Cedric Vanmaele: 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 Vanmaele
Largest movements
- Current investments +€120,570
new in 2025: €120,570
- Cash -€69,083
down €69,083 (-36.7%), from €188,151 to €119,068
mainly Current investments (-€120,570) and Trade debts (-€13,299)
- Receivables within one year -€20,819
down €20,819 (-34.3%), from €60,777 to €39,958
of which Trade receivables: -€28,365
- Reserves +€50,000
up €50,000 (+66.7%), from €75,000 to €125,000
- Trade debts -€13,299
down €13,299 (-73.7%), from €18,043 to €4,744
- Other debts -€8,707
down €8,707 (-56.5%), from €15,421 to €6,713
- Turnover +€362,499
new in 2025: €362,499
- Purchases and services +€249,402
new in 2025: €249,402
- Gross operating margin -€26,250
down €26,250 (-18.8%), from €139,347 to €113,097
- Staff costs -€4,656
down €4,656 (-13.9%), from €33,419 to €28,763
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 | €254,880 | €282,634 | +€27,754 | +10.9% |
| Fixed assets | 21/28 | €3,569 | €3,039 | -€531 | -14.9% |
| Tangible fixed assets | 22/27 | €3,569 | €3,039 | -€531 | -14.9% |
| Plant, machinery and equipment | 23 | €3,498 | €3,039 | -€459 | -13.1% |
| Furniture and vehicles | 24 | €71 | - | -€71 | |
| Current assets | 29/58 | €251,311 | €279,596 | +€28,284 | +11.3% |
| Amounts receivable within one year | 40/41 | €60,777 | €39,958 | -€20,819 | -34.3% |
| Trade receivables | 40 | €47,573 | €19,208 | -€28,365 | -59.6% |
| Other amounts receivable | 41 | €13,204 | €20,750 | +€7,546 | +57.1% |
| Current investments | 50/53 | - | €120,570 | +€120,570 | |
| Cash at bank and in hand | 54/58 | €188,151 | €119,068 | -€69,083 | -36.7% |
| Deferred charges and accrued income | 490/1 | €2,383 | - | -€2,383 | |
| Total equity and liabilities | 10/49 | €254,880 | €282,634 | +€27,754 | +10.9% |
| Equity | 10/15 | €218,218 | €270,553 | +€52,335 | +24.0% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €75,000 | €125,000 | +€50,000 | +66.7% |
| Distributable reserves | 133 | €75,000 | €125,000 | +€50,000 | +66.7% |
| Profit (loss) carried forward | 14 | €122,758 | €125,093 | +€2,335 | +1.9% |
| Amounts payable | 17/49 | €36,662 | €12,082 | -€24,581 | -67.0% |
| Amounts payable within one year | 42/48 | €36,662 | €12,082 | -€24,581 | -67.0% |
| Trade debts | 44 | €18,043 | €4,744 | -€13,299 | -73.7% |
| Suppliers | 440/4 | €18,043 | €4,744 | -€13,299 | -73.7% |
| Taxes, remuneration and social security | 45 | €3,199 | €624 | -€2,575 | -80.5% |
| Taxes | 450/3 | €378 | €378 | = | 0.0% |
| Remuneration and social security | 454/9 | €2,821 | €246 | -€2,575 | -91.3% |
| Other amounts payable | 47/48 | €15,421 | €6,713 | -€8,707 | -56.5% |
| Turnover | 70 | - | €362,499 | +€362,499 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €249,402 | +€249,402 | |
| Remuneration, social security and pensions | 62 | €33,419 | €28,763 | -€4,656 | -13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,703 | €1,323 | -€1,380 | -51.0% |
| Other operating charges | 640/8 | €1,572 | €1,195 | -€377 | -24.0% |
| Gross operating margin | 9900 | €139,347 | €113,097 | -€26,250 | -18.8% |
| Operating profit (loss) | 9901 | €101,653 | €81,816 | -€19,837 | -19.5% |
| Financial income | 75/76B | €276 | €29 | -€247 | -89.4% |
| Recurring financial income | 75 | €276 | €29 | -€247 | -89.4% |
| Financial charges | 65/66B | €530 | €2,421 | +€1,891 | +357% |
| Recurring financial charges | 65 | €530 | €2,421 | +€1,891 | +357% |
| Profit (loss) for the period before taxes | 9903 | €101,400 | €79,425 | -€21,975 | -21.7% |
| Income taxes | 67/77 | €27,373 | €27,090 | -€283 | -1.0% |
| Profit (loss) for the period | 9904 | €74,027 | €52,335 | -€21,692 | -29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €74,027 | €52,335 | -€21,692 | -29.3% |
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 23 October 2026 via checked.be.