VANDIX: 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.
VANDIX
Largest movements
- Stocks and contracts +€109,653
up €109,653 (+5.5%), from €2.0m to €2.1m
- Tangible fixed assets -€48,563
down €48,563 (-43.1%), from €112,807 to €64,243
of which Furniture and vehicles: -€33,634
- Cash +€40,106
new in 2025: €40,106
mainly Trade debts (+€120,641) and Short-term financial debts (+€98,930)
- Trade debts +€120,641
up €120,641 (+8.1%), from €1.5m to €1.6m
- Short-term financial debts +€98,930
up €98,930 (+157%), from €63,038 to €161,968
- Accrued charges and deferred income -€86,876
down €86,876 (-100%), from €86,876 to €0
- Other debts -€27,674
down €27,674 (-21.8%), from €126,936 to €99,262
- Current portion of long-term debt -€25,035
down €25,035 (-74.1%), from €33,764 to €8,729
- Gross operating margin -€72,734
down €72,734 (-19.4%), from €374,401 to €301,667
- Taxes +€28,353
up €28,353 (+563%), from €5,036 to €33,389
- Staff costs +€18,006
up €18,006 (+9.9%), from €181,742 to €199,748
- Financial charges -€12,513
down €12,513 (-39.3%), from €31,858 to €19,345
- Depreciation -€12,287
down €12,287 (-27.7%), from €44,321 to €32,035
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 | €2,295,837 | €2,390,501 | +€94,664 | +4.1% |
| Fixed assets | 21/28 | €116,557 | €67,993 | -€48,563 | -41.7% |
| Tangible fixed assets | 22/27 | €112,807 | €64,243 | -€48,563 | -43.1% |
| Land and buildings | 22 | €59,171 | €45,471 | -€13,700 | -23.2% |
| Plant, machinery and equipment | 23 | €4,309 | €3,079 | -€1,230 | -28.5% |
| Furniture and vehicles | 24 | €49,326 | €15,693 | -€33,634 | -68.2% |
| Financial fixed assets | 28 | €3,750 | €3,750 | = | 0.0% |
| Current assets | 29/58 | €2,179,281 | €2,322,508 | +€143,228 | +6.6% |
| Stocks and contracts in progress | 3 | €1,997,021 | €2,106,674 | +€109,653 | +5.5% |
| Stocks | 30/36 | €1,997,021 | €2,106,674 | +€109,653 | +5.5% |
| Amounts receivable within one year | 40/41 | €177,094 | €175,194 | -€1,900 | -1.1% |
| Trade receivables | 40 | €173,160 | €152,651 | -€20,509 | -11.8% |
| Other amounts receivable | 41 | €3,934 | €22,543 | +€18,609 | +473% |
| Cash at bank and in hand | 54/58 | - | €40,106 | +€40,106 | |
| Deferred charges and accrued income | 490/1 | €5,166 | €534 | -€4,631 | -89.7% |
| Total equity and liabilities | 10/49 | €2,295,837 | €2,390,501 | +€94,664 | +4.1% |
| Equity | 10/15 | €445,165 | €459,199 | +€14,034 | +3.2% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €398,835 | €412,869 | +€14,034 | +3.5% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,500 | €0 | -€12,500 | -100% |
| Other | 1319 | - | €12,500 | +€12,500 | |
| Tax-exempt reserves | 132 | €4,582 | €4,582 | = | 0.0% |
| Distributable reserves | 133 | €381,753 | €395,787 | +€14,034 | +3.7% |
| Profit (loss) carried forward | 14 | -€78,670 | -€78,670 | = | 0.0% |
| Amounts payable | 17/49 | €1,850,672 | €1,931,302 | +€80,630 | +4.4% |
| Amounts payable after more than one year | 17 | €8,729 | €0 | -€8,729 | -100% |
| Financial debts | 170/4 | €8,729 | €0 | -€8,729 | -100% |
| Amounts payable within one year | 42/48 | €1,755,068 | €1,931,302 | +€176,234 | +10.0% |
| Current portion of amounts payable after more than one year | 42 | €33,764 | €8,729 | -€25,035 | -74.1% |
| Financial debts | 43 | €63,038 | €161,968 | +€98,930 | +157% |
| Credit institutions | 430/8 | €63,038 | €161,968 | +€98,930 | +157% |
| Trade debts | 44 | €1,497,181 | €1,617,822 | +€120,641 | +8.1% |
| Suppliers | 440/4 | €1,497,181 | €1,617,822 | +€120,641 | +8.1% |
| Taxes, remuneration and social security | 45 | €34,149 | €43,521 | +€9,372 | +27.4% |
| Taxes | 450/3 | €18,874 | €22,456 | +€3,582 | +19.0% |
| Remuneration and social security | 454/9 | €15,276 | €21,065 | +€5,789 | +37.9% |
| Other amounts payable | 47/48 | €126,936 | €99,262 | -€27,674 | -21.8% |
| Accrued charges and deferred income | 492/3 | €86,876 | €0 | -€86,876 | -100% |
| Remuneration, social security and pensions | 62 | €181,742 | €199,748 | +€18,006 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,321 | €32,035 | -€12,287 | -27.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,591 | €16 | -€9,575 | -99.8% |
| Other operating charges | 640/8 | €8,037 | €3,483 | -€4,554 | -56.7% |
| Non-recurring operating charges | 66A | - | €1,229 | +€1,229 | |
| Gross operating margin | 9900 | €374,401 | €301,667 | -€72,734 | -19.4% |
| Operating profit (loss) | 9901 | €130,710 | €65,157 | -€65,553 | -50.2% |
| Financial income | 75/76B | €2,384 | €1,611 | -€774 | -32.4% |
| Recurring financial income | 75 | €2,384 | €1,611 | -€774 | -32.4% |
| Financial charges | 65/66B | €31,858 | €19,345 | -€12,513 | -39.3% |
| Recurring financial charges | 65 | €31,858 | €19,345 | -€12,513 | -39.3% |
| Profit (loss) for the period before taxes | 9903 | €101,236 | €47,423 | -€53,813 | -53.2% |
| Income taxes | 67/77 | €5,036 | €33,389 | +€28,353 | +563% |
| Profit (loss) for the period | 9904 | €96,201 | €14,034 | -€82,166 | -85.4% |
| Profit (loss) for the period to be appropriated | 9905 | €96,201 | €14,034 | -€82,166 | -85.4% |
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 18 October 2026 via checked.be.