Vandewalle: what changed
Vandewalle
Largest movements
- Tangible fixed assets -€29,609
down €29,609 (-20.4%), from €145,006 to €115,397
of which Furniture and vehicles: -€26,407
- Stocks and contracts -€27,683
down €27,683 (-30.4%), from €91,143 to €63,459
of which Contracts in progress: -€52,683
- Receivables within one year +€26,530
up €26,530 (+23.7%), from €112,036 to €138,566
of which Other amounts receivable: +€16,035
- Financial fixed assets +€5,467
new in 2025: €5,467
- Deferred charges and accrued income +€5,381
up €5,381 (+125%), from €4,299 to €9,680
- Trade debts +€25,937
up €25,937 (+79.8%), from €32,518 to €58,456
- Debts after one year -€24,409
down €24,409 (-26.3%), from €92,680 to €68,271
- Other debts -€22,902
down €22,902 (-30.4%), from €75,420 to €52,518
- Tax, wage and social debts +€15,762
up €15,762 (+57.8%), from €27,251 to €43,012
of which Taxes: +€8,604
- Reserves -€11,788
down €11,788 (-7.7%), from €152,398 to €140,610
- Staff costs +€82,902
up €82,902 (+62.8%), from €132,043 to €214,945
- Gross operating margin +€69,802
up €69,802 (+28.8%), from €242,130 to €311,932
- Depreciation +€6,700
up €6,700 (+21.2%), from €31,616 to €38,316
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €408,794 | €392,276 | -€16,518 | -4.0% |
| Fixed assets | 21/28 | €145,006 | €120,863 | -€24,143 | -16.6% |
| Tangible fixed assets | 22/27 | €145,006 | €115,397 | -€29,609 | -20.4% |
| Plant, machinery and equipment | 23 | €33,081 | €29,879 | -€3,202 | -9.7% |
| Furniture and vehicles | 24 | €111,925 | €85,518 | -€26,407 | -23.6% |
| Financial fixed assets | 28 | - | €5,467 | +€5,467 | |
| Current assets | 29/58 | €263,788 | €271,413 | +€7,625 | +2.9% |
| Stocks and contracts in progress | 3 | €91,143 | €63,459 | -€27,683 | -30.4% |
| Stocks | 30/36 | €27,000 | €52,000 | +€25,000 | +92.6% |
| Contracts in progress | 37 | €64,143 | €11,459 | -€52,683 | -82.1% |
| Amounts receivable within one year | 40/41 | €112,036 | €138,566 | +€26,530 | +23.7% |
| Trade receivables | 40 | €112,036 | €122,532 | +€10,496 | +9.4% |
| Other amounts receivable | 41 | €0 | €16,035 | +€16,035 | |
| Cash at bank and in hand | 54/58 | €56,311 | €59,707 | +€3,397 | +6.0% |
| Deferred charges and accrued income | 490/1 | €4,299 | €9,680 | +€5,381 | +125% |
| Total equity and liabilities | 10/49 | €408,794 | €392,276 | -€16,518 | -4.0% |
| Equity | 10/15 | €157,398 | €145,610 | -€11,788 | -7.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €152,398 | €140,610 | -€11,788 | -7.7% |
| Distributable reserves | 133 | €152,398 | €140,610 | -€11,788 | -7.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €251,396 | €246,666 | -€4,730 | -1.9% |
| Amounts payable after more than one year | 17 | €92,680 | €68,271 | -€24,409 | -26.3% |
| Financial debts | 170/4 | €92,680 | €68,271 | -€24,409 | -26.3% |
| Amounts payable within one year | 42/48 | €158,716 | €178,395 | +€19,679 | +12.4% |
| Current portion of amounts payable after more than one year | 42 | €23,527 | €24,409 | +€882 | +3.7% |
| Trade debts | 44 | €32,518 | €58,456 | +€25,937 | +79.8% |
| Suppliers | 440/4 | €32,518 | €58,456 | +€25,937 | +79.8% |
| Taxes, remuneration and social security | 45 | €27,251 | €43,012 | +€15,762 | +57.8% |
| Taxes | 450/3 | €16,988 | €25,592 | +€8,604 | +50.6% |
| Remuneration and social security | 454/9 | €10,263 | €17,421 | +€7,158 | +69.7% |
| Other amounts payable | 47/48 | €75,420 | €52,518 | -€22,902 | -30.4% |
| Remuneration, social security and pensions | 62 | €132,043 | €214,945 | +€82,902 | +62.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,616 | €38,316 | +€6,700 | +21.2% |
| Other operating charges | 640/8 | €2,601 | €1,635 | -€966 | -37.1% |
| Gross operating margin | 9900 | €242,130 | €311,932 | +€69,802 | +28.8% |
| Operating profit (loss) | 9901 | €75,870 | €57,036 | -€18,834 | -24.8% |
| Financial income | 75/76B | €46 | €565 | +€519 | +1,127% |
| Recurring financial income | 75 | €46 | €565 | +€519 | +1,127% |
| Financial charges | 65/66B | €3,052 | €4,303 | +€1,251 | +41.0% |
| Recurring financial charges | 65 | €3,052 | €4,303 | +€1,251 | +41.0% |
| Profit (loss) for the period before taxes | 9903 | €72,865 | €53,298 | -€19,567 | -26.9% |
| Income taxes | 67/77 | €17,851 | €15,085 | -€2,766 | -15.5% |
| Profit (loss) for the period | 9904 | €55,013 | €38,212 | -€16,801 | -30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €55,013 | €38,212 | -€16,801 | -30.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.