VENDOME CONSULT: 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.
VENDOME CONSULT
Largest movements
- Cash -€95,097
down €95,097 (-70.1%), from €135,740 to €40,643
mainly Receivables within one year (-€84,700) and Investment in fixed assets (net) (-€38,008)
- Receivables within one year +€84,700
new in 2025: €84,700
- Tangible fixed assets -€8,471
down €8,471 (-2.7%), from €312,658 to €304,187
- Debts after one year -€28,596
down €28,596 (-25.3%), from €112,987 to €84,392
- Tax, wage and social debts +€13,243
up €13,243 (+38.4%), from €34,532 to €47,775
of which Remuneration and social security: +€14,013
- Depreciation +€3,801
up €3,801 (+8.9%), from €42,678 to €46,479
- Gross operating margin -€3,094
down €3,094 (-2.2%), from €143,457 to €140,363
- Taxes -€2,530
down €2,530 (-67.0%), from €3,778 to €1,248
- Staff costs +€2,453
up €2,453 (+3.1%), from €77,980 to €80,433
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 | €448,769 | €429,900 | -€18,869 | -4.2% |
| Fixed assets | 21/28 | €313,029 | €304,558 | -€8,471 | -2.7% |
| Tangible fixed assets | 22/27 | €312,658 | €304,187 | -€8,471 | -2.7% |
| Land and buildings | 22 | €312,658 | €304,187 | -€8,471 | -2.7% |
| Financial fixed assets | 28 | €370 | €370 | = | 0.0% |
| Current assets | 29/58 | €135,740 | €125,343 | -€10,397 | -7.7% |
| Amounts receivable within one year | 40/41 | - | €84,700 | +€84,700 | |
| Trade receivables | 40 | - | €84,700 | +€84,700 | |
| Cash at bank and in hand | 54/58 | €135,740 | €40,643 | -€95,097 | -70.1% |
| Total equity and liabilities | 10/49 | €448,769 | €429,900 | -€18,869 | -4.2% |
| Equity | 10/15 | €190,230 | €192,484 | +€2,254 | +1.2% |
| Contributions | 10/11 | €186,973 | €186,973 | = | 0.0% |
| Capital | 10 | €186,973 | €186,973 | = | 0.0% |
| Issued capital | 100 | €186,973 | €186,973 | = | 0.0% |
| Reserves | 13 | €451 | €564 | +€113 | +25.0% |
| Non-distributable reserves | 130/1 | €451 | €564 | +€113 | +25.0% |
| Legal reserve | 130 | €451 | €564 | +€113 | +25.0% |
| Profit (loss) carried forward | 14 | €2,806 | €4,947 | +€2,141 | +76.3% |
| Amounts payable | 17/49 | €258,539 | €237,416 | -€21,123 | -8.2% |
| Amounts payable after more than one year | 17 | €112,987 | €84,392 | -€28,596 | -25.3% |
| Financial debts | 170/4 | €112,987 | €84,392 | -€28,596 | -25.3% |
| Amounts payable within one year | 42/48 | €145,551 | €153,024 | +€7,473 | +5.1% |
| Current portion of amounts payable after more than one year | 42 | €27,634 | €28,596 | +€961 | +3.5% |
| Financial debts | 43 | €62,829 | €58,554 | -€4,275 | -6.8% |
| Credit institutions | 430/8 | €62,829 | €58,554 | -€4,275 | -6.8% |
| Trade debts | 44 | €20,557 | €18,100 | -€2,456 | -11.9% |
| Suppliers | 440/4 | €20,557 | €18,100 | -€2,456 | -11.9% |
| Taxes, remuneration and social security | 45 | €34,532 | €47,775 | +€13,243 | +38.4% |
| Taxes | 450/3 | €25,546 | €24,776 | -€770 | -3.0% |
| Remuneration and social security | 454/9 | €8,986 | €22,999 | +€14,013 | +156% |
| Remuneration, social security and pensions | 62 | €77,980 | €80,433 | +€2,453 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,678 | €46,479 | +€3,801 | +8.9% |
| Other operating charges | 640/8 | €3,032 | €3,095 | +€63 | +2.1% |
| Gross operating margin | 9900 | €143,457 | €140,363 | -€3,094 | -2.2% |
| Operating profit (loss) | 9901 | €19,767 | €10,357 | -€9,410 | -47.6% |
| Financial charges | 65/66B | €6,494 | €6,854 | +€361 | +5.6% |
| Recurring financial charges | 65 | €6,494 | €6,854 | +€361 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €13,273 | €3,502 | -€9,771 | -73.6% |
| Income taxes | 67/77 | €3,778 | €1,248 | -€2,530 | -67.0% |
| Profit (loss) for the period | 9904 | €9,494 | €2,254 | -€7,240 | -76.3% |
| Profit (loss) for the period to be appropriated | 9905 | €9,494 | €2,254 | -€7,240 | -76.3% |
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 30 October 2026 via checked.be.