VANDUO: 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.
VANDUO
Largest movements
- Cash +€351,356
up €351,356 (+1955.1%), from €17,972 to €369,327
mainly Net result for the year (+€351,925) and Receivables within one year (+€114,410)
- Receivables within one year -€114,410
down €114,410 (-42.1%), from €271,707 to €157,297
of which Other amounts receivable: -€157,947
- Reserves +€205,215
up €205,215 (+14.0%), from €1.5m to €1.7m
of which Distributable reserves: +€205,215
- Tax, wage and social debts +€60,941
up €60,941 (+429.5%), from €14,189 to €75,130
- Other debts -€31,052
down €31,052 (-74.4%), from €41,751 to €10,699
- Gross operating margin +€62,213
up €62,213 (+28.7%), from €216,988 to €279,201
- Taxes +€42,748
up €42,748 (+62.8%), from €68,027 to €110,776
- Financial income +€19,665
up €19,665 (+11.7%), from €167,444 to €187,109
- Depreciation -€9,735
down €9,735 (-93.3%), from €10,431 to €696
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 | €1,531,292 | €1,768,134 | +€236,842 | +15.5% |
| Fixed assets | 21/28 | €1,239,775 | €1,239,440 | -€335 | 0.0% |
| Tangible fixed assets | 22/27 | €3,381 | €3,924 | +€543 | +16.1% |
| Furniture and vehicles | 24 | €3,381 | €2,701 | -€680 | -20.1% |
| Other tangible fixed assets | 26 | - | €1,223 | +€1,223 | |
| Financial fixed assets | 28 | €1,236,394 | €1,235,516 | -€878 | -0.1% |
| Current assets | 29/58 | €291,517 | €528,694 | +€237,176 | +81.4% |
| Amounts receivable within one year | 40/41 | €271,707 | €157,297 | -€114,410 | -42.1% |
| Trade receivables | 40 | €104,293 | €147,830 | +€43,537 | +41.7% |
| Other amounts receivable | 41 | €167,414 | €9,467 | -€157,947 | -94.3% |
| Cash at bank and in hand | 54/58 | €17,972 | €369,327 | +€351,356 | +1955.1% |
| Deferred charges and accrued income | 490/1 | €1,839 | €2,070 | +€231 | +12.5% |
| Total equity and liabilities | 10/49 | €1,531,292 | €1,768,134 | +€236,842 | +15.5% |
| Equity | 10/15 | €1,473,802 | €1,679,017 | +€205,215 | +13.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,467,602 | €1,672,817 | +€205,215 | +14.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €496,780 | €496,780 | = | 0.0% |
| Distributable reserves | 133 | €970,822 | €1,176,037 | +€205,215 | +21.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €57,490 | €89,116 | +€31,626 | +55.0% |
| Amounts payable within one year | 42/48 | €57,490 | €89,116 | +€31,626 | +55.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,550 | €3,288 | +€1,738 | +112.1% |
| Suppliers | 440/4 | €1,550 | €3,288 | +€1,738 | +112.1% |
| Taxes, remuneration and social security | 45 | €14,189 | €75,130 | +€60,941 | +429.5% |
| Taxes | 450/3 | €14,189 | €75,130 | +€60,941 | +429.5% |
| Other amounts payable | 47/48 | €41,751 | €10,699 | -€31,052 | -74.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,431 | €696 | -€9,735 | -93.3% |
| Other operating charges | 640/8 | €1,751 | €1,794 | +€43 | +2.5% |
| Gross operating margin | 9900 | €216,988 | €279,201 | +€62,213 | +28.7% |
| Operating profit (loss) | 9901 | €204,806 | €276,711 | +€71,904 | +35.1% |
| Financial income | 75/76B | €167,444 | €187,109 | +€19,665 | +11.7% |
| Recurring financial income | 75 | €167,444 | €187,109 | +€19,665 | +11.7% |
| Financial charges | 65/66B | €2,829 | €1,119 | -€1,710 | -60.4% |
| Recurring financial charges | 65 | €2,319 | €241 | -€2,078 | -89.6% |
| Non-recurring financial charges | 66B | €510 | €878 | +€368 | +72.3% |
| Profit (loss) for the period before taxes | 9903 | €369,421 | €462,701 | +€93,280 | +25.3% |
| Income taxes | 67/77 | €68,027 | €110,776 | +€42,748 | +62.8% |
| Profit (loss) for the period | 9904 | €301,394 | €351,925 | +€50,532 | +16.8% |
| Transfer to tax-exempt reserves | 689 | €138,930 | €0 | -€138,930 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €162,464 | €351,925 | +€189,462 | +116.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.