VANDOGRO: 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.
VANDOGRO
Largest movements
- Cash -€22,925
down €22,925 (-32.4%), from €70,776 to €47,850
mainly Investment in fixed assets (net) (-€44,346) and Trade debts (-€17,126)
- Receivables within one year +€14,172
up €14,172 (+352%), from €4,021 to €18,193
of which Other amounts receivable: +€14,436
- Stocks and contracts +€14,010
up €14,010 (+90.1%), from €15,550 to €29,560
- Reserves +€30,117
up €30,117 (+25.2%), from €119,595 to €149,712
- Trade debts -€17,126
down €17,126 (-63.2%), from €27,107 to €9,982
- Debts after one year -€16,000
down €16,000 (-16.0%), from €100,000 to €84,000
- Investment grants +€9,537
new in 2025: €9,537
- Gross operating margin -€53,216
down €53,216 (-19.5%), from €272,431 to €219,215
- Taxes -€11,429
down €11,429 (-76.9%), from €14,857 to €3,428
- Depreciation +€5,618
up €5,618 (+15.2%), from €36,937 to €42,555
- Staff costs +€4,967
up €4,967 (+3.7%), from €132,509 to €137,476
- Financial income +€4,506
up €4,506 (+2,396%), from €188 to €4,694
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 | €744,431 | €750,222 | +€5,791 | +0.8% |
| Fixed assets | 21/28 | €652,828 | €654,619 | +€1,791 | +0.3% |
| Tangible fixed assets | 22/27 | €652,673 | €654,464 | +€1,791 | +0.3% |
| Land and buildings | 22 | €531,102 | €506,709 | -€24,393 | -4.6% |
| Plant, machinery and equipment | 23 | €121,571 | €147,754 | +€26,184 | +21.5% |
| Financial fixed assets | 28 | €155 | €155 | = | 0.0% |
| Current assets | 29/58 | €91,603 | €95,603 | +€4,000 | +4.4% |
| Stocks and contracts in progress | 3 | €15,550 | €29,560 | +€14,010 | +90.1% |
| Stocks | 30/36 | €15,550 | €29,560 | +€14,010 | +90.1% |
| Amounts receivable within one year | 40/41 | €4,021 | €18,193 | +€14,172 | +352% |
| Trade receivables | 40 | €1,681 | €1,417 | -€264 | -15.7% |
| Other amounts receivable | 41 | €2,340 | €16,776 | +€14,436 | +617% |
| Cash at bank and in hand | 54/58 | €70,776 | €47,850 | -€22,925 | -32.4% |
| Deferred charges and accrued income | 490/1 | €1,256 | €0 | -€1,256 | -100% |
| Total equity and liabilities | 10/49 | €744,431 | €750,222 | +€5,791 | +0.8% |
| Equity | 10/15 | €509,195 | €548,850 | +€39,654 | +7.8% |
| Contributions | 10/11 | €389,600 | €389,600 | = | 0.0% |
| Reserves | 13 | €119,595 | €149,712 | +€30,117 | +25.2% |
| Distributable reserves | 133 | €119,595 | €149,712 | +€30,117 | +25.2% |
| Investment grants | 15 | - | €9,537 | +€9,537 | |
| Provisions and deferred taxes | 16 | - | €625 | +€625 | |
| Deferred taxes | 168 | - | €625 | +€625 | |
| Amounts payable | 17/49 | €235,235 | €200,747 | -€34,488 | -14.7% |
| Amounts payable after more than one year | 17 | €100,000 | €84,000 | -€16,000 | -16.0% |
| Financial debts | 170/4 | €100,000 | €84,000 | -€16,000 | -16.0% |
| Amounts payable within one year | 42/48 | €135,236 | €116,747 | -€18,488 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €16,000 | €16,000 | = | 0.0% |
| Trade debts | 44 | €27,107 | €9,982 | -€17,126 | -63.2% |
| Suppliers | 440/4 | €27,107 | €9,982 | -€17,126 | -63.2% |
| Taxes, remuneration and social security | 45 | €16,210 | €16,587 | +€377 | +2.3% |
| Taxes | 450/3 | €5,469 | €8,539 | +€3,071 | +56.1% |
| Remuneration and social security | 454/9 | €10,741 | €8,048 | -€2,693 | -25.1% |
| Other amounts payable | 47/48 | €75,918 | €74,178 | -€1,740 | -2.3% |
| Remuneration, social security and pensions | 62 | €132,509 | €137,476 | +€4,967 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,937 | €42,555 | +€5,618 | +15.2% |
| Other operating charges | 640/8 | €5,636 | €6,519 | +€884 | +15.7% |
| Gross operating margin | 9900 | €272,431 | €219,215 | -€53,216 | -19.5% |
| Operating profit (loss) | 9901 | €97,350 | €32,664 | -€64,685 | -66.4% |
| Financial income | 75/76B | €188 | €4,694 | +€4,506 | +2,396% |
| Recurring financial income | 75 | €188 | €4,694 | +€4,506 | +2,396% |
| Financial charges | 65/66B | €3,959 | €3,937 | -€22 | -0.5% |
| Recurring financial charges | 65 | €3,959 | €3,937 | -€22 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €93,579 | €33,421 | -€60,158 | -64.3% |
| Transfer from deferred taxes | 780 | - | €124 | +€124 | |
| Income taxes | 67/77 | €14,857 | €3,428 | -€11,429 | -76.9% |
| Profit (loss) for the period | 9904 | €78,722 | €30,117 | -€48,605 | -61.7% |
| Profit (loss) for the period to be appropriated | 9905 | €78,722 | €30,117 | -€48,605 | -61.7% |
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.