DAVID VANDAELE: 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 VANDAELE
Largest movements
- Tangible fixed assets +€17,959
up €17,959 (+13.0%), from €138,649 to €156,608
of which Furniture and vehicles: +€31,632
- Receivables within one year -€12,334
down €12,334 (-71.6%), from €17,221 to €4,888
of which Trade receivables: -€12,035
- Cash +€6,897
up €6,897 (+217%), from €3,176 to €10,073
mainly Depreciation (+€27,574) and Debts after one year (+€23,493)
- Deferred charges and accrued income -€2,439
down €2,439 (-81.8%), from €2,983 to €543
- Debts after one year +€23,493
up €23,493 (+296%), from €7,942 to €31,436
- Profit (loss) carried forward -€10,640
down €10,640 (-21.0%), from -€50,751 to -€61,391
- Trade debts -€5,857
down €5,857 (-60.5%), from €9,688 to €3,832
- Current portion of long-term debt +€4,507
up €4,507 (+50.3%), from €8,957 to €13,465
- Tax, wage and social debts -€2,250
down €2,250 (-96.9%), from €2,321 to €71
- Gross operating margin -€18,063
down €18,063 (-46.8%), from €38,622 to €20,559
- Depreciation -€1,110
down €1,110 (-3.9%), from €28,684 to €27,574
- Financial charges -€677
down €677 (-28.1%), from €2,407 to €1,730
- Other operating charges +€474
up €474 (+34.9%), from €1,358 to €1,832
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 | €180,179 | €191,613 | +€11,434 | +6.3% |
| Fixed assets | 21/28 | €138,649 | €156,608 | +€17,959 | +13.0% |
| Tangible fixed assets | 22/27 | €138,649 | €156,608 | +€17,959 | +13.0% |
| Land and buildings | 22 | €92,458 | €88,299 | -€4,160 | -4.5% |
| Plant, machinery and equipment | 23 | €23,908 | €14,395 | -€9,513 | -39.8% |
| Furniture and vehicles | 24 | €22,283 | €53,915 | +€31,632 | +142% |
| Current assets | 29/58 | €41,530 | €35,004 | -€6,526 | -15.7% |
| Stocks and contracts in progress | 3 | €18,150 | €19,500 | +€1,350 | +7.4% |
| Stocks | 30/36 | €3,150 | €2,000 | -€1,150 | -36.5% |
| Contracts in progress | 37 | €15,000 | €17,500 | +€2,500 | +16.7% |
| Amounts receivable within one year | 40/41 | €17,221 | €4,888 | -€12,334 | -71.6% |
| Trade receivables | 40 | €13,008 | €973 | -€12,035 | -92.5% |
| Other amounts receivable | 41 | €4,214 | €3,915 | -€299 | -7.1% |
| Cash at bank and in hand | 54/58 | €3,176 | €10,073 | +€6,897 | +217% |
| Deferred charges and accrued income | 490/1 | €2,983 | €543 | -€2,439 | -81.8% |
| Total equity and liabilities | 10/49 | €180,179 | €191,613 | +€11,434 | +6.3% |
| Equity | 10/15 | -€45,751 | -€56,391 | -€10,640 | -23.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,751 | -€61,391 | -€10,640 | -21.0% |
| Amounts payable | 17/49 | €225,930 | €248,003 | +€22,073 | +9.8% |
| Amounts payable after more than one year | 17 | €7,942 | €31,436 | +€23,493 | +296% |
| Financial debts | 170/4 | €7,942 | €31,436 | +€23,493 | +296% |
| Amounts payable within one year | 42/48 | €217,988 | €216,568 | -€1,420 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €8,957 | €13,465 | +€4,507 | +50.3% |
| Trade debts | 44 | €9,688 | €3,832 | -€5,857 | -60.5% |
| Suppliers | 440/4 | €9,688 | €3,832 | -€5,857 | -60.5% |
| Taxes, remuneration and social security | 45 | €2,321 | €71 | -€2,250 | -96.9% |
| Taxes | 450/3 | €2,321 | €71 | -€2,250 | -96.9% |
| Other amounts payable | 47/48 | €197,021 | €199,201 | +€2,179 | +1.1% |
| Non-recurring operating income | 76A | €140 | €2,711 | +€2,571 | +1,836% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,684 | €27,574 | -€1,110 | -3.9% |
| Other operating charges | 640/8 | €1,358 | €1,832 | +€474 | +34.9% |
| Gross operating margin | 9900 | €38,622 | €20,559 | -€18,063 | -46.8% |
| Operating profit (loss) | 9901 | €8,580 | -€8,847 | -€17,427 | |
| Financial income | 75/76B | €78 | €3 | -€76 | -96.7% |
| Recurring financial income | 75 | €78 | €3 | -€76 | -96.7% |
| Financial charges | 65/66B | €2,407 | €1,730 | -€677 | -28.1% |
| Recurring financial charges | 65 | €2,407 | €1,730 | -€677 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €6,252 | -€10,574 | -€16,826 | |
| Income taxes | 67/77 | - | €66 | +€66 | |
| Profit (loss) for the period | 9904 | €6,252 | -€10,640 | -€16,892 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,252 | -€10,640 | -€16,892 |
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 25 October 2026 via checked.be.