Didier Vael: 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.
Didier Vael
Largest movements
- Current investments -€178,239
down €178,239 (-49.5%), from €360,000 to €181,761
- Receivables within one year -€39,691
down €39,691 (-13.8%), from €287,752 to €248,061
of which Trade receivables: -€39,271
- Tangible fixed assets +€11,167
up €11,167 (+30.7%), from €36,378 to €47,545
of which Plant, machinery and equipment: +€15,216
- Reserves -€193,000
down €193,000 (-42.0%), from €459,434 to €266,434
- Other debts -€38,000
down €38,000 (-9.5%), from €398,000 to €360,000
- Tax, wage and social debts +€19,663
up €19,663 (+95.5%), from €20,593 to €40,257
- Gross operating margin -€29,789
down €29,789 (-5.6%), from €531,165 to €501,375
- Taxes -€5,776
down €5,776 (-4.4%), from €130,556 to €124,780
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 | €901,095 | €696,762 | -€204,333 | -22.7% |
| Fixed assets | 21/28 | €36,378 | €47,545 | +€11,167 | +30.7% |
| Tangible fixed assets | 22/27 | €36,378 | €47,545 | +€11,167 | +30.7% |
| Plant, machinery and equipment | 23 | €2,206 | €17,421 | +€15,216 | +690% |
| Furniture and vehicles | 24 | €18,262 | €17,805 | -€457 | -2.5% |
| Other tangible fixed assets | 26 | €15,910 | €12,318 | -€3,592 | -22.6% |
| Current assets | 29/58 | €864,717 | €649,217 | -€215,500 | -24.9% |
| Amounts receivable within one year | 40/41 | €287,752 | €248,061 | -€39,691 | -13.8% |
| Trade receivables | 40 | €285,264 | €245,993 | -€39,271 | -13.8% |
| Other amounts receivable | 41 | €2,488 | €2,068 | -€420 | -16.9% |
| Current investments | 50/53 | €360,000 | €181,761 | -€178,239 | -49.5% |
| Cash at bank and in hand | 54/58 | €212,513 | €214,040 | +€1,527 | +0.7% |
| Deferred charges and accrued income | 490/1 | €4,452 | €5,355 | +€903 | +20.3% |
| Total equity and liabilities | 10/49 | €901,095 | €696,762 | -€204,333 | -22.7% |
| Equity | 10/15 | €481,569 | €292,791 | -€188,778 | -39.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €459,434 | €266,434 | -€193,000 | -42.0% |
| Distributable reserves | 133 | €459,434 | €266,434 | -€193,000 | -42.0% |
| Profit (loss) carried forward | 14 | €3,535 | €7,757 | +€4,222 | +119% |
| Amounts payable | 17/49 | €419,526 | €403,971 | -€15,555 | -3.7% |
| Amounts payable within one year | 42/48 | €419,526 | €403,971 | -€15,555 | -3.7% |
| Trade debts | 44 | €932 | €3,714 | +€2,782 | +298% |
| Suppliers | 440/4 | €932 | €3,714 | +€2,782 | +298% |
| Taxes, remuneration and social security | 45 | €20,593 | €40,257 | +€19,663 | +95.5% |
| Taxes | 450/3 | €20,593 | €40,257 | +€19,663 | +95.5% |
| Other amounts payable | 47/48 | €398,000 | €360,000 | -€38,000 | -9.5% |
| Non-recurring operating income | 76A | - | €12,874 | +€12,874 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,715 | €17,716 | +€4,001 | +29.2% |
| Other operating charges | 640/8 | €2,312 | €2,749 | +€437 | +18.9% |
| Gross operating margin | 9900 | €531,165 | €501,375 | -€29,789 | -5.6% |
| Operating profit (loss) | 9901 | €515,138 | €480,911 | -€34,227 | -6.6% |
| Financial income | 75/76B | €13,713 | €10,050 | -€3,663 | -26.7% |
| Recurring financial income | 75 | €13,713 | €10,050 | -€3,663 | -26.7% |
| Financial charges | 65/66B | €81 | €1,958 | +€1,877 | +2,304% |
| Recurring financial charges | 65 | €81 | €1,958 | +€1,877 | +2,304% |
| Profit (loss) for the period before taxes | 9903 | €528,769 | €489,002 | -€39,767 | -7.5% |
| Income taxes | 67/77 | €130,556 | €124,780 | -€5,776 | -4.4% |
| Profit (loss) for the period | 9904 | €398,213 | €364,222 | -€33,991 | -8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €398,213 | €364,222 | -€33,991 | -8.5% |
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 20 October 2026 via checked.be.