VANDIM 4: 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 4
Largest movements
- Cash +€37,133
up €37,133 (+147%), from €25,258 to €62,391
mainly Net result for the year (+€52,479) and Other debts (+€46,245)
- Tangible fixed assets -€16,064
down €16,064 (-5.9%), from €273,803 to €257,738
- Other debts +€46,245
up €46,245 (+20.1%), from €229,863 to €276,108
- Debts after one year -€33,372
no longer reported in 2025 (was €33,372)
- Current portion of long-term debt -€33,292
down €33,292 (-49.9%), from €66,664 to €33,372
- Profit (loss) carried forward +€32,479
up €32,479 (+4.6%), from €704,233 to €736,712
- Gross operating margin -€48,544
down €48,544 (-34.0%), from €142,682 to €94,138
- Depreciation -€6,681
down €6,681 (-29.4%), from €22,746 to €16,064
- Taxes -€2,247
down €2,247 (-16.7%), from €13,456 to €11,209
- Financial charges -€1,947
down €1,947 (-16.4%), from €11,859 to €9,912
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 | €1,543,119 | €1,570,082 | +€26,963 | +1.7% |
| Fixed assets | 21/28 | €1,273,840 | €1,257,775 | -€16,064 | -1.3% |
| Tangible fixed assets | 22/27 | €273,803 | €257,738 | -€16,064 | -5.9% |
| Land and buildings | 22 | €273,803 | €257,738 | -€16,064 | -5.9% |
| Financial fixed assets | 28 | €1,000,037 | €1,000,037 | = | 0.0% |
| Current assets | 29/58 | €269,279 | €312,307 | +€43,027 | +16.0% |
| Amounts receivable within one year | 40/41 | €244,021 | €249,916 | +€5,895 | +2.4% |
| Other amounts receivable | 41 | €244,021 | €249,916 | +€5,895 | +2.4% |
| Cash at bank and in hand | 54/58 | €25,258 | €62,391 | +€37,133 | +147% |
| Total equity and liabilities | 10/49 | €1,543,119 | €1,570,082 | +€26,963 | +1.7% |
| Equity | 10/15 | €1,210,233 | €1,242,712 | +€32,479 | +2.7% |
| Contributions | 10/11 | €460,000 | €460,000 | = | 0.0% |
| Capital | 10 | €460,000 | €460,000 | = | 0.0% |
| Issued capital | 100 | €460,000 | €460,000 | = | 0.0% |
| Reserves | 13 | €46,000 | €46,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €46,000 | €46,000 | = | 0.0% |
| Legal reserve | 130 | €46,000 | €46,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €704,233 | €736,712 | +€32,479 | +4.6% |
| Amounts payable | 17/49 | €332,886 | €327,370 | -€5,516 | -1.7% |
| Amounts payable after more than one year | 17 | €33,372 | - | -€33,372 | |
| Financial debts | 170/4 | €33,372 | - | -€33,372 | |
| Amounts payable within one year | 42/48 | €299,514 | €327,370 | +€27,856 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €66,664 | €33,372 | -€33,292 | -49.9% |
| Trade debts | 44 | €2,677 | €8,226 | +€5,549 | +207% |
| Suppliers | 440/4 | €2,677 | €8,226 | +€5,549 | +207% |
| Taxes, remuneration and social security | 45 | €310 | €9,665 | +€9,355 | +3,017% |
| Taxes | 450/3 | €310 | €9,665 | +€9,355 | +3,017% |
| Other amounts payable | 47/48 | €229,863 | €276,108 | +€46,245 | +20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,746 | €16,064 | -€6,681 | -29.4% |
| Other operating charges | 640/8 | €15,344 | €15,824 | +€480 | +3.1% |
| Gross operating margin | 9900 | €142,682 | €94,138 | -€48,544 | -34.0% |
| Operating profit (loss) | 9901 | €104,592 | €62,249 | -€42,343 | -40.5% |
| Financial income | 75/76B | €11,090 | €11,350 | +€260 | +2.3% |
| Recurring financial income | 75 | €11,090 | €11,350 | +€260 | +2.3% |
| Financial charges | 65/66B | €11,859 | €9,912 | -€1,947 | -16.4% |
| Recurring financial charges | 65 | €11,859 | €9,912 | -€1,947 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €103,823 | €63,688 | -€40,136 | -38.7% |
| Income taxes | 67/77 | €13,456 | €11,209 | -€2,247 | -16.7% |
| Profit (loss) for the period | 9904 | €90,368 | €52,479 | -€37,889 | -41.9% |
| Profit (loss) for the period to be appropriated | 9905 | €90,368 | €52,479 | -€37,889 | -41.9% |
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 19 October 2026 via checked.be.