CHRISTOPHE VANDERERVEN: 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.
CHRISTOPHE VANDERERVEN
Largest movements
- Tangible fixed assets -€40,516
down €40,516 (-3.6%), from €1.1m to €1.1m
of which Land and buildings: -€39,193
- Cash +€33,696
up €33,696 (+42.4%), from €79,400 to €113,096
mainly Net result for the year (+€104,860) and Depreciation (+€83,163)
- Reserves +€86,172
up €86,172 (+20.1%), from €427,981 to €514,153
- Debts after one year -€76,154
down €76,154 (-11.9%), from €641,113 to €564,959
- Current portion of long-term debt -€19,046
down €19,046 (-20.0%), from €95,201 to €76,154
- Depreciation +€9,879
up €9,879 (+13.5%), from €73,284 to €83,163
- Gross operating margin +€7,711
up €7,711 (+3.0%), from €256,806 to €264,517
- Financial charges -€3,191
down €3,191 (-15.6%), from €20,391 to €17,200
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 | €1,237,691 | €1,230,942 | -€6,749 | -0.5% |
| Fixed assets | 21/28 | €1,133,646 | €1,093,130 | -€40,516 | -3.6% |
| Tangible fixed assets | 22/27 | €1,133,646 | €1,093,130 | -€40,516 | -3.6% |
| Land and buildings | 22 | €746,683 | €707,491 | -€39,193 | -5.2% |
| Plant, machinery and equipment | 23 | €83,094 | €80,964 | -€2,130 | -2.6% |
| Furniture and vehicles | 24 | €14,917 | €22,565 | +€7,648 | +51.3% |
| Other tangible fixed assets | 26 | €288,951 | €282,110 | -€6,841 | -2.4% |
| Current assets | 29/58 | €104,045 | €137,812 | +€33,766 | +32.5% |
| Amounts receivable within one year | 40/41 | €13,586 | €13,816 | +€230 | +1.7% |
| Trade receivables | 40 | €212 | - | -€212 | |
| Other amounts receivable | 41 | €13,374 | €13,816 | +€442 | +3.3% |
| Cash at bank and in hand | 54/58 | €79,400 | €113,096 | +€33,696 | +42.4% |
| Deferred charges and accrued income | 490/1 | €11,059 | €10,900 | -€159 | -1.4% |
| Total equity and liabilities | 10/49 | €1,237,691 | €1,230,942 | -€6,749 | -0.5% |
| Equity | 10/15 | €481,981 | €568,153 | +€86,172 | +17.9% |
| Contributions | 10/11 | €54,000 | €54,000 | = | 0.0% |
| Reserves | 13 | €427,981 | €514,153 | +€86,172 | +20.1% |
| Distributable reserves | 133 | €427,981 | €514,153 | +€86,172 | +20.1% |
| Amounts payable | 17/49 | €755,711 | €662,789 | -€92,922 | -12.3% |
| Amounts payable after more than one year | 17 | €641,113 | €564,959 | -€76,154 | -11.9% |
| Financial debts | 170/4 | €641,113 | €564,959 | -€76,154 | -11.9% |
| Amounts payable within one year | 42/48 | €108,202 | €90,968 | -€17,234 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €95,201 | €76,154 | -€19,046 | -20.0% |
| Trade debts | 44 | €2,568 | €8,427 | +€5,859 | +228% |
| Suppliers | 440/4 | €2,568 | €8,427 | +€5,859 | +228% |
| Taxes, remuneration and social security | 45 | €10,433 | €5,984 | -€4,449 | -42.6% |
| Taxes | 450/3 | €10,433 | €5,984 | -€4,449 | -42.6% |
| Other amounts payable | 47/48 | - | €402 | +€402 | |
| Accrued charges and deferred income | 492/3 | €6,395 | €6,862 | +€467 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,284 | €83,163 | +€9,879 | +13.5% |
| Other operating charges | 640/8 | €7,000 | €7,302 | +€302 | +4.3% |
| Gross operating margin | 9900 | €256,806 | €264,517 | +€7,711 | +3.0% |
| Operating profit (loss) | 9901 | €176,523 | €174,052 | -€2,471 | -1.4% |
| Financial income | 75/76B | €252 | €992 | +€739 | +293% |
| Recurring financial income | 75 | €252 | €992 | +€739 | +293% |
| Financial charges | 65/66B | €20,391 | €17,200 | -€3,191 | -15.6% |
| Recurring financial charges | 65 | €20,391 | €17,200 | -€3,191 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | €156,384 | €157,844 | +€1,460 | +0.9% |
| Income taxes | 67/77 | €50,433 | €52,984 | +€2,551 | +5.1% |
| Profit (loss) for the period | 9904 | €105,951 | €104,860 | -€1,092 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €105,951 | €104,860 | -€1,092 | -1.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.