Dirk Vlaminckx: 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 Vlaminckx
Largest movements
- Receivables after one year +€115,400
up €115,400 (+17.3%), from €666,600 to €782,000
- Cash +€83,306
up €83,306 (+14.2%), from €586,270 to €669,576
mainly Net result for the year (+€469,597) and Depreciation (+€19,655)
- Reserves +€180,000
up €180,000 (+9.2%), from €2.0m to €2.1m
of which Distributable reserves: +€180,000
- Financial income +€123,418
up €123,418 (+91.5%), from €134,888 to €258,306
- Financial charges +€114,299
up €114,299 (+238%), from €48,058 to €162,357
- Gross operating margin +€35,828
up €35,828 (+6.3%), from €566,507 to €602,335
- Taxes +€22,993
up €22,993 (+12.6%), from €182,130 to €205,123
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 | €2,965,458 | €3,141,818 | +€176,360 | +5.9% |
| Fixed assets | 21/28 | €55,945 | €41,819 | -€14,126 | -25.2% |
| Tangible fixed assets | 22/27 | €55,945 | €41,819 | -€14,126 | -25.2% |
| Furniture and vehicles | 24 | €55,945 | €41,819 | -€14,126 | -25.2% |
| Current assets | 29/58 | €2,909,513 | €3,099,999 | +€190,486 | +6.5% |
| Amounts receivable after more than one year | 29 | €666,600 | €782,000 | +€115,400 | +17.3% |
| Other amounts receivable | 291 | €666,600 | €782,000 | +€115,400 | +17.3% |
| Amounts receivable within one year | 40/41 | €26,356 | €15,021 | -€11,336 | -43.0% |
| Trade receivables | 40 | €562 | €1,343 | +€781 | +139% |
| Other amounts receivable | 41 | €25,794 | €13,678 | -€12,116 | -47.0% |
| Current investments | 50/53 | €1,615,753 | €1,616,643 | +€890 | +0.1% |
| Cash at bank and in hand | 54/58 | €586,270 | €669,576 | +€83,306 | +14.2% |
| Deferred charges and accrued income | 490/1 | €14,533 | €16,759 | +€2,226 | +15.3% |
| Total equity and liabilities | 10/49 | €2,965,458 | €3,141,818 | +€176,360 | +5.9% |
| Equity | 10/15 | €2,125,777 | €2,315,374 | +€189,597 | +8.9% |
| Contributions | 10/11 | €102,000 | €102,000 | = | 0.0% |
| Reserves | 13 | €1,950,200 | €2,130,200 | +€180,000 | +9.2% |
| Non-distributable reserves | 130/1 | €10,200 | €10,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,200 | €10,200 | = | 0.0% |
| Distributable reserves | 133 | €1,940,000 | €2,120,000 | +€180,000 | +9.3% |
| Profit (loss) carried forward | 14 | €73,577 | €83,174 | +€9,597 | +13.0% |
| Amounts payable | 17/49 | €839,680 | €826,443 | -€13,237 | -1.6% |
| Amounts payable within one year | 42/48 | €816,979 | €802,808 | -€14,171 | -1.7% |
| Taxes, remuneration and social security | 45 | €24,505 | €37,340 | +€12,834 | +52.4% |
| Taxes | 450/3 | €21,435 | €33,340 | +€11,904 | +55.5% |
| Remuneration and social security | 454/9 | €3,070 | €4,000 | +€930 | +30.3% |
| Other amounts payable | 47/48 | €792,474 | €765,468 | -€27,006 | -3.4% |
| Accrued charges and deferred income | 492/3 | €22,701 | €23,636 | +€935 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,549 | €19,655 | +€1,106 | +6.0% |
| Other operating charges | 640/8 | €1,396 | €3,908 | +€2,512 | +180% |
| Gross operating margin | 9900 | €566,507 | €602,335 | +€35,828 | +6.3% |
| Operating profit (loss) | 9901 | €546,562 | €578,772 | +€32,210 | +5.9% |
| Financial income | 75/76B | €134,888 | €258,306 | +€123,418 | +91.5% |
| Recurring financial income | 75 | €134,888 | €258,306 | +€123,418 | +91.5% |
| Financial charges | 65/66B | €48,058 | €162,357 | +€114,299 | +238% |
| Recurring financial charges | 65 | €48,058 | €162,357 | +€114,299 | +238% |
| Profit (loss) for the period before taxes | 9903 | €633,392 | €674,720 | +€41,328 | +6.5% |
| Income taxes | 67/77 | €182,130 | €205,123 | +€22,993 | +12.6% |
| Profit (loss) for the period | 9904 | €451,262 | €469,597 | +€18,335 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €451,262 | €469,597 | +€18,335 | +4.1% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.