DE WAELE - VANHEE: 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 WAELE - VANHEE
Largest movements
- Current investments +€200,000
up €200,000 (+80.0%), from €250,000 to €450,000
- Cash -€169,229
down €169,229 (-63.9%), from €264,749 to €95,520
mainly Current investments (-€200,000) and Trade debts (-€29,487)
- Tangible fixed assets -€50,440
down €50,440 (-54.4%), from €92,737 to €42,298
of which Plant, machinery and equipment: -€51,786
- Reserves +€55,239
up €55,239 (+14.1%), from €392,850 to €448,089
- Trade debts -€29,487
down €29,487 (-68.7%), from €42,941 to €13,454
- Debts after one year -€26,814
down €26,814 (-85.6%), from €31,326 to €4,512
- Tax, wage and social debts -€8,578
down €8,578 (-25.7%), from €33,369 to €24,791
of which Taxes: -€8,914
- Gross operating margin -€70,104
down €70,104 (-17.5%), from €401,057 to €330,953
- Taxes -€19,847
down €19,847 (-51.5%), from €38,536 to €18,689
- Staff costs +€12,798
up €12,798 (+6.7%), from €190,319 to €203,117
- Financial income +€6,281
up €6,281 (+4,317%), from €146 to €6,427
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €748,396 | €735,592 | -€12,804 | -1.7% |
| Fixed assets | 21/28 | €92,738 | €42,299 | -€50,440 | -54.4% |
| Intangible fixed assets | 21 | €1 | €1 | = | 0.0% |
| Tangible fixed assets | 22/27 | €92,737 | €42,298 | -€50,440 | -54.4% |
| Land and buildings | 22 | €6,483 | €9,789 | +€3,306 | +51.0% |
| Plant, machinery and equipment | 23 | €82,480 | €30,694 | -€51,786 | -62.8% |
| Furniture and vehicles | 24 | €3,775 | €1,815 | -€1,960 | -51.9% |
| Current assets | 29/58 | €655,658 | €693,293 | +€37,635 | +5.7% |
| Stocks and contracts in progress | 3 | €45,000 | €45,000 | = | 0.0% |
| Stocks | 30/36 | €45,000 | €45,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €95,909 | €102,774 | +€6,865 | +7.2% |
| Trade receivables | 40 | €91,802 | €83,565 | -€8,237 | -9.0% |
| Other amounts receivable | 41 | €4,107 | €19,208 | +€15,102 | +368% |
| Current investments | 50/53 | €250,000 | €450,000 | +€200,000 | +80.0% |
| Cash at bank and in hand | 54/58 | €264,749 | €95,520 | -€169,229 | -63.9% |
| Total equity and liabilities | 10/49 | €748,396 | €735,592 | -€12,804 | -1.7% |
| Equity | 10/15 | €402,850 | €458,089 | +€55,239 | +13.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €392,850 | €448,089 | +€55,239 | +14.1% |
| Distributable reserves | 133 | €392,850 | €448,089 | +€55,239 | +14.1% |
| Amounts payable | 17/49 | €345,546 | €277,503 | -€68,043 | -19.7% |
| Amounts payable after more than one year | 17 | €31,326 | €4,512 | -€26,814 | -85.6% |
| Financial debts | 170/4 | €31,326 | €4,512 | -€26,814 | -85.6% |
| Amounts payable within one year | 42/48 | €314,220 | €272,991 | -€41,229 | -13.1% |
| Current portion of amounts payable after more than one year | 42 | €30,141 | €26,814 | -€3,327 | -11.0% |
| Trade debts | 44 | €42,941 | €13,454 | -€29,487 | -68.7% |
| Suppliers | 440/4 | €42,941 | €13,454 | -€29,487 | -68.7% |
| Taxes, remuneration and social security | 45 | €33,369 | €24,791 | -€8,578 | -25.7% |
| Taxes | 450/3 | €9,364 | €449 | -€8,914 | -95.2% |
| Remuneration and social security | 454/9 | €24,005 | €24,342 | +€337 | +1.4% |
| Other amounts payable | 47/48 | €207,769 | €207,931 | +€163 | +0.1% |
| Remuneration, social security and pensions | 62 | €190,319 | €203,117 | +€12,798 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,105 | €56,203 | +€98 | +0.2% |
| Other operating charges | 640/8 | €694 | €632 | -€63 | -9.0% |
| Gross operating margin | 9900 | €401,057 | €330,953 | -€70,104 | -17.5% |
| Operating profit (loss) | 9901 | €153,939 | €71,002 | -€82,937 | -53.9% |
| Financial income | 75/76B | €146 | €6,427 | +€6,281 | +4,317% |
| Recurring financial income | 75 | €146 | €6,427 | +€6,281 | +4,317% |
| Financial charges | 65/66B | €4,062 | €3,501 | -€561 | -13.8% |
| Recurring financial charges | 65 | €4,062 | €3,501 | -€561 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €150,022 | €73,928 | -€76,094 | -50.7% |
| Income taxes | 67/77 | €38,536 | €18,689 | -€19,847 | -51.5% |
| Profit (loss) for the period | 9904 | €111,486 | €55,239 | -€56,247 | -50.5% |
| Profit (loss) for the period to be appropriated | 9905 | €111,486 | €55,239 | -€56,247 | -50.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.