DIRK VANGENEUGDEN: 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.
DIRK VANGENEUGDEN
Largest movements
- Receivables within one year +€67,180
up €67,180 (+21.7%), from €309,743 to €376,923
of which Trade receivables: +€80,429
- Tangible fixed assets -€36,321
down €36,321 (-27.8%), from €130,626 to €94,304
- Cash -€8,669
down €8,669 (-4.0%), from €214,348 to €205,679
mainly Contributions, distributions and other (-€578,326) and Receivables within one year (-€67,180)
- Other debts +€223,551
up €223,551 (+74.3%), from €300,912 to €524,463
- Reserves -€184,592
no longer reported in 2025 (was €184,592)
- Debts after one year -€29,945
down €29,945 (-38.7%), from €77,337 to €47,392
- Tax, wage and social debts +€15,810
up €15,810 (+40.3%), from €39,221 to €55,031
- Gross operating margin +€132,768
up €132,768 (+31.2%), from €425,563 to €558,331
- Taxes +€34,528
up €34,528 (+37.0%), from €93,265 to €127,792
- Depreciation +€9,277
up €9,277 (+33.5%), from €27,705 to €36,982
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 | €658,557 | €681,058 | +€22,501 | +3.4% |
| Fixed assets | 21/28 | €130,626 | €94,304 | -€36,321 | -27.8% |
| Tangible fixed assets | 22/27 | €130,626 | €94,304 | -€36,321 | -27.8% |
| Furniture and vehicles | 24 | €130,626 | €94,304 | -€36,321 | -27.8% |
| Current assets | 29/58 | €527,931 | €586,754 | +€58,823 | +11.1% |
| Amounts receivable within one year | 40/41 | €309,743 | €376,923 | +€67,180 | +21.7% |
| Trade receivables | 40 | €103,369 | €183,799 | +€80,429 | +77.8% |
| Other amounts receivable | 41 | €206,373 | €193,124 | -€13,249 | -6.4% |
| Cash at bank and in hand | 54/58 | €214,348 | €205,679 | -€8,669 | -4.0% |
| Deferred charges and accrued income | 490/1 | €3,840 | €4,151 | +€311 | +8.1% |
| Total equity and liabilities | 10/49 | €658,557 | €681,058 | +€22,501 | +3.4% |
| Equity | 10/15 | €203,142 | €18,550 | -€184,592 | -90.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €184,592 | - | -€184,592 | |
| Distributable reserves | 133 | €184,592 | - | -€184,592 | |
| Amounts payable | 17/49 | €455,415 | €662,508 | +€207,093 | +45.5% |
| Amounts payable after more than one year | 17 | €77,337 | €47,392 | -€29,945 | -38.7% |
| Financial debts | 170/4 | €77,337 | €47,392 | -€29,945 | -38.7% |
| Amounts payable within one year | 42/48 | €378,078 | €615,116 | +€237,038 | +62.7% |
| Current portion of amounts payable after more than one year | 42 | €28,690 | €29,945 | +€1,255 | +4.4% |
| Trade debts | 44 | €9,255 | €5,677 | -€3,578 | -38.7% |
| Suppliers | 440/4 | €9,255 | €5,677 | -€3,578 | -38.7% |
| Taxes, remuneration and social security | 45 | €39,221 | €55,031 | +€15,810 | +40.3% |
| Taxes | 450/3 | €39,221 | €55,031 | +€15,810 | +40.3% |
| Other amounts payable | 47/48 | €300,912 | €524,463 | +€223,551 | +74.3% |
| Non-recurring operating income | 76A | €16,290 | - | -€16,290 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,705 | €36,982 | +€9,277 | +33.5% |
| Other operating charges | 640/8 | €7,314 | €2,455 | -€4,860 | -66.4% |
| Gross operating margin | 9900 | €425,563 | €558,331 | +€132,768 | +31.2% |
| Operating profit (loss) | 9901 | €390,544 | €518,894 | +€128,351 | +32.9% |
| Financial income | 75/76B | €6,761 | €6,908 | +€147 | +2.2% |
| Recurring financial income | 75 | €6,761 | €6,908 | +€147 | +2.2% |
| Financial charges | 65/66B | €3,128 | €4,275 | +€1,147 | +36.7% |
| Recurring financial charges | 65 | €3,128 | €4,275 | +€1,147 | +36.7% |
| Profit (loss) for the period before taxes | 9903 | €394,177 | €521,527 | +€127,350 | +32.3% |
| Income taxes | 67/77 | €93,265 | €127,792 | +€34,528 | +37.0% |
| Profit (loss) for the period | 9904 | €300,912 | €393,734 | +€92,822 | +30.8% |
| Profit (loss) for the period to be appropriated | 9905 | €300,912 | €393,734 | +€92,822 | +30.8% |
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 29 October 2026 via checked.be.