VANDORS: 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.
VANDORS
Largest movements
- Cash -€124,609
down €124,609 (-42.8%), from €291,382 to €166,773
mainly Investment in fixed assets (net) (-€105,821) and Receivables within one year (-€49,197)
- Tangible fixed assets +€88,279
up €88,279 (+1,725%), from €5,117 to €93,396
of which Furniture and vehicles: +€88,440
- Receivables within one year +€49,197
up €49,197 (+125%), from €39,208 to €88,406
of which Other amounts receivable: +€49,560
- Reserves +€44,948
up €44,948 (+14.9%), from €301,260 to €346,208
- Tax, wage and social debts -€32,587
down €32,587 (-87.9%), from €37,088 to €4,500
- Depreciation +€16,256
up €16,256 (+1,264%), from €1,286 to €17,542
- Gross operating margin -€8,883
down €8,883 (-9.4%), from €94,185 to €85,303
- Taxes -€6,709
down €6,709 (-23.8%), from €28,186 to €21,477
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 | €339,991 | €351,205 | +€11,214 | +3.3% |
| Fixed assets | 21/28 | €5,117 | €93,396 | +€88,279 | +1,725% |
| Tangible fixed assets | 22/27 | €5,117 | €93,396 | +€88,279 | +1,725% |
| Plant, machinery and equipment | 23 | €1,494 | €1,332 | -€161 | -10.8% |
| Furniture and vehicles | 24 | €3,623 | €92,064 | +€88,440 | +2,441% |
| Current assets | 29/58 | €334,874 | €257,809 | -€77,065 | -23.0% |
| Amounts receivable within one year | 40/41 | €39,208 | €88,406 | +€49,197 | +125% |
| Trade receivables | 40 | €21,402 | €21,039 | -€363 | -1.7% |
| Other amounts receivable | 41 | €17,807 | €67,367 | +€49,560 | +278% |
| Cash at bank and in hand | 54/58 | €291,382 | €166,773 | -€124,609 | -42.8% |
| Deferred charges and accrued income | 490/1 | €4,284 | €2,630 | -€1,653 | -38.6% |
| Total equity and liabilities | 10/49 | €339,991 | €351,205 | +€11,214 | +3.3% |
| Equity | 10/15 | €301,260 | €346,208 | +€44,948 | +14.9% |
| Reserves | 13 | €301,260 | €346,208 | +€44,948 | +14.9% |
| Distributable reserves | 133 | €301,260 | €346,208 | +€44,948 | +14.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €38,731 | €4,997 | -€33,734 | -87.1% |
| Amounts payable within one year | 42/48 | €38,356 | €4,997 | -€33,359 | -87.0% |
| Trade debts | 44 | €1,268 | €496 | -€772 | -60.9% |
| Suppliers | 440/4 | €1,268 | €496 | -€772 | -60.9% |
| Taxes, remuneration and social security | 45 | €37,088 | €4,500 | -€32,587 | -87.9% |
| Taxes | 450/3 | €37,088 | €4,500 | -€32,587 | -87.9% |
| Accrued charges and deferred income | 492/3 | €375 | €0 | -€375 | -100% |
| Non-recurring operating income | 76A | - | €7,000 | +€7,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,286 | €17,542 | +€16,256 | +1,264% |
| Other operating charges | 640/8 | €2,415 | €1,702 | -€712 | -29.5% |
| Gross operating margin | 9900 | €94,185 | €85,303 | -€8,883 | -9.4% |
| Operating profit (loss) | 9901 | €90,484 | €66,059 | -€24,426 | -27.0% |
| Financial income | 75/76B | €2,702 | €1,913 | -€789 | -29.2% |
| Recurring financial income | 75 | €2,702 | €1,913 | -€789 | -29.2% |
| Financial charges | 65/66B | €1,608 | €1,546 | -€62 | -3.8% |
| Recurring financial charges | 65 | €1,608 | €1,546 | -€62 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €91,579 | €66,425 | -€25,154 | -27.5% |
| Income taxes | 67/77 | €28,186 | €21,477 | -€6,709 | -23.8% |
| Profit (loss) for the period | 9904 | €63,392 | €44,948 | -€18,445 | -29.1% |
| Profit (loss) for the period to be appropriated | 9905 | €63,392 | €44,948 | -€18,445 | -29.1% |
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.