VENDECO: 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.
VENDECO
Largest movements
- Cash -€42,151
down €42,151 (-29.9%), from €140,963 to €98,812
mainly Contributions, distributions and other (-€65,920) and Current investments (-€24,000)
- Current investments +€24,000
up €24,000 (+18.1%), from €132,443 to €156,443
- Receivables within one year +€8,603
up €8,603 (+28.6%), from €30,048 to €38,651
of which Other amounts receivable: +€8,767
- Tangible fixed assets +€4,640
up €4,640 (+6.3%), from €73,417 to €78,057
of which Furniture and vehicles: +€14,333
- Reserves -€10,482
down €10,482 (-4.1%), from €256,607 to €246,124
- Tax, wage and social debts +€4,785
up €4,785 (+17.0%), from €28,079 to €32,863
of which Taxes: +€4,485
- Gross operating margin +€17,205
up €17,205 (+22.8%), from €75,533 to €92,738
- Taxes +€7,367
up €7,367 (+50.7%), from €14,538 to €21,904
- Financial income -€2,187
down €2,187 (-83.7%), from €2,613 to €426
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 | €443,735 | €439,404 | -€4,331 | -1.0% |
| Fixed assets | 21/28 | €128,858 | €133,498 | +€4,640 | +3.6% |
| Tangible fixed assets | 22/27 | €73,417 | €78,057 | +€4,640 | +6.3% |
| Land and buildings | 22 | €71,448 | €62,188 | -€9,260 | -13.0% |
| Plant, machinery and equipment | 23 | €619 | €186 | -€433 | -69.9% |
| Furniture and vehicles | 24 | €1,350 | €15,683 | +€14,333 | +1061.5% |
| Financial fixed assets | 28 | €55,441 | €55,441 | = | 0.0% |
| Current assets | 29/58 | €314,877 | €305,906 | -€8,971 | -2.8% |
| Amounts receivable within one year | 40/41 | €30,048 | €38,651 | +€8,603 | +28.6% |
| Trade receivables | 40 | €24,481 | €24,316 | -€165 | -0.7% |
| Other amounts receivable | 41 | €5,568 | €14,335 | +€8,767 | +157.5% |
| Current investments | 50/53 | €132,443 | €156,443 | +€24,000 | +18.1% |
| Cash at bank and in hand | 54/58 | €140,963 | €98,812 | -€42,151 | -29.9% |
| Deferred charges and accrued income | 490/1 | €11,423 | €12,000 | +€577 | +5.1% |
| Total equity and liabilities | 10/49 | €443,735 | €439,404 | -€4,331 | -1.0% |
| Equity | 10/15 | €403,007 | €392,524 | -€10,482 | -2.6% |
| Contributions | 10/11 | €146,400 | €146,400 | = | 0.0% |
| Reserves | 13 | €256,607 | €246,124 | -€10,482 | -4.1% |
| Distributable reserves | 133 | €256,607 | €246,124 | -€10,482 | -4.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €40,728 | €46,879 | +€6,151 | +15.1% |
| Amounts payable after more than one year | 17 | €4,250 | €5,390 | +€1,141 | +26.8% |
| Other amounts payable | 178/9 | €4,250 | €5,390 | +€1,141 | +26.8% |
| Amounts payable within one year | 42/48 | €36,479 | €41,489 | +€5,010 | +13.7% |
| Financial debts | 43 | - | €2,003 | +€2,003 | |
| Credit institutions | 430/8 | - | €2,003 | +€2,003 | |
| Trade debts | 44 | €8,400 | €6,623 | -€1,777 | -21.2% |
| Suppliers | 440/4 | €8,400 | €6,623 | -€1,777 | -21.2% |
| Taxes, remuneration and social security | 45 | €28,079 | €32,863 | +€4,785 | +17.0% |
| Taxes | 450/3 | €27,179 | €31,663 | +€4,485 | +16.5% |
| Remuneration and social security | 454/9 | €900 | €1,200 | +€300 | +33.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,493 | €11,655 | -€838 | -6.7% |
| Other operating charges | 640/8 | €4,159 | €3,837 | -€323 | -7.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €75,533 | €92,738 | +€17,205 | +22.8% |
| Operating profit (loss) | 9901 | €58,881 | €77,247 | +€18,366 | +31.2% |
| Financial income | 75/76B | €2,613 | €426 | -€2,187 | -83.7% |
| Recurring financial income | 75 | €2,613 | €426 | -€2,187 | -83.7% |
| Financial charges | 65/66B | €249 | €331 | +€82 | +32.9% |
| Recurring financial charges | 65 | €249 | €331 | +€82 | +32.9% |
| Profit (loss) for the period before taxes | 9903 | €61,245 | €77,342 | +€16,097 | +26.3% |
| Income taxes | 67/77 | €14,538 | €21,904 | +€7,367 | +50.7% |
| Profit (loss) for the period | 9904 | €46,707 | €55,438 | +€8,730 | +18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €46,707 | €55,438 | +€8,730 | +18.7% |
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 8 October 2026 via checked.be.