081 | -€2,344 | -12.7% |
| Suppliers | 440/4 | €18,425 | €16,081 | -€2,344 | -12.7% |
| Taxes, remuneration and social security | 45 | €17,406 | €20,621 | +€3,215 | +18.5% |
| Taxes | 450/3 | €17,406 | €20,621 | +€3,215 | +18.5% |
| Accrued charges and deferred income | 492/3 | €23,398 | €23,741 | +€343 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,769 | €145,655 | +€7,886 | +5.7% |
| Other operating charges | 640/8 | €46,780 | €48,344 | +€1,564 | +3.3% |
| Gross operating margin | 9900 | €348,021 | €385,311 | +€37,291 | +10.7% |
| Operating profit (loss) | 9901 | €163,471 | €191,313 | +€27,841 | +17.0% |
| Financial income | 75/76B | €6,452 | €5,720 | -€731 | -11.3% |
| Recurring financial income | 75 | €6,452 | €5,720 | -€731 | -11.3% |
| Financial charges | 65/66B | €6,978 | €8,522 | +€1,544 | +22.1% |
| Recurring financial charges | 65 | €6,978 | €8,522 | +€1,544 | +22.1% |
| Profit (loss) for the period before taxes | 9903 | €162,945 | €188,511 | +€25,566 | +15.7% |
| Income taxes | 67/77 | €40,744 | €48,137 | +€7,393 | +18.1% |
| Profit (loss) for the period | 9904 | €122,202 | €140,375 | +€18,173 | +14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €122,202 | €140,375 | +€18,173 | +14.9% |
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 6 October 2026 via checked.be.