DE TROYER-VANDYCK: 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.
DE TROYER-VANDYCK
Largest movements
- Current investments +€255,473
up €255,473 (+74.7%), from €342,059 to €597,532
- Receivables within one year -€120,542
down €120,542 (-57.6%), from €209,194 to €88,652
of which Trade receivables: -€161,240
- Cash -€54,332
down €54,332 (-22.8%), from €238,595 to €184,263
mainly Current investments (-€255,473) and Trade debts (-€125,161)
- Reserves +€191,494
up €191,494 (+34.8%), from €550,414 to €741,908
of which Distributable reserves: +€198,649
- Trade debts -€125,161
down €125,161 (-99.9%), from €125,310 to €149
- Other debts +€72,760
up €72,760 (+2,841%), from €2,561 to €75,322
- Contributions -€71,550
down €71,550 (-43.0%), from €166,292 to €94,742
- Accrued charges and deferred income +€20,418
new in 2025: €20,418
- Financial income +€92,852
up €92,852 (+1,064%), from €8,731 to €101,583
- Taxes +€36,807
up €36,807 (+72.9%), from €50,519 to €87,326
- Gross operating margin +€35,695
up €35,695 (+22.9%), from €156,099 to €191,795
- Financial charges +€5,261
up €5,261 (+385%), from €1,366 to €6,627
- Depreciation +€3,055
up €3,055 (+83.3%), from €3,666 to €6,721
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 | €852,489 | €932,539 | +€80,051 | +9.4% |
| Fixed assets | 21/28 | €62,641 | €62,092 | -€548 | -0.9% |
| Tangible fixed assets | 22/27 | €62,641 | €62,092 | -€548 | -0.9% |
| Land and buildings | 22 | €62,174 | €59,277 | -€2,897 | -4.7% |
| Furniture and vehicles | 24 | €467 | €2,815 | +€2,348 | +503% |
| Current assets | 29/58 | €789,848 | €870,447 | +€80,599 | +10.2% |
| Amounts receivable within one year | 40/41 | €209,194 | €88,652 | -€120,542 | -57.6% |
| Trade receivables | 40 | €209,194 | €47,954 | -€161,240 | -77.1% |
| Other amounts receivable | 41 | - | €40,698 | +€40,698 | |
| Current investments | 50/53 | €342,059 | €597,532 | +€255,473 | +74.7% |
| Cash at bank and in hand | 54/58 | €238,595 | €184,263 | -€54,332 | -22.8% |
| Total equity and liabilities | 10/49 | €852,489 | €932,539 | +€80,051 | +9.4% |
| Equity | 10/15 | €716,706 | €836,651 | +€119,944 | +16.7% |
| Contributions | 10/11 | €166,292 | €94,742 | -€71,550 | -43.0% |
| Capital | 10 | €166,292 | €94,742 | -€71,550 | -43.0% |
| Issued capital | 100 | €166,292 | €94,742 | -€71,550 | -43.0% |
| Reserves | 13 | €550,414 | €741,908 | +€191,494 | +34.8% |
| Non-distributable reserves | 130/1 | €16,629 | €9,474 | -€7,155 | -43.0% |
| Legal reserve | 130 | €16,629 | €9,474 | -€7,155 | -43.0% |
| Tax-exempt reserves | 132 | €5,185 | €5,185 | = | 0.0% |
| Distributable reserves | 133 | €528,600 | €727,249 | +€198,649 | +37.6% |
| Amounts payable | 17/49 | €135,782 | €95,888 | -€39,894 | -29.4% |
| Amounts payable within one year | 42/48 | €135,782 | €75,470 | -€60,312 | -44.4% |
| Trade debts | 44 | €125,310 | €149 | -€125,161 | -99.9% |
| Suppliers | 440/4 | €125,310 | €149 | -€125,161 | -99.9% |
| Taxes, remuneration and social security | 45 | €7,911 | - | -€7,911 | |
| Taxes | 450/3 | €7,911 | - | -€7,911 | |
| Other amounts payable | 47/48 | €2,561 | €75,322 | +€72,760 | +2,841% |
| Accrued charges and deferred income | 492/3 | - | €20,418 | +€20,418 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,666 | €6,721 | +€3,055 | +83.3% |
| Other operating charges | 640/8 | €561 | €1,209 | +€647 | +115% |
| Gross operating margin | 9900 | €156,099 | €191,795 | +€35,695 | +22.9% |
| Operating profit (loss) | 9901 | €151,872 | €183,865 | +€31,993 | +21.1% |
| Financial income | 75/76B | €8,731 | €101,583 | +€92,852 | +1,064% |
| Recurring financial income | 75 | €8,731 | €101,583 | +€92,852 | +1,064% |
| Financial charges | 65/66B | €1,366 | €6,627 | +€5,261 | +385% |
| Recurring financial charges | 65 | €1,366 | €6,627 | +€5,261 | +385% |
| Profit (loss) for the period before taxes | 9903 | €159,237 | €278,821 | +€119,584 | +75.1% |
| Income taxes | 67/77 | €50,519 | €87,326 | +€36,807 | +72.9% |
| Profit (loss) for the period | 9904 | €108,717 | €191,494 | +€82,777 | +76.1% |
| Profit (loss) for the period to be appropriated | 9905 | €108,717 | €191,494 | +€82,777 | +76.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.