VANDIM 3: 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.
VANDIM 3
Largest movements
- Tangible fixed assets -€357,728
down €357,728 (-24.2%), from €1.5m to €1.1m
- Cash +€99,118
up €99,118 (+61.9%), from €160,102 to €259,220
mainly Depreciation (+€357,728) and Other debts (+€222,684)
- Receivables within one year +€75,268
up €75,268 (+31.2%), from €241,578 to €316,846
- Current portion of long-term debt -€266,648
down €266,648 (-69.0%), from €386,648 to €120,000
- Other debts +€222,684
up €222,684 (+18.3%), from €1.2m to €1.4m
- Debts after one year -€120,000
down €120,000 (-16.7%), from €720,000 to €600,000
- Trade debts -€101,249
down €101,249 (-78.9%), from €128,266 to €27,016
- Other operating charges -€21,713
down €21,713 (-22.3%), from €97,486 to €75,773
- Financial charges -€16,443
down €16,443 (-14.0%), from €117,848 to €101,405
- Taxes +€14,923
up €14,923 (+402%), from €3,710 to €18,633
- Gross operating margin -€11,408
down €11,408 (-1.7%), from €655,348 to €643,940
- Depreciation -€10,551
down €10,551 (-2.9%), from €368,279 to €357,728
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 | €5,880,828 | €5,697,486 | -€183,343 | -3.1% |
| Fixed assets | 21/28 | €5,479,149 | €5,121,420 | -€357,728 | -6.5% |
| Tangible fixed assets | 22/27 | €1,479,006 | €1,121,277 | -€357,728 | -24.2% |
| Land and buildings | 22 | €1,479,006 | €1,121,277 | -€357,728 | -24.2% |
| Financial fixed assets | 28 | €4,000,143 | €4,000,143 | = | 0.0% |
| Current assets | 29/58 | €401,680 | €576,065 | +€174,386 | +43.4% |
| Amounts receivable within one year | 40/41 | €241,578 | €316,846 | +€75,268 | +31.2% |
| Other amounts receivable | 41 | €241,578 | €316,846 | +€75,268 | +31.2% |
| Cash at bank and in hand | 54/58 | €160,102 | €259,220 | +€99,118 | +61.9% |
| Total equity and liabilities | 10/49 | €5,880,828 | €5,697,486 | -€183,343 | -3.1% |
| Equity | 10/15 | €3,426,028 | €3,481,927 | +€55,899 | +1.6% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,151,028 | €3,206,927 | +€55,899 | +1.8% |
| Amounts payable | 17/49 | €2,454,800 | €2,215,558 | -€239,242 | -9.7% |
| Amounts payable after more than one year | 17 | €720,000 | €600,000 | -€120,000 | -16.7% |
| Financial debts | 170/4 | €720,000 | €600,000 | -€120,000 | -16.7% |
| Amounts payable within one year | 42/48 | €1,734,800 | €1,615,558 | -€119,242 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €386,648 | €120,000 | -€266,648 | -69.0% |
| Trade debts | 44 | €128,266 | €27,016 | -€101,249 | -78.9% |
| Suppliers | 440/4 | €128,266 | €27,016 | -€101,249 | -78.9% |
| Taxes, remuneration and social security | 45 | €3,710 | €29,681 | +€25,972 | +700% |
| Taxes | 450/3 | €3,710 | €29,681 | +€25,972 | +700% |
| Other amounts payable | 47/48 | €1,216,177 | €1,438,861 | +€222,684 | +18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €368,279 | €357,728 | -€10,551 | -2.9% |
| Other operating charges | 640/8 | €97,486 | €75,773 | -€21,713 | -22.3% |
| Non-recurring operating charges | 66A | €459 | - | -€459 | |
| Gross operating margin | 9900 | €655,348 | €643,940 | -€11,408 | -1.7% |
| Operating profit (loss) | 9901 | €189,124 | €210,439 | +€21,316 | +11.3% |
| Financial income | 75/76B | €3,562 | €5,498 | +€1,935 | +54.3% |
| Recurring financial income | 75 | €3,562 | €5,498 | +€1,935 | +54.3% |
| Financial charges | 65/66B | €117,848 | €101,405 | -€16,443 | -14.0% |
| Recurring financial charges | 65 | €117,848 | €101,405 | -€16,443 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | €74,838 | €114,532 | +€39,694 | +53.0% |
| Income taxes | 67/77 | €3,710 | €18,633 | +€14,923 | +402% |
| Profit (loss) for the period | 9904 | €71,129 | €95,899 | +€24,770 | +34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €71,129 | €95,899 | +€24,770 | +34.8% |
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 20 October 2026 via checked.be.