VENDEC: 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.
VENDEC
Largest movements
- Tangible fixed assets -€6,373
no longer reported in 2025 (was €6,373)
- Receivables within one year -€3,490
down €3,490 (-3.4%), from €102,841 to €99,351
of which Trade receivables: -€20,007
- Trade debts -€33,220
down €33,220 (-81.8%), from €40,633 to €7,414
- Other debts +€32,211
up €32,211 (+1,481%), from €2,175 to €34,385
- Tax, wage and social debts -€13,411
down €13,411 (-45.6%), from €29,382 to €15,970
- Gross operating margin -€29,229
down €29,229 (-35.0%), from €83,529 to €54,301
- Depreciation -€6,452
down €6,452 (-84.0%), from €7,681 to €1,229
- Taxes -€3,704
down €3,704 (-17.7%), from €20,978 to €17,274
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 | €305,198 | €292,372 | -€12,826 | -4.2% |
| Fixed assets | 21/28 | €6,373 | - | -€6,373 | |
| Tangible fixed assets | 22/27 | €6,373 | - | -€6,373 | |
| Furniture and vehicles | 24 | €6,373 | - | -€6,373 | |
| Current assets | 29/58 | €298,826 | €292,372 | -€6,454 | -2.2% |
| Amounts receivable within one year | 40/41 | €102,841 | €99,351 | -€3,490 | -3.4% |
| Trade receivables | 40 | €101,988 | €81,981 | -€20,007 | -19.6% |
| Other amounts receivable | 41 | €853 | €17,370 | +€16,517 | +1,937% |
| Current investments | 50/53 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €144,764 | €142,201 | -€2,563 | -1.8% |
| Deferred charges and accrued income | 490/1 | €1,221 | €820 | -€401 | -32.8% |
| Total equity and liabilities | 10/49 | €305,198 | €292,372 | -€12,826 | -4.2% |
| Equity | 10/15 | €233,008 | €234,602 | +€1,594 | +0.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €226,808 | €228,402 | +€1,594 | +0.7% |
| Distributable reserves | 133 | €226,808 | €228,402 | +€1,594 | +0.7% |
| Amounts payable | 17/49 | €72,190 | €57,770 | -€14,420 | -20.0% |
| Amounts payable within one year | 42/48 | €72,190 | €57,770 | -€14,420 | -20.0% |
| Trade debts | 44 | €40,633 | €7,414 | -€33,220 | -81.8% |
| Suppliers | 440/4 | €40,633 | €7,414 | -€33,220 | -81.8% |
| Taxes, remuneration and social security | 45 | €29,382 | €15,970 | -€13,411 | -45.6% |
| Taxes | 450/3 | €29,382 | €15,970 | -€13,411 | -45.6% |
| Other amounts payable | 47/48 | €2,175 | €34,385 | +€32,211 | +1,481% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,681 | €1,229 | -€6,452 | -84.0% |
| Other operating charges | 640/8 | €813 | €524 | -€290 | -35.6% |
| Gross operating margin | 9900 | €83,529 | €54,301 | -€29,229 | -35.0% |
| Operating profit (loss) | 9901 | €75,036 | €52,548 | -€22,487 | -30.0% |
| Financial income | 75/76B | €1,000 | €1,224 | +€224 | +22.4% |
| Recurring financial income | 75 | €1,000 | €1,224 | +€224 | +22.4% |
| Financial charges | 65/66B | €377 | €519 | +€142 | +37.8% |
| Recurring financial charges | 65 | €377 | €519 | +€142 | +37.8% |
| Profit (loss) for the period before taxes | 9903 | €75,659 | €53,253 | -€22,405 | -29.6% |
| Income taxes | 67/77 | €20,978 | €17,274 | -€3,704 | -17.7% |
| Profit (loss) for the period | 9904 | €54,680 | €35,979 | -€18,701 | -34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €54,680 | €35,979 | -€18,701 | -34.2% |
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 16 October 2026 via checked.be.