D. VANDER ELST: 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.
D. VANDER ELST
Largest movements
- Cash +€434,666
up €434,666 (+63.0%), from €690,139 to €1.1m
mainly Current investments (+€300,000) and Net result for the year (+€132,219)
- Current investments -€300,000
down €300,000 (-100.0%), from €300,000 to €0
- Reserves +€132,219
up €132,219 (+13.2%), from €999,334 to €1.1m
of which Distributable reserves: +€132,219
- Depreciation -€2,433
down €2,433 (-95.9%), from €2,537 to €105
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.
Cash bridge derived
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 | €1,046,680 | €1,183,081 | +€136,401 | +13.0% |
| Fixed assets | 21/28 | €105 | €0 | -€105 | -100.0% |
| Tangible fixed assets | 22/27 | €105 | €0 | -€105 | -100.0% |
| Furniture and vehicles | 24 | €105 | €0 | -€105 | -100.0% |
| Current assets | 29/58 | €1,046,575 | €1,183,081 | +€136,506 | +13.0% |
| Amounts receivable within one year | 40/41 | €54,450 | €57,091 | +€2,641 | +4.8% |
| Trade receivables | 40 | €54,450 | €57,091 | +€2,641 | +4.8% |
| Current investments | 50/53 | €300,000 | €0 | -€300,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €690,139 | €1,124,805 | +€434,666 | +63.0% |
| Deferred charges and accrued income | 490/1 | €1,986 | €1,185 | -€801 | -40.3% |
| Total equity and liabilities | 10/49 | €1,046,680 | €1,183,081 | +€136,401 | +13.0% |
| Equity | 10/15 | €1,011,734 | €1,143,952 | +€132,219 | +13.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €999,334 | €1,131,552 | +€132,219 | +13.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €999,334 | €1,131,552 | +€132,219 | +13.2% |
| Amounts payable | 17/49 | €34,946 | €39,129 | +€4,183 | +12.0% |
| Amounts payable within one year | 42/48 | €34,316 | €38,729 | +€4,413 | +12.9% |
| Trade debts | 44 | €4,752 | €4,741 | -€11 | -0.2% |
| Suppliers | 440/4 | €4,752 | €4,741 | -€11 | -0.2% |
| Taxes, remuneration and social security | 45 | €22,879 | €27,619 | +€4,740 | +20.7% |
| Taxes | 450/3 | €22,879 | €27,619 | +€4,740 | +20.7% |
| Other amounts payable | 47/48 | €6,685 | €6,369 | -€316 | -4.7% |
| Accrued charges and deferred income | 492/3 | €630 | €400 | -€230 | -36.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,537 | €105 | -€2,433 | -95.9% |
| Other operating charges | 640/8 | €1,218 | €1,141 | -€77 | -6.3% |
| Gross operating margin | 9900 | €180,240 | €180,368 | +€128 | +0.1% |
| Operating profit (loss) | 9901 | €176,485 | €179,122 | +€2,637 | +1.5% |
| Financial income | 75/76B | €9,111 | €9,091 | -€19 | -0.2% |
| Recurring financial income | 75 | €9,111 | €9,091 | -€19 | -0.2% |
| Financial charges | 65/66B | €106 | €110 | +€5 | +4.3% |
| Recurring financial charges | 65 | €106 | €110 | +€5 | +4.3% |
| Profit (loss) for the period before taxes | 9903 | €185,490 | €188,104 | +€2,613 | +1.4% |
| Income taxes | 67/77 | €55,278 | €55,885 | +€607 | +1.1% |
| Profit (loss) for the period | 9904 | €130,212 | €132,219 | +€2,006 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €130,212 | €132,219 | +€2,006 | +1.5% |
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 9 October 2026 via checked.be.