VANDESEN: what changed
Two financial 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.
VANDESEN
Largest movements
- Tangible fixed assets -€274,740
down €274,740 (-5.9%), from €4.7m to €4.4m
of which Land and buildings: -€268,550
- Receivables within one year +€164,277
up €164,277 (+1816.2%), from €9,045 to €173,322
of which Other amounts receivable: +€160,647
- Receivables after one year -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Short-term financial debts +€273,000
up €273,000 (+38.7%), from €705,000 to €978,000
- Debts after one year -€159,734
down €159,734 (-12.1%), from €1.3m to €1.2m
- Other debts -€145,360
down €145,360 (-12.1%), from €1.2m to €1.1m
- Profit (loss) carried forward -€92,987
down €92,987 (-26.7%), from €348,292 to €255,304
- Gross operating margin -€41,107
down €41,107 (-9.2%), from €446,922 to €405,815
- Financial charges -€29,568
down €29,568 (-16.7%), from €177,531 to €147,962
- Other operating charges +€19,318
up €19,318 (+33.3%), from €57,991 to €77,309
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 | €4,788,966 | €4,598,381 | -€190,586 | -4.0% |
| Fixed assets | 21/28 | €4,693,808 | €4,419,068 | -€274,740 | -5.9% |
| Tangible fixed assets | 22/27 | €4,693,808 | €4,419,068 | -€274,740 | -5.9% |
| Land and buildings | 22 | €4,675,428 | €4,406,878 | -€268,550 | -5.7% |
| Furniture and vehicles | 24 | €18,380 | €12,190 | -€6,191 | -33.7% |
| Current assets | 29/58 | €95,159 | €179,313 | +€84,154 | +88.4% |
| Amounts receivable after more than one year | 29 | €50,000 | €0 | -€50,000 | -100.0% |
| Other amounts receivable | 291 | €50,000 | €0 | -€50,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €9,045 | €173,322 | +€164,277 | +1816.2% |
| Trade receivables | 40 | €4,092 | €7,722 | +€3,630 | +88.7% |
| Other amounts receivable | 41 | €4,953 | €165,600 | +€160,647 | +3243.4% |
| Cash at bank and in hand | 54/58 | €7,025 | €4,175 | -€2,850 | -40.6% |
| Deferred charges and accrued income | 490/1 | €29,089 | €1,816 | -€27,273 | -93.8% |
| Total equity and liabilities | 10/49 | €4,788,966 | €4,598,381 | -€190,586 | -4.0% |
| Equity | 10/15 | €1,277,226 | €1,184,238 | -€92,987 | -7.3% |
| Contributions | 10/11 | €506,200 | €506,200 | = | 0.0% |
| Reserves | 13 | €422,734 | €422,734 | = | 0.0% |
| Distributable reserves | 133 | €422,734 | €422,734 | = | 0.0% |
| Profit (loss) carried forward | 14 | €348,292 | €255,304 | -€92,987 | -26.7% |
| Amounts payable | 17/49 | €3,511,741 | €3,414,142 | -€97,598 | -2.8% |
| Amounts payable after more than one year | 17 | €1,317,086 | €1,157,353 | -€159,734 | -12.1% |
| Financial debts | 170/4 | €1,317,086 | €1,157,353 | -€159,734 | -12.1% |
| Amounts payable within one year | 42/48 | €2,191,660 | €2,254,298 | +€62,639 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €254,454 | €213,424 | -€41,030 | -16.1% |
| Financial debts | 43 | €705,000 | €978,000 | +€273,000 | +38.7% |
| Credit institutions | 430/8 | €705,000 | €978,000 | +€273,000 | +38.7% |
| Trade debts | 44 | €26,244 | €1,084 | -€25,160 | -95.9% |
| Suppliers | 440/4 | €26,244 | €1,084 | -€25,160 | -95.9% |
| Taxes, remuneration and social security | 45 | €6,310 | €7,499 | +€1,188 | +18.8% |
| Taxes | 450/3 | €3,050 | €4,224 | +€1,174 | +38.5% |
| Remuneration and social security | 454/9 | €3,260 | €3,274 | +€15 | +0.4% |
| Other amounts payable | 47/48 | €1,199,652 | €1,054,291 | -€145,360 | -12.1% |
| Accrued charges and deferred income | 492/3 | €2,995 | €2,491 | -€503 | -16.8% |
| Non-recurring operating income | 76A | €71,993 | €0 | -€71,993 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €279,214 | €280,145 | +€930 | +0.3% |
| Other operating charges | 640/8 | €57,991 | €77,309 | +€19,318 | +33.3% |
| Gross operating margin | 9900 | €446,922 | €405,815 | -€41,107 | -9.2% |
| Operating profit (loss) | 9901 | €109,717 | €48,362 | -€61,355 | -55.9% |
| Financial income | 75/76B | €2,501 | €6,850 | +€4,349 | +173.9% |
| Recurring financial income | 75 | €2,501 | €6,850 | +€4,349 | +173.9% |
| Financial charges | 65/66B | €177,531 | €147,962 | -€29,568 | -16.7% |
| Recurring financial charges | 65 | €177,531 | €147,962 | -€29,568 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | -€65,314 | -€92,751 | -€27,437 | -42.0% |
| Income taxes | 67/77 | €225 | €237 | +€12 | +5.4% |
| Profit (loss) for the period | 9904 | -€65,538 | -€92,987 | -€27,449 | -41.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,538 | -€92,987 | -€27,449 | -41.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.