BENOIT VANDERVELDE: 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.
BENOIT VANDERVELDE
Largest movements
- Cash +€83,397
up €83,397 (+167.0%), from €49,925 to €133,322
mainly Net result for the year (+€122,302) and Depreciation (+€91,888)
- Tangible fixed assets -€51,944
down €51,944 (-3.1%), from €1.7m to €1.6m
of which Land and buildings: -€40,033
- Deferred charges and accrued income -€31,771
down €31,771 (-91.0%), from €34,911 to €3,140
- Reserves +€122,200
up €122,200 (+35.6%), from €343,160 to €465,360
- Debts after one year -€90,109
down €90,109 (-7.1%), from €1.3m to €1.2m
- Profit (loss) carried forward -€49,898
down €49,898 (-20.3%), from €245,745 to €195,847
- Gross operating margin -€69,801
down €69,801 (-18.2%), from €382,493 to €312,692
- Taxes -€18,353
down €18,353 (-25.0%), from €73,335 to €54,982
- Depreciation +€10,692
up €10,692 (+13.2%), from €81,196 to €91,888
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 | €2,047,481 | €2,037,309 | -€10,172 | -0.5% |
| Fixed assets | 21/28 | €1,962,537 | €1,899,737 | -€62,800 | -3.2% |
| Intangible fixed assets | 21 | €184,875 | €174,019 | -€10,856 | -5.9% |
| Tangible fixed assets | 22/27 | €1,698,475 | €1,646,531 | -€51,944 | -3.1% |
| Land and buildings | 22 | €1,460,668 | €1,420,635 | -€40,033 | -2.7% |
| Plant, machinery and equipment | 23 | €181,956 | €186,338 | +€4,382 | +2.4% |
| Furniture and vehicles | 24 | €40,598 | €28,044 | -€12,554 | -30.9% |
| Other tangible fixed assets | 26 | €15,253 | €11,514 | -€3,739 | -24.5% |
| Financial fixed assets | 28 | €79,187 | €79,187 | = | 0.0% |
| Current assets | 29/58 | €84,944 | €137,572 | +€52,628 | +62.0% |
| Amounts receivable within one year | 40/41 | €108 | €1,110 | +€1,002 | +927.8% |
| Trade receivables | 40 | - | €1,110 | +€1,110 | |
| Other amounts receivable | 41 | €108 | - | -€108 | |
| Cash at bank and in hand | 54/58 | €49,925 | €133,322 | +€83,397 | +167.0% |
| Deferred charges and accrued income | 490/1 | €34,911 | €3,140 | -€31,771 | -91.0% |
| Total equity and liabilities | 10/49 | €2,047,481 | €2,037,309 | -€10,172 | -0.5% |
| Equity | 10/15 | €607,505 | €679,807 | +€72,302 | +11.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €343,160 | €465,360 | +€122,200 | +35.6% |
| Distributable reserves | 133 | €343,160 | €465,360 | +€122,200 | +35.6% |
| Profit (loss) carried forward | 14 | €245,745 | €195,847 | -€49,898 | -20.3% |
| Amounts payable | 17/49 | €1,439,976 | €1,357,502 | -€82,474 | -5.7% |
| Amounts payable after more than one year | 17 | €1,262,619 | €1,172,510 | -€90,109 | -7.1% |
| Financial debts | 170/4 | €1,262,619 | €1,172,510 | -€90,109 | -7.1% |
| Amounts payable within one year | 42/48 | €177,357 | €184,992 | +€7,635 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €87,886 | €90,108 | +€2,222 | +2.5% |
| Trade debts | 44 | €2,915 | €2,660 | -€255 | -8.7% |
| Suppliers | 440/4 | €2,915 | €2,660 | -€255 | -8.7% |
| Taxes, remuneration and social security | 45 | €36,556 | €41,821 | +€5,265 | +14.4% |
| Taxes | 450/3 | €36,556 | €41,821 | +€5,265 | +14.4% |
| Other amounts payable | 47/48 | €50,000 | €50,403 | +€403 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,196 | €91,888 | +€10,692 | +13.2% |
| Other operating charges | 640/8 | €12,025 | €12,374 | +€349 | +2.9% |
| Gross operating margin | 9900 | €382,493 | €312,692 | -€69,801 | -18.2% |
| Operating profit (loss) | 9901 | €289,272 | €208,430 | -€80,842 | -27.9% |
| Financial income | 75/76B | €3 | €454 | +€451 | +15033.3% |
| Recurring financial income | 75 | €3 | €454 | +€451 | +15033.3% |
| Financial charges | 65/66B | €33,696 | €31,600 | -€2,096 | -6.2% |
| Recurring financial charges | 65 | €33,696 | €31,600 | -€2,096 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €255,579 | €177,284 | -€78,295 | -30.6% |
| Income taxes | 67/77 | €73,335 | €54,982 | -€18,353 | -25.0% |
| Profit (loss) for the period | 9904 | €182,244 | €122,302 | -€59,942 | -32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €182,244 | €122,302 | -€59,942 | -32.9% |
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.