VENDI: 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.
VENDI
Largest movements
- Receivables after one year +€250,000
up €250,000 (+833%), from €30,000 to €280,000
- Cash -€170,873
down €170,873 (-61.4%), from €278,327 to €107,454
mainly Receivables after one year (-€250,000) and Current investments (-€153,696)
- Current investments +€153,696
new in 2025: €153,696
- Receivables within one year -€138,980
down €138,980 (-79.4%), from €175,048 to €36,068
of which Other amounts receivable: -€137,601
- Tangible fixed assets -€10,099
down €10,099 (-7.9%), from €127,150 to €117,050
of which Land and buildings: -€7,487
- Reserves +€61,906
up €61,906 (+11.7%), from €528,045 to €589,951
- Other debts +€36,078
up €36,078 (+565%), from €6,380 to €42,458
- Tax, wage and social debts -€22,109
down €22,109 (-86.9%), from €25,434 to €3,325
- Provisions +€7,474
up €7,474 (+17.5%), from €42,714 to €50,188
- Gross operating margin -€95,425
down €95,425 (-41.3%), from €231,250 to €135,825
- Financial charges +€40,610
up €40,610 (+16,370%), from €248 to €40,858
- Taxes -€39,079
down €39,079 (-60.2%), from €64,969 to €25,890
- Provisions -€35,239
down €35,239 (-82.5%), from €42,714 to €7,474
- Financial income +€5,183
up €5,183 (+79.8%), from €6,493 to €11,676
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 | €616,154 | €695,340 | +€79,185 | +12.9% |
| Fixed assets | 21/28 | €127,150 | €117,050 | -€10,099 | -7.9% |
| Tangible fixed assets | 22/27 | €127,150 | €117,050 | -€10,099 | -7.9% |
| Land and buildings | 22 | €120,493 | €113,005 | -€7,487 | -6.2% |
| Plant, machinery and equipment | 23 | €6,657 | €4,045 | -€2,612 | -39.2% |
| Current assets | 29/58 | €489,005 | €578,289 | +€89,284 | +18.3% |
| Amounts receivable after more than one year | 29 | €30,000 | €280,000 | +€250,000 | +833% |
| Other amounts receivable | 291 | €30,000 | €280,000 | +€250,000 | +833% |
| Amounts receivable within one year | 40/41 | €175,048 | €36,068 | -€138,980 | -79.4% |
| Trade receivables | 40 | €22,041 | €20,662 | -€1,380 | -6.3% |
| Other amounts receivable | 41 | €153,007 | €15,406 | -€137,601 | -89.9% |
| Current investments | 50/53 | - | €153,696 | +€153,696 | |
| Cash at bank and in hand | 54/58 | €278,327 | €107,454 | -€170,873 | -61.4% |
| Deferred charges and accrued income | 490/1 | €5,629 | €1,071 | -€4,558 | -81.0% |
| Total equity and liabilities | 10/49 | €616,154 | €695,340 | +€79,185 | +12.9% |
| Equity | 10/15 | €534,245 | €596,151 | +€61,906 | +11.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €528,045 | €589,951 | +€61,906 | +11.7% |
| Distributable reserves | 133 | €528,045 | €589,951 | +€61,906 | +11.7% |
| Provisions and deferred taxes | 16 | €42,714 | €50,188 | +€7,474 | +17.5% |
| Provisions for liabilities and charges | 160/5 | €42,714 | €50,188 | +€7,474 | +17.5% |
| Other liabilities and charges | 164/5 | €42,714 | €50,188 | +€7,474 | +17.5% |
| Amounts payable | 17/49 | €39,196 | €49,000 | +€9,805 | +25.0% |
| Amounts payable within one year | 42/48 | €39,196 | €47,080 | +€7,884 | +20.1% |
| Trade debts | 44 | €7,381 | €1,296 | -€6,084 | -82.4% |
| Suppliers | 440/4 | €7,381 | €1,296 | -€6,084 | -82.4% |
| Taxes, remuneration and social security | 45 | €25,434 | €3,325 | -€22,109 | -86.9% |
| Taxes | 450/3 | €25,434 | €3,325 | -€22,109 | -86.9% |
| Other amounts payable | 47/48 | €6,380 | €42,458 | +€36,078 | +565% |
| Accrued charges and deferred income | 492/3 | - | €1,920 | +€1,920 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,766 | €10,099 | +€333 | +3.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €42,714 | €7,474 | -€35,239 | -82.5% |
| Other operating charges | 640/8 | €1,286 | €1,273 | -€12 | -1.0% |
| Gross operating margin | 9900 | €231,250 | €135,825 | -€95,425 | -41.3% |
| Operating profit (loss) | 9901 | €177,484 | €116,978 | -€60,506 | -34.1% |
| Financial income | 75/76B | €6,493 | €11,676 | +€5,183 | +79.8% |
| Recurring financial income | 75 | €6,493 | €11,676 | +€5,183 | +79.8% |
| Financial charges | 65/66B | €248 | €40,858 | +€40,610 | +16,370% |
| Recurring financial charges | 65 | €248 | €40,858 | +€40,610 | +16,370% |
| Profit (loss) for the period before taxes | 9903 | €183,729 | €87,796 | -€95,933 | -52.2% |
| Income taxes | 67/77 | €64,969 | €25,890 | -€39,079 | -60.2% |
| Profit (loss) for the period | 9904 | €118,761 | €61,906 | -€56,855 | -47.9% |
| Profit (loss) for the period to be appropriated | 9905 | €118,761 | €61,906 | -€56,855 | -47.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.