Cédric VANDERBECQ: 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 VANDERBECQ
Largest movements
- Cash +€47,542
up €47,542 (+37.4%), from €127,101 to €174,643
mainly Other debts (+€23,124) and Depreciation (+€22,513)
- Tangible fixed assets -€20,013
down €20,013 (-35.2%), from €56,860 to €36,847
of which Furniture and vehicles: -€21,773
- Receivables within one year -€12,956
down €12,956 (-77.7%), from €16,683 to €3,726
of which Trade receivables: -€10,484
- Deferred charges and accrued income -€5,392
down €5,392 (-62.1%), from €8,676 to €3,284
- Other debts +€23,124
up €23,124 (+1,798%), from €1,286 to €24,410
- Reserves -€9,218
down €9,218 (-5.8%), from €159,461 to €150,243
of which Distributable reserves: -€9,218
- Tax, wage and social debts +€7,909
up €7,909 (+3,137%), from €252 to €8,161
- Trade debts -€5,686
down €5,686 (-75.7%), from €7,509 to €1,823
- Current portion of long-term debt -€5,586
down €5,586 (-77.8%), from €7,183 to €1,597
- Gross operating margin +€17,667
up €17,667 (+69.0%), from €25,619 to €43,286
- Taxes +€5,453
up €5,453 (+307%), from €1,777 to €7,230
- Financial income +€1,278
up €1,278 (+119%), from €1,071 to €2,349
- Other operating charges -€688
down €688 (-33.3%), from €2,066 to €1,378
- Depreciation +€565
up €565 (+2.6%), from €21,949 to €22,513
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 | €222,783 | €231,728 | +€8,945 | +4.0% |
| Fixed assets | 21/28 | €56,860 | €36,847 | -€20,013 | -35.2% |
| Tangible fixed assets | 22/27 | €56,860 | €36,847 | -€20,013 | -35.2% |
| Plant, machinery and equipment | 23 | €3,033 | €2,378 | -€655 | -21.6% |
| Furniture and vehicles | 24 | €53,827 | €32,054 | -€21,773 | -40.4% |
| Other tangible fixed assets | 26 | - | €2,414 | +€2,414 | |
| Current assets | 29/58 | €165,923 | €194,882 | +€28,958 | +17.5% |
| Stocks and contracts in progress | 3 | €4,553 | €4,225 | -€328 | -7.2% |
| Stocks | 30/36 | €4,553 | €4,225 | -€328 | -7.2% |
| Amounts receivable within one year | 40/41 | €16,683 | €3,726 | -€12,956 | -77.7% |
| Trade receivables | 40 | €14,210 | €3,726 | -€10,484 | -73.8% |
| Other amounts receivable | 41 | €2,472 | - | -€2,472 | |
| Current investments | 50/53 | €8,911 | €9,003 | +€92 | +1.0% |
| Cash at bank and in hand | 54/58 | €127,101 | €174,643 | +€47,542 | +37.4% |
| Deferred charges and accrued income | 490/1 | €8,676 | €3,284 | -€5,392 | -62.1% |
| Total equity and liabilities | 10/49 | €222,783 | €231,728 | +€8,945 | +4.0% |
| Equity | 10/15 | €203,752 | €194,534 | -€9,218 | -4.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €159,461 | €150,243 | -€9,218 | -5.8% |
| Tax-exempt reserves | 132 | €53,050 | €53,050 | = | 0.0% |
| Distributable reserves | 133 | €106,411 | €97,193 | -€9,218 | -8.7% |
| Profit (loss) carried forward | 14 | €38,091 | €38,091 | = | 0.0% |
| Amounts payable | 17/49 | €19,031 | €37,194 | +€18,164 | +95.4% |
| Amounts payable after more than one year | 17 | €1,597 | - | -€1,597 | |
| Financial debts | 170/4 | €1,597 | - | -€1,597 | |
| Amounts payable within one year | 42/48 | €17,434 | €37,194 | +€19,760 | +113% |
| Current portion of amounts payable after more than one year | 42 | €7,183 | €1,597 | -€5,586 | -77.8% |
| Trade debts | 44 | €7,509 | €1,823 | -€5,686 | -75.7% |
| Suppliers | 440/4 | €7,509 | €1,823 | -€5,686 | -75.7% |
| Advances received on contracts in progress | 46 | €1,204 | €1,204 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €252 | €8,161 | +€7,909 | +3,137% |
| Taxes | 450/3 | €252 | €8,161 | +€7,909 | +3,137% |
| Other amounts payable | 47/48 | €1,286 | €24,410 | +€23,124 | +1,798% |
| Remuneration, social security and pensions | 62 | €463 | - | -€463 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,949 | €22,513 | +€565 | +2.6% |
| Other operating charges | 640/8 | €2,066 | €1,378 | -€688 | -33.3% |
| Gross operating margin | 9900 | €25,619 | €43,286 | +€17,667 | +69.0% |
| Operating profit (loss) | 9901 | €1,142 | €19,395 | +€18,253 | +1,599% |
| Financial income | 75/76B | €1,071 | €2,349 | +€1,278 | +119% |
| Recurring financial income | 75 | €1,071 | €2,349 | +€1,278 | +119% |
| Financial charges | 65/66B | €208 | €204 | -€4 | -2.1% |
| Recurring financial charges | 65 | €208 | €204 | -€4 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | €2,005 | €21,540 | +€19,536 | +974% |
| Income taxes | 67/77 | €1,777 | €7,230 | +€5,453 | +307% |
| Profit (loss) for the period | 9904 | €228 | €14,310 | +€14,082 | +6,177% |
| Profit (loss) for the period to be appropriated | 9905 | €228 | €14,310 | +€14,082 | +6,177% |
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 25 October 2026 via checked.be.