VANDRE: what changed
Two fiscal 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.
VANDRE
Largest movements
- Cash +€555,675
up €555,675 (+1482.1%), from €37,492 to €593,167
mainly Investment in fixed assets (net) (+€473,119) and Other debts (+€71,300)
- Financial fixed assets -€450,000
down €450,000 (-27.3%), from €1.7m to €1.2m
- Tangible fixed assets -€74,079
down €74,079 (-26.3%), from €281,695 to €207,616
of which Other tangible fixed assets: -€50,420
- Receivables within one year +€33,805
up €33,805 (+139.8%), from €24,174 to €57,979
of which Other amounts receivable: +€29,838
- Other debts +€71,300
up €71,300 (+4.3%), from €1.7m to €1.7m
- Gross operating margin +€18,986
up €18,986 (+15.5%), from €122,464 to €141,449
- Taxes +€7,464
up €7,464 (+34.5%), from €21,656 to €29,120
- Depreciation -€2,813
down €2,813 (-5.2%), from €53,774 to €50,960
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 | €2,005,602 | €2,076,570 | +€70,968 | +3.5% |
| Fixed assets | 21/28 | €1,931,695 | €1,407,616 | -€524,079 | -27.1% |
| Tangible fixed assets | 22/27 | €281,695 | €207,616 | -€74,079 | -26.3% |
| Plant, machinery and equipment | 23 | €3,584 | €1,491 | -€2,093 | -58.4% |
| Furniture and vehicles | 24 | €76,804 | €55,237 | -€21,567 | -28.1% |
| Other tangible fixed assets | 26 | €201,307 | €150,888 | -€50,420 | -25.0% |
| Financial fixed assets | 28 | €1,650,000 | €1,200,000 | -€450,000 | -27.3% |
| Current assets | 29/58 | €73,906 | €668,954 | +€595,048 | +805.1% |
| Amounts receivable within one year | 40/41 | €24,174 | €57,979 | +€33,805 | +139.8% |
| Trade receivables | 40 | €19,058 | €23,024 | +€3,967 | +20.8% |
| Other amounts receivable | 41 | €5,116 | €34,955 | +€29,838 | +583.2% |
| Current investments | 50/53 | €10,000 | €10,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €37,492 | €593,167 | +€555,675 | +1482.1% |
| Deferred charges and accrued income | 490/1 | €2,240 | €7,807 | +€5,567 | +248.5% |
| Total equity and liabilities | 10/49 | €2,005,602 | €2,076,570 | +€70,968 | +3.5% |
| Equity | 10/15 | €336,267 | €323,840 | -€12,428 | -3.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €317,667 | €305,240 | -€12,428 | -3.9% |
| Distributable reserves | 133 | €317,667 | €305,240 | -€12,428 | -3.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,669,335 | €1,752,730 | +€83,396 | +5.0% |
| Amounts payable within one year | 42/48 | €1,669,335 | €1,752,730 | +€83,396 | +5.0% |
| Trade debts | 44 | €748 | €2,133 | +€1,385 | +185.2% |
| Suppliers | 440/4 | €748 | €2,133 | +€1,385 | +185.2% |
| Advances received on contracts in progress | 46 | - | €4,800 | +€4,800 | |
| Taxes, remuneration and social security | 45 | €7,172 | €13,083 | +€5,911 | +82.4% |
| Taxes | 450/3 | €7,172 | €13,083 | +€5,911 | +82.4% |
| Other amounts payable | 47/48 | €1,661,415 | €1,732,715 | +€71,300 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,774 | €50,960 | -€2,813 | -5.2% |
| Other operating charges | 640/8 | €513 | €528 | +€14 | +2.8% |
| Gross operating margin | 9900 | €122,464 | €141,449 | +€18,986 | +15.5% |
| Operating profit (loss) | 9901 | €68,177 | €89,961 | +€21,785 | +32.0% |
| Financial charges | 65/66B | €189 | €302 | +€113 | +60.1% |
| Recurring financial charges | 65 | €189 | €302 | +€113 | +60.1% |
| Profit (loss) for the period before taxes | 9903 | €67,988 | €89,659 | +€21,671 | +31.9% |
| Income taxes | 67/77 | €21,656 | €29,120 | +€7,464 | +34.5% |
| Profit (loss) for the period | 9904 | €46,332 | €60,539 | +€14,207 | +30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €46,332 | €60,539 | +€14,207 | +30.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.