De Gele Veter: what changed
What changed
De Gele Veter
NACE 70.100, Activities of head offices
filed annual accounts (NBB)
Net result for the year
€8.9m
31-03-2025 · €43,203+€8.8m
Equity
€9.1m
31-03-2025 · €263,479+€8.9m
Cash
€19,585
31-03-2025 · €15,466+€4,118
Balance sheet total
€10.7m
31-03-2025 · €978,764+€9.7m
Largest movements
Assets
- Receivables within one year +€10.7m
up €10.7m (+371,153%), from €2,878 to €10.7m
- Financial fixed assets -€950,480
down €950,480 (-99.1%), from €958,632 to €8,152
Equity and liabilities
- Reserves +€8.9m
up €8.9m (+476,703%), from €1,860 to €8.9m
- Tax, wage and social debts +€881,327
up €881,327 (+3,403%), from €25,900 to €907,227
of which Taxes: +€884,514
Income statement
- Gross operating margin +€9.7m
up €9.7m (+9,675%), from €100,211 to €9.8m
- Taxes +€881,994
up €881,994 (+5,466%), from €16,137 to €898,131
Change in the result, 31-03-2025 to 31-12-2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 31-03-2025
€43,203
Gross operating margin
+€9.7m
Staff costs
-€7
Depreciation
+€956
Other operating charges
+€418
Financial income
+€222
Financial charges
+€8,668
Taxes
-€881,994
Result 31-12-2025
€8.9m
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 31-03-2025 and 31-12-2025 balance sheets and the 31-12-2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€899,494
Investment
+€950,480
Financing
-€46,868
Cash 31-03-2025
€15,466
From operations (derived)
-€899,494
Net result for the year
+€8.9m
Depreciation
+€198
Receivables within one year
-€10.7m
Smaller working-capital items
+€33,249
Tax, wage and social debts
+€881,327
Investment (derived)
+€950,480
Investment in fixed assets (net)
+€950,480
Financing
-€46,868
Current portion of long-term debt
-€50,657
Short-term financial debts
+€3,789
Cash 31-12-2025
€19,585
brings cash intakes cash out
Every line side by side
| Line | Code | 31-03-2025 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €978,764 | €10,711,612 | +€9.7m | +994% |
| Fixed assets | 21/28 | €958,886 | €8,207 | -€950,678 | -99.1% |
| Tangible fixed assets | 22/27 | €254 | €56 | -€198 | -78.0% |
| Furniture and vehicles | 24 | €254 | €56 | -€198 | -78.0% |
| Financial fixed assets | 28 | €958,632 | €8,152 | -€950,480 | -99.1% |
| Current assets | 29/58 | €19,878 | €10,703,405 | +€10.7m | +53,745% |
| Amounts receivable within one year | 40/41 | €2,878 | €10,683,820 | +€10.7m | +371,153% |
| Trade receivables | 40 | €2,878 | €10,683,820 | +€10.7m | +371,153% |
| Cash at bank and in hand | 54/58 | €15,466 | €19,585 | +€4,118 | +26.6% |
| Deferred charges and accrued income | 490/1 | €1,534 | €0 | -€1,534 | -100% |
| Total equity and liabilities | 10/49 | €978,764 | €10,711,612 | +€9.7m | +994% |
| Equity | 10/15 | €263,479 | €9,130,154 | +€8.9m | +3,365% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €8,868,534 | +€8.9m | +476,703% |
| Distributable reserves | 133 | €1,860 | €8,868,534 | +€8.9m | +476,703% |
| Profit (loss) carried forward | 14 | €243,019 | €243,019 | = | 0.0% |
| Amounts payable | 17/49 | €715,285 | €1,581,459 | +€866,174 | +121% |
| Amounts payable after more than one year | 17 | €332,890 | €332,890 | = | 0.0% |
| Financial debts | 170/4 | €332,890 | €332,890 | = | 0.0% |
| Amounts payable within one year | 42/48 | €382,394 | €1,248,568 | +€866,174 | +227% |
| Current portion of amounts payable after more than one year | 42 | €65,176 | €14,520 | -€50,657 | -77.7% |
| Financial debts | 43 | €3,719 | €7,508 | +€3,789 | +102% |
| Credit institutions | 430/8 | €3,719 | €7,508 | +€3,789 | +102% |
| Trade debts | 44 | €8,629 | €16,236 | +€7,608 | +88.2% |
| Suppliers | 440/4 | €8,629 | €16,236 | +€7,608 | +88.2% |
| Taxes, remuneration and social security | 45 | €25,900 | €907,227 | +€881,327 | +3,403% |
| Taxes | 450/3 | €1,735 | €886,250 | +€884,514 | +50,974% |
| Remuneration and social security | 454/9 | €24,164 | €20,977 | -€3,187 | -13.2% |
| Other amounts payable | 47/48 | €278,971 | €303,078 | +€24,107 | +8.6% |
| Non-recurring operating income | 76A | €280 | €9,723,987 | +€9.7m | +3,477,099% |
| Remuneration, social security and pensions | 62 | €14,151 | €14,158 | +€7 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,155 | €198 | -€956 | -82.8% |
| Other operating charges | 640/8 | €1,672 | €1,254 | -€418 | -25.0% |
| Gross operating margin | 9900 | €100,211 | €9,795,417 | +€9.7m | +9,675% |
| Operating profit (loss) | 9901 | €83,233 | €9,779,807 | +€9.7m | +11,650% |
| Financial income | 75/76B | - | €222 | +€222 | |
| Recurring financial income | 75 | - | €222 | +€222 | |
| Financial charges | 65/66B | €23,893 | €15,224 | -€8,668 | -36.3% |
| Recurring financial charges | 65 | €23,893 | €15,224 | -€8,668 | -36.3% |
| Profit (loss) for the period before taxes | 9903 | €59,340 | €9,764,805 | +€9.7m | +16,356% |
| Income taxes | 67/77 | €16,137 | €898,131 | +€881,994 | +5,466% |
| Profit (loss) for the period | 9904 | €43,203 | €8,866,674 | +€8.8m | +20,423% |
| Profit (loss) for the period to be appropriated | 9905 | €43,203 | €8,866,674 | +€8.8m | +20,423% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.