VANDUFFEL: 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.
VANDUFFEL
Largest movements
- Receivables within one year +€38,505
up €38,505 (+19.4%), from €198,271 to €236,775
of which Other amounts receivable: +€43,347
- Stocks and contracts -€29,866
down €29,866 (-26.7%), from €111,764 to €81,898
- Tangible fixed assets -€9,768
down €9,768 (-5.0%), from €195,091 to €185,322
of which Furniture and vehicles: -€18,473
- Short-term financial debts +€37,630
up €37,630 (+81.8%), from €46,007 to €83,637
- Profit (loss) carried forward -€20,235
down €20,235 (-54.9%), from -€36,825 to -€57,060
- Current portion of long-term debt -€16,432
no longer reported in 2025 (was €16,432)
- Staff costs -€25,661
down €25,661 (-33.4%), from €76,868 to €51,206
- Gross operating margin -€10,858
down €10,858 (-14.7%), from €74,040 to €63,182
- Depreciation -€3,087
down €3,087 (-13.6%), from €22,618 to €19,531
- Financial charges +€1,136
up €1,136 (+21.5%), from €5,296 to €6,432
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 | €506,931 | €509,022 | +€2,091 | +0.4% |
| Fixed assets | 21/28 | €195,091 | €185,322 | -€9,768 | -5.0% |
| Tangible fixed assets | 22/27 | €195,091 | €185,322 | -€9,768 | -5.0% |
| Land and buildings | 22 | €161,563 | €160,530 | -€1,033 | -0.6% |
| Plant, machinery and equipment | 23 | €14,071 | €23,808 | +€9,738 | +69.2% |
| Furniture and vehicles | 24 | €19,457 | €984 | -€18,473 | -94.9% |
| Current assets | 29/58 | €311,841 | €323,700 | +€11,859 | +3.8% |
| Stocks and contracts in progress | 3 | €111,764 | €81,898 | -€29,866 | -26.7% |
| Stocks | 30/36 | €111,764 | €81,898 | -€29,866 | -26.7% |
| Amounts receivable within one year | 40/41 | €198,271 | €236,775 | +€38,505 | +19.4% |
| Trade receivables | 40 | €25,018 | €20,175 | -€4,843 | -19.4% |
| Other amounts receivable | 41 | €173,253 | €216,601 | +€43,347 | +25.0% |
| Cash at bank and in hand | 54/58 | €439 | €2,377 | +€1,939 | +442% |
| Deferred charges and accrued income | 490/1 | €1,367 | €2,649 | +€1,282 | +93.8% |
| Total equity and liabilities | 10/49 | €506,931 | €509,022 | +€2,091 | +0.4% |
| Equity | 10/15 | €273,550 | €253,316 | -€20,235 | -7.4% |
| Contributions | 10/11 | €128,600 | €128,600 | = | 0.0% |
| Reserves | 13 | €181,776 | €181,776 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,860 | €12,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,860 | €12,860 | = | 0.0% |
| Distributable reserves | 133 | €168,916 | €168,916 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,825 | -€57,060 | -€20,235 | -54.9% |
| Amounts payable | 17/49 | €233,381 | €255,706 | +€22,326 | +9.6% |
| Amounts payable within one year | 42/48 | €233,381 | €255,706 | +€22,326 | +9.6% |
| Current portion of amounts payable after more than one year | 42 | €16,432 | - | -€16,432 | |
| Financial debts | 43 | €46,007 | €83,637 | +€37,630 | +81.8% |
| Credit institutions | 430/8 | €46,007 | €83,637 | +€37,630 | +81.8% |
| Trade debts | 44 | €59,544 | €63,773 | +€4,229 | +7.1% |
| Suppliers | 440/4 | €59,544 | €63,773 | +€4,229 | +7.1% |
| Taxes, remuneration and social security | 45 | €20,019 | €16,639 | -€3,381 | -16.9% |
| Taxes | 450/3 | €535 | €574 | +€39 | +7.3% |
| Remuneration and social security | 454/9 | €19,484 | €16,064 | -€3,420 | -17.6% |
| Other amounts payable | 47/48 | €91,379 | €91,657 | +€279 | +0.3% |
| Non-recurring operating income | 76A | - | €27,751 | +€27,751 | |
| Remuneration, social security and pensions | 62 | €76,868 | €51,206 | -€25,661 | -33.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,618 | €19,531 | -€3,087 | -13.6% |
| Other operating charges | 640/8 | €6,162 | €6,253 | +€91 | +1.5% |
| Gross operating margin | 9900 | €74,040 | €63,182 | -€10,858 | -14.7% |
| Operating profit (loss) | 9901 | -€31,608 | -€13,808 | +€17,799 | +56.3% |
| Financial income | 75/76B | €79 | €6 | -€73 | -92.6% |
| Recurring financial income | 75 | €79 | €6 | -€73 | -92.6% |
| Financial charges | 65/66B | €5,296 | €6,432 | +€1,136 | +21.5% |
| Recurring financial charges | 65 | €5,296 | €6,432 | +€1,136 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | -€36,825 | -€20,235 | +€16,590 | +45.1% |
| Profit (loss) for the period | 9904 | -€36,825 | -€20,235 | +€16,590 | +45.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€36,825 | -€20,235 | +€16,590 | +45.1% |
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 16 October 2026 via checked.be.