Benoît Vandresse: 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.
Benoît Vandresse
Largest movements
- Receivables after one year +€33,979
up €33,979 (+105.8%), from €32,107 to €66,085
- Cash +€16,508
up €16,508 (+21.2%), from €77,754 to €94,262
mainly Net result for the year (+€73,317) and Depreciation (+€3,348)
- Tangible fixed assets +€9,604
up €9,604 (+325.2%), from €2,953 to €12,558
- Stocks and contracts +€5,416
new in 2025: €5,416
- Deferred charges and accrued income +€2,685
up €2,685 (+439.9%), from €610 to €3,296
- Reserves +€73,500
up €73,500 (+102.8%), from €71,500 to €145,000
- Accrued charges and deferred income -€4,116
down €4,116 (-95.2%), from €4,325 to €208
- Gross operating margin +€6,219
up €6,219 (+6.8%), from €91,819 to €98,039
- Depreciation +€2,347
up €2,347 (+234.6%), from €1,001 to €3,348
- Financial income +€1,259
up €1,259 (+225.3%), from €559 to €1,817
- Taxes +€1,233
up €1,233 (+6.6%), from €18,789 to €20,022
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 | €115,022 | €184,260 | +€69,238 | +60.2% |
| Fixed assets | 21/28 | €2,953 | €12,558 | +€9,604 | +325.2% |
| Tangible fixed assets | 22/27 | €2,953 | €12,558 | +€9,604 | +325.2% |
| Furniture and vehicles | 24 | €2,953 | €12,558 | +€9,604 | +325.2% |
| Current assets | 29/58 | €112,069 | €171,703 | +€59,633 | +53.2% |
| Amounts receivable after more than one year | 29 | €32,107 | €66,085 | +€33,979 | +105.8% |
| Other amounts receivable | 291 | €32,107 | €66,085 | +€33,979 | +105.8% |
| Stocks and contracts in progress | 3 | - | €5,416 | +€5,416 | |
| Stocks | 30/36 | - | €5,416 | +€5,416 | |
| Amounts receivable within one year | 40/41 | €1,598 | €2,643 | +€1,045 | +65.4% |
| Trade receivables | 40 | €1,598 | €2,145 | +€547 | +34.2% |
| Other amounts receivable | 41 | - | €498 | +€498 | |
| Cash at bank and in hand | 54/58 | €77,754 | €94,262 | +€16,508 | +21.2% |
| Deferred charges and accrued income | 490/1 | €610 | €3,296 | +€2,685 | +439.9% |
| Total equity and liabilities | 10/49 | €115,022 | €184,260 | +€69,238 | +60.2% |
| Equity | 10/15 | €86,744 | €160,062 | +€73,317 | +84.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €71,500 | €145,000 | +€73,500 | +102.8% |
| Distributable reserves | 133 | €71,500 | €145,000 | +€73,500 | +102.8% |
| Profit (loss) carried forward | 14 | €244 | €62 | -€183 | -74.8% |
| Amounts payable | 17/49 | €28,278 | €24,198 | -€4,079 | -14.4% |
| Amounts payable within one year | 42/48 | €23,953 | €23,990 | +€37 | +0.2% |
| Trade debts | 44 | €1,458 | €2,460 | +€1,002 | +68.7% |
| Suppliers | 440/4 | €1,458 | €2,460 | +€1,002 | +68.7% |
| Taxes, remuneration and social security | 45 | €22,495 | €21,530 | -€965 | -4.3% |
| Taxes | 450/3 | €22,495 | €21,530 | -€965 | -4.3% |
| Accrued charges and deferred income | 492/3 | €4,325 | €208 | -€4,116 | -95.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,001 | €3,348 | +€2,347 | +234.6% |
| Other operating charges | 640/8 | €713 | €575 | -€138 | -19.4% |
| Non-recurring operating charges | 66A | - | €2,382 | +€2,382 | |
| Gross operating margin | 9900 | €91,819 | €98,039 | +€6,219 | +6.8% |
| Operating profit (loss) | 9901 | €90,105 | €91,733 | +€1,628 | +1.8% |
| Financial income | 75/76B | €559 | €1,817 | +€1,259 | +225.3% |
| Recurring financial income | 75 | €559 | €1,817 | +€1,259 | +225.3% |
| Financial charges | 65/66B | €130 | €211 | +€81 | +61.8% |
| Recurring financial charges | 65 | €130 | €211 | +€81 | +61.8% |
| Profit (loss) for the period before taxes | 9903 | €90,534 | €93,339 | +€2,806 | +3.1% |
| Income taxes | 67/77 | €18,789 | €20,022 | +€1,233 | +6.6% |
| Profit (loss) for the period | 9904 | €71,744 | €73,317 | +€1,573 | +2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €71,744 | €73,317 | +€1,573 | +2.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.