De Vleugel: what changed
Two fiscal 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 Vleugel
Largest movements
- Tangible fixed assets +€316,081
up €316,081 (+40.0%), from €790,997 to €1.1m
of which Land and buildings: +€297,319
- Profit (loss) carried forward +€110,446
up €110,446 (+71.0%), from -€155,664 to -€45,218
- Other debts +€96,547
up €96,547 (+22.3%), from €433,003 to €529,550
- Debts after one year +€87,723
up €87,723 (+19.6%), from €447,738 to €535,461
- Current portion of long-term debt +€21,179
up €21,179 (+31.9%), from €66,331 to €87,510
- Gross operating margin +€157,992
up €157,992 (+497.2%), from €31,777 to €189,769
- Other operating charges -€100,587
down €100,587 (-99.9%), from €100,713 to €126
- Depreciation -€12,411
down €12,411 (-20.6%), from €60,324 to €47,913
- Financial charges +€4,881
up €4,881 (+18.5%), from €26,404 to €31,285
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.
Cash bridge derived
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 | €793,408 | €1,110,233 | +€316,824 | +39.9% |
| Fixed assets | 21/28 | €790,997 | €1,107,077 | +€316,081 | +40.0% |
| Tangible fixed assets | 22/27 | €790,997 | €1,107,077 | +€316,081 | +40.0% |
| Land and buildings | 22 | €790,997 | €1,088,315 | +€297,319 | +37.6% |
| Plant, machinery and equipment | 23 | - | €11,374 | +€11,374 | |
| Furniture and vehicles | 24 | - | €7,388 | +€7,388 | |
| Current assets | 29/58 | €2,412 | €3,155 | +€743 | +30.8% |
| Cash at bank and in hand | 54/58 | €1,946 | €2,676 | +€730 | +37.5% |
| Deferred charges and accrued income | 490/1 | €466 | €479 | +€13 | +2.8% |
| Total equity and liabilities | 10/49 | €793,408 | €1,110,233 | +€316,824 | +39.9% |
| Equity | 10/15 | -€153,664 | -€43,218 | +€110,446 | +71.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€155,664 | -€45,218 | +€110,446 | +71.0% |
| Amounts payable | 17/49 | €947,072 | €1,153,451 | +€206,379 | +21.8% |
| Amounts payable after more than one year | 17 | €447,738 | €535,461 | +€87,723 | +19.6% |
| Financial debts | 170/4 | €447,738 | €535,461 | +€87,723 | +19.6% |
| Amounts payable within one year | 42/48 | €499,334 | €617,990 | +€118,656 | +23.8% |
| Current portion of amounts payable after more than one year | 42 | €66,331 | €87,510 | +€21,179 | +31.9% |
| Trade debts | 44 | - | €738 | +€738 | |
| Suppliers | 440/4 | - | €738 | +€738 | |
| Taxes, remuneration and social security | 45 | - | €192 | +€192 | |
| Taxes | 450/3 | - | €192 | +€192 | |
| Other amounts payable | 47/48 | €433,003 | €529,550 | +€96,547 | +22.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,324 | €47,913 | -€12,411 | -20.6% |
| Other operating charges | 640/8 | €100,713 | €126 | -€100,587 | -99.9% |
| Gross operating margin | 9900 | €31,777 | €189,769 | +€157,992 | +497.2% |
| Operating profit (loss) | 9901 | -€129,260 | €141,730 | +€270,990 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €26,404 | €31,285 | +€4,881 | +18.5% |
| Recurring financial charges | 65 | €26,404 | €31,285 | +€4,881 | +18.5% |
| Profit (loss) for the period before taxes | 9903 | -€155,664 | €110,446 | +€266,110 | |
| Profit (loss) for the period | 9904 | -€155,664 | €110,446 | +€266,110 | |
| Profit (loss) for the period to be appropriated | 9905 | -€155,664 | €110,446 | +€266,110 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.