David Vanderoost: 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 Vanderoost
Largest movements
- Tangible fixed assets +€23,704
up €23,704 (+26.3%), from €90,107 to €113,811
of which Other tangible fixed assets: +€58,485
- Receivables within one year -€17,719
down €17,719 (-41.5%), from €42,692 to €24,973
of which Other amounts receivable: -€22,532
- Cash -€11,836
down €11,836 (-18.9%), from €62,677 to €50,841
mainly Investment in fixed assets (net) (-€65,875) and Current portion of long-term debt (-€54,724)
- Reserves +€72,212
up €72,212 (+24.3%), from €296,956 to €369,169
- Current portion of long-term debt -€54,724
down €54,724 (-60.6%), from €90,230 to €35,506
- Debts after one year -€35,506
down €35,506 (-23.1%), from €153,667 to €118,161
- Trade debts +€17,356
up €17,356 (+1,514%), from €1,146 to €18,502
- Taxes +€10,660
up €10,660 (+32.6%), from €32,719 to €43,379
- Gross operating margin +€10,466
up €10,466 (+6.8%), from €154,615 to €165,081
- Depreciation +€2,933
up €2,933 (+7.5%), from €39,238 to €42,171
- Financial charges -€1,997
down €1,997 (-22.7%), from €8,814 to €6,818
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 | €565,768 | €561,242 | -€4,525 | -0.8% |
| Fixed assets | 21/28 | €460,112 | €483,816 | +€23,704 | +5.2% |
| Tangible fixed assets | 22/27 | €90,107 | €113,811 | +€23,704 | +26.3% |
| Furniture and vehicles | 24 | €76,732 | €41,951 | -€34,782 | -45.3% |
| Other tangible fixed assets | 26 | €13,375 | €71,860 | +€58,485 | +437% |
| Financial fixed assets | 28 | €370,005 | €370,005 | = | 0.0% |
| Current assets | 29/58 | €105,656 | €77,427 | -€28,229 | -26.7% |
| Amounts receivable within one year | 40/41 | €42,692 | €24,973 | -€17,719 | -41.5% |
| Trade receivables | 40 | €20,160 | €24,973 | +€4,813 | +23.9% |
| Other amounts receivable | 41 | €22,532 | €0 | -€22,532 | -100% |
| Cash at bank and in hand | 54/58 | €62,677 | €50,841 | -€11,836 | -18.9% |
| Deferred charges and accrued income | 490/1 | €286 | €1,613 | +€1,327 | +464% |
| Total equity and liabilities | 10/49 | €565,768 | €561,242 | -€4,525 | -0.8% |
| Equity | 10/15 | €289,567 | €361,779 | +€72,212 | +24.9% |
| Reserves | 13 | €296,956 | €369,169 | +€72,212 | +24.3% |
| Distributable reserves | 133 | €296,956 | €369,169 | +€72,212 | +24.3% |
| Profit (loss) carried forward | 14 | -€7,390 | -€7,390 | = | 0.0% |
| Amounts payable | 17/49 | €276,201 | €199,463 | -€76,738 | -27.8% |
| Amounts payable after more than one year | 17 | €153,667 | €118,161 | -€35,506 | -23.1% |
| Financial debts | 170/4 | €153,667 | €118,161 | -€35,506 | -23.1% |
| Amounts payable within one year | 42/48 | €122,534 | €81,302 | -€41,232 | -33.6% |
| Current portion of amounts payable after more than one year | 42 | €90,230 | €35,506 | -€54,724 | -60.6% |
| Financial debts | 43 | €691 | €1,314 | +€623 | +90.1% |
| Other loans | 439 | €691 | €1,314 | +€623 | +90.1% |
| Trade debts | 44 | €1,146 | €18,502 | +€17,356 | +1,514% |
| Suppliers | 440/4 | €1,146 | €18,502 | +€17,356 | +1,514% |
| Taxes, remuneration and social security | 45 | €29,888 | €25,356 | -€4,531 | -15.2% |
| Taxes | 450/3 | €29,888 | €25,356 | -€4,531 | -15.2% |
| Other amounts payable | 47/48 | €579 | €624 | +€45 | +7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,238 | €42,171 | +€2,933 | +7.5% |
| Other operating charges | 640/8 | €485 | €501 | +€16 | +3.2% |
| Gross operating margin | 9900 | €154,615 | €165,081 | +€10,466 | +6.8% |
| Operating profit (loss) | 9901 | €114,892 | €122,409 | +€7,517 | +6.5% |
| Financial income | 75/76B | €0 | €0 | +€0 | +100% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +100% |
| Financial charges | 65/66B | €8,814 | €6,818 | -€1,997 | -22.7% |
| Recurring financial charges | 65 | €8,814 | €6,818 | -€1,997 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €106,078 | €115,592 | +€9,514 | +9.0% |
| Income taxes | 67/77 | €32,719 | €43,379 | +€10,660 | +32.6% |
| Profit (loss) for the period | 9904 | €73,359 | €72,212 | -€1,147 | -1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €73,359 | €72,212 | -€1,147 | -1.6% |
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 22 October 2026 via checked.be.