Daan De Vlieger: 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.
Daan De Vlieger
Largest movements
- Receivables after one year +€67,300
up €67,300 (+24.7%), from €272,700 to €340,000
- Tangible fixed assets -€16,469
down €16,469 (-33.6%), from €48,977 to €32,508
- Profit (loss) carried forward +€79,035
up €79,035 (+2,949%), from €2,680 to €81,714
- Current portion of long-term debt -€54,797
down €54,797 (-77.6%), from €70,640 to €15,843
- Short-term financial debts +€40,400
up €40,400 (+15.7%), from €257,133 to €297,533
- Debts after one year -€15,843
no longer reported in 2025 (was €15,843)
- Taxes +€37,743
up €37,743 (+1,499%), from €2,519 to €40,262
- Gross operating margin +€26,364
up €26,364 (+14.9%), from €177,429 to €203,793
- Financial charges -€3,968
down €3,968 (-22.0%), from €18,003 to €14,035
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 | €377,730 | €426,158 | +€48,427 | +12.8% |
| Fixed assets | 21/28 | €48,977 | €32,508 | -€16,469 | -33.6% |
| Tangible fixed assets | 22/27 | €48,977 | €32,508 | -€16,469 | -33.6% |
| Furniture and vehicles | 24 | €48,977 | €32,508 | -€16,469 | -33.6% |
| Current assets | 29/58 | €328,753 | €393,650 | +€64,897 | +19.7% |
| Amounts receivable after more than one year | 29 | €272,700 | €340,000 | +€67,300 | +24.7% |
| Other amounts receivable | 291 | €272,700 | €340,000 | +€67,300 | +24.7% |
| Amounts receivable within one year | 40/41 | €10,847 | €10,644 | -€203 | -1.9% |
| Trade receivables | 40 | €167 | €911 | +€744 | +445% |
| Other amounts receivable | 41 | €10,680 | €9,733 | -€947 | -8.9% |
| Cash at bank and in hand | 54/58 | €34,834 | €31,266 | -€3,568 | -10.2% |
| Deferred charges and accrued income | 490/1 | €10,372 | €11,740 | +€1,368 | +13.2% |
| Total equity and liabilities | 10/49 | €377,730 | €426,158 | +€48,427 | +12.8% |
| Equity | 10/15 | €17,680 | €96,714 | +€79,035 | +447% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,680 | €81,714 | +€79,035 | +2,949% |
| Amounts payable | 17/49 | €360,051 | €329,443 | -€30,607 | -8.5% |
| Amounts payable after more than one year | 17 | €15,843 | - | -€15,843 | |
| Financial debts | 170/4 | €15,843 | - | -€15,843 | |
| Amounts payable within one year | 42/48 | €330,005 | €314,919 | -€15,087 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €70,640 | €15,843 | -€54,797 | -77.6% |
| Financial debts | 43 | €257,133 | €297,533 | +€40,400 | +15.7% |
| Other loans | 439 | €257,133 | €297,533 | +€40,400 | +15.7% |
| Trade debts | 44 | €247 | - | -€247 | |
| Suppliers | 440/4 | €247 | - | -€247 | |
| Other amounts payable | 47/48 | €1,985 | €1,543 | -€443 | -22.3% |
| Accrued charges and deferred income | 492/3 | €14,202 | €14,525 | +€322 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,894 | €17,914 | +€21 | +0.1% |
| Other operating charges | 640/8 | €607 | €1,262 | +€655 | +108% |
| Gross operating margin | 9900 | €177,429 | €203,793 | +€26,364 | +14.9% |
| Operating profit (loss) | 9901 | €158,929 | €184,617 | +€25,688 | +16.2% |
| Financial income | 75/76B | €6,593 | €7,539 | +€946 | +14.3% |
| Recurring financial income | 75 | €6,593 | €7,539 | +€946 | +14.3% |
| Financial charges | 65/66B | €18,003 | €14,035 | -€3,968 | -22.0% |
| Recurring financial charges | 65 | €18,003 | €14,035 | -€3,968 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | €147,519 | €178,121 | +€30,601 | +20.7% |
| Income taxes | 67/77 | €2,519 | €40,262 | +€37,743 | +1,499% |
| Profit (loss) for the period | 9904 | €145,001 | €137,859 | -€7,142 | -4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €145,001 | €137,859 | -€7,142 | -4.9% |
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 25 October 2026 via checked.be.