VANTIEGHEM-VERMANDELE: 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.
VANTIEGHEM-VERMANDELE
Largest movements
- Stocks and contracts -€218,803
down €218,803 (-69.5%), from €314,803 to €96,000
- Tangible fixed assets -€23,663
down €23,663 (-4.5%), from €526,206 to €502,543
of which Land and buildings: -€18,899
- Debts after one year -€205,000
down €205,000 (-91.6%), from €223,750 to €18,750
- Tax, wage and social debts -€70,298
down €70,298 (-98.0%), from €71,743 to €1,445
- Profit (loss) carried forward +€48,952
up €48,952 (+95.7%), from €51,157 to €100,108
- Reserves -€11,218
down €11,218 (-4.7%), from €238,777 to €227,559
- Gross operating margin -€20,063
down €20,063 (-18.0%), from €111,746 to €91,683
- Depreciation +€10,092
up €10,092 (+74.4%), from €13,571 to €23,663
- Taxes +€5,072
up €5,072 (+26.6%), from €19,044 to €24,117
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 | €877,251 | €638,915 | -€238,336 | -27.2% |
| Fixed assets | 21/28 | €526,206 | €502,543 | -€23,663 | -4.5% |
| Tangible fixed assets | 22/27 | €526,206 | €502,543 | -€23,663 | -4.5% |
| Land and buildings | 22 | €520,375 | €501,476 | -€18,899 | -3.6% |
| Furniture and vehicles | 24 | €5,831 | €1,067 | -€4,764 | -81.7% |
| Current assets | 29/58 | €351,045 | €136,372 | -€214,673 | -61.2% |
| Stocks and contracts in progress | 3 | €314,803 | €96,000 | -€218,803 | -69.5% |
| Stocks | 30/36 | €314,803 | €96,000 | -€218,803 | -69.5% |
| Amounts receivable within one year | 40/41 | - | €443 | +€443 | |
| Other amounts receivable | 41 | - | €443 | +€443 | |
| Current investments | 50/53 | €920 | €920 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €34,870 | €39,009 | +€4,139 | +11.9% |
| Deferred charges and accrued income | 490/1 | €452 | €0 | -€452 | -100% |
| Total equity and liabilities | 10/49 | €877,251 | €638,915 | -€238,336 | -27.2% |
| Equity | 10/15 | €479,889 | €517,623 | +€37,734 | +7.9% |
| Contributions | 10/11 | €49,120 | €49,120 | = | 0.0% |
| Revaluation surpluses | 12 | €140,835 | €140,835 | = | 0.0% |
| Reserves | 13 | €238,777 | €227,559 | -€11,218 | -4.7% |
| Tax-exempt reserves | 132 | €238,777 | €227,559 | -€11,218 | -4.7% |
| Profit (loss) carried forward | 14 | €51,157 | €100,108 | +€48,952 | +95.7% |
| Provisions and deferred taxes | 16 | €69,715 | €66,365 | -€3,351 | -4.8% |
| Deferred taxes | 168 | €69,715 | €66,365 | -€3,351 | -4.8% |
| Amounts payable | 17/49 | €327,646 | €54,927 | -€272,719 | -83.2% |
| Amounts payable after more than one year | 17 | €223,750 | €18,750 | -€205,000 | -91.6% |
| Financial debts | 170/4 | €223,750 | €18,750 | -€205,000 | -91.6% |
| Amounts payable within one year | 42/48 | €103,896 | €36,177 | -€67,719 | -65.2% |
| Current portion of amounts payable after more than one year | 42 | €5,000 | €5,000 | = | 0.0% |
| Trade debts | 44 | €1,346 | €1,150 | -€197 | -14.6% |
| Suppliers | 440/4 | €1,346 | €1,150 | -€197 | -14.6% |
| Taxes, remuneration and social security | 45 | €71,743 | €1,445 | -€70,298 | -98.0% |
| Taxes | 450/3 | €71,743 | €1,445 | -€70,298 | -98.0% |
| Other amounts payable | 47/48 | €25,807 | €28,583 | +€2,776 | +10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,571 | €23,663 | +€10,092 | +74.4% |
| Other operating charges | 640/8 | €2,076 | €2,696 | +€620 | +29.8% |
| Gross operating margin | 9900 | €111,746 | €91,683 | -€20,063 | -18.0% |
| Operating profit (loss) | 9901 | €96,099 | €65,325 | -€30,774 | -32.0% |
| Financial income | 75/76B | €456 | €81 | -€375 | -82.1% |
| Recurring financial income | 75 | €456 | €81 | -€375 | -82.1% |
| Financial charges | 65/66B | €7,553 | €6,906 | -€647 | -8.6% |
| Recurring financial charges | 65 | €7,553 | €6,906 | -€647 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €89,002 | €58,500 | -€30,502 | -34.3% |
| Transfer from deferred taxes | 780 | €2,432 | €3,351 | +€919 | +37.8% |
| Income taxes | 67/77 | €19,044 | €24,117 | +€5,072 | +26.6% |
| Profit (loss) for the period | 9904 | €72,389 | €37,734 | -€34,655 | -47.9% |
| Transfer from tax-exempt reserves | 789 | €18,960 | €11,218 | -€7,743 | -40.8% |
| Profit (loss) for the period to be appropriated | 9905 | €91,349 | €48,952 | -€42,398 | -46.4% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.