DE VULDER: 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 VULDER
Largest movements
- Tangible fixed assets -€23,933
down €23,933 (-5.1%), from €470,217 to €446,284
of which Land and buildings: -€22,934
- Cash +€11,144
up €11,144 (+12.2%), from €91,188 to €102,332
mainly Net result for the year (+€58,208) and Depreciation (+€29,151)
- Debts after one year -€27,289
down €27,289 (-12.9%), from €211,438 to €184,149
- Trade debts +€26,458
up €26,458 (+17.0%), from €155,425 to €181,883
- Staff costs +€5,472
up €5,472 (+7.2%), from €76,085 to €81,556
- Gross operating margin +€2,473
up €2,473 (+1.2%), from €198,825 to €201,298
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 | €887,756 | €887,085 | -€671 | -0.1% |
| Fixed assets | 21/28 | €470,217 | €446,284 | -€23,933 | -5.1% |
| Tangible fixed assets | 22/27 | €470,217 | €446,284 | -€23,933 | -5.1% |
| Land and buildings | 22 | €430,414 | €407,480 | -€22,934 | -5.3% |
| Plant, machinery and equipment | 23 | €9,982 | €7,375 | -€2,608 | -26.1% |
| Furniture and vehicles | 24 | €29,821 | €31,430 | +€1,609 | +5.4% |
| Current assets | 29/58 | €417,539 | €440,801 | +€23,262 | +5.6% |
| Stocks and contracts in progress | 3 | €228,309 | €230,063 | +€1,754 | +0.8% |
| Stocks | 30/36 | €228,309 | €230,063 | +€1,754 | +0.8% |
| Amounts receivable within one year | 40/41 | €96,196 | €104,866 | +€8,670 | +9.0% |
| Trade receivables | 40 | €89,027 | €96,122 | +€7,095 | +8.0% |
| Other amounts receivable | 41 | €7,169 | €8,744 | +€1,575 | +22.0% |
| Cash at bank and in hand | 54/58 | €91,188 | €102,332 | +€11,144 | +12.2% |
| Deferred charges and accrued income | 490/1 | €1,847 | €3,540 | +€1,693 | +91.7% |
| Total equity and liabilities | 10/49 | €887,756 | €887,085 | -€671 | -0.1% |
| Equity | 10/15 | €78,228 | €78,437 | +€208 | +0.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €72,028 | €72,237 | +€208 | +0.3% |
| Distributable reserves | 133 | €72,028 | €72,237 | +€208 | +0.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €809,528 | €808,649 | -€879 | -0.1% |
| Amounts payable after more than one year | 17 | €211,438 | €184,149 | -€27,289 | -12.9% |
| Financial debts | 170/4 | €211,438 | €184,149 | -€27,289 | -12.9% |
| Amounts payable within one year | 42/48 | €597,300 | €623,596 | +€26,296 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €26,487 | €27,289 | +€802 | +3.0% |
| Trade debts | 44 | €155,425 | €181,883 | +€26,458 | +17.0% |
| Suppliers | 440/4 | €155,425 | €181,883 | +€26,458 | +17.0% |
| Taxes, remuneration and social security | 45 | €13,444 | €13,553 | +€109 | +0.8% |
| Taxes | 450/3 | €651 | €0 | -€651 | -100.0% |
| Remuneration and social security | 454/9 | €12,793 | €13,553 | +€760 | +5.9% |
| Other amounts payable | 47/48 | €401,943 | €400,871 | -€1,072 | -0.3% |
| Accrued charges and deferred income | 492/3 | €790 | €904 | +€114 | +14.4% |
| Remuneration, social security and pensions | 62 | €76,085 | €81,556 | +€5,472 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,278 | €29,151 | -€127 | -0.4% |
| Other operating charges | 640/8 | €3,613 | €4,001 | +€388 | +10.7% |
| Gross operating margin | 9900 | €198,825 | €201,298 | +€2,473 | +1.2% |
| Operating profit (loss) | 9901 | €89,849 | €86,590 | -€3,260 | -3.6% |
| Financial income | 75/76B | €226 | €191 | -€35 | -15.5% |
| Recurring financial income | 75 | €226 | €191 | -€35 | -15.5% |
| Financial charges | 65/66B | €10,557 | €11,071 | +€514 | +4.9% |
| Recurring financial charges | 65 | €10,557 | €11,071 | +€514 | +4.9% |
| Profit (loss) for the period before taxes | 9903 | €79,518 | €75,710 | -€3,808 | -4.8% |
| Income taxes | 67/77 | €18,372 | €17,502 | -€870 | -4.7% |
| Profit (loss) for the period | 9904 | €61,146 | €58,208 | -€2,938 | -4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €61,146 | €58,208 | -€2,938 | -4.8% |
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 10 October 2026 via checked.be.