Cédric Vandekeybus: 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.
Cédric Vandekeybus
Largest movements
- Cash +€13,633
up €13,633 (+21.4%), from €63,782 to €77,414
mainly Other debts (+€97,823) and Net result for the year (+€32,441)
- Tangible fixed assets +€10,938
up €10,938 (+679%), from €1,610 to €12,548
of which Furniture and vehicles: +€8,583
- Receivables within one year +€8,327
up €8,327 (+124%), from €6,732 to €15,059
of which Trade receivables: +€9,202
- Other debts +€97,823
new in 2025: €97,823
- Reserves -€59,823
no longer reported in 2025 (was €59,823)
- Profit (loss) carried forward -€5,559
new in 2025: -€5,559
- Trade debts +€3,099
up €3,099 (+73.5%), from €4,216 to €7,314
- Tax, wage and social debts -€2,324
down €2,324 (-44.2%), from €5,255 to €2,931
of which Remuneration and social security: -€3,056
- Gross operating margin -€4,356
down €4,356 (-8.9%), from €49,123 to €44,766
- Depreciation +€1,602
up €1,602 (+147%), from €1,092 to €2,694
- Taxes -€1,352
down €1,352 (-12.5%), from €10,817 to €9,465
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 | €72,294 | €105,509 | +€33,215 | +45.9% |
| Fixed assets | 21/28 | €1,610 | €12,548 | +€10,938 | +679% |
| Tangible fixed assets | 22/27 | €1,610 | €12,548 | +€10,938 | +679% |
| Plant, machinery and equipment | 23 | - | €2,355 | +€2,355 | |
| Furniture and vehicles | 24 | €1,610 | €10,193 | +€8,583 | +533% |
| Current assets | 29/58 | €70,684 | €92,961 | +€22,277 | +31.5% |
| Amounts receivable within one year | 40/41 | €6,732 | €15,059 | +€8,327 | +124% |
| Trade receivables | 40 | €1,468 | €10,669 | +€9,202 | +627% |
| Other amounts receivable | 41 | €5,264 | €4,390 | -€874 | -16.6% |
| Cash at bank and in hand | 54/58 | €63,782 | €77,414 | +€13,633 | +21.4% |
| Deferred charges and accrued income | 490/1 | €170 | €487 | +€317 | +186% |
| Total equity and liabilities | 10/49 | €72,294 | €105,509 | +€33,215 | +45.9% |
| Equity | 10/15 | €62,823 | -€2,559 | -€65,382 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €59,823 | - | -€59,823 | |
| Distributable reserves | 133 | €59,823 | - | -€59,823 | |
| Profit (loss) carried forward | 14 | - | -€5,559 | -€5,559 | |
| Amounts payable | 17/49 | €9,471 | €108,069 | +€98,597 | +1,041% |
| Amounts payable within one year | 42/48 | €9,471 | €108,069 | +€98,597 | +1,041% |
| Trade debts | 44 | €4,216 | €7,314 | +€3,099 | +73.5% |
| Suppliers | 440/4 | €4,216 | €7,314 | +€3,099 | +73.5% |
| Taxes, remuneration and social security | 45 | €5,255 | €2,931 | -€2,324 | -44.2% |
| Taxes | 450/3 | €2,200 | €2,931 | +€731 | +33.2% |
| Remuneration and social security | 454/9 | €3,056 | - | -€3,056 | |
| Other amounts payable | 47/48 | - | €97,823 | +€97,823 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,092 | €2,694 | +€1,602 | +147% |
| Other operating charges | 640/8 | €788 | €383 | -€406 | -51.4% |
| Gross operating margin | 9900 | €49,123 | €44,766 | -€4,356 | -8.9% |
| Operating profit (loss) | 9901 | €47,242 | €41,689 | -€5,553 | -11.8% |
| Financial income | 75/76B | €353 | €369 | +€16 | +4.5% |
| Recurring financial income | 75 | €353 | €369 | +€16 | +4.5% |
| Financial charges | 65/66B | €75 | €152 | +€77 | +103% |
| Recurring financial charges | 65 | €75 | €152 | +€77 | +103% |
| Profit (loss) for the period before taxes | 9903 | €47,520 | €41,906 | -€5,614 | -11.8% |
| Income taxes | 67/77 | €10,817 | €9,465 | -€1,352 | -12.5% |
| Profit (loss) for the period | 9904 | €36,703 | €32,441 | -€4,263 | -11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €36,703 | €32,441 | -€4,263 | -11.6% |
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 24 October 2026 via checked.be.