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 -€36,049
down €36,049 (-94.9%), from €38,000 to €1,951
- Cash +€25,582
up €25,582 (+112.8%), from €22,682 to €48,264
mainly Depreciation (+€58,044) and Net result for the year (+€37,890)
- Tangible fixed assets -€16,131
down €16,131 (-2.9%), from €552,956 to €536,826
of which Furniture and vehicles: -€17,041
- Reserves +€37,890
up €37,890 (+13.3%), from €284,885 to €322,775
- Other debts -€32,918
down €32,918 (-16.8%), from €196,208 to €163,290
- Current portion of long-term debt -€16,068
down €16,068 (-22.8%), from €70,576 to €54,509
- Short-term financial debts -€14,284
down €14,284 (-67.0%), from €21,313 to €7,029
- Gross operating margin +€28,270
up €28,270 (+25.0%), from €113,036 to €141,307
- Taxes +€7,791
up €7,791 (+48.9%), from €15,945 to €23,736
- Financial charges +€2,461
up €2,461 (+17.0%), from €14,513 to €16,975
of which Non-recurring financial charges: +€2,422
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 | €897,926 | €865,272 | -€32,653 | -3.6% |
| Fixed assets | 21/28 | €803,892 | €787,761 | -€16,131 | -2.0% |
| Tangible fixed assets | 22/27 | €552,956 | €536,826 | -€16,131 | -2.9% |
| Land and buildings | 22 | €525,232 | €522,909 | -€2,322 | -0.4% |
| Plant, machinery and equipment | 23 | €5,124 | €8,356 | +€3,233 | +63.1% |
| Furniture and vehicles | 24 | €22,601 | €5,560 | -€17,041 | -75.4% |
| Financial fixed assets | 28 | €250,936 | €250,936 | = | 0.0% |
| Current assets | 29/58 | €94,034 | €77,511 | -€16,523 | -17.6% |
| Amounts receivable within one year | 40/41 | €32,347 | €24,108 | -€8,239 | -25.5% |
| Trade receivables | 40 | €23,293 | €24,108 | +€815 | +3.5% |
| Other amounts receivable | 41 | €9,055 | €0 | -€9,055 | -100.0% |
| Current investments | 50/53 | €38,000 | €1,951 | -€36,049 | -94.9% |
| Cash at bank and in hand | 54/58 | €22,682 | €48,264 | +€25,582 | +112.8% |
| Deferred charges and accrued income | 490/1 | €1,004 | €3,189 | +€2,184 | +217.4% |
| Total equity and liabilities | 10/49 | €897,926 | €865,272 | -€32,653 | -3.6% |
| Equity | 10/15 | €303,485 | €341,375 | +€37,890 | +12.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €284,885 | €322,775 | +€37,890 | +13.3% |
| Distributable reserves | 133 | €284,885 | €322,775 | +€37,890 | +13.3% |
| Amounts payable | 17/49 | €594,441 | €523,897 | -€70,544 | -11.9% |
| Amounts payable after more than one year | 17 | €284,908 | €282,299 | -€2,610 | -0.9% |
| Financial debts | 170/4 | €284,908 | €282,299 | -€2,610 | -0.9% |
| Amounts payable within one year | 42/48 | €308,229 | €240,664 | -€67,566 | -21.9% |
| Current portion of amounts payable after more than one year | 42 | €70,576 | €54,509 | -€16,068 | -22.8% |
| Financial debts | 43 | €21,313 | €7,029 | -€14,284 | -67.0% |
| Credit institutions | 430/8 | €21,313 | €7,029 | -€14,284 | -67.0% |
| Trade debts | 44 | €7,462 | €1,915 | -€5,547 | -74.3% |
| Suppliers | 440/4 | €7,462 | €1,915 | -€5,547 | -74.3% |
| Taxes, remuneration and social security | 45 | €12,670 | €13,920 | +€1,251 | +9.9% |
| Taxes | 450/3 | €12,670 | €13,920 | +€1,251 | +9.9% |
| Other amounts payable | 47/48 | €196,208 | €163,290 | -€32,918 | -16.8% |
| Accrued charges and deferred income | 492/3 | €1,303 | €935 | -€368 | -28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,988 | €58,044 | +€1,056 | +1.9% |
| Other operating charges | 640/8 | €4,919 | €4,943 | +€24 | +0.5% |
| Non-recurring operating charges | 66A | €323 | €0 | -€323 | -100.0% |
| Gross operating margin | 9900 | €113,036 | €141,307 | +€28,270 | +25.0% |
| Operating profit (loss) | 9901 | €50,806 | €78,319 | +€27,513 | +54.2% |
| Financial income | 75/76B | €0 | €282 | +€282 | |
| Recurring financial income | 75 | €0 | €282 | +€282 | |
| Financial charges | 65/66B | €14,513 | €16,975 | +€2,461 | +17.0% |
| Recurring financial charges | 65 | €14,513 | €14,553 | +€40 | +0.3% |
| Non-recurring financial charges | 66B | - | €2,422 | +€2,422 | |
| Profit (loss) for the period before taxes | 9903 | €36,293 | €61,627 | +€25,334 | +69.8% |
| Income taxes | 67/77 | €15,945 | €23,736 | +€7,791 | +48.9% |
| Profit (loss) for the period | 9904 | €20,348 | €37,890 | +€17,543 | +86.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,348 | €37,890 | +€17,543 | +86.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.