DR. A. VANGENEUGDEN: what changed
DR. A. VANGENEUGDEN
Largest movements
- Cash -€19,006
down €19,006 (-25.3%), from €75,266 to €56,260
mainly Contributions, distributions and other (-€43,067) and Current investments (-€3,525)
- Current investments +€3,525
up €3,525 (+16.0%), from €22,056 to €25,581
- Tangible fixed assets -€2,508
down €2,508 (-47.4%), from €5,290 to €2,782
of which Leasing and similar rights: -€2,967
- Reserves -€28,502
down €28,502 (-41.2%), from €69,162 to €40,660
- Other debts +€9,654
up €9,654 (+73.4%), from €13,154 to €22,808
- Tax, wage and social debts +€2,894
up €2,894 (+216%), from €1,338 to €4,232
- Current portion of long-term debt -€2,365
down €2,365 (-100%), from €2,365 to €0
- Depreciation -€5,813
down €5,813 (-59.8%), from €9,720 to €3,908
- Gross operating margin +€5,083
up €5,083 (+23.3%), from €21,780 to €26,863
- Taxes +€3,325
up €3,325 (+121%), from €2,742 to €6,068
- Other operating charges -€1,045
down €1,045 (-39.2%), from €2,664 to €1,619
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €105,704 | €87,415 | -€18,289 | -17.3% |
| Fixed assets | 21/28 | €5,290 | €2,782 | -€2,508 | -47.4% |
| Tangible fixed assets | 22/27 | €5,290 | €2,782 | -€2,508 | -47.4% |
| Furniture and vehicles | 24 | - | €924 | +€924 | |
| Leasing and similar rights | 25 | €2,967 | €0 | -€2,967 | -100% |
| Other tangible fixed assets | 26 | €2,323 | €1,858 | -€465 | -20.0% |
| Current assets | 29/58 | €100,414 | €84,633 | -€15,781 | -15.7% |
| Amounts receivable within one year | 40/41 | €1,091 | €496 | -€595 | -54.5% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €1,091 | €496 | -€595 | -54.5% |
| Current investments | 50/53 | €22,056 | €25,581 | +€3,525 | +16.0% |
| Cash at bank and in hand | 54/58 | €75,266 | €56,260 | -€19,006 | -25.3% |
| Deferred charges and accrued income | 490/1 | €2,001 | €2,295 | +€295 | +14.7% |
| Total equity and liabilities | 10/49 | €105,704 | €87,415 | -€18,289 | -17.3% |
| Equity | 10/15 | €87,762 | €59,260 | -€28,502 | -32.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €69,162 | €40,660 | -€28,502 | -41.2% |
| Distributable reserves | 133 | €69,162 | €40,660 | -€28,502 | -41.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €17,942 | €28,155 | +€10,213 | +56.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €17,942 | €28,155 | +€10,213 | +56.9% |
| Current portion of amounts payable after more than one year | 42 | €2,365 | €0 | -€2,365 | -100% |
| Trade debts | 44 | €1,084 | €1,115 | +€31 | +2.9% |
| Suppliers | 440/4 | €1,084 | €1,115 | +€31 | +2.9% |
| Taxes, remuneration and social security | 45 | €1,338 | €4,232 | +€2,894 | +216% |
| Taxes | 450/3 | €1,338 | €4,232 | +€2,894 | +216% |
| Other amounts payable | 47/48 | €13,154 | €22,808 | +€9,654 | +73.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,720 | €3,908 | -€5,813 | -59.8% |
| Other operating charges | 640/8 | €2,664 | €1,619 | -€1,045 | -39.2% |
| Gross operating margin | 9900 | €21,780 | €26,863 | +€5,083 | +23.3% |
| Operating profit (loss) | 9901 | €9,396 | €21,336 | +€11,940 | +127% |
| Financial income | 75/76B | €794 | €862 | +€67 | +8.5% |
| Recurring financial income | 75 | €794 | €862 | +€67 | +8.5% |
| Financial charges | 65/66B | €1,441 | €1,565 | +€125 | +8.7% |
| Recurring financial charges | 65 | €1,441 | €1,565 | +€125 | +8.7% |
| Profit (loss) for the period before taxes | 9903 | €8,750 | €20,632 | +€11,883 | +136% |
| Income taxes | 67/77 | €2,742 | €6,068 | +€3,325 | +121% |
| Profit (loss) for the period | 9904 | €6,007 | €14,565 | +€8,557 | +142% |
| Profit (loss) for the period to be appropriated | 9905 | €6,007 | €14,565 | +€8,557 | +142% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.