CATLINK VANDERMEERSCH: 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.
CATLINK VANDERMEERSCH
Largest movements
- Tangible fixed assets -€15,787
down €15,787 (-73.4%), from €21,494 to €5,708
- Cash -€6,256
down €6,256 (-99.8%), from €6,267 to €11
- Receivables within one year -€2,829
down €2,829 (-27.5%), from €10,305 to €7,476
of which Other amounts receivable: -€2,945
- Deferred charges and accrued income +€984
new in 2025: €984
- Profit (loss) carried forward -€28,181
down €28,181 (-48.7%), from -€57,855 to -€86,036
- Trade debts +€21,956
up €21,956 (+172%), from €12,775 to €34,731
- Debts after one year -€14,230
no longer reported in 2025 (was €14,230)
- Other debts -€8,842
down €8,842 (-15.3%), from €57,754 to €48,912
- Current portion of long-term debt +€4,417
new in 2025: €4,417
- Depreciation +€5,350
up €5,350 (+226%), from €2,370 to €7,720
- Taxes -€3,110
down €3,110, from €3,103 to -€7
- Other operating charges -€865
down €865 (-58.0%), from €1,492 to €626
- Gross operating margin -€346
down €346 (-4.7%), from -€7,364 to -€7,710
- Financial charges +€243
up €243 (+31.9%), from €763 to €1,006
of which Financial charges: +€175
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €38,067 | €14,179 | -€23,888 | -62.8% |
| Fixed assets | 21/28 | €21,494 | €5,708 | -€15,787 | -73.4% |
| Tangible fixed assets | 22/27 | €21,494 | €5,708 | -€15,787 | -73.4% |
| Furniture and vehicles | 24 | €21,494 | €5,708 | -€15,787 | -73.4% |
| Current assets | 29/58 | €16,572 | €8,471 | -€8,101 | -48.9% |
| Amounts receivable within one year | 40/41 | €10,305 | €7,476 | -€2,829 | -27.5% |
| Trade receivables | 40 | €6,520 | €6,636 | +€116 | +1.8% |
| Other amounts receivable | 41 | €3,785 | €840 | -€2,945 | -77.8% |
| Cash at bank and in hand | 54/58 | €6,267 | €11 | -€6,256 | -99.8% |
| Deferred charges and accrued income | 490/1 | - | €984 | +€984 | |
| Total equity and liabilities | 10/49 | €38,067 | €14,179 | -€23,888 | -62.8% |
| Equity | 10/15 | -€49,795 | -€77,976 | -€28,181 | -56.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | -€57,855 | -€86,036 | -€28,181 | -48.7% |
| Amounts payable | 17/49 | €87,861 | €92,155 | +€4,294 | +4.9% |
| Amounts payable after more than one year | 17 | €14,230 | - | -€14,230 | |
| Financial debts | 170/4 | €14,230 | - | -€14,230 | |
| Amounts payable within one year | 42/48 | €73,632 | €92,155 | +€18,523 | +25.2% |
| Current portion of amounts payable after more than one year | 42 | - | €4,417 | +€4,417 | |
| Financial debts | 43 | - | €4,095 | +€4,095 | |
| Credit institutions | 430/8 | - | €4,095 | +€4,095 | |
| Trade debts | 44 | €12,775 | €34,731 | +€21,956 | +172% |
| Suppliers | 440/4 | €12,775 | €34,731 | +€21,956 | +172% |
| Taxes, remuneration and social security | 45 | €3,102 | - | -€3,102 | |
| Taxes | 450/3 | €3,102 | - | -€3,102 | |
| Other amounts payable | 47/48 | €57,754 | €48,912 | -€8,842 | -15.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,370 | €7,720 | +€5,350 | +226% |
| Other operating charges | 640/8 | €1,492 | €626 | -€865 | -58.0% |
| Gross operating margin | 9900 | -€7,364 | -€7,710 | -€346 | -4.7% |
| Operating profit (loss) | 9901 | -€11,226 | -€16,056 | -€4,830 | -43.0% |
| Financial income | 75/76B | €3 | €5 | +€2 | +47.7% |
| Recurring financial income | 75 | €3 | €5 | +€2 | +47.7% |
| Financial charges | 65/66B | €763 | €1,006 | +€243 | +31.9% |
| Recurring financial charges | 65 | €424 | €599 | +€175 | +41.3% |
| Non-recurring financial charges | 66B | €339 | €407 | +€68 | +20.1% |
| Profit (loss) for the period before taxes | 9903 | -€11,986 | -€17,058 | -€5,072 | -42.3% |
| Income taxes | 67/77 | €3,103 | -€7 | -€3,110 | |
| Profit (loss) for the period | 9904 | -€15,089 | -€17,051 | -€1,962 | -13.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,089 | -€17,051 | -€1,962 | -13.0% |
Source: filed annual accounts (NBB), financial years ended 30 December 2023 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.