DAP VANGHELUWE: 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.
DAP VANGHELUWE
Largest movements
- Current investments +€76,663
up €76,663 (+23.6%), from €325,000 to €401,663
- Cash +€49,293
up €49,293 (+33.2%), from €148,418 to €197,711
mainly Net result for the year (+€93,837) and Depreciation (+€35,656)
- Receivables within one year -€29,230
down €29,230 (-34.8%), from €83,963 to €54,733
of which Trade receivables: -€29,209
- Tangible fixed assets -€24,670
down €24,670 (-18.6%), from €132,644 to €107,974
of which Land and buildings: -€12,380
- Reserves +€93,004
up €93,004 (+18.4%), from €505,605 to €598,609
- Trade debts -€19,737
down €19,737 (-20.1%), from €98,113 to €78,376
- Debts after one year -€12,863
down €12,863 (-16.7%), from €76,973 to €64,109
of which Financial debts: -€12,863
- Tax, wage and social debts +€8,990
up €8,990 (+31.8%), from €28,283 to €37,273
of which Taxes: +€13,682
- Staff costs -€14,649
down €14,649 (-21.6%), from €67,789 to €53,140
- Gross operating margin -€9,422
down €9,422 (-4.0%), from €235,964 to €226,542
- Financial income +€6,595
new in 2025: €6,595
- Depreciation +€5,941
up €5,941 (+20.0%), from €29,715 to €35,656
- Taxes +€4,985
up €4,985 (+12.7%), from €39,143 to €44,127
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 | €755,715 | €828,962 | +€73,246 | +9.7% |
| Fixed assets | 21/28 | €132,644 | €107,974 | -€24,670 | -18.6% |
| Tangible fixed assets | 22/27 | €132,644 | €107,974 | -€24,670 | -18.6% |
| Land and buildings | 22 | €14,624 | €2,245 | -€12,380 | -84.7% |
| Plant, machinery and equipment | 23 | €17,148 | €11,914 | -€5,233 | -30.5% |
| Furniture and vehicles | 24 | €29,157 | €24,299 | -€4,858 | -16.7% |
| Other tangible fixed assets | 26 | €71,715 | €69,516 | -€2,199 | -3.1% |
| Current assets | 29/58 | €623,071 | €720,988 | +€97,916 | +15.7% |
| Stocks and contracts in progress | 3 | €60,592 | €65,533 | +€4,942 | +8.2% |
| Stocks | 30/36 | €60,592 | €65,533 | +€4,942 | +8.2% |
| Amounts receivable within one year | 40/41 | €83,963 | €54,733 | -€29,230 | -34.8% |
| Trade receivables | 40 | €83,942 | €54,733 | -€29,209 | -34.8% |
| Other amounts receivable | 41 | €21 | €0 | -€21 | -100% |
| Current investments | 50/53 | €325,000 | €401,663 | +€76,663 | +23.6% |
| Cash at bank and in hand | 54/58 | €148,418 | €197,711 | +€49,293 | +33.2% |
| Deferred charges and accrued income | 490/1 | €5,098 | €1,348 | -€3,750 | -73.6% |
| Total equity and liabilities | 10/49 | €755,715 | €828,962 | +€73,246 | +9.7% |
| Equity | 10/15 | €518,005 | €617,209 | +€99,204 | +19.2% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €505,605 | €598,609 | +€93,004 | +18.4% |
| Distributable reserves | 133 | €505,605 | €598,609 | +€93,004 | +18.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €237,711 | €211,753 | -€25,958 | -10.9% |
| Amounts payable after more than one year | 17 | €76,973 | €64,109 | -€12,863 | -16.7% |
| Financial debts | 170/4 | €56,973 | €44,109 | -€12,863 | -22.6% |
| Other amounts payable | 178/9 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €158,266 | €145,369 | -€12,897 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | €12,670 | €12,863 | +€193 | +1.5% |
| Financial debts | 43 | €5,055 | €5,048 | -€7 | -0.1% |
| Credit institutions | 430/8 | €5,055 | €5,048 | -€7 | -0.1% |
| Trade debts | 44 | €98,113 | €78,376 | -€19,737 | -20.1% |
| Suppliers | 440/4 | €98,113 | €78,376 | -€19,737 | -20.1% |
| Taxes, remuneration and social security | 45 | €28,283 | €37,273 | +€8,990 | +31.8% |
| Taxes | 450/3 | €15,142 | €28,824 | +€13,682 | +90.4% |
| Remuneration and social security | 454/9 | €13,141 | €8,449 | -€4,692 | -35.7% |
| Other amounts payable | 47/48 | €14,145 | €11,808 | -€2,337 | -16.5% |
| Accrued charges and deferred income | 492/3 | €2,472 | €2,275 | -€197 | -8.0% |
| Remuneration, social security and pensions | 62 | €67,789 | €53,140 | -€14,649 | -21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,715 | €35,656 | +€5,941 | +20.0% |
| Other operating charges | 640/8 | €665 | €1,294 | +€630 | +94.7% |
| Gross operating margin | 9900 | €235,964 | €226,542 | -€9,422 | -4.0% |
| Operating profit (loss) | 9901 | €137,796 | €136,451 | -€1,345 | -1.0% |
| Financial income | 75/76B | - | €6,595 | +€6,595 | |
| Recurring financial income | 75 | - | €6,595 | +€6,595 | |
| Financial charges | 65/66B | €4,656 | €5,082 | +€426 | +9.1% |
| Recurring financial charges | 65 | €4,656 | €5,082 | +€426 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | €133,140 | €137,964 | +€4,824 | +3.6% |
| Income taxes | 67/77 | €39,143 | €44,127 | +€4,985 | +12.7% |
| Profit (loss) for the period | 9904 | €93,997 | €93,837 | -€160 | -0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €93,997 | €93,837 | -€160 | -0.2% |
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 26 October 2026 via checked.be.