VANDOREN+: 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.
VANDOREN+
Largest movements
- Cash -€105,341
down €105,341 (-87.4%), from €120,496 to €15,155
mainly Investment in fixed assets (net) (-€98,083) and Debts after one year (-€85,000)
- Tangible fixed assets +€72,021
up €72,021 (+7.3%), from €983,478 to €1.1m
of which Land and buildings: +€71,069
- Debts after one year -€85,000
down €85,000 (-35.4%), from €240,000 to €155,000
- Other debts +€30,430
up €30,430 (+95.8%), from €31,757 to €62,188
- Profit (loss) carried forward +€17,181
up €17,181 (+127%), from €13,547 to €30,728
- Depreciation -€9,262
down €9,262 (-26.2%), from €35,324 to €26,062
- Taxes +€3,124
up €3,124 (+100.0%), from €3,124 to €6,248
- Financial charges -€2,991
down €2,991 (-19.1%), from €15,643 to €12,653
- Staff costs -€2,150
down €2,150 (-15.1%), from €14,283 to €12,133
- Financial income -€1,558
down €1,558 (-87.1%), from €1,790 to €231
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 | €1,107,692 | €1,074,373 | -€33,320 | -3.0% |
| Fixed assets | 21/28 | €987,196 | €1,059,217 | +€72,021 | +7.3% |
| Tangible fixed assets | 22/27 | €983,478 | €1,055,499 | +€72,021 | +7.3% |
| Land and buildings | 22 | €978,087 | €1,049,156 | +€71,069 | +7.3% |
| Plant, machinery and equipment | 23 | €953 | €2,038 | +€1,085 | +114% |
| Furniture and vehicles | 24 | €4,438 | €4,305 | -€134 | -3.0% |
| Financial fixed assets | 28 | €3,718 | €3,718 | = | 0.0% |
| Current assets | 29/58 | €120,496 | €15,155 | -€105,341 | -87.4% |
| Cash at bank and in hand | 54/58 | €120,496 | €15,155 | -€105,341 | -87.4% |
| Total equity and liabilities | 10/49 | €1,107,692 | €1,074,373 | -€33,320 | -3.0% |
| Equity | 10/15 | €825,127 | €842,307 | +€17,181 | +2.1% |
| Contributions | 10/11 | €419,780 | €419,780 | = | 0.0% |
| Capital | 10 | €419,780 | €419,780 | = | 0.0% |
| Issued capital | 100 | €419,780 | €419,780 | = | 0.0% |
| Reserves | 13 | €391,800 | €391,800 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,010 | €15,010 | = | 0.0% |
| Legal reserve | 130 | €15,010 | €15,010 | = | 0.0% |
| Tax-exempt reserves | 132 | €43,790 | €43,790 | = | 0.0% |
| Distributable reserves | 133 | €333,000 | €333,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,547 | €30,728 | +€17,181 | +127% |
| Amounts payable | 17/49 | €282,566 | €232,065 | -€50,500 | -17.9% |
| Amounts payable after more than one year | 17 | €240,000 | €155,000 | -€85,000 | -35.4% |
| Financial debts | 170/4 | €240,000 | €155,000 | -€85,000 | -35.4% |
| Amounts payable within one year | 42/48 | €42,566 | €77,065 | +€34,500 | +81.1% |
| Trade debts | 44 | €1,958 | €764 | -€1,195 | -61.0% |
| Suppliers | 440/4 | €1,958 | €764 | -€1,195 | -61.0% |
| Taxes, remuneration and social security | 45 | €8,850 | €14,114 | +€5,264 | +59.5% |
| Taxes | 450/3 | €7,054 | €12,333 | +€5,278 | +74.8% |
| Remuneration and social security | 454/9 | €1,796 | €1,782 | -€15 | -0.8% |
| Other amounts payable | 47/48 | €31,757 | €62,188 | +€30,430 | +95.8% |
| Turnover | 70 | €108,096 | €107,786 | -€310 | -0.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €26,912 | €26,726 | -€186 | -0.7% |
| Remuneration, social security and pensions | 62 | €14,283 | €12,133 | -€2,150 | -15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,324 | €26,062 | -€9,262 | -26.2% |
| Other operating charges | 640/8 | €6,309 | €7,016 | +€707 | +11.2% |
| Gross operating margin | 9900 | €81,184 | €81,060 | -€124 | -0.2% |
| Operating profit (loss) | 9901 | €25,268 | €35,850 | +€10,581 | +41.9% |
| Financial income | 75/76B | €1,790 | €231 | -€1,558 | -87.1% |
| Recurring financial income | 75 | €1,790 | €231 | -€1,558 | -87.1% |
| Financial charges | 65/66B | €15,643 | €12,653 | -€2,991 | -19.1% |
| Recurring financial charges | 65 | €15,643 | €12,653 | -€2,991 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €11,414 | €23,428 | +€12,014 | +105% |
| Income taxes | 67/77 | €3,124 | €6,248 | +€3,124 | +100.0% |
| Profit (loss) for the period | 9904 | €8,290 | €17,181 | +€8,890 | +107% |
| Profit (loss) for the period to be appropriated | 9905 | €8,290 | €17,181 | +€8,890 | +107% |
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 14 October 2026 via checked.be.