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
- Stocks and contracts -€57,216
no longer reported in 2025 (was €57,216)
- Current investments +€55,341
up €55,341 (+91.7%), from €60,318 to €115,659
- Cash -€39,338
down €39,338 (-87.4%), from €45,019 to €5,681
mainly Current investments (-€55,341) and Net result for the year (-€27,154)
- Tangible fixed assets -€2,393
down €2,393 (-42.1%), from €5,677 to €3,285
- Profit (loss) carried forward -€19,260
no longer reported in 2025 (was €19,260)
- Reserves -€7,894
down €7,894 (-7.7%), from €102,238 to €94,344
- Trade debts -€6,621
down €6,621 (-89.6%), from €7,386 to €765
- Other debts -€5,552
down €5,552 (-30.6%), from €18,124 to €12,572
- Tax, wage and social debts -€5,501
no longer reported in 2025 (was €5,501)
of which Taxes: -€4,345
- Gross operating margin -€63,176
down €63,176, from €41,645 to -€21,530
- Taxes -€11,049
down €11,049 (-96.4%), from €11,464 to €415
- Staff costs -€5,479
down €5,479 (-77.8%), from €7,047 to €1,568
- Depreciation +€891
up €891 (+59.4%), from €1,501 to €2,393
- Other operating charges -€586
down €586 (-32.8%), from €1,785 to €1,199
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 | €171,101 | €126,273 | -€44,828 | -26.2% |
| Fixed assets | 21/28 | €5,800 | €3,407 | -€2,393 | -41.3% |
| Tangible fixed assets | 22/27 | €5,677 | €3,285 | -€2,393 | -42.1% |
| Furniture and vehicles | 24 | €5,677 | €3,285 | -€2,393 | -42.1% |
| Financial fixed assets | 28 | €123 | €123 | = | 0.0% |
| Current assets | 29/58 | €165,301 | €122,866 | -€42,435 | -25.7% |
| Stocks and contracts in progress | 3 | €57,216 | - | -€57,216 | |
| Stocks | 30/36 | €57,216 | - | -€57,216 | |
| Amounts receivable within one year | 40/41 | €2,343 | €1,260 | -€1,083 | -46.2% |
| Trade receivables | 40 | €2,343 | - | -€2,343 | |
| Other amounts receivable | 41 | - | €1,260 | +€1,260 | |
| Current investments | 50/53 | €60,318 | €115,659 | +€55,341 | +91.7% |
| Cash at bank and in hand | 54/58 | €45,019 | €5,681 | -€39,338 | -87.4% |
| Deferred charges and accrued income | 490/1 | €405 | €266 | -€139 | -34.4% |
| Total equity and liabilities | 10/49 | €171,101 | €126,273 | -€44,828 | -26.2% |
| Equity | 10/15 | €140,090 | €112,936 | -€27,154 | -19.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €102,238 | €94,344 | -€7,894 | -7.7% |
| Distributable reserves | 133 | €102,238 | €94,344 | -€7,894 | -7.7% |
| Profit (loss) carried forward | 14 | €19,260 | - | -€19,260 | |
| Amounts payable | 17/49 | €31,010 | €13,337 | -€17,674 | -57.0% |
| Amounts payable within one year | 42/48 | €31,010 | €13,337 | -€17,674 | -57.0% |
| Trade debts | 44 | €7,386 | €765 | -€6,621 | -89.6% |
| Suppliers | 440/4 | €7,386 | €765 | -€6,621 | -89.6% |
| Taxes, remuneration and social security | 45 | €5,501 | - | -€5,501 | |
| Taxes | 450/3 | €4,345 | - | -€4,345 | |
| Remuneration and social security | 454/9 | €1,156 | - | -€1,156 | |
| Other amounts payable | 47/48 | €18,124 | €12,572 | -€5,552 | -30.6% |
| Non-recurring operating income | 76A | €45,045 | - | -€45,045 | |
| Remuneration, social security and pensions | 62 | €7,047 | €1,568 | -€5,479 | -77.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,501 | €2,393 | +€891 | +59.4% |
| Other operating charges | 640/8 | €1,785 | €1,199 | -€586 | -32.8% |
| Non-recurring operating charges | 66A | €714 | - | -€714 | |
| Gross operating margin | 9900 | €41,645 | -€21,530 | -€63,176 | |
| Operating profit (loss) | 9901 | €30,598 | -€26,689 | -€57,287 | |
| Financial income | 75/76B | €1,059 | €634 | -€426 | -40.2% |
| Recurring financial income | 75 | €1,059 | €634 | -€426 | -40.2% |
| Financial charges | 65/66B | €911 | €684 | -€227 | -24.9% |
| Recurring financial charges | 65 | €911 | €684 | -€227 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €30,747 | -€26,739 | -€57,486 | |
| Income taxes | 67/77 | €11,464 | €415 | -€11,049 | -96.4% |
| Profit (loss) for the period | 9904 | €19,283 | -€27,154 | -€46,437 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,283 | -€27,154 | -€46,437 |
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 20 October 2026 via checked.be.