Cedric Vandeplas: 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.
Cedric Vandeplas
Largest movements
- Receivables after one year +€120,575
up €120,575 (+100%), from €120,000 to €240,575
- Cash +€58,925
up €58,925 (+52.9%), from €111,406 to €170,331
mainly Net result for the year (+€157,841) and Tax, wage and social debts (+€19,636)
- Receivables within one year +€8,839
up €8,839 (+34.8%), from €25,406 to €34,245
of which Trade receivables: +€4,926
- Tangible fixed assets -€6,327
down €6,327 (-15.7%), from €40,250 to €33,923
of which Furniture and vehicles: -€11,500
- Profit (loss) carried forward +€157,841
up €157,841 (+61.3%), from €257,485 to €415,326
- Tax, wage and social debts +€19,636
up €19,636 (+51.3%), from €38,295 to €57,931
- Other debts +€4,827
up €4,827, from €0 to €4,827
- Gross operating margin +€45,304
up €45,304 (+25.0%), from €181,278 to €226,582
- Taxes +€36,730
up €36,730 (+123%), from €29,748 to €66,478
- Financial income +€9,295
up €9,295 (+1,245%), from €747 to €10,042
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 | €298,078 | €480,090 | +€182,012 | +61.1% |
| Fixed assets | 21/28 | €40,250 | €33,923 | -€6,327 | -15.7% |
| Tangible fixed assets | 22/27 | €40,250 | €33,923 | -€6,327 | -15.7% |
| Plant, machinery and equipment | 23 | - | €5,173 | +€5,173 | |
| Furniture and vehicles | 24 | €40,250 | €28,750 | -€11,500 | -28.6% |
| Current assets | 29/58 | €257,828 | €446,167 | +€188,339 | +73.0% |
| Amounts receivable after more than one year | 29 | €120,000 | €240,575 | +€120,575 | +100% |
| Other amounts receivable | 291 | €120,000 | €240,575 | +€120,575 | +100% |
| Amounts receivable within one year | 40/41 | €25,406 | €34,245 | +€8,839 | +34.8% |
| Trade receivables | 40 | €15,680 | €20,606 | +€4,926 | +31.4% |
| Other amounts receivable | 41 | €9,726 | €13,639 | +€3,913 | +40.2% |
| Cash at bank and in hand | 54/58 | €111,406 | €170,331 | +€58,925 | +52.9% |
| Deferred charges and accrued income | 490/1 | €1,016 | €1,016 | = | 0.0% |
| Total equity and liabilities | 10/49 | €298,078 | €480,090 | +€182,012 | +61.1% |
| Equity | 10/15 | €259,485 | €417,326 | +€157,841 | +60.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €257,485 | €415,326 | +€157,841 | +61.3% |
| Amounts payable | 17/49 | €38,593 | €62,765 | +€24,171 | +62.6% |
| Amounts payable within one year | 42/48 | €38,593 | €62,765 | +€24,171 | +62.6% |
| Trade debts | 44 | €299 | €7 | -€292 | -97.8% |
| Suppliers | 440/4 | €299 | €7 | -€292 | -97.8% |
| Taxes, remuneration and social security | 45 | €38,295 | €57,931 | +€19,636 | +51.3% |
| Taxes | 450/3 | €38,295 | €57,931 | +€19,636 | +51.3% |
| Other amounts payable | 47/48 | €0 | €4,827 | +€4,827 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,500 | €11,768 | +€268 | +2.3% |
| Other operating charges | 640/8 | €896 | €462 | -€434 | -48.5% |
| Gross operating margin | 9900 | €181,278 | €226,582 | +€45,304 | +25.0% |
| Operating profit (loss) | 9901 | €168,883 | €214,352 | +€45,470 | +26.9% |
| Financial income | 75/76B | €747 | €10,042 | +€9,295 | +1,245% |
| Recurring financial income | 75 | €747 | €10,042 | +€9,295 | +1,245% |
| Financial charges | 65/66B | €1,088 | €75 | -€1,012 | -93.1% |
| Recurring financial charges | 65 | €1,088 | €75 | -€1,012 | -93.1% |
| Profit (loss) for the period before taxes | 9903 | €168,541 | €224,319 | +€55,777 | +33.1% |
| Income taxes | 67/77 | €29,748 | €66,478 | +€36,730 | +123% |
| Profit (loss) for the period | 9904 | €138,793 | €157,841 | +€19,048 | +13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €138,793 | €157,841 | +€19,048 | +13.7% |
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 28 October 2026 via checked.be.