VANDU: 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.
VANDU
Largest movements
- Receivables within one year +€1.0m
up €1.0m (+108.6%), from €963,886 to €2.0m
of which Other amounts receivable: +€1.1m
- Tangible fixed assets -€90,000
down €90,000 (-3.5%), from €2.6m to €2.5m
- Other debts +€1.2m
up €1.2m (+37.7%), from €3.1m to €4.2m
- Debts after one year -€214,286
down €214,286 (-33.3%), from €642,857 to €428,571
- Financial charges +€68,128
up €68,128 (+161.5%), from €42,184 to €110,313
- Financial income +€23,492
up €23,492 (+112.8%), from €20,822 to €44,314
- Taxes -€10,176
down €10,176 (-67.4%), from €15,088 to €4,912
- Gross operating margin +€5,173
up €5,173 (+2.4%), from €211,228 to €216,402
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 | €7,049,607 | €8,004,145 | +€954,538 | +13.5% |
| Fixed assets | 21/28 | €6,053,808 | €5,963,808 | -€90,000 | -1.5% |
| Tangible fixed assets | 22/27 | €2,553,808 | €2,463,808 | -€90,000 | -3.5% |
| Land and buildings | 22 | €2,553,808 | €2,463,808 | -€90,000 | -3.5% |
| Financial fixed assets | 28 | €3,500,000 | €3,500,000 | = | 0.0% |
| Current assets | 29/58 | €995,798 | €2,040,337 | +€1.0m | +104.9% |
| Amounts receivable within one year | 40/41 | €963,886 | €2,010,866 | +€1.0m | +108.6% |
| Trade receivables | 40 | €38,423 | €0 | -€38,423 | -100.0% |
| Other amounts receivable | 41 | €925,464 | €2,010,866 | +€1.1m | +117.3% |
| Cash at bank and in hand | 54/58 | €31,912 | €29,471 | -€2,441 | -7.6% |
| Total equity and liabilities | 10/49 | €7,049,607 | €8,004,145 | +€954,538 | +13.5% |
| Equity | 10/15 | €3,111,700 | €3,126,435 | +€14,736 | +0.5% |
| Contributions | 10/11 | €2,962,000 | €2,962,000 | = | 0.0% |
| Capital | 10 | €2,962,000 | €2,962,000 | = | 0.0% |
| Issued capital | 100 | €2,962,000 | €2,962,000 | = | 0.0% |
| Reserves | 13 | €149,700 | €164,435 | +€14,736 | +9.8% |
| Non-distributable reserves | 130/1 | €870 | €870 | = | 0.0% |
| Legal reserve | 130 | €870 | €870 | = | 0.0% |
| Distributable reserves | 133 | €148,830 | €163,565 | +€14,736 | +9.9% |
| Amounts payable | 17/49 | €3,937,907 | €4,877,709 | +€939,803 | +23.9% |
| Amounts payable after more than one year | 17 | €642,857 | €428,571 | -€214,286 | -33.3% |
| Financial debts | 170/4 | €642,857 | €428,571 | -€214,286 | -33.3% |
| Amounts payable within one year | 42/48 | €3,295,050 | €4,449,138 | +€1.2m | +35.0% |
| Current portion of amounts payable after more than one year | 42 | €214,286 | €214,286 | = | 0.0% |
| Financial debts | 43 | €3,380 | €1,683 | -€1,698 | -50.2% |
| Credit institutions | 430/8 | €3,380 | €1,683 | -€1,698 | -50.2% |
| Trade debts | 44 | €2,231 | €5,249 | +€3,018 | +135.2% |
| Suppliers | 440/4 | €2,231 | €5,249 | +€3,018 | +135.2% |
| Taxes, remuneration and social security | 45 | €5,088 | €0 | -€5,088 | -100.0% |
| Taxes | 450/3 | €5,088 | €0 | -€5,088 | -100.0% |
| Other amounts payable | 47/48 | €3,070,065 | €4,227,920 | +€1.2m | +37.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,000 | €90,000 | = | 0.0% |
| Other operating charges | 640/8 | €39,516 | €40,755 | +€1,239 | +3.1% |
| Gross operating margin | 9900 | €211,228 | €216,402 | +€5,173 | +2.4% |
| Operating profit (loss) | 9901 | €81,712 | €85,646 | +€3,934 | +4.8% |
| Financial income | 75/76B | €20,822 | €44,314 | +€23,492 | +112.8% |
| Recurring financial income | 75 | €20,822 | €44,314 | +€23,492 | +112.8% |
| Financial charges | 65/66B | €42,184 | €110,313 | +€68,128 | +161.5% |
| Recurring financial charges | 65 | €42,184 | €110,313 | +€68,128 | +161.5% |
| Profit (loss) for the period before taxes | 9903 | €60,350 | €19,647 | -€40,703 | -67.4% |
| Income taxes | 67/77 | €15,088 | €4,912 | -€10,176 | -67.4% |
| Profit (loss) for the period | 9904 | €45,262 | €14,736 | -€30,527 | -67.4% |
| Profit (loss) for the period to be appropriated | 9905 | €45,262 | €14,736 | -€30,527 | -67.4% |
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 9 October 2026 via checked.be.