VANDHA: 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.
VANDHA
Largest movements
- Current investments +€39,226
up €39,226 (+57.3%), from €68,484 to €107,710
- Cash -€35,718
down €35,718 (-65.1%), from €54,905 to €19,187
mainly Current investments (-€39,226) and Net result for the year (-€11,609)
- Tangible fixed assets -€19,946
down €19,946 (-7.1%), from €280,129 to €260,183
of which Land and buildings: -€19,526
- Reserves -€11,609
down €11,609 (-8.5%), from €135,890 to €124,280
of which Tax-exempt reserves: -€7,436
- Gross operating margin -€15,813
down €15,813 (-67.0%), from €23,609 to €7,795
- Depreciation -€7,423
down €7,423 (-27.1%), from €27,368 to €19,946
- Financial charges -€5,578
down €5,578, from €5,573 to -€5
- Financial income +€3,799
up €3,799 (+498.9%), from €761 to €4,560
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.
Cash bridge derived
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 | €405,456 | €391,646 | -€13,810 | -3.4% |
| Fixed assets | 21/28 | €280,129 | €260,183 | -€19,946 | -7.1% |
| Tangible fixed assets | 22/27 | €280,129 | €260,183 | -€19,946 | -7.1% |
| Land and buildings | 22 | €279,130 | €259,603 | -€19,526 | -7.0% |
| Plant, machinery and equipment | 23 | €999 | €579 | -€420 | -42.0% |
| Current assets | 29/58 | €125,327 | €131,463 | +€6,136 | +4.9% |
| Amounts receivable within one year | 40/41 | €1,186 | €3,789 | +€2,602 | +219.4% |
| Trade receivables | 40 | €908 | €3,500 | +€2,593 | +285.7% |
| Other amounts receivable | 41 | €279 | €288 | +€10 | +3.5% |
| Current investments | 50/53 | €68,484 | €107,710 | +€39,226 | +57.3% |
| Cash at bank and in hand | 54/58 | €54,905 | €19,187 | -€35,718 | -65.1% |
| Deferred charges and accrued income | 490/1 | €752 | €778 | +€26 | +3.4% |
| Total equity and liabilities | 10/49 | €405,456 | €391,646 | -€13,810 | -3.4% |
| Equity | 10/15 | €332,966 | €321,357 | -€11,609 | -3.5% |
| Contributions | 10/11 | €197,077 | €197,077 | = | 0.0% |
| Capital | 10 | €197,077 | €197,077 | = | 0.0% |
| Issued capital | 100 | €197,077 | €197,077 | = | 0.0% |
| Reserves | 13 | €135,890 | €124,280 | -€11,609 | -8.5% |
| Non-distributable reserves | 130/1 | €12,766 | €12,766 | = | 0.0% |
| Legal reserve | 130 | €12,766 | €12,766 | = | 0.0% |
| Tax-exempt reserves | 132 | €90,066 | €82,630 | -€7,436 | -8.3% |
| Distributable reserves | 133 | €33,058 | €28,884 | -€4,174 | -12.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €30,022 | €27,543 | -€2,479 | -8.3% |
| Deferred taxes | 168 | €30,022 | €27,543 | -€2,479 | -8.3% |
| Amounts payable | 17/49 | €42,468 | €42,746 | +€278 | +0.7% |
| Amounts payable within one year | 42/48 | €42,468 | €42,746 | +€278 | +0.7% |
| Trade debts | 44 | €0 | €1,020 | +€1,020 | |
| Suppliers | 440/4 | €0 | €1,020 | +€1,020 | |
| Taxes, remuneration and social security | 45 | €1,442 | €676 | -€767 | -53.2% |
| Taxes | 450/3 | €1,442 | €676 | -€767 | -53.2% |
| Other amounts payable | 47/48 | €41,026 | €41,050 | +€24 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,368 | €19,946 | -€7,423 | -27.1% |
| Other operating charges | 640/8 | €6,283 | €6,503 | +€220 | +3.5% |
| Gross operating margin | 9900 | €23,609 | €7,795 | -€15,813 | -67.0% |
| Operating profit (loss) | 9901 | -€10,042 | -€18,653 | -€8,611 | -85.7% |
| Financial income | 75/76B | €761 | €4,560 | +€3,799 | +498.9% |
| Recurring financial income | 75 | €761 | €4,560 | +€3,799 | +498.9% |
| Financial charges | 65/66B | €5,573 | -€5 | -€5,578 | |
| Recurring financial charges | 65 | €5,573 | -€5 | -€5,578 | |
| Profit (loss) for the period before taxes | 9903 | -€14,854 | -€14,088 | +€766 | +5.2% |
| Transfer from deferred taxes | 780 | €2,479 | €2,479 | -€0 | 0.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€12,375 | -€11,609 | +€766 | +6.2% |
| Transfer from tax-exempt reserves | 789 | €7,436 | €7,436 | -€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,939 | -€4,174 | +€765 | +15.5% |
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 10 October 2026 via checked.be.