VANODEL: 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.
VANODEL
Largest movements
- Tangible fixed assets +€41,007
up €41,007 (+38.1%), from €107,580 to €148,587
of which Leasing and similar rights: +€62,576
- Receivables after one year -€23,138
down €23,138 (-11.3%), from €204,373 to €181,235
- Other debts -€30,361
down €30,361 (-38.6%), from €78,632 to €48,271
- Debts after one year +€24,881
up €24,881 (+101%), from €24,624 to €49,505
of which Financial debts: +€41,329
- Trade debts +€22,564
up €22,564 (+275%), from €8,194 to €30,758
- Current portion of long-term debt +€16,000
up €16,000 (+74.5%), from €21,462 to €37,462
- Depreciation +€14,224
up €14,224 (+65.9%), from €21,569 to €35,793
- Gross operating margin -€5,319
down €5,319 (-6.9%), from €77,297 to €71,978
- Taxes -€4,926
down €4,926 (-34.4%), from €14,324 to €9,398
- Other operating charges +€1,634
up €1,634 (+40.7%), from €4,014 to €5,648
- Financial income +€1,009
up €1,009 (+12.0%), from €8,380 to €9,390
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 | €1,223,914 | €1,251,980 | +€28,066 | +2.3% |
| Fixed assets | 21/28 | €859,959 | €900,966 | +€41,007 | +4.8% |
| Tangible fixed assets | 22/27 | €107,580 | €148,587 | +€41,007 | +38.1% |
| Land and buildings | 22 | €106,472 | €85,488 | -€20,984 | -19.7% |
| Plant, machinery and equipment | 23 | €953 | €499 | -€455 | -47.7% |
| Furniture and vehicles | 24 | €154 | €25 | -€130 | -84.0% |
| Leasing and similar rights | 25 | - | €62,576 | +€62,576 | |
| Financial fixed assets | 28 | €752,379 | €752,379 | = | 0.0% |
| Current assets | 29/58 | €363,955 | €351,014 | -€12,941 | -3.6% |
| Amounts receivable after more than one year | 29 | €204,373 | €181,235 | -€23,138 | -11.3% |
| Other amounts receivable | 291 | €204,373 | €181,235 | -€23,138 | -11.3% |
| Amounts receivable within one year | 40/41 | €157,425 | €167,217 | +€9,792 | +6.2% |
| Trade receivables | 40 | €65,820 | €67,437 | +€1,616 | +2.5% |
| Other amounts receivable | 41 | €91,604 | €99,780 | +€8,176 | +8.9% |
| Cash at bank and in hand | 54/58 | €37 | €1,197 | +€1,160 | +3,120% |
| Deferred charges and accrued income | 490/1 | €2,121 | €1,365 | -€756 | -35.6% |
| Total equity and liabilities | 10/49 | €1,223,914 | €1,251,980 | +€28,066 | +2.3% |
| Equity | 10/15 | €939,458 | €935,076 | -€4,382 | -0.5% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €814,458 | €810,076 | -€4,382 | -0.5% |
| Distributable reserves | 133 | €814,458 | €810,076 | -€4,382 | -0.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €137,216 | €137,216 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €137,216 | €137,216 | = | 0.0% |
| Pensions and similar obligations | 160 | €137,216 | €137,216 | = | 0.0% |
| Amounts payable | 17/49 | €147,239 | €179,688 | +€32,449 | +22.0% |
| Amounts payable after more than one year | 17 | €24,624 | €49,505 | +€24,881 | +101% |
| Financial debts | 170/4 | €8,176 | €49,505 | +€41,329 | +505% |
| Other amounts payable | 178/9 | €16,447 | €0 | -€16,447 | -100% |
| Amounts payable within one year | 42/48 | €122,616 | €128,070 | +€5,455 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €21,462 | €37,462 | +€16,000 | +74.5% |
| Trade debts | 44 | €8,194 | €30,758 | +€22,564 | +275% |
| Suppliers | 440/4 | €8,194 | €30,758 | +€22,564 | +275% |
| Taxes, remuneration and social security | 45 | €14,328 | €11,580 | -€2,748 | -19.2% |
| Taxes | 450/3 | €9,008 | €11,580 | +€2,572 | +28.5% |
| Remuneration and social security | 454/9 | €5,320 | €0 | -€5,320 | -100% |
| Other amounts payable | 47/48 | €78,632 | €48,271 | -€30,361 | -38.6% |
| Accrued charges and deferred income | 492/3 | - | €2,113 | +€2,113 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,569 | €35,793 | +€14,224 | +65.9% |
| Other operating charges | 640/8 | €4,014 | €5,648 | +€1,634 | +40.7% |
| Gross operating margin | 9900 | €77,297 | €71,978 | -€5,319 | -6.9% |
| Operating profit (loss) | 9901 | €51,715 | €30,538 | -€21,177 | -40.9% |
| Financial income | 75/76B | €8,380 | €9,390 | +€1,009 | +12.0% |
| Recurring financial income | 75 | €8,380 | €9,390 | +€1,009 | +12.0% |
| Financial charges | 65/66B | €9,854 | €8,890 | -€964 | -9.8% |
| Recurring financial charges | 65 | €9,854 | €8,890 | -€964 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €50,241 | €31,037 | -€19,204 | -38.2% |
| Income taxes | 67/77 | €14,324 | €9,398 | -€4,926 | -34.4% |
| Profit (loss) for the period | 9904 | €35,917 | €21,639 | -€14,278 | -39.8% |
| Profit (loss) for the period to be appropriated | 9905 | €35,917 | €21,639 | -€14,278 | -39.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.