David van valckenborgh: 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.
David van valckenborgh
Largest movements
- Receivables within one year -€36,412
down €36,412 (-55.5%), from €65,600 to €29,188
of which Trade receivables: -€44,515
- Tangible fixed assets -€25,037
down €25,037 (-8.3%), from €300,585 to €275,548
of which Land and buildings: -€16,964
- Cash +€6,542
up €6,542 (+11.8%), from €55,675 to €62,217
mainly Receivables within one year (+€36,412) and Depreciation (+€25,037)
- Deferred charges and accrued income +€5,875
up €5,875 (+196%), from €2,990 to €8,865
- Reserves -€33,757
down €33,757 (-29.6%), from €113,922 to €80,165
of which Distributable reserves: -€33,757
- Debts after one year -€10,828
down €10,828 (-4.0%), from €268,035 to €257,207
- Gross operating margin -€36,755
down €36,755 (-44.9%), from €81,946 to €45,191
- Taxes -€4,195
down €4,195 (-95.9%), from €4,376 to €181
- Other operating charges -€4,009
no longer reported in 2025 (was €4,009)
- Write-downs +€2,851
new in 2025: €2,851
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 | €425,200 | €376,168 | -€49,032 | -11.5% |
| Fixed assets | 21/28 | €300,935 | €275,898 | -€25,037 | -8.3% |
| Tangible fixed assets | 22/27 | €300,585 | €275,548 | -€25,037 | -8.3% |
| Land and buildings | 22 | €280,359 | €263,395 | -€16,964 | -6.1% |
| Plant, machinery and equipment | 23 | €10,882 | €8,052 | -€2,830 | -26.0% |
| Furniture and vehicles | 24 | €9,344 | €4,101 | -€5,243 | -56.1% |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €124,265 | €100,270 | -€23,995 | -19.3% |
| Amounts receivable within one year | 40/41 | €65,600 | €29,188 | -€36,412 | -55.5% |
| Trade receivables | 40 | €63,870 | €19,355 | -€44,515 | -69.7% |
| Other amounts receivable | 41 | €1,730 | €9,833 | +€8,103 | +468% |
| Cash at bank and in hand | 54/58 | €55,675 | €62,217 | +€6,542 | +11.8% |
| Deferred charges and accrued income | 490/1 | €2,990 | €8,865 | +€5,875 | +196% |
| Total equity and liabilities | 10/49 | €425,200 | €376,168 | -€49,032 | -11.5% |
| Equity | 10/15 | €126,322 | €92,565 | -€33,757 | -26.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €113,922 | €80,165 | -€33,757 | -29.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €112,062 | €78,305 | -€33,757 | -30.1% |
| Amounts payable | 17/49 | €298,878 | €283,603 | -€15,275 | -5.1% |
| Amounts payable after more than one year | 17 | €268,035 | €257,207 | -€10,828 | -4.0% |
| Financial debts | 170/4 | €268,035 | €257,207 | -€10,828 | -4.0% |
| Amounts payable within one year | 42/48 | €30,843 | €26,396 | -€4,447 | -14.4% |
| Current portion of amounts payable after more than one year | 42 | €13,685 | €10,810 | -€2,875 | -21.0% |
| Trade debts | 44 | €207 | €1,335 | +€1,128 | +545% |
| Suppliers | 440/4 | €207 | €1,335 | +€1,128 | +545% |
| Taxes, remuneration and social security | 45 | €16,951 | €14,251 | -€2,700 | -15.9% |
| Taxes | 450/3 | €14,718 | €7,167 | -€7,551 | -51.3% |
| Remuneration and social security | 454/9 | €2,233 | €7,084 | +€4,851 | +217% |
| Remuneration, social security and pensions | 62 | €18,607 | €17,799 | -€808 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,825 | €25,037 | +€212 | +0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,851 | +€2,851 | |
| Other operating charges | 640/8 | €4,009 | - | -€4,009 | |
| Gross operating margin | 9900 | €81,946 | €45,191 | -€36,755 | -44.9% |
| Operating profit (loss) | 9901 | €34,505 | -€496 | -€35,001 | |
| Financial income | 75/76B | €501 | €371 | -€130 | -25.9% |
| Recurring financial income | 75 | €501 | €371 | -€130 | -25.9% |
| Financial charges | 65/66B | €12,395 | €12,451 | +€56 | +0.5% |
| Recurring financial charges | 65 | €12,395 | €12,381 | -€14 | -0.1% |
| Non-recurring financial charges | 66B | - | €70 | +€70 | |
| Profit (loss) for the period before taxes | 9903 | €22,611 | -€12,576 | -€35,187 | |
| Income taxes | 67/77 | €4,376 | €181 | -€4,195 | -95.9% |
| Profit (loss) for the period | 9904 | €18,235 | -€12,757 | -€30,992 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,235 | -€12,757 | -€30,992 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.