Vandev: 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.
Vandev
Largest movements
- Cash +€47,490
up €47,490 (+66.1%), from €71,857 to €119,347
mainly Net result for the year (+€24,521) and Trade debts (+€18,373)
- Tangible fixed assets +€8,918
up €8,918 (+26.5%), from €33,609 to €42,527
of which Plant, machinery and equipment: +€4,800
- Intangible fixed assets -€6,000
down €6,000 (-25.0%), from €24,000 to €18,000
- Reserves +€22,855
up €22,855 (+53.2%), from €42,963 to €65,818
- Trade debts +€18,373
up €18,373 (+126.8%), from €14,495 to €32,869
- Tax, wage and social debts +€7,931
up €7,931 (+35.0%), from €22,636 to €30,567
of which Taxes: +€7,395
- Debts after one year +€3,854
up €3,854 (+9.7%), from €39,773 to €43,626
- Gross operating margin -€20,787
down €20,787 (-23.3%), from €89,163 to €68,376
- Taxes -€5,403
down €5,403 (-41.3%), from €13,093 to €7,689
- Staff costs +€3,733
up €3,733 (+61.1%), from €6,107 to €9,840
- Financial charges +€3,027
up €3,027 (+517.2%), from €585 to €3,612
- Other operating charges -€1,588
down €1,588 (-23.9%), from €6,658 to €5,069
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 | €131,070 | €184,047 | +€52,977 | +40.4% |
| Fixed assets | 21/28 | €57,609 | €60,527 | +€2,918 | +5.1% |
| Intangible fixed assets | 21 | €24,000 | €18,000 | -€6,000 | -25.0% |
| Tangible fixed assets | 22/27 | €33,609 | €42,527 | +€8,918 | +26.5% |
| Plant, machinery and equipment | 23 | €15,060 | €19,860 | +€4,800 | +31.9% |
| Furniture and vehicles | 24 | €16,000 | €20,699 | +€4,699 | +29.4% |
| Other tangible fixed assets | 26 | €2,549 | €1,969 | -€580 | -22.8% |
| Current assets | 29/58 | €73,461 | €123,520 | +€50,059 | +68.1% |
| Stocks and contracts in progress | 3 | €1,604 | €2,359 | +€755 | +47.1% |
| Stocks | 30/36 | €1,604 | €2,359 | +€755 | +47.1% |
| Amounts receivable within one year | 40/41 | - | €1,814 | +€1,814 | |
| Trade receivables | 40 | - | €1,814 | +€1,814 | |
| Cash at bank and in hand | 54/58 | €71,857 | €119,347 | +€47,490 | +66.1% |
| Total equity and liabilities | 10/49 | €131,070 | €184,047 | +€52,977 | +40.4% |
| Equity | 10/15 | €52,963 | €75,818 | +€22,855 | +43.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €42,963 | €65,818 | +€22,855 | +53.2% |
| Distributable reserves | 133 | €42,963 | €65,818 | +€22,855 | +53.2% |
| Amounts payable | 17/49 | €78,107 | €108,228 | +€30,122 | +38.6% |
| Amounts payable after more than one year | 17 | €39,773 | €43,626 | +€3,854 | +9.7% |
| Other amounts payable | 178/9 | €39,773 | €43,626 | +€3,854 | +9.7% |
| Amounts payable within one year | 42/48 | €38,334 | €64,602 | +€26,268 | +68.5% |
| Trade debts | 44 | €14,495 | €32,869 | +€18,373 | +126.8% |
| Suppliers | 440/4 | €14,495 | €32,869 | +€18,373 | +126.8% |
| Taxes, remuneration and social security | 45 | €22,636 | €30,567 | +€7,931 | +35.0% |
| Taxes | 450/3 | €18,643 | €26,038 | +€7,395 | +39.7% |
| Remuneration and social security | 454/9 | €3,993 | €4,529 | +€536 | +13.4% |
| Other amounts payable | 47/48 | €1,203 | €1,166 | -€36 | -3.0% |
| Remuneration, social security and pensions | 62 | €6,107 | €9,840 | +€3,733 | +61.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,040 | €17,718 | -€322 | -1.8% |
| Other operating charges | 640/8 | €6,658 | €5,069 | -€1,588 | -23.9% |
| Gross operating margin | 9900 | €89,163 | €68,376 | -€20,787 | -23.3% |
| Operating profit (loss) | 9901 | €58,359 | €35,749 | -€22,610 | -38.7% |
| Financial income | 75/76B | - | €74 | +€74 | |
| Recurring financial income | 75 | - | €74 | +€74 | |
| Financial charges | 65/66B | €585 | €3,612 | +€3,027 | +517.2% |
| Recurring financial charges | 65 | €585 | €3,612 | +€3,027 | +517.2% |
| Profit (loss) for the period before taxes | 9903 | €57,774 | €32,211 | -€25,563 | -44.2% |
| Income taxes | 67/77 | €13,093 | €7,689 | -€5,403 | -41.3% |
| Profit (loss) for the period | 9904 | €44,681 | €24,521 | -€20,160 | -45.1% |
| Profit (loss) for the period to be appropriated | 9905 | €44,681 | €24,521 | -€20,160 | -45.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.