VENDU: 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.
VENDU
Largest movements
- Stocks and contracts -€297,479
no longer reported in 2025 (was €297,479)
- Tangible fixed assets +€269,771
up €269,771 (+70.9%), from €380,407 to €650,178
of which Land and buildings: +€261,528
- Cash -€23,338
down €23,338 (-34.9%), from €66,851 to €43,513
mainly Investment in fixed assets (net) (-€306,806) and Short-term financial debts (-€134,808)
- Short-term financial debts -€134,808
down €134,808 (-99.7%), from €135,263 to €455
of which Credit institutions: -€134,968
- Debts after one year +€113,195
up €113,195 (+53.2%), from €212,688 to €325,884
- Tax, wage and social debts -€81,628
down €81,628 (-87.2%), from €93,631 to €12,003
- Other debts +€33,054
up €33,054 (+5,368%), from €616 to €33,670
- Trade debts +€26,625
up €26,625 (+818%), from €3,255 to €29,880
- Gross operating margin -€55,003
down €55,003 (-35.9%), from €153,258 to €98,255
- Depreciation +€26,783
up €26,783 (+261%), from €10,252 to €37,035
- Taxes -€26,123
down €26,123 (-68.8%), from €37,964 to €11,841
- Financial charges +€9,198
up €9,198 (+87.8%), from €10,478 to €19,676
- Financial income -€2,376
down €2,376 (-79.5%), from €2,990 to €614
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 | €827,123 | €777,793 | -€49,330 | -6.0% |
| Fixed assets | 21/28 | €380,407 | €650,178 | +€269,771 | +70.9% |
| Tangible fixed assets | 22/27 | €380,407 | €650,178 | +€269,771 | +70.9% |
| Land and buildings | 22 | €377,995 | €639,522 | +€261,528 | +69.2% |
| Plant, machinery and equipment | 23 | €1,717 | €3,610 | +€1,893 | +110% |
| Furniture and vehicles | 24 | €696 | €1,464 | +€768 | +110% |
| Other tangible fixed assets | 26 | - | €5,583 | +€5,583 | |
| Current assets | 29/58 | €446,716 | €127,614 | -€319,102 | -71.4% |
| Stocks and contracts in progress | 3 | €297,479 | - | -€297,479 | |
| Stocks | 30/36 | €297,479 | - | -€297,479 | |
| Amounts receivable within one year | 40/41 | €14 | €2,262 | +€2,247 | +15,737% |
| Other amounts receivable | 41 | €14 | €2,262 | +€2,247 | +15,737% |
| Current investments | 50/53 | €80,570 | €81,000 | +€429 | +0.5% |
| Cash at bank and in hand | 54/58 | €66,851 | €43,513 | -€23,338 | -34.9% |
| Deferred charges and accrued income | 490/1 | €1,801 | €840 | -€961 | -53.4% |
| Total equity and liabilities | 10/49 | €827,123 | €777,793 | -€49,330 | -6.0% |
| Equity | 10/15 | €370,288 | €356,982 | -€13,306 | -3.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €368,788 | €355,482 | -€13,306 | -3.6% |
| Distributable reserves | 133 | €368,788 | €355,482 | -€13,306 | -3.6% |
| Amounts payable | 17/49 | €456,835 | €420,811 | -€36,024 | -7.9% |
| Amounts payable after more than one year | 17 | €212,688 | €325,884 | +€113,195 | +53.2% |
| Financial debts | 170/4 | €212,688 | €325,884 | +€113,195 | +53.2% |
| Amounts payable within one year | 42/48 | €244,147 | €94,927 | -€149,219 | -61.1% |
| Current portion of amounts payable after more than one year | 42 | €11,382 | €18,919 | +€7,537 | +66.2% |
| Financial debts | 43 | €135,263 | €455 | -€134,808 | -99.7% |
| Credit institutions | 430/8 | €135,055 | €87 | -€134,968 | -99.9% |
| Other loans | 439 | €208 | €368 | +€160 | +76.9% |
| Trade debts | 44 | €3,255 | €29,880 | +€26,625 | +818% |
| Suppliers | 440/4 | €3,255 | €29,880 | +€26,625 | +818% |
| Taxes, remuneration and social security | 45 | €93,631 | €12,003 | -€81,628 | -87.2% |
| Taxes | 450/3 | €93,631 | €12,003 | -€81,628 | -87.2% |
| Other amounts payable | 47/48 | €616 | €33,670 | +€33,054 | +5,368% |
| Non-recurring operating income | 76A | - | €12,500 | +€12,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,252 | €37,035 | +€26,783 | +261% |
| Other operating charges | 640/8 | €2,522 | €2,447 | -€76 | -3.0% |
| Gross operating margin | 9900 | €153,258 | €98,255 | -€55,003 | -35.9% |
| Operating profit (loss) | 9901 | €140,484 | €58,774 | -€81,710 | -58.2% |
| Financial income | 75/76B | €2,990 | €614 | -€2,376 | -79.5% |
| Recurring financial income | 75 | €2,990 | €614 | -€2,376 | -79.5% |
| Financial charges | 65/66B | €10,478 | €19,676 | +€9,198 | +87.8% |
| Recurring financial charges | 65 | €10,478 | €19,676 | +€9,198 | +87.8% |
| Profit (loss) for the period before taxes | 9903 | €132,995 | €39,711 | -€93,284 | -70.1% |
| Income taxes | 67/77 | €37,964 | €11,841 | -€26,123 | -68.8% |
| Profit (loss) for the period | 9904 | €95,032 | €27,870 | -€67,161 | -70.7% |
| Profit (loss) for the period to be appropriated | 9905 | €95,032 | €27,870 | -€67,161 | -70.7% |
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 15 October 2026 via checked.be.