C. VANDEREECKEN: what changed
C. VANDEREECKEN
Largest movements
- Current investments +€149,066
up €149,066 (+49.7%), from €300,000 to €449,066
- Receivables within one year -€100,175
down €100,175 (-81.9%), from €122,360 to €22,186
of which Trade receivables: -€96,706
- Cash -€45,612
down €45,612 (-27.6%), from €165,521 to €119,909
mainly Current investments (-€149,066) and Tax, wage and social debts (-€47,608)
- Reserves +€61,281
up €61,281 (+12.9%), from €473,246 to €534,527
- Tax, wage and social debts -€47,608
down €47,608 (-53.6%), from €88,813 to €41,205
of which Taxes: -€42,631
- Trade debts -€16,164
down €16,164 (-66.2%), from €24,423 to €8,259
- Gross operating margin -€162,676
down €162,676 (-63.2%), from €257,302 to €94,627
- Taxes -€43,648
down €43,648 (-60.1%), from €72,624 to €28,976
- Staff costs -€36,030
down €36,030 (-68.0%), from €52,979 to €16,949
- Financial income +€10,239
up €10,239 (+218%), from €4,689 to €14,928
of which Non-recurring financial income: +€9,195
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €595,404 | €592,667 | -€2,736 | -0.5% |
| Fixed assets | 21/28 | €3,293 | - | -€3,293 | |
| Tangible fixed assets | 22/27 | €3,293 | - | -€3,293 | |
| Plant, machinery and equipment | 23 | €3,097 | - | -€3,097 | |
| Furniture and vehicles | 24 | €196 | - | -€196 | |
| Current assets | 29/58 | €592,110 | €592,667 | +€557 | +0.1% |
| Stocks and contracts in progress | 3 | €1,850 | - | -€1,850 | |
| Stocks | 30/36 | €1,850 | - | -€1,850 | |
| Amounts receivable within one year | 40/41 | €122,360 | €22,186 | -€100,175 | -81.9% |
| Trade receivables | 40 | €102,106 | €5,400 | -€96,706 | -94.7% |
| Other amounts receivable | 41 | €20,254 | €16,786 | -€3,468 | -17.1% |
| Current investments | 50/53 | €300,000 | €449,066 | +€149,066 | +49.7% |
| Cash at bank and in hand | 54/58 | €165,521 | €119,909 | -€45,612 | -27.6% |
| Deferred charges and accrued income | 490/1 | €2,379 | €1,507 | -€872 | -36.7% |
| Total equity and liabilities | 10/49 | €595,404 | €592,667 | -€2,736 | -0.5% |
| Equity | 10/15 | €481,922 | €543,203 | +€61,281 | +12.7% |
| Contributions | 10/11 | €8,676 | €8,676 | = | 0.0% |
| Reserves | 13 | €473,246 | €534,527 | +€61,281 | +12.9% |
| Distributable reserves | 133 | €473,246 | €534,527 | +€61,281 | +12.9% |
| Amounts payable | 17/49 | €113,481 | €49,464 | -€64,017 | -56.4% |
| Amounts payable within one year | 42/48 | €113,236 | €49,464 | -€63,772 | -56.3% |
| Trade debts | 44 | €24,423 | €8,259 | -€16,164 | -66.2% |
| Suppliers | 440/4 | €24,423 | €8,259 | -€16,164 | -66.2% |
| Taxes, remuneration and social security | 45 | €88,813 | €41,205 | -€47,608 | -53.6% |
| Taxes | 450/3 | €81,503 | €38,872 | -€42,631 | -52.3% |
| Remuneration and social security | 454/9 | €7,310 | €2,333 | -€4,977 | -68.1% |
| Accrued charges and deferred income | 492/3 | €245 | - | -€245 | |
| Remuneration, social security and pensions | 62 | €52,979 | €16,949 | -€36,030 | -68.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,509 | €388 | -€1,121 | -74.3% |
| Other operating charges | 640/8 | €1,309 | €859 | -€450 | -34.4% |
| Gross operating margin | 9900 | €257,302 | €94,627 | -€162,676 | -63.2% |
| Operating profit (loss) | 9901 | €201,505 | €76,430 | -€125,075 | -62.1% |
| Financial income | 75/76B | €4,689 | €14,928 | +€10,239 | +218% |
| Recurring financial income | 75 | €4,689 | €5,733 | +€1,044 | +22.3% |
| Non-recurring financial income | 76B | - | €9,195 | +€9,195 | |
| Financial charges | 65/66B | €763 | €1,101 | +€338 | +44.3% |
| Recurring financial charges | 65 | €763 | €1,101 | +€338 | +44.3% |
| Profit (loss) for the period before taxes | 9903 | €205,430 | €90,257 | -€115,173 | -56.1% |
| Income taxes | 67/77 | €72,624 | €28,976 | -€43,648 | -60.1% |
| Profit (loss) for the period | 9904 | €132,806 | €61,281 | -€71,525 | -53.9% |
| Transfer from tax-exempt reserves | 789 | €15,797 | - | -€15,797 | |
| Profit (loss) for the period to be appropriated | 9905 | €148,603 | €61,281 | -€87,322 | -58.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.