VANDOCK: 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.
VANDOCK
Largest movements
- Receivables within one year +€169,375
up €169,375 (+39.0%), from €433,987 to €603,362
of which Other amounts receivable: +€85,070
- Cash -€58,148
down €58,148 (-58.2%), from €99,924 to €41,776
mainly Receivables within one year (-€169,375) and Contributions, distributions and other (-€64,101)
- Stocks and contracts -€31,894
down €31,894 (-28.7%), from €110,998 to €79,104
- Tax, wage and social debts +€36,831
up €36,831 (+89.2%), from €41,294 to €78,125
of which Remuneration and social security: +€27,996
- Reserves +€25,171
up €25,171 (+4.0%), from €623,285 to €648,456
of which Distributable reserves: +€25,171
- Trade debts +€11,228
up €11,228 (+18.0%), from €62,467 to €73,695
- Gross operating margin +€116,905
up €116,905 (+21.6%), from €542,304 to €659,208
- Staff costs +€31,921
up €31,921 (+7.1%), from €449,162 to €481,083
- Taxes +€21,043
up €21,043 (+132%), from €15,994 to €37,037
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 | €786,204 | €868,015 | +€81,811 | +10.4% |
| Fixed assets | 21/28 | €115,765 | €116,442 | +€676 | +0.6% |
| Tangible fixed assets | 22/27 | €115,765 | €116,442 | +€676 | +0.6% |
| Land and buildings | 22 | €18,005 | €21,423 | +€3,418 | +19.0% |
| Plant, machinery and equipment | 23 | €207 | €0 | -€207 | -100% |
| Furniture and vehicles | 24 | €97,554 | €95,019 | -€2,535 | -2.6% |
| Current assets | 29/58 | €670,439 | €751,573 | +€81,134 | +12.1% |
| Stocks and contracts in progress | 3 | €110,998 | €79,104 | -€31,894 | -28.7% |
| Stocks | 30/36 | €110,998 | €79,104 | -€31,894 | -28.7% |
| Amounts receivable within one year | 40/41 | €433,987 | €603,362 | +€169,375 | +39.0% |
| Trade receivables | 40 | €236,487 | €320,791 | +€84,305 | +35.6% |
| Other amounts receivable | 41 | €197,500 | €282,570 | +€85,070 | +43.1% |
| Cash at bank and in hand | 54/58 | €99,924 | €41,776 | -€58,148 | -58.2% |
| Deferred charges and accrued income | 490/1 | €25,530 | €27,331 | +€1,801 | +7.1% |
| Total equity and liabilities | 10/49 | €786,204 | €868,015 | +€81,811 | +10.4% |
| Equity | 10/15 | €643,285 | €668,456 | +€25,171 | +3.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €623,285 | €648,456 | +€25,171 | +4.0% |
| Tax-exempt reserves | 132 | €1,268 | €1,268 | = | 0.0% |
| Distributable reserves | 133 | €622,016 | €647,187 | +€25,171 | +4.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €142,919 | €199,559 | +€56,640 | +39.6% |
| Amounts payable within one year | 42/48 | €128,608 | €184,350 | +€55,742 | +43.3% |
| Trade debts | 44 | €62,467 | €73,695 | +€11,228 | +18.0% |
| Suppliers | 440/4 | €62,467 | €73,695 | +€11,228 | +18.0% |
| Taxes, remuneration and social security | 45 | €41,294 | €78,125 | +€36,831 | +89.2% |
| Taxes | 450/3 | €8,272 | €17,107 | +€8,835 | +107% |
| Remuneration and social security | 454/9 | €33,022 | €61,018 | +€27,996 | +84.8% |
| Other amounts payable | 47/48 | €24,847 | €32,530 | +€7,683 | +30.9% |
| Accrued charges and deferred income | 492/3 | €14,312 | €15,209 | +€897 | +6.3% |
| Remuneration, social security and pensions | 62 | €449,162 | €481,083 | +€31,921 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,074 | €55,130 | +€3,055 | +5.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,629 | €2,885 | +€256 | +9.7% |
| Non-recurring operating charges | 66A | €557 | €474 | -€82 | -14.8% |
| Gross operating margin | 9900 | €542,304 | €659,208 | +€116,905 | +21.6% |
| Operating profit (loss) | 9901 | €37,882 | €119,637 | +€81,755 | +216% |
| Financial income | 75/76B | €12,587 | €10,529 | -€2,058 | -16.4% |
| Recurring financial income | 75 | €12,587 | €10,529 | -€2,058 | -16.4% |
| Financial charges | 65/66B | €408 | €3,856 | +€3,448 | +846% |
| Recurring financial charges | 65 | €408 | €3,856 | +€3,448 | +846% |
| Profit (loss) for the period before taxes | 9903 | €50,062 | €126,310 | +€76,248 | +152% |
| Income taxes | 67/77 | €15,994 | €37,037 | +€21,043 | +132% |
| Profit (loss) for the period | 9904 | €34,067 | €89,273 | +€55,205 | +162% |
| Profit (loss) for the period to be appropriated | 9905 | €34,067 | €89,273 | +€55,205 | +162% |
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 15 October 2026 via checked.be.