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
- Cash +€62,891
up €62,891 (+39.6%), from €158,951 to €221,842
mainly Net result for the year (+€118,362) and Trade debts (+€27,104)
- Stocks and contracts +€23,673
up €23,673 (+10.2%), from €232,562 to €256,235
- Reserves +€118,362
up €118,362 (+31.7%), from €372,910 to €491,272
of which Distributable reserves: +€118,362
- Other debts -€77,908
down €77,908 (-46.1%), from €169,060 to €91,152
- Trade debts +€27,104
up €27,104 (+24.7%), from €109,623 to €136,728
- Tax, wage and social debts +€21,014
up €21,014 (+74.4%), from €28,235 to €49,249
of which Taxes: +€11,954
- Gross operating margin +€44,556
up €44,556 (+17.0%), from €262,091 to €306,647
- Staff costs +€11,035
up €11,035 (+7.4%), from €149,405 to €160,440
- Taxes +€8,824
up €8,824 (+26.5%), from €33,259 to €42,082
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 | €741,626 | €829,943 | +€88,318 | +11.9% |
| Fixed assets | 21/28 | €6,657 | €4,670 | -€1,987 | -29.8% |
| Tangible fixed assets | 22/27 | €6,657 | €4,670 | -€1,987 | -29.8% |
| Land and buildings | 22 | €1,413 | €1,413 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,306 | €689 | -€617 | -47.3% |
| Furniture and vehicles | 24 | €3,938 | €2,569 | -€1,370 | -34.8% |
| Current assets | 29/58 | €734,968 | €825,273 | +€90,305 | +12.3% |
| Stocks and contracts in progress | 3 | €232,562 | €256,235 | +€23,673 | +10.2% |
| Stocks | 30/36 | €232,562 | €256,235 | +€23,673 | +10.2% |
| Amounts receivable within one year | 40/41 | €169,950 | €172,652 | +€2,703 | +1.6% |
| Trade receivables | 40 | €169,903 | €168,912 | -€990 | -0.6% |
| Other amounts receivable | 41 | €47 | €3,740 | +€3,693 | +7,849% |
| Current investments | 50/53 | €169,385 | €170,064 | +€680 | +0.4% |
| Cash at bank and in hand | 54/58 | €158,951 | €221,842 | +€62,891 | +39.6% |
| Deferred charges and accrued income | 490/1 | €4,121 | €4,479 | +€359 | +8.7% |
| Total equity and liabilities | 10/49 | €741,626 | €829,943 | +€88,318 | +11.9% |
| Equity | 10/15 | €434,410 | €552,772 | +€118,362 | +27.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €372,910 | €491,272 | +€118,362 | +31.7% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €263 | €263 | = | 0.0% |
| Distributable reserves | 133 | €366,498 | €484,860 | +€118,362 | +32.3% |
| Amounts payable | 17/49 | €307,215 | €277,171 | -€30,044 | -9.8% |
| Amounts payable within one year | 42/48 | €306,919 | €277,129 | -€29,790 | -9.7% |
| Trade debts | 44 | €109,623 | €136,728 | +€27,104 | +24.7% |
| Suppliers | 440/4 | €109,623 | €136,728 | +€27,104 | +24.7% |
| Taxes, remuneration and social security | 45 | €28,235 | €49,249 | +€21,014 | +74.4% |
| Taxes | 450/3 | €9,349 | €21,303 | +€11,954 | +128% |
| Remuneration and social security | 454/9 | €18,886 | €27,947 | +€9,061 | +48.0% |
| Other amounts payable | 47/48 | €169,060 | €91,152 | -€77,908 | -46.1% |
| Accrued charges and deferred income | 492/3 | €296 | €42 | -€255 | -85.9% |
| Remuneration, social security and pensions | 62 | €149,405 | €160,440 | +€11,035 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,987 | €1,987 | = | 0.0% |
| Other operating charges | 640/8 | €3,467 | €3,296 | -€171 | -4.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €262,091 | €306,647 | +€44,556 | +17.0% |
| Operating profit (loss) | 9901 | €107,231 | €140,923 | +€33,692 | +31.4% |
| Financial income | 75/76B | €21,253 | €20,888 | -€365 | -1.7% |
| Recurring financial income | 75 | €21,253 | €20,888 | -€365 | -1.7% |
| Financial charges | 65/66B | €2,507 | €1,367 | -€1,141 | -45.5% |
| Recurring financial charges | 65 | €2,507 | €1,367 | -€1,141 | -45.5% |
| Profit (loss) for the period before taxes | 9903 | €125,977 | €160,444 | +€34,467 | +27.4% |
| Income taxes | 67/77 | €33,259 | €42,082 | +€8,824 | +26.5% |
| Profit (loss) for the period | 9904 | €92,719 | €118,362 | +€25,643 | +27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €92,719 | €118,362 | +€25,643 | +27.7% |
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 27 October 2026 via checked.be.