VANDORMAEL: 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.
VANDORMAEL
Largest movements
- Current investments -€198,586
down €198,586 (-27.2%), from €729,223 to €530,637
- Tangible fixed assets +€196,741
up €196,741 (+21.3%), from €921,980 to €1.1m
of which Land and buildings: +€197,221
- Cash +€93,352
up €93,352 (+178%), from €52,316 to €145,667
mainly Current investments (+€198,586) and Net result for the year (+€102,792)
- Receivables within one year +€23,897
up €23,897 (+89.3%), from €26,771 to €50,668
of which Other amounts receivable: +€24,267
- Reserves +€97,792
up €97,792 (+6.1%), from €1.6m to €1.7m
of which Distributable reserves: +€97,792
- Gross operating margin -€374,099
down €374,099 (-60.1%), from €621,980 to €247,881
- Taxes -€125,114
down €125,114 (-76.3%), from €163,896 to €38,782
- Financial income +€29,360
up €29,360 (+253%), from €11,603 to €40,963
- Other operating charges +€27,689
up €27,689 (+495%), from €5,594 to €33,283
- Depreciation +€8,321
up €8,321 (+16.4%), from €50,604 to €58,925
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 | €1,733,536 | €1,850,465 | +€116,929 | +6.7% |
| Fixed assets | 21/28 | €921,980 | €1,118,721 | +€196,741 | +21.3% |
| Tangible fixed assets | 22/27 | €921,980 | €1,118,721 | +€196,741 | +21.3% |
| Land and buildings | 22 | €904,592 | €1,101,813 | +€197,221 | +21.8% |
| Plant, machinery and equipment | 23 | €268 | €101 | -€167 | -62.2% |
| Furniture and vehicles | 24 | €11,619 | €11,306 | -€313 | -2.7% |
| Other tangible fixed assets | 26 | €5,500 | €5,500 | = | 0.0% |
| Current assets | 29/58 | €811,556 | €731,744 | -€79,812 | -9.8% |
| Amounts receivable within one year | 40/41 | €26,771 | €50,668 | +€23,897 | +89.3% |
| Trade receivables | 40 | €15,952 | €15,583 | -€369 | -2.3% |
| Other amounts receivable | 41 | €10,818 | €35,085 | +€24,267 | +224% |
| Current investments | 50/53 | €729,223 | €530,637 | -€198,586 | -27.2% |
| Cash at bank and in hand | 54/58 | €52,316 | €145,667 | +€93,352 | +178% |
| Deferred charges and accrued income | 490/1 | €3,247 | €4,772 | +€1,525 | +47.0% |
| Total equity and liabilities | 10/49 | €1,733,536 | €1,850,465 | +€116,929 | +6.7% |
| Equity | 10/15 | €1,617,628 | €1,721,820 | +€104,192 | +6.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,599,028 | €1,696,820 | +€97,792 | +6.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €255,750 | €255,750 | = | 0.0% |
| Distributable reserves | 133 | €1,341,418 | €1,439,210 | +€97,792 | +7.3% |
| Investment grants | 15 | - | €6,400 | +€6,400 | |
| Amounts payable | 17/49 | €115,907 | €128,645 | +€12,737 | +11.0% |
| Amounts payable within one year | 42/48 | €115,907 | €128,645 | +€12,737 | +11.0% |
| Trade debts | 44 | €81 | €13,471 | +€13,391 | +16,577% |
| Suppliers | 440/4 | €81 | €13,471 | +€13,391 | +16,577% |
| Taxes, remuneration and social security | 45 | €7,496 | €7,498 | +€2 | 0.0% |
| Taxes | 450/3 | €2,235 | €2,237 | +€2 | +0.1% |
| Remuneration and social security | 454/9 | €5,261 | €5,261 | = | 0.0% |
| Other amounts payable | 47/48 | €108,331 | €107,675 | -€655 | -0.6% |
| Remuneration, social security and pensions | 62 | €43,167 | €46,935 | +€3,768 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,604 | €58,925 | +€8,321 | +16.4% |
| Other operating charges | 640/8 | €5,594 | €33,283 | +€27,689 | +495% |
| Gross operating margin | 9900 | €621,980 | €247,881 | -€374,099 | -60.1% |
| Operating profit (loss) | 9901 | €522,615 | €108,739 | -€413,876 | -79.2% |
| Financial income | 75/76B | €11,603 | €40,963 | +€29,360 | +253% |
| Recurring financial income | 75 | €11,603 | €40,963 | +€29,360 | +253% |
| Financial charges | 65/66B | €8,656 | €8,127 | -€529 | -6.1% |
| Recurring financial charges | 65 | €8,656 | €8,127 | -€529 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €525,561 | €141,574 | -€383,987 | -73.1% |
| Income taxes | 67/77 | €163,896 | €38,782 | -€125,114 | -76.3% |
| Profit (loss) for the period | 9904 | €361,665 | €102,792 | -€258,873 | -71.6% |
| Profit (loss) for the period to be appropriated | 9905 | €361,665 | €102,792 | -€258,873 | -71.6% |
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 26 October 2026 via checked.be.