VANDEVELDE: 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.
VANDEVELDE
Largest movements
- Receivables within one year -€102,199
down €102,199 (-35.1%), from €290,870 to €188,671
of which Trade receivables: -€104,390
- Cash +€65,212
up €65,212 (+19.9%), from €328,375 to €393,588
mainly Receivables within one year (+€102,199) and Depreciation (+€15,306)
- Tangible fixed assets -€15,306
down €15,306 (-35.2%), from €43,493 to €28,187
of which Furniture and vehicles: -€13,932
- Stocks and contracts -€15,099
down €15,099 (-21.3%), from €70,841 to €55,742
- Reserves -€50,188
down €50,188 (-8.1%), from €618,274 to €568,087
of which Distributable reserves: -€50,188
- Current portion of long-term debt -€9,291
down €9,291 (-100%), from €9,291 to €0
- Gross operating margin -€198,269
down €198,269 (-67.9%), from €291,971 to €93,702
- Staff costs -€58,993
down €58,993 (-34.5%), from €170,768 to €111,775
- Taxes -€21,719
down €21,719 (-97.6%), from €22,250 to €531
- Financial charges -€6,624
down €6,624 (-74.9%), from €8,838 to €2,214
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.
Derived cash bridge
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 | €736,361 | €668,997 | -€67,364 | -9.1% |
| Fixed assets | 21/28 | €43,547 | €28,192 | -€15,355 | -35.3% |
| Tangible fixed assets | 22/27 | €43,493 | €28,187 | -€15,306 | -35.2% |
| Plant, machinery and equipment | 23 | €3,064 | €1,690 | -€1,374 | -44.8% |
| Furniture and vehicles | 24 | €40,429 | €26,497 | -€13,932 | -34.5% |
| Financial fixed assets | 28 | €55 | €5 | -€50 | -90.9% |
| Current assets | 29/58 | €692,814 | €640,805 | -€52,009 | -7.5% |
| Stocks and contracts in progress | 3 | €70,841 | €55,742 | -€15,099 | -21.3% |
| Stocks | 30/36 | €70,841 | €55,742 | -€15,099 | -21.3% |
| Amounts receivable within one year | 40/41 | €290,870 | €188,671 | -€102,199 | -35.1% |
| Trade receivables | 40 | €288,861 | €184,471 | -€104,390 | -36.1% |
| Other amounts receivable | 41 | €2,009 | €4,200 | +€2,191 | +109% |
| Cash at bank and in hand | 54/58 | €328,375 | €393,588 | +€65,212 | +19.9% |
| Deferred charges and accrued income | 490/1 | €2,727 | €2,804 | +€77 | +2.8% |
| Total equity and liabilities | 10/49 | €736,361 | €668,997 | -€67,364 | -9.1% |
| Equity | 10/15 | €680,274 | €630,087 | -€50,188 | -7.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €618,274 | €568,087 | -€50,188 | -8.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,708 | €14,708 | = | 0.0% |
| Distributable reserves | 133 | €597,366 | €547,178 | -€50,188 | -8.4% |
| Amounts payable | 17/49 | €56,087 | €38,910 | -€17,177 | -30.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €56,056 | €38,880 | -€17,177 | -30.6% |
| Current portion of amounts payable after more than one year | 42 | €9,291 | €0 | -€9,291 | -100% |
| Trade debts | 44 | €23,849 | €18,108 | -€5,741 | -24.1% |
| Suppliers | 440/4 | €23,849 | €18,108 | -€5,741 | -24.1% |
| Taxes, remuneration and social security | 45 | €20,144 | €19,868 | -€276 | -1.4% |
| Taxes | 450/3 | €10,279 | €7,591 | -€2,688 | -26.2% |
| Remuneration and social security | 454/9 | €9,865 | €12,277 | +€2,412 | +24.4% |
| Other amounts payable | 47/48 | €2,772 | €904 | -€1,868 | -67.4% |
| Accrued charges and deferred income | 492/3 | €31 | €31 | = | 0.0% |
| Non-recurring operating income | 76A | - | €1,500 | +€1,500 | |
| Remuneration, social security and pensions | 62 | €170,768 | €111,775 | -€58,993 | -34.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,879 | €15,306 | -€573 | -3.6% |
| Other operating charges | 640/8 | €16,252 | €16,676 | +€424 | +2.6% |
| Gross operating margin | 9900 | €291,971 | €93,702 | -€198,269 | -67.9% |
| Operating profit (loss) | 9901 | €89,073 | -€50,055 | -€139,127 | |
| Financial income | 75/76B | €4,049 | €2,612 | -€1,437 | -35.5% |
| Recurring financial income | 75 | €4,049 | €2,612 | -€1,437 | -35.5% |
| Financial charges | 65/66B | €8,838 | €2,214 | -€6,624 | -74.9% |
| Recurring financial charges | 65 | €8,838 | €2,214 | -€6,624 | -74.9% |
| Profit (loss) for the period before taxes | 9903 | €84,283 | -€49,657 | -€133,940 | |
| Income taxes | 67/77 | €22,250 | €531 | -€21,719 | -97.6% |
| Profit (loss) for the period | 9904 | €62,034 | -€50,188 | -€112,222 | |
| Profit (loss) for the period to be appropriated | 9905 | €62,034 | -€50,188 | -€112,222 |
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 21 October 2026 via checked.be.