VANDESAN: 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.
VANDESAN
Largest movements
- Cash -€126,563
down €126,563 (-97.5%), from €129,792 to €3,229
mainly Net result for the year (-€332,516) and Tax, wage and social debts (-€32,841)
- Receivables within one year -€121,195
down €121,195 (-58.2%), from €208,251 to €87,056
of which Trade receivables: -€89,162
- Tangible fixed assets -€83,514
down €83,514 (-29.6%), from €281,783 to €198,269
of which Plant, machinery and equipment: -€64,702
- Profit (loss) carried forward -€332,516
down €332,516 (-281.8%), from -€117,978 to -€450,494
- Tax, wage and social debts -€32,841
down €32,841 (-83.5%), from €39,341 to €6,500
- Debts after one year +€25,714
up €25,714 (+5.6%), from €456,561 to €482,275
- Current portion of long-term debt +€22,275
up €22,275 (+79.2%), from €28,141 to €50,416
- Trade debts -€15,468
down €15,468 (-20.5%), from €75,513 to €60,045
- Gross operating margin -€533,331
down €533,331 (-84.9%), from €628,284 to €94,954
- Taxes -€54,071
down €54,071 (-99.6%), from €54,278 to €208
- Staff costs -€10,766
down €10,766 (-3.1%), from €344,754 to €333,988
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 | €1,096,835 | €763,998 | -€332,837 | -30.3% |
| Fixed assets | 21/28 | €281,783 | €198,269 | -€83,514 | -29.6% |
| Tangible fixed assets | 22/27 | €281,783 | €198,269 | -€83,514 | -29.6% |
| Land and buildings | 22 | €40,902 | €40,902 | = | 0.0% |
| Plant, machinery and equipment | 23 | €204,854 | €140,152 | -€64,702 | -31.6% |
| Furniture and vehicles | 24 | €36,027 | €17,215 | -€18,812 | -52.2% |
| Current assets | 29/58 | €815,052 | €565,729 | -€249,323 | -30.6% |
| Amounts receivable after more than one year | 29 | €473,919 | €473,919 | = | 0.0% |
| Other amounts receivable | 291 | €473,919 | €473,919 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €208,251 | €87,056 | -€121,195 | -58.2% |
| Trade receivables | 40 | €138,155 | €48,993 | -€89,162 | -64.5% |
| Other amounts receivable | 41 | €70,096 | €38,063 | -€32,033 | -45.7% |
| Cash at bank and in hand | 54/58 | €129,792 | €3,229 | -€126,563 | -97.5% |
| Deferred charges and accrued income | 490/1 | €3,091 | €1,525 | -€1,565 | -50.6% |
| Total equity and liabilities | 10/49 | €1,096,835 | €763,998 | -€332,837 | -30.3% |
| Equity | 10/15 | €491,616 | €159,100 | -€332,516 | -67.6% |
| Contributions | 10/11 | €159,248 | €159,248 | = | 0.0% |
| Reserves | 13 | €450,346 | €450,346 | = | 0.0% |
| Distributable reserves | 133 | €450,346 | €450,346 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€117,978 | -€450,494 | -€332,516 | -281.8% |
| Amounts payable | 17/49 | €605,219 | €604,898 | -€321 | -0.1% |
| Amounts payable after more than one year | 17 | €456,561 | €482,275 | +€25,714 | +5.6% |
| Financial debts | 170/4 | €456,561 | €482,275 | +€25,714 | +5.6% |
| Amounts payable within one year | 42/48 | €148,658 | €122,623 | -€26,034 | -17.5% |
| Current portion of amounts payable after more than one year | 42 | €28,141 | €50,416 | +€22,275 | +79.2% |
| Trade debts | 44 | €75,513 | €60,045 | -€15,468 | -20.5% |
| Suppliers | 440/4 | €75,513 | €60,045 | -€15,468 | -20.5% |
| Taxes, remuneration and social security | 45 | €39,341 | €6,500 | -€32,841 | -83.5% |
| Taxes | 450/3 | €39,341 | €6,500 | -€32,841 | -83.5% |
| Other amounts payable | 47/48 | €5,663 | €5,663 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €344,754 | €333,988 | -€10,766 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,724 | €83,514 | -€1,210 | -1.4% |
| Other operating charges | 640/8 | €15,085 | €10,837 | -€4,248 | -28.2% |
| Gross operating margin | 9900 | €628,284 | €94,954 | -€533,331 | -84.9% |
| Operating profit (loss) | 9901 | €183,721 | -€333,386 | -€517,106 | |
| Financial income | 75/76B | €9,757 | €12,350 | +€2,593 | +26.6% |
| Recurring financial income | 75 | €9,757 | €12,350 | +€2,593 | +26.6% |
| Financial charges | 65/66B | €14,610 | €11,272 | -€3,337 | -22.8% |
| Recurring financial charges | 65 | €14,610 | €11,272 | -€3,337 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €178,868 | -€332,308 | -€511,176 | |
| Income taxes | 67/77 | €54,278 | €208 | -€54,071 | -99.6% |
| Profit (loss) for the period | 9904 | €124,589 | -€332,516 | -€457,105 | |
| Profit (loss) for the period to be appropriated | 9905 | €124,589 | -€332,516 | -€457,105 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.