DAVID VANDERMEULEN: 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 VANDERMEULEN
Largest movements
- Cash -€218,353
down €218,353 (-60.4%), from €361,420 to €143,068
mainly Investment in fixed assets (net) (-€324,509) and Contributions, distributions and other (-€220,000)
- Tangible fixed assets +€178,383
up €178,383 (+4,992%), from €3,573 to €181,956
- Financial fixed assets +€122,000
up €122,000 (+122%), from €100,000 to €222,000
- Receivables within one year +€100,864
up €100,864 (+127%), from €79,493 to €180,357
of which Other amounts receivable: +€110,364
- Other debts +€186,269
up €186,269 (+25,490%), from €731 to €187,000
- Profit (loss) carried forward +€10,685
up €10,685 (+1,973%), from €541 to €11,226
- Gross operating margin +€46,112
up €46,112 (+14.6%), from €315,018 to €361,129
- Depreciation +€22,480
up €22,480 (+1,365%), from €1,647 to €24,127
- Taxes -€14,344
down €14,344 (-15.5%), from €92,692 to €78,347
- Financial income +€8,714
up €8,714 (+54.0%), from €16,122 to €24,836
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 | €833,630 | €1,013,845 | +€180,215 | +21.6% |
| Fixed assets | 21/28 | €103,573 | €403,956 | +€300,383 | +290% |
| Tangible fixed assets | 22/27 | €3,573 | €181,956 | +€178,383 | +4,992% |
| Furniture and vehicles | 24 | €3,573 | €181,956 | +€178,383 | +4,992% |
| Financial fixed assets | 28 | €100,000 | €222,000 | +€122,000 | +122% |
| Current assets | 29/58 | €730,057 | €609,889 | -€120,168 | -16.5% |
| Amounts receivable after more than one year | 29 | €287,568 | €286,464 | -€1,105 | -0.4% |
| Other amounts receivable | 291 | €287,568 | €286,464 | -€1,105 | -0.4% |
| Amounts receivable within one year | 40/41 | €79,493 | €180,357 | +€100,864 | +127% |
| Trade receivables | 40 | €10,000 | €500 | -€9,500 | -95.0% |
| Other amounts receivable | 41 | €69,493 | €179,857 | +€110,364 | +159% |
| Cash at bank and in hand | 54/58 | €361,420 | €143,068 | -€218,353 | -60.4% |
| Deferred charges and accrued income | 490/1 | €1,575 | - | -€1,575 | |
| Total equity and liabilities | 10/49 | €833,630 | €1,013,845 | +€180,215 | +21.6% |
| Equity | 10/15 | €654,541 | €665,226 | +€10,685 | +1.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Issued capital | 100 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €649,000 | €649,000 | = | 0.0% |
| Distributable reserves | 133 | €649,000 | €649,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €541 | €11,226 | +€10,685 | +1,973% |
| Amounts payable | 17/49 | €179,089 | €348,618 | +€169,530 | +94.7% |
| Amounts payable within one year | 42/48 | €179,089 | €348,618 | +€169,530 | +94.7% |
| Trade debts | 44 | €7,411 | €23 | -€7,388 | -99.7% |
| Suppliers | 440/4 | €7,411 | €23 | -€7,388 | -99.7% |
| Taxes, remuneration and social security | 45 | €170,947 | €161,596 | -€9,351 | -5.5% |
| Taxes | 450/3 | €167,683 | €154,600 | -€13,083 | -7.8% |
| Remuneration and social security | 454/9 | €3,265 | €6,996 | +€3,732 | +114% |
| Other amounts payable | 47/48 | €731 | €187,000 | +€186,269 | +25,490% |
| Remuneration, social security and pensions | 62 | €52,832 | €51,063 | -€1,769 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,647 | €24,127 | +€22,480 | +1,365% |
| Other operating charges | 640/8 | €1,153 | €1,191 | +€38 | +3.3% |
| Gross operating margin | 9900 | €315,018 | €361,129 | +€46,112 | +14.6% |
| Operating profit (loss) | 9901 | €259,386 | €284,749 | +€25,363 | +9.8% |
| Financial income | 75/76B | €16,122 | €24,836 | +€8,714 | +54.0% |
| Recurring financial income | 75 | €16,122 | €24,836 | +€8,714 | +54.0% |
| Financial charges | 65/66B | €56 | €553 | +€496 | +880% |
| Recurring financial charges | 65 | €56 | €553 | +€496 | +880% |
| Profit (loss) for the period before taxes | 9903 | €275,452 | €309,032 | +€33,580 | +12.2% |
| Income taxes | 67/77 | €92,692 | €78,347 | -€14,344 | -15.5% |
| Profit (loss) for the period | 9904 | €182,760 | €230,685 | +€47,925 | +26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €182,760 | €230,685 | +€47,925 | +26.2% |
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.