VANDOSY: 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.
VANDOSY
Largest movements
- Receivables within one year +€143,503
up €143,503 (+174%), from €82,472 to €225,975
of which Trade receivables: +€105,487
- Tangible fixed assets -€52,810
down €52,810 (-4.0%), from €1.3m to €1.3m
of which Land and buildings: -€51,866
- Stocks and contracts -€38,870
down €38,870 (-15.6%), from €249,070 to €210,200
- Cash +€23,697
up €23,697 (+30.8%), from €76,823 to €100,519
mainly Net result for the year (+€217,608) and Depreciation (+€145,826)
- Reserves +€118,033
up €118,033 (+22.1%), from €534,452 to €652,485
of which Distributable reserves: +€103,795
- Debts after one year -€95,777
down €95,777 (-10.8%), from €886,896 to €791,118
- Investment grants +€66,927
up €66,927 (+122%), from €55,047 to €121,974
- Other debts -€30,016
down €30,016 (-100%), from €30,016 to €0
- Trade debts +€20,165
up €20,165 (+43.7%), from €46,144 to €66,309
- Financial income +€127,474
up €127,474 (+1,166%), from €10,930 to €138,404
- Gross operating margin +€46,669
up €46,669 (+15.7%), from €296,412 to €343,081
- Staff costs +€16,717
up €16,717 (+48.0%), from €34,839 to €51,556
- Taxes +€11,064
up €11,064 (+43.6%), from €25,349 to €36,413
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 | €1,728,630 | €1,805,569 | +€76,938 | +4.5% |
| Fixed assets | 21/28 | €1,313,713 | €1,260,280 | -€53,433 | -4.1% |
| Tangible fixed assets | 22/27 | €1,312,740 | €1,259,930 | -€52,810 | -4.0% |
| Land and buildings | 22 | €964,000 | €912,135 | -€51,866 | -5.4% |
| Plant, machinery and equipment | 23 | €280,514 | €303,355 | +€22,841 | +8.1% |
| Furniture and vehicles | 24 | €68,226 | €44,440 | -€23,786 | -34.9% |
| Financial fixed assets | 28 | €973 | €350 | -€623 | -64.0% |
| Current assets | 29/58 | €414,917 | €545,289 | +€130,372 | +31.4% |
| Stocks and contracts in progress | 3 | €249,070 | €210,200 | -€38,870 | -15.6% |
| Stocks | 30/36 | €249,070 | €210,200 | -€38,870 | -15.6% |
| Amounts receivable within one year | 40/41 | €82,472 | €225,975 | +€143,503 | +174% |
| Trade receivables | 40 | €79,997 | €185,483 | +€105,487 | +132% |
| Other amounts receivable | 41 | €2,475 | €40,491 | +€38,016 | +1,536% |
| Cash at bank and in hand | 54/58 | €76,823 | €100,519 | +€23,697 | +30.8% |
| Deferred charges and accrued income | 490/1 | €6,553 | €8,595 | +€2,042 | +31.2% |
| Total equity and liabilities | 10/49 | €1,728,630 | €1,805,569 | +€76,938 | +4.5% |
| Equity | 10/15 | €608,098 | €793,058 | +€184,960 | +30.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €534,452 | €652,485 | +€118,033 | +22.1% |
| 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 | - | €14,238 | +€14,238 | |
| Distributable reserves | 133 | €532,592 | €636,386 | +€103,795 | +19.5% |
| Investment grants | 15 | €55,047 | €121,974 | +€66,927 | +122% |
| Provisions and deferred taxes | 16 | €2,897 | €11,166 | +€8,269 | +285% |
| Deferred taxes | 168 | €2,897 | €11,166 | +€8,269 | +285% |
| Amounts payable | 17/49 | €1,117,635 | €1,001,345 | -€116,290 | -10.4% |
| Amounts payable after more than one year | 17 | €886,896 | €791,118 | -€95,777 | -10.8% |
| Financial debts | 170/4 | €886,896 | €791,118 | -€95,777 | -10.8% |
| Amounts payable within one year | 42/48 | €211,218 | €177,988 | -€33,230 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €100,129 | €95,777 | -€4,351 | -4.3% |
| Trade debts | 44 | €46,144 | €66,309 | +€20,165 | +43.7% |
| Suppliers | 440/4 | €46,144 | €66,309 | +€20,165 | +43.7% |
| Taxes, remuneration and social security | 45 | €34,930 | €15,901 | -€19,029 | -54.5% |
| Taxes | 450/3 | €29,960 | €15,173 | -€14,788 | -49.4% |
| Remuneration and social security | 454/9 | €4,969 | €729 | -€4,241 | -85.3% |
| Other amounts payable | 47/48 | €30,016 | €0 | -€30,016 | -100% |
| Accrued charges and deferred income | 492/3 | €19,521 | €32,238 | +€12,717 | +65.1% |
| Non-recurring operating income | 76A | €0 | €20,000 | +€20,000 | |
| Remuneration, social security and pensions | 62 | €34,839 | €51,556 | +€16,717 | +48.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145,302 | €145,826 | +€524 | +0.4% |
| Other operating charges | 640/8 | €3,429 | €3,926 | +€497 | +14.5% |
| Gross operating margin | 9900 | €296,412 | €343,081 | +€46,669 | +15.7% |
| Operating profit (loss) | 9901 | €112,841 | €141,772 | +€28,930 | +25.6% |
| Financial income | 75/76B | €10,930 | €138,404 | +€127,474 | +1,166% |
| Recurring financial income | 75 | €10,930 | €138,404 | +€127,474 | +1,166% |
| Financial charges | 65/66B | €19,276 | €17,886 | -€1,390 | -7.2% |
| Recurring financial charges | 65 | €19,276 | €17,886 | -€1,390 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €104,495 | €262,289 | +€157,794 | +151% |
| Transfer from deferred taxes | 780 | €546 | €1,972 | +€1,426 | +261% |
| Transfer to deferred taxes | 680 | - | €10,241 | +€10,241 | |
| Income taxes | 67/77 | €25,349 | €36,413 | +€11,064 | +43.6% |
| Profit (loss) for the period | 9904 | €79,692 | €217,608 | +€137,915 | +173% |
| Transfer from tax-exempt reserves | 789 | - | €762 | +€762 | |
| Transfer to tax-exempt reserves | 689 | - | €114,575 | +€114,575 | |
| Profit (loss) for the period to be appropriated | 9905 | €79,692 | €103,795 | +€24,102 | +30.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.