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
- Current investments +€95,998
new in 2025: €95,998
- Tangible fixed assets -€26,794
down €26,794 (-4.6%), from €583,226 to €556,432
of which Land and buildings: -€28,321
- Receivables within one year -€18,417
down €18,417 (-49.2%), from €37,423 to €19,006
of which Trade receivables: -€20,251
- Profit (loss) carried forward +€94,142
up €94,142 (+98.5%), from -€95,564 to -€1,422
- Debts after one year -€30,939
down €30,939 (-7.2%), from €429,668 to €398,729
- Other debts -€12,916
down €12,916 (-100.0%), from €12,916 to €0
- Gross operating margin -€9,649
down €9,649 (-6.1%), from €157,418 to €147,770
- Taxes +€4,268
up €4,268 (+1775.2%), from €240 to €4,509
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 | €721,940 | €771,907 | +€49,967 | +6.9% |
| Fixed assets | 21/28 | €583,226 | €556,432 | -€26,794 | -4.6% |
| Tangible fixed assets | 22/27 | €583,226 | €556,432 | -€26,794 | -4.6% |
| Land and buildings | 22 | €575,967 | €547,646 | -€28,321 | -4.9% |
| Plant, machinery and equipment | 23 | €5,291 | €4,126 | -€1,165 | -22.0% |
| Furniture and vehicles | 24 | €1,967 | €4,660 | +€2,693 | +136.9% |
| Current assets | 29/58 | €138,715 | €215,475 | +€76,760 | +55.3% |
| Amounts receivable within one year | 40/41 | €37,423 | €19,006 | -€18,417 | -49.2% |
| Trade receivables | 40 | €37,423 | €17,172 | -€20,251 | -54.1% |
| Other amounts receivable | 41 | - | €1,834 | +€1,834 | |
| Current investments | 50/53 | - | €95,998 | +€95,998 | |
| Cash at bank and in hand | 54/58 | €98,021 | €96,850 | -€1,172 | -1.2% |
| Deferred charges and accrued income | 490/1 | €3,271 | €3,621 | +€350 | +10.7% |
| Total equity and liabilities | 10/49 | €721,940 | €771,907 | +€49,967 | +6.9% |
| Equity | 10/15 | €239,436 | €333,578 | +€94,142 | +39.3% |
| Contributions | 10/11 | €335,000 | €335,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€95,564 | -€1,422 | +€94,142 | +98.5% |
| Amounts payable | 17/49 | €482,505 | €438,330 | -€44,175 | -9.2% |
| Amounts payable after more than one year | 17 | €429,668 | €398,729 | -€30,939 | -7.2% |
| Financial debts | 170/4 | €429,668 | €398,729 | -€30,939 | -7.2% |
| Amounts payable within one year | 42/48 | €52,837 | €39,600 | -€13,236 | -25.1% |
| Current portion of amounts payable after more than one year | 42 | €30,033 | €30,939 | +€906 | +3.0% |
| Trade debts | 44 | €590 | €335 | -€256 | -43.3% |
| Suppliers | 440/4 | €590 | €335 | -€256 | -43.3% |
| Taxes, remuneration and social security | 45 | €9,298 | €8,327 | -€971 | -10.4% |
| Taxes | 450/3 | €9,298 | €8,327 | -€971 | -10.4% |
| Other amounts payable | 47/48 | €12,916 | €0 | -€12,916 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,700 | €30,558 | -€142 | -0.5% |
| Other operating charges | 640/8 | €5,317 | €5,600 | +€284 | +5.3% |
| Gross operating margin | 9900 | €157,418 | €147,770 | -€9,649 | -6.1% |
| Operating profit (loss) | 9901 | €121,401 | €111,611 | -€9,790 | -8.1% |
| Financial income | 75/76B | - | €311 | +€311 | |
| Recurring financial income | 75 | - | €311 | +€311 | |
| Financial charges | 65/66B | €14,094 | €13,272 | -€823 | -5.8% |
| Recurring financial charges | 65 | €14,094 | €13,272 | -€823 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €107,307 | €98,651 | -€8,656 | -8.1% |
| Income taxes | 67/77 | €240 | €4,509 | +€4,268 | +1775.2% |
| Profit (loss) for the period | 9904 | €107,066 | €94,142 | -€12,924 | -12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €107,066 | €94,142 | -€12,924 | -12.1% |
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 5 October 2026 via checked.be.