DE VOORKANT: 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 VOORKANT
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€721,566
2024 · -€17,491+€739,057
Equity
€4.1m
2024 · €3.4m+€721,566
Cash
€24,658
2024 · €108,131-€83,473
Balance sheet total
€11.7m
2024 · €11.7m-€16,232
Largest movements
Assets
- Tangible fixed assets +€738,285
up €738,285 (+7.8%), from €9.5m to €10.3m
of which Land and buildings: +€739,097
- Stocks and contracts -€704,817
down €704,817 (-100%), from €704,817 to €0
Equity and liabilities
- Trade debts -€1.0m
down €1.0m (-99.8%), from €1.0m to €1,932
- Profit (loss) carried forward +€786,565
up €786,565 (+88.3%), from -€890,698 to -€104,133
- Debts after one year +€379,405
up €379,405 (+11.0%), from €3.4m to €3.8m
- Short-term financial debts -€140,691
down €140,691 (-4.6%), from €3.1m to €3.0m
Income statement
- Depreciation -€292,666
down €292,666 (-53.5%), from €546,823 to €254,157
- Gross operating margin +€245,148
up €245,148 (+25.4%), from €965,256 to €1.2m
- Financial charges -€54,073
down €54,073 (-17.2%), from €314,866 to €260,793
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
-€17,491
Gross operating margin
+€245,148
Depreciation
+€292,666
Other operating charges
-€6,228
Financial income
+€51
Financial charges
+€54,073
Deferred taxes and other
+€153,347
Result 2025
€721,566
raises the resultlowers the resultnot broken down further in the accounts
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
+€633,781
Investment
-€1.0m
Financing
+€290,687
Cash 2024
€108,131
From operations (derived)
+€633,781
Net result for the year
+€721,566
Depreciation
+€254,157
Stocks and contracts
+€704,817
Receivables within one year
-€27,051
Deferred charges and accrued income
+€8,779
Provisions
-€21,666
Trade debts
-€1.0m
Smaller working-capital items
-€438
Investment (derived)
-€1.0m
Investment in fixed assets (net)
-€1.0m
Financing
+€290,687
Debts after one year
+€379,405
Current portion of long-term debt
+€51,974
Short-term financial debts
-€140,691
Cash 2025
€24,658
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,744,177 | €11,727,945 | -€16,232 | -0.1% |
| Fixed assets | 21/28 | €9,535,467 | €10,289,252 | +€753,785 | +7.9% |
| Tangible fixed assets | 22/27 | €9,519,967 | €10,258,252 | +€738,285 | +7.8% |
| Land and buildings | 22 | €9,516,601 | €10,255,697 | +€739,097 | +7.8% |
| Furniture and vehicles | 24 | €3,366 | €2,554 | -€812 | -24.1% |
| Financial fixed assets | 28 | €15,500 | €31,000 | +€15,500 | +100% |
| Current assets | 29/58 | €2,208,710 | €1,438,693 | -€770,017 | -34.9% |
| Stocks and contracts in progress | 3 | €704,817 | €0 | -€704,817 | -100% |
| Stocks | 30/36 | €704,817 | €0 | -€704,817 | -100% |
| Amounts receivable within one year | 40/41 | €1,381,702 | €1,408,753 | +€27,051 | +2.0% |
| Trade receivables | 40 | €446,656 | €200,000 | -€246,656 | -55.2% |
| Other amounts receivable | 41 | €935,046 | €1,208,753 | +€273,707 | +29.3% |
| Cash at bank and in hand | 54/58 | €108,131 | €24,658 | -€83,473 | -77.2% |
| Deferred charges and accrued income | 490/1 | €14,061 | €5,282 | -€8,779 | -62.4% |
| Total equity and liabilities | 10/49 | €11,744,177 | €11,727,945 | -€16,232 | -0.1% |
| Equity | 10/15 | €3,401,691 | €4,123,257 | +€721,566 | +21.2% |
| Contributions | 10/11 | €2,480,280 | €2,480,280 | = | 0.0% |
| Reserves | 13 | €1,812,109 | €1,747,110 | -€64,999 | -3.6% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,500 | €6,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,779,601 | €1,714,603 | -€64,999 | -3.7% |
| Distributable reserves | 133 | €26,008 | €26,008 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€890,698 | -€104,133 | +€786,565 | +88.3% |
| Provisions and deferred taxes | 16 | €593,200 | €571,534 | -€21,666 | -3.7% |
| Deferred taxes | 168 | €593,200 | €571,534 | -€21,666 | -3.7% |
| Amounts payable | 17/49 | €7,749,285 | €7,033,153 | -€716,132 | -9.2% |
| Amounts payable after more than one year | 17 | €3,433,651 | €3,813,056 | +€379,405 | +11.0% |
| Financial debts | 170/4 | €3,433,651 | €3,813,056 | +€379,405 | +11.0% |
| Amounts payable within one year | 42/48 | €4,310,612 | €3,215,697 | -€1.1m | -25.4% |
| Current portion of amounts payable after more than one year | 42 | €204,577 | €256,551 | +€51,974 | +25.4% |
| Financial debts | 43 | €3,092,041 | €2,951,350 | -€140,691 | -4.6% |
| Credit institutions | 430/8 | €3,092,041 | €2,951,350 | -€140,691 | -4.6% |
| Trade debts | 44 | €1,008,313 | €1,932 | -€1.0m | -99.8% |
| Suppliers | 440/4 | €1,008,313 | €1,932 | -€1.0m | -99.8% |
| Taxes, remuneration and social security | 45 | €2,000 | €2,000 | = | 0.0% |
| Taxes | 450/3 | €750 | €750 | = | 0.0% |
| Remuneration and social security | 454/9 | €1,250 | €1,250 | = | 0.0% |
| Other amounts payable | 47/48 | €3,681 | €3,864 | +€183 | +5.0% |
| Accrued charges and deferred income | 492/3 | €5,022 | €4,401 | -€621 | -12.4% |
| Non-recurring operating income | 76A | - | €1,080,147 | +€1.1m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €546,823 | €254,157 | -€292,666 | -53.5% |
| Other operating charges | 640/8 | €12,587 | €18,816 | +€6,228 | +49.5% |
| Gross operating margin | 9900 | €965,256 | €1,210,404 | +€245,148 | +25.4% |
| Operating profit (loss) | 9901 | €405,846 | €937,432 | +€531,586 | +131% |
| Financial income | 75/76B | €23,209 | €23,261 | +€51 | +0.2% |
| Recurring financial income | 75 | €23,209 | €23,261 | +€51 | +0.2% |
| Financial charges | 65/66B | €314,866 | €260,793 | -€54,073 | -17.2% |
| Recurring financial charges | 65 | €314,866 | €260,793 | -€54,073 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | €114,190 | €699,900 | +€585,710 | +513% |
| Transfer from deferred taxes | 780 | €36,819 | €21,666 | -€15,153 | -41.2% |
| Transfer to deferred taxes | 680 | €168,500 | €0 | -€168,500 | -100% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€17,491 | €721,566 | +€739,057 | |
| Transfer from tax-exempt reserves | 789 | €110,457 | €64,999 | -€45,458 | -41.2% |
| Transfer to tax-exempt reserves | 689 | €505,500 | €0 | -€505,500 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | -€412,534 | €786,565 | +€1.2m |
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 17 October 2026 via checked.be.