VENDAGOR: 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.
VENDAGOR
Largest movements
- Stocks and contracts -€147,317
down €147,317 (-56.0%), from €263,166 to €115,849
- Receivables within one year +€42,930
up €42,930 (+62.6%), from €68,607 to €111,537
of which Trade receivables: +€35,065
- Cash -€40,415
down €40,415 (-30.7%), from €131,543 to €91,128
mainly Trade debts (-€140,176) and Receivables within one year (-€42,930)
- Trade debts -€140,176
down €140,176 (-44.2%), from €317,057 to €176,881
- Other debts -€6,143
down €6,143 (-27.2%), from €22,548 to €16,405
- Staff costs +€14,916
up €14,916 (+7.9%), from €189,457 to €204,372
- Depreciation -€8,713
down €8,713 (-95.3%), from €9,147 to €434
- Gross operating margin -€5,730
down €5,730 (-2.6%), from €222,191 to €216,461
- Taxes -€4,142
down €4,142 (-65.1%), from €6,361 to €2,219
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 | €466,938 | €323,616 | -€143,321 | -30.7% |
| Fixed assets | 21/28 | €3,391 | €4,101 | +€710 | +20.9% |
| Tangible fixed assets | 22/27 | €3,391 | €4,101 | +€710 | +20.9% |
| Furniture and vehicles | 24 | €3,391 | €4,101 | +€710 | +20.9% |
| Current assets | 29/58 | €463,547 | €319,516 | -€144,031 | -31.1% |
| Stocks and contracts in progress | 3 | €263,166 | €115,849 | -€147,317 | -56.0% |
| Stocks | 30/36 | €263,166 | €115,849 | -€147,317 | -56.0% |
| Amounts receivable within one year | 40/41 | €68,607 | €111,537 | +€42,930 | +62.6% |
| Trade receivables | 40 | €68,607 | €103,671 | +€35,065 | +51.1% |
| Other amounts receivable | 41 | €0 | €7,865 | +€7,865 | |
| Cash at bank and in hand | 54/58 | €131,543 | €91,128 | -€40,415 | -30.7% |
| Deferred charges and accrued income | 490/1 | €231 | €1,002 | +€771 | +334% |
| Total equity and liabilities | 10/49 | €466,938 | €323,616 | -€143,321 | -30.7% |
| Equity | 10/15 | €94,349 | €95,449 | +€1,101 | +1.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €74,349 | €75,449 | +€1,101 | +1.5% |
| Distributable reserves | 133 | €74,349 | €75,449 | +€1,101 | +1.5% |
| Amounts payable | 17/49 | €372,589 | €228,167 | -€144,422 | -38.8% |
| Amounts payable within one year | 42/48 | €372,589 | €228,167 | -€144,422 | -38.8% |
| Trade debts | 44 | €317,057 | €176,881 | -€140,176 | -44.2% |
| Suppliers | 440/4 | €317,057 | €176,881 | -€140,176 | -44.2% |
| Taxes, remuneration and social security | 45 | €32,984 | €34,881 | +€1,897 | +5.8% |
| Taxes | 450/3 | €16,061 | €16,176 | +€115 | +0.7% |
| Remuneration and social security | 454/9 | €16,923 | €18,705 | +€1,782 | +10.5% |
| Other amounts payable | 47/48 | €22,548 | €16,405 | -€6,143 | -27.2% |
| Non-recurring operating income | 76A | - | €2,922 | +€2,922 | |
| Remuneration, social security and pensions | 62 | €189,457 | €204,372 | +€14,916 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,147 | €434 | -€8,713 | -95.3% |
| Other operating charges | 640/8 | €2,895 | €3,319 | +€424 | +14.7% |
| Gross operating margin | 9900 | €222,191 | €216,461 | -€5,730 | -2.6% |
| Operating profit (loss) | 9901 | €20,693 | €8,336 | -€12,357 | -59.7% |
| Financial income | 75/76B | €54 | €282 | +€228 | +425% |
| Recurring financial income | 75 | €54 | €282 | +€228 | +425% |
| Financial charges | 65/66B | €5,262 | €5,298 | +€35 | +0.7% |
| Recurring financial charges | 65 | €5,262 | €5,298 | +€35 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €15,484 | €3,320 | -€12,164 | -78.6% |
| Income taxes | 67/77 | €6,361 | €2,219 | -€4,142 | -65.1% |
| Profit (loss) for the period | 9904 | €9,123 | €1,101 | -€8,023 | -87.9% |
| Profit (loss) for the period to be appropriated | 9905 | €9,123 | €1,101 | -€8,023 | -87.9% |
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 19 October 2026 via checked.be.