VANDY: 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.
VANDY
Largest movements
- Tangible fixed assets +€527,341
up €527,341 (+12.5%), from €4.2m to €4.7m
of which Land and buildings: +€509,693
- Other debts +€285,169
up €285,169 (+7324.6%), from €3,893 to €289,062
- Debts after one year +€268,319
up €268,319 (+9.4%), from €2.9m to €3.1m
- Current portion of long-term debt +€121,475
up €121,475 (+69.5%), from €174,711 to €296,186
- Accrued charges and deferred income -€86,250
down €86,250 (-11.1%), from €776,250 to €690,000
- Gross operating margin +€177,233
up €177,233 (+68.2%), from €260,012 to €437,245
- Depreciation +€73,285
up €73,285 (+29.2%), from €250,599 to €323,884
- Financial income -€11,189
down €11,189 (-34.0%), from €32,949 to €21,761
- Financial charges +€9,456
up €9,456 (+10.7%), from €88,549 to €98,005
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 | €4,408,244 | €4,994,754 | +€586,510 | +13.3% |
| Fixed assets | 21/28 | €4,340,505 | €4,867,846 | +€527,341 | +12.1% |
| Tangible fixed assets | 22/27 | €4,217,657 | €4,744,998 | +€527,341 | +12.5% |
| Land and buildings | 22 | €3,795,018 | €4,304,711 | +€509,693 | +13.4% |
| Plant, machinery and equipment | 23 | €422,639 | €425,734 | +€3,096 | +0.7% |
| Furniture and vehicles | 24 | - | €14,553 | +€14,553 | |
| Financial fixed assets | 28 | €122,847 | €122,847 | = | 0.0% |
| Current assets | 29/58 | €67,740 | €126,908 | +€59,169 | +87.3% |
| Amounts receivable within one year | 40/41 | €54,950 | €95,737 | +€40,787 | +74.2% |
| Trade receivables | 40 | - | €81,835 | +€81,835 | |
| Other amounts receivable | 41 | €54,950 | €13,902 | -€41,048 | -74.7% |
| Cash at bank and in hand | 54/58 | €12,789 | €31,171 | +€18,382 | +143.7% |
| Total equity and liabilities | 10/49 | €4,408,244 | €4,994,754 | +€586,510 | +13.3% |
| Equity | 10/15 | €536,492 | €535,889 | -€603 | -0.1% |
| Contributions | 10/11 | €255,000 | €255,000 | = | 0.0% |
| Capital | 10 | €255,000 | €255,000 | = | 0.0% |
| Issued capital | 100 | €255,000 | €255,000 | = | 0.0% |
| Reserves | 13 | €281,492 | €280,889 | -€603 | -0.2% |
| Non-distributable reserves | 130/1 | €25,500 | €25,500 | = | 0.0% |
| Legal reserve | 130 | €25,500 | €25,500 | = | 0.0% |
| Distributable reserves | 133 | €255,992 | €255,389 | -€603 | -0.2% |
| Amounts payable | 17/49 | €3,871,752 | €4,458,865 | +€587,113 | +15.2% |
| Amounts payable after more than one year | 17 | €2,868,499 | €3,136,818 | +€268,319 | +9.4% |
| Financial debts | 170/4 | €2,868,499 | €3,136,818 | +€268,319 | +9.4% |
| Amounts payable within one year | 42/48 | €227,003 | €632,047 | +€405,044 | +178.4% |
| Current portion of amounts payable after more than one year | 42 | €174,711 | €296,186 | +€121,475 | +69.5% |
| Trade debts | 44 | €48,205 | €46,799 | -€1,406 | -2.9% |
| Suppliers | 440/4 | €48,205 | €46,799 | -€1,406 | -2.9% |
| Taxes, remuneration and social security | 45 | €193 | - | -€193 | |
| Taxes | 450/3 | €193 | - | -€193 | |
| Other amounts payable | 47/48 | €3,893 | €289,062 | +€285,169 | +7324.6% |
| Accrued charges and deferred income | 492/3 | €776,250 | €690,000 | -€86,250 | -11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €250,599 | €323,884 | +€73,285 | +29.2% |
| Other operating charges | 640/8 | €36,573 | €37,720 | +€1,146 | +3.1% |
| Gross operating margin | 9900 | €260,012 | €437,245 | +€177,233 | +68.2% |
| Operating profit (loss) | 9901 | -€27,161 | €75,641 | +€102,802 | |
| Financial income | 75/76B | €32,949 | €21,761 | -€11,189 | -34.0% |
| Recurring financial income | 75 | €32,949 | €21,761 | -€11,189 | -34.0% |
| Financial charges | 65/66B | €88,549 | €98,005 | +€9,456 | +10.7% |
| Recurring financial charges | 65 | €88,549 | €98,005 | +€9,456 | +10.7% |
| Profit (loss) for the period before taxes | 9903 | -€82,760 | -€603 | +€82,157 | +99.3% |
| Profit (loss) for the period | 9904 | -€82,760 | -€603 | +€82,157 | +99.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€82,760 | -€603 | +€82,157 | +99.3% |
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 5 October 2026 via checked.be.