VANDOU: 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.
VANDOU
Largest movements
- Tangible fixed assets -€33,313
down €33,313 (-10.6%), from €313,684 to €280,371
of which Land and buildings: -€17,786
- Reserves -€25,844
down €25,844 (-18.7%), from €137,909 to €112,065
- Other debts +€23,434
up €23,434 (+540.8%), from €4,333 to €27,767
- Debts after one year -€20,496
down €20,496 (-9.6%), from €213,976 to €193,480
- Trade debts -€5,982
down €5,982 (-21.3%), from €28,025 to €22,043
- Current portion of long-term debt -€5,373
down €5,373 (-18.5%), from €29,056 to €23,683
- Gross operating margin -€75,558
down €75,558 (-60.6%), from €124,747 to €49,188
- Taxes -€19,086
down €19,086 (-92.1%), from €20,731 to €1,645
- Staff costs +€2,114
up €2,114, from -€1,640 to €473
- Depreciation +€1,787
up €1,787 (+5.7%), from €31,525 to €33,313
- Financial charges -€1,465
down €1,465 (-13.7%), from €10,703 to €9,238
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.
Cash bridge derived
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 | €441,737 | €406,171 | -€35,567 | -8.1% |
| Fixed assets | 21/28 | €313,684 | €280,371 | -€33,313 | -10.6% |
| Tangible fixed assets | 22/27 | €313,684 | €280,371 | -€33,313 | -10.6% |
| Land and buildings | 22 | €247,699 | €229,912 | -€17,786 | -7.2% |
| Plant, machinery and equipment | 23 | €47,113 | €37,188 | -€9,925 | -21.1% |
| Furniture and vehicles | 24 | €17,672 | €12,071 | -€5,601 | -31.7% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €128,054 | €125,800 | -€2,254 | -1.8% |
| Stocks and contracts in progress | 3 | €17,749 | €15,560 | -€2,189 | -12.3% |
| Stocks | 30/36 | €17,749 | €15,560 | -€2,189 | -12.3% |
| Amounts receivable within one year | 40/41 | €26,222 | €23,802 | -€2,420 | -9.2% |
| Trade receivables | 40 | €10,439 | €0 | -€10,439 | -100.0% |
| Other amounts receivable | 41 | €15,783 | €23,802 | +€8,019 | +50.8% |
| Cash at bank and in hand | 54/58 | €82,424 | €85,254 | +€2,830 | +3.4% |
| Deferred charges and accrued income | 490/1 | €1,659 | €1,184 | -€475 | -28.6% |
| Total equity and liabilities | 10/49 | €441,737 | €406,171 | -€35,567 | -8.1% |
| Equity | 10/15 | €142,909 | €117,065 | -€25,844 | -18.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €137,909 | €112,065 | -€25,844 | -18.7% |
| Distributable reserves | 133 | €137,909 | €112,065 | -€25,844 | -18.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €298,828 | €289,106 | -€9,723 | -3.3% |
| Amounts payable after more than one year | 17 | €213,976 | €193,480 | -€20,496 | -9.6% |
| Financial debts | 170/4 | €213,976 | €193,480 | -€20,496 | -9.6% |
| Amounts payable within one year | 42/48 | €84,852 | €95,626 | +€10,774 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €29,056 | €23,683 | -€5,373 | -18.5% |
| Trade debts | 44 | €28,025 | €22,043 | -€5,982 | -21.3% |
| Suppliers | 440/4 | €28,025 | €22,043 | -€5,982 | -21.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €23,438 | €22,132 | -€1,306 | -5.6% |
| Taxes | 450/3 | €21,228 | €19,922 | -€1,306 | -6.2% |
| Remuneration and social security | 454/9 | €2,210 | €2,210 | = | 0.0% |
| Other amounts payable | 47/48 | €4,333 | €27,767 | +€23,434 | +540.8% |
| Remuneration, social security and pensions | 62 | -€1,640 | €473 | +€2,114 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,525 | €33,313 | +€1,787 | +5.7% |
| Other operating charges | 640/8 | €3,567 | €3,393 | -€174 | -4.9% |
| Gross operating margin | 9900 | €124,747 | €49,188 | -€75,558 | -60.6% |
| Operating profit (loss) | 9901 | €91,295 | €12,009 | -€79,286 | -86.8% |
| Financial income | 75/76B | €1,295 | €797 | -€497 | -38.4% |
| Recurring financial income | 75 | €1,295 | €797 | -€497 | -38.4% |
| Financial charges | 65/66B | €10,703 | €9,238 | -€1,465 | -13.7% |
| Recurring financial charges | 65 | €10,703 | €9,238 | -€1,465 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €81,886 | €3,568 | -€78,318 | -95.6% |
| Income taxes | 67/77 | €20,731 | €1,645 | -€19,086 | -92.1% |
| Profit (loss) for the period | 9904 | €61,155 | €1,923 | -€59,232 | -96.9% |
| Profit (loss) for the period to be appropriated | 9905 | €61,155 | €1,923 | -€59,232 | -96.9% |
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 11 October 2026 via checked.be.