VANDEWALLE: 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.
VANDEWALLE
Largest movements
- Tangible fixed assets -€37,896
down €37,896 (-7.2%), from €528,456 to €490,561
of which Land and buildings: -€37,707
- Other debts -€32,458
down €32,458 (-10.2%), from €319,719 to €287,261
- Debts after one year -€15,296
down €15,296 (-4.4%), from €351,295 to €335,999
- Profit (loss) carried forward +€10,661
up €10,661 (+4.1%), from -€257,448 to -€246,787
- Gross operating margin +€23,955
up €23,955 (+57.3%), from €41,821 to €65,776
- Other operating charges +€2,457
up €2,457 (+83.5%), from €2,943 to €5,399
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €887,086 | €851,636 | -€35,450 | -4.0% |
| Fixed assets | 21/28 | €528,901 | €491,006 | -€37,896 | -7.2% |
| Tangible fixed assets | 22/27 | €528,456 | €490,561 | -€37,896 | -7.2% |
| Land and buildings | 22 | €527,560 | €489,853 | -€37,707 | -7.1% |
| Plant, machinery and equipment | 23 | €897 | €708 | -€189 | -21.1% |
| Financial fixed assets | 28 | €445 | €445 | = | 0.0% |
| Current assets | 29/58 | €358,184 | €360,631 | +€2,446 | +0.7% |
| Amounts receivable within one year | 40/41 | €73,107 | €75,553 | +€2,446 | +3.3% |
| Other amounts receivable | 41 | €73,107 | €75,553 | +€2,446 | +3.3% |
| Current investments | 50/53 | €285,078 | €285,078 | = | 0.0% |
| Total equity and liabilities | 10/49 | €887,086 | €851,636 | -€35,450 | -4.0% |
| Equity | 10/15 | €92,560 | €103,220 | +€10,661 | +11.5% |
| Contributions | 10/11 | €114,000 | €114,000 | = | 0.0% |
| Reserves | 13 | €236,007 | €236,007 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,400 | €11,400 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,400 | €11,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €219,107 | €219,107 | = | 0.0% |
| Distributable reserves | 133 | €5,500 | €5,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€257,448 | -€246,787 | +€10,661 | +4.1% |
| Provisions and deferred taxes | 16 | €109,384 | €109,384 | = | 0.0% |
| Deferred taxes | 168 | €109,384 | €109,384 | = | 0.0% |
| Amounts payable | 17/49 | €685,142 | €639,031 | -€46,111 | -6.7% |
| Amounts payable after more than one year | 17 | €351,295 | €335,999 | -€15,296 | -4.4% |
| Financial debts | 170/4 | €351,295 | €335,999 | -€15,296 | -4.4% |
| Amounts payable within one year | 42/48 | €333,847 | €303,032 | -€30,815 | -9.2% |
| Current portion of amounts payable after more than one year | 42 | €12,250 | €13,250 | +€1,000 | +8.2% |
| Trade debts | 44 | €971 | €1,972 | +€1,001 | +103% |
| Suppliers | 440/4 | €971 | €1,972 | +€1,001 | +103% |
| Taxes, remuneration and social security | 45 | €907 | €549 | -€358 | -39.5% |
| Taxes | 450/3 | €907 | €549 | -€358 | -39.5% |
| Other amounts payable | 47/48 | €319,719 | €287,261 | -€32,458 | -10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,755 | €37,896 | +€141 | +0.4% |
| Other operating charges | 640/8 | €2,943 | €5,399 | +€2,457 | +83.5% |
| Gross operating margin | 9900 | €41,821 | €65,776 | +€23,955 | +57.3% |
| Operating profit (loss) | 9901 | €1,124 | €22,481 | +€21,357 | +1,900% |
| Financial income | 75/76B | €2,502 | €2,446 | -€56 | -2.2% |
| Recurring financial income | 75 | €2,502 | €2,446 | -€56 | -2.2% |
| Financial charges | 65/66B | €13,936 | €13,991 | +€56 | +0.4% |
| Recurring financial charges | 65 | €13,936 | €13,991 | +€56 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | -€10,310 | €10,936 | +€21,245 | |
| Income taxes | 67/77 | €275 | €275 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€10,584 | €10,661 | +€21,245 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,584 | €10,661 | +€21,245 |
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 30 October 2026 via checked.be.