ANTOINE VANDEWOUDE: 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.
ANTOINE VANDEWOUDE
Largest movements
- Cash +€73,896
up €73,896 (+30.2%), from €244,474 to €318,369
mainly Net result for the year (+€69,996) and Receivables within one year (+€23,105)
- Receivables within one year -€23,105
down €23,105 (-46.6%), from €49,597 to €26,492
of which Trade receivables: -€23,387
- Tangible fixed assets +€4,809
up €4,809 (+44.9%), from €10,712 to €15,521
of which Plant, machinery and equipment: +€3,245
- Reserves +€58,996
up €58,996 (+20.5%), from €288,181 to €347,177
of which Distributable reserves: +€58,996
- Trade debts -€8,832
down €8,832 (-93.6%), from €9,439 to €606
- Other debts +€7,212
up €7,212 (+41.5%), from €17,398 to €24,609
- Gross operating margin -€100,169
down €100,169 (-50.1%), from €200,006 to €99,838
- Taxes -€28,587
down €28,587 (-56.6%), from €50,475 to €21,888
- Depreciation -€3,249
down €3,249 (-29.5%), from €11,006 to €7,757
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 | €331,695 | €389,645 | +€57,950 | +17.5% |
| Fixed assets | 21/28 | €11,034 | €15,843 | +€4,809 | +43.6% |
| Tangible fixed assets | 22/27 | €10,712 | €15,521 | +€4,809 | +44.9% |
| Plant, machinery and equipment | 23 | €9,532 | €12,776 | +€3,245 | +34.0% |
| Furniture and vehicles | 24 | €1,180 | €2,744 | +€1,565 | +133% |
| Financial fixed assets | 28 | €322 | €322 | = | 0.0% |
| Current assets | 29/58 | €320,661 | €373,802 | +€53,141 | +16.6% |
| Stocks and contracts in progress | 3 | €23,250 | €22,750 | -€500 | -2.2% |
| Stocks | 30/36 | €23,250 | €22,750 | -€500 | -2.2% |
| Amounts receivable within one year | 40/41 | €49,597 | €26,492 | -€23,105 | -46.6% |
| Trade receivables | 40 | €46,261 | €22,874 | -€23,387 | -50.6% |
| Other amounts receivable | 41 | €3,336 | €3,618 | +€282 | +8.4% |
| Cash at bank and in hand | 54/58 | €244,474 | €318,369 | +€73,896 | +30.2% |
| Deferred charges and accrued income | 490/1 | €3,341 | €6,192 | +€2,851 | +85.3% |
| Total equity and liabilities | 10/49 | €331,695 | €389,645 | +€57,950 | +17.5% |
| Equity | 10/15 | €300,581 | €359,577 | +€58,996 | +19.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €288,181 | €347,177 | +€58,996 | +20.5% |
| Non-distributable reserves | 130/1 | €6,050 | €6,050 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,050 | €6,050 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,450 | €10,450 | = | 0.0% |
| Distributable reserves | 133 | €271,681 | €330,677 | +€58,996 | +21.7% |
| Amounts payable | 17/49 | €31,114 | €30,068 | -€1,045 | -3.4% |
| Amounts payable within one year | 42/48 | €30,873 | €29,923 | -€950 | -3.1% |
| Trade debts | 44 | €9,439 | €606 | -€8,832 | -93.6% |
| Suppliers | 440/4 | €9,439 | €606 | -€8,832 | -93.6% |
| Taxes, remuneration and social security | 45 | €4,036 | €4,708 | +€671 | +16.6% |
| Taxes | 450/3 | €2,636 | €3,308 | +€671 | +25.5% |
| Remuneration and social security | 454/9 | €1,400 | €1,400 | = | 0.0% |
| Other amounts payable | 47/48 | €17,398 | €24,609 | +€7,212 | +41.5% |
| Accrued charges and deferred income | 492/3 | €241 | €145 | -€96 | -39.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,006 | €7,757 | -€3,249 | -29.5% |
| Other operating charges | 640/8 | €1,575 | €1,468 | -€107 | -6.8% |
| Gross operating margin | 9900 | €200,006 | €99,838 | -€100,169 | -50.1% |
| Operating profit (loss) | 9901 | €187,425 | €90,613 | -€96,812 | -51.7% |
| Financial income | 75/76B | €204 | €1,377 | +€1,173 | +576% |
| Recurring financial income | 75 | €204 | €1,377 | +€1,173 | +576% |
| Financial charges | 65/66B | €295 | €106 | -€188 | -64.0% |
| Recurring financial charges | 65 | €295 | €106 | -€188 | -64.0% |
| Profit (loss) for the period before taxes | 9903 | €187,334 | €91,884 | -€95,450 | -51.0% |
| Income taxes | 67/77 | €50,475 | €21,888 | -€28,587 | -56.6% |
| Profit (loss) for the period | 9904 | €136,859 | €69,996 | -€66,863 | -48.9% |
| Profit (loss) for the period to be appropriated | 9905 | €136,859 | €69,996 | -€66,863 | -48.9% |
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 26 October 2026 via checked.be.