VANDEWAL: 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.
VANDEWAL
Largest movements
- Receivables within one year +€1,108
up €1,108 (+6.8%), from €16,203 to €17,311
- Tangible fixed assets -€583
down €583 (-100%), from €583 to €0
of which Other tangible fixed assets: -€583
- Tax, wage and social debts +€1,326
up €1,326 (+24.1%), from €5,496 to €6,822
of which Remuneration and social security: +€1,232
- Profit (loss) carried forward -€548
down €548 (-0.5%), from -€102,099 to -€102,647
- Other debts -€533
down €533 (-12.3%), from €4,319 to €3,787
- Trade debts +€432
up €432 (+29.7%), from €1,457 to €1,890
- Gross operating margin +€21,984
up €21,984 (+49.8%), from €44,139 to €66,124
- Staff costs +€11,132
up €11,132 (+23.3%), from €47,719 to €58,850
- Taxes +€1,372
new in 2025: €1,372
- Other operating charges +€864
up €864 (+71.8%), from €1,204 to €2,069
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.
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 | €41,610 | €42,434 | +€824 | +2.0% |
| Fixed assets | 21/28 | €888 | €655 | -€233 | -26.2% |
| Tangible fixed assets | 22/27 | €583 | €0 | -€583 | -100% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €583 | €0 | -€583 | -100% |
| Financial fixed assets | 28 | €305 | €655 | +€350 | +115% |
| Current assets | 29/58 | €40,722 | €41,779 | +€1,056 | +2.6% |
| Stocks and contracts in progress | 3 | €3,741 | €3,741 | = | 0.0% |
| Stocks | 30/36 | €3,741 | €3,741 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €16,203 | €17,311 | +€1,108 | +6.8% |
| Trade receivables | 40 | €16,203 | €17,311 | +€1,108 | +6.8% |
| Cash at bank and in hand | 54/58 | €20,249 | €20,187 | -€62 | -0.3% |
| Deferred charges and accrued income | 490/1 | €528 | €539 | +€11 | +2.0% |
| Total equity and liabilities | 10/49 | €41,610 | €42,434 | +€824 | +2.0% |
| Equity | 10/15 | €5,769 | €5,221 | -€548 | -9.5% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €101,618 | €101,618 | = | 0.0% |
| Tax-exempt reserves | 132 | €84,709 | €84,709 | = | 0.0% |
| Distributable reserves | 133 | €16,910 | €16,910 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€102,099 | -€102,647 | -€548 | -0.5% |
| Amounts payable | 17/49 | €35,840 | €37,212 | +€1,372 | +3.8% |
| Amounts payable within one year | 42/48 | €35,840 | €37,212 | +€1,372 | +3.8% |
| Financial debts | 43 | €24,568 | €24,714 | +€146 | +0.6% |
| Credit institutions | 430/8 | €24,568 | €24,714 | +€146 | +0.6% |
| Trade debts | 44 | €1,457 | €1,890 | +€432 | +29.7% |
| Suppliers | 440/4 | €1,457 | €1,890 | +€432 | +29.7% |
| Taxes, remuneration and social security | 45 | €5,496 | €6,822 | +€1,326 | +24.1% |
| Taxes | 450/3 | €1,119 | €1,213 | +€94 | +8.4% |
| Remuneration and social security | 454/9 | €4,377 | €5,609 | +€1,232 | +28.1% |
| Other amounts payable | 47/48 | €4,319 | €3,787 | -€533 | -12.3% |
| Remuneration, social security and pensions | 62 | €47,719 | €58,850 | +€11,132 | +23.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €583 | €583 | = | 0.0% |
| Other operating charges | 640/8 | €1,204 | €2,069 | +€864 | +71.8% |
| Gross operating margin | 9900 | €44,139 | €66,124 | +€21,984 | +49.8% |
| Operating profit (loss) | 9901 | -€5,366 | €4,622 | +€9,988 | |
| Financial income | 75/76B | €86 | €161 | +€76 | +88.1% |
| Recurring financial income | 75 | €86 | €161 | +€76 | +88.1% |
| Financial charges | 65/66B | €4,037 | €3,960 | -€77 | -1.9% |
| Recurring financial charges | 65 | €4,037 | €3,960 | -€77 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | -€9,317 | €824 | +€10,141 | |
| Income taxes | 67/77 | - | €1,372 | +€1,372 | |
| Profit (loss) for the period | 9904 | -€9,317 | -€548 | +€8,769 | +94.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,317 | -€548 | +€8,769 | +94.1% |
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 16 October 2026 via checked.be.