DE VESTEN: 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.
What changed
DE VESTEN
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€23,968
2024 · -€11,176+€35,144
Equity
€1.8m
2024 · €1.7m+€23,968
Cash
€29,064
2024 · €32,691-€3,627
Balance sheet total
€3.4m
2024 · €3.5m-€90,354
Largest movements
Assets
- Tangible fixed assets -€86,727
down €86,727 (-2.5%), from €3.5m to €3.4m
Equity and liabilities
- Debts after one year -€198,586
down €198,586 (-16.2%), from €1.2m to €1.0m
of which Financial debts: -€198,586
- Current portion of long-term debt +€100,439
new in 2025: €100,439
Income statement
- Taxes -€40,318
down €40,318 (-56.4%), from €71,478 to €31,160
- Gross operating margin -€4,046
down €4,046 (-1.9%), from €217,353 to €213,307
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.
Result 2024
-€11,176
Gross operating margin
-€4,046
Depreciation
-€623
Other operating charges
-€472
Financial income
+€17
Financial charges
-€50
Taxes
+€40,318
Result 2025
€23,968
raises the resultlowers the result
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.
From operations
+€138,041
Investment
-€43,521
Financing
-€98,147
Cash 2024
€32,691
From operations (derived)
+€138,041
Net result for the year
+€23,968
Depreciation
+€130,248
Provisions
-€21,284
Trade debts
-€3,103
Tax, wage and social debts
+€5,748
Other debts
+€3,464
Accrued charges and deferred income
-€1,000
Investment (derived)
-€43,521
Investment in fixed assets (net)
-€43,521
Financing
-€98,147
Debts after one year
-€198,586
Current portion of long-term debt
+€100,439
Cash 2025
€29,064
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,494,990 | €3,404,636 | -€90,354 | -2.6% |
| Fixed assets | 21/28 | €3,462,299 | €3,375,572 | -€86,727 | -2.5% |
| Tangible fixed assets | 22/27 | €3,461,307 | €3,374,580 | -€86,727 | -2.5% |
| Land and buildings | 22 | €3,461,307 | €3,374,580 | -€86,727 | -2.5% |
| Financial fixed assets | 28 | €992 | €992 | = | 0.0% |
| Current assets | 29/58 | €32,691 | €29,064 | -€3,627 | -11.1% |
| Cash at bank and in hand | 54/58 | €32,691 | €29,064 | -€3,627 | -11.1% |
| Total equity and liabilities | 10/49 | €3,494,990 | €3,404,636 | -€90,354 | -2.6% |
| Equity | 10/15 | €1,736,671 | €1,760,639 | +€23,968 | +1.4% |
| Contributions | 10/11 | €440,011 | €440,011 | = | 0.0% |
| Capital | 10 | €440,011 | €440,011 | = | 0.0% |
| Issued capital | 100 | €440,011 | €440,011 | = | 0.0% |
| Reserves | 13 | €1,296,660 | €1,320,628 | +€23,968 | +1.8% |
| Tax-exempt reserves | 132 | €909,930 | €868,595 | -€41,335 | -4.5% |
| Distributable reserves | 133 | €386,730 | €452,033 | +€65,303 | +16.9% |
| Provisions and deferred taxes | 16 | €487,826 | €466,542 | -€21,284 | -4.4% |
| Deferred taxes | 168 | €487,826 | €466,542 | -€21,284 | -4.4% |
| Amounts payable | 17/49 | €1,270,493 | €1,177,455 | -€93,038 | -7.3% |
| Amounts payable after more than one year | 17 | €1,228,121 | €1,029,535 | -€198,586 | -16.2% |
| Financial debts | 170/4 | €1,091,344 | €892,758 | -€198,586 | -18.2% |
| Other amounts payable | 178/9 | €136,777 | €136,777 | = | 0.0% |
| Amounts payable within one year | 42/48 | €38,742 | €145,290 | +€106,548 | +275% |
| Current portion of amounts payable after more than one year | 42 | - | €100,439 | +€100,439 | |
| Trade debts | 44 | €3,103 | - | -€3,103 | |
| Suppliers | 440/4 | €3,103 | - | -€3,103 | |
| Taxes, remuneration and social security | 45 | €8,912 | €14,660 | +€5,748 | +64.5% |
| Taxes | 450/3 | €8,912 | €14,660 | +€5,748 | +64.5% |
| Other amounts payable | 47/48 | €26,727 | €30,191 | +€3,464 | +13.0% |
| Accrued charges and deferred income | 492/3 | €3,630 | €2,630 | -€1,000 | -27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,625 | €130,248 | +€623 | +0.5% |
| Other operating charges | 640/8 | €24,112 | €24,584 | +€472 | +2.0% |
| Gross operating margin | 9900 | €217,353 | €213,307 | -€4,046 | -1.9% |
| Operating profit (loss) | 9901 | €63,616 | €58,475 | -€5,141 | -8.1% |
| Financial income | 75/76B | €27 | €44 | +€17 | +63.0% |
| Recurring financial income | 75 | €27 | €44 | +€17 | +63.0% |
| Financial charges | 65/66B | €24,626 | €24,676 | +€50 | +0.2% |
| Recurring financial charges | 65 | €24,626 | €24,676 | +€50 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €39,017 | €33,843 | -€5,174 | -13.3% |
| Transfer from deferred taxes | 780 | €21,285 | €21,285 | = | 0.0% |
| Income taxes | 67/77 | €71,478 | €31,160 | -€40,318 | -56.4% |
| Profit (loss) for the period | 9904 | -€11,176 | €23,968 | +€35,144 | |
| Transfer from tax-exempt reserves | 789 | €41,336 | €41,335 | -€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,160 | €65,303 | +€35,143 | +117% |
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 31 October 2026 via checked.be.