De Vlinder: 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 Vlinder
Largest movements
- Tangible fixed assets -€50,538
down €50,538 (-7.7%), from €659,017 to €608,479
of which Land and buildings: -€33,895
- Cash +€46,334
up €46,334 (+115.0%), from €40,294 to €86,628
mainly Net result for the year (+€64,326) and Depreciation (+€50,538)
- Receivables within one year -€33,781
down €33,781 (-98.1%), from €34,427 to €646
of which Other amounts receivable: -€30,289
- Debts after one year -€49,999
down €49,999 (-15.9%), from €315,110 to €265,111
- Reserves +€37,708
up €37,708 (+15.2%), from €247,495 to €285,203
of which Distributable reserves: +€37,708
- Other debts -€20,337
down €20,337 (-96.1%), from €21,173 to €836
- Gross operating margin -€24,625
down €24,625 (-12.4%), from €198,167 to €173,542
- Depreciation +€11,926
up €11,926 (+30.9%), from €38,612 to €50,538
- Other operating charges +€4,670
up €4,670 (+74.2%), from €6,292 to €10,962
- Financial charges +€2,730
up €2,730 (+24.7%), from €11,029 to €13,759
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 | €743,664 | €707,054 | -€36,610 | -4.9% |
| Fixed assets | 21/28 | €659,017 | €608,479 | -€50,538 | -7.7% |
| Tangible fixed assets | 22/27 | €659,017 | €608,479 | -€50,538 | -7.7% |
| Land and buildings | 22 | €526,633 | €492,738 | -€33,895 | -6.4% |
| Plant, machinery and equipment | 23 | €95,719 | €84,214 | -€11,505 | -12.0% |
| Furniture and vehicles | 24 | €36,666 | €31,527 | -€5,139 | -14.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €84,647 | €98,575 | +€13,928 | +16.5% |
| Stocks and contracts in progress | 3 | €8,009 | €8,898 | +€889 | +11.1% |
| Stocks | 30/36 | €8,009 | €8,898 | +€889 | +11.1% |
| Amounts receivable within one year | 40/41 | €34,427 | €646 | -€33,781 | -98.1% |
| Trade receivables | 40 | €4,139 | €646 | -€3,493 | -84.4% |
| Other amounts receivable | 41 | €30,289 | €0 | -€30,289 | -100.0% |
| Cash at bank and in hand | 54/58 | €40,294 | €86,628 | +€46,334 | +115.0% |
| Deferred charges and accrued income | 490/1 | €1,916 | €2,404 | +€488 | +25.5% |
| Total equity and liabilities | 10/49 | €743,664 | €707,054 | -€36,610 | -4.9% |
| Equity | 10/15 | €316,468 | €354,176 | +€37,708 | +11.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €247,495 | €285,203 | +€37,708 | +15.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €245,635 | €283,343 | +€37,708 | +15.4% |
| Profit (loss) carried forward | 14 | €62,774 | €62,774 | -€0 | 0.0% |
| Amounts payable | 17/49 | €427,196 | €352,878 | -€74,318 | -17.4% |
| Amounts payable after more than one year | 17 | €315,110 | €265,111 | -€49,999 | -15.9% |
| Financial debts | 170/4 | €315,110 | €265,111 | -€49,999 | -15.9% |
| Amounts payable within one year | 42/48 | €112,086 | €87,766 | -€24,320 | -21.7% |
| Current portion of amounts payable after more than one year | 42 | €48,617 | €49,998 | +€1,381 | +2.8% |
| Financial debts | 43 | €3,425 | €3,408 | -€17 | -0.5% |
| Credit institutions | 430/8 | €3,425 | €3,408 | -€17 | -0.5% |
| Trade debts | 44 | €14,435 | €15,304 | +€869 | +6.0% |
| Suppliers | 440/4 | €14,435 | €15,304 | +€869 | +6.0% |
| Taxes, remuneration and social security | 45 | €24,436 | €18,220 | -€6,216 | -25.4% |
| Taxes | 450/3 | €24,436 | €18,220 | -€6,216 | -25.4% |
| Other amounts payable | 47/48 | €21,173 | €836 | -€20,337 | -96.1% |
| Non-recurring operating income | 76A | €12,454 | €0 | -€12,454 | -100.0% |
| Remuneration, social security and pensions | 62 | - | €8 | +€8 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,612 | €50,538 | +€11,926 | +30.9% |
| Other operating charges | 640/8 | €6,292 | €10,962 | +€4,670 | +74.2% |
| Gross operating margin | 9900 | €198,167 | €173,542 | -€24,625 | -12.4% |
| Operating profit (loss) | 9901 | €153,263 | €112,034 | -€41,229 | -26.9% |
| Financial income | 75/76B | €981 | €27 | -€954 | -97.2% |
| Recurring financial income | 75 | €22 | €27 | +€5 | +22.9% |
| Non-recurring financial income | 76B | €959 | €0 | -€959 | -100.0% |
| Financial charges | 65/66B | €11,029 | €13,759 | +€2,730 | +24.7% |
| Recurring financial charges | 65 | €11,029 | €13,759 | +€2,730 | +24.7% |
| Profit (loss) for the period before taxes | 9903 | €143,216 | €98,302 | -€44,914 | -31.4% |
| Income taxes | 67/77 | €33,983 | €33,976 | -€7 | 0.0% |
| Profit (loss) for the period | 9904 | €109,233 | €64,326 | -€44,907 | -41.1% |
| Profit (loss) for the period to be appropriated | 9905 | €109,233 | €64,326 | -€44,907 | -41.1% |
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 12 October 2026 via checked.be.