DR. CARLA VANDERVOORT: 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.
DR. CARLA VANDERVOORT
Largest movements
- Receivables within one year -€50,474
down €50,474 (-44.7%), from €113,002 to €62,528
of which Other amounts receivable: -€63,901
- Tangible fixed assets +€19,965
up €19,965 (+3.8%), from €526,009 to €545,974
of which Plant, machinery and equipment: +€26,074
- Debts after one year -€17,220
down €17,220 (-6.0%), from €288,572 to €271,353
- Tax, wage and social debts -€13,397
down €13,397 (-40.2%), from €33,354 to €19,957
of which Taxes: -€14,835
- Reserves -€10,682
down €10,682 (-2.4%), from €445,414 to €434,732
of which Distributable reserves: -€10,682
- Advances received +€10,510
new in 2025: €10,510
- Gross operating margin +€71,558
up €71,558 (+44.3%), from €161,560 to €233,118
- Taxes +€19,279
up €19,279 (+113.6%), from €16,964 to €36,243
- Financial income -€4,842
down €4,842 (-43.7%), from €11,084 to €6,242
- Depreciation +€3,856
up €3,856 (+9.0%), from €42,840 to €46,696
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.
Cash bridge derived
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 | €800,907 | €775,056 | -€25,851 | -3.2% |
| Fixed assets | 21/28 | €526,009 | €545,974 | +€19,965 | +3.8% |
| Tangible fixed assets | 22/27 | €526,009 | €545,974 | +€19,965 | +3.8% |
| Land and buildings | 22 | €466,697 | €440,668 | -€26,029 | -5.6% |
| Plant, machinery and equipment | 23 | €3,400 | €29,474 | +€26,074 | +766.9% |
| Furniture and vehicles | 24 | €55,912 | €75,832 | +€19,920 | +35.6% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €274,898 | €229,082 | -€45,816 | -16.7% |
| Amounts receivable within one year | 40/41 | €113,002 | €62,528 | -€50,474 | -44.7% |
| Trade receivables | 40 | €12,657 | €26,084 | +€13,427 | +106.1% |
| Other amounts receivable | 41 | €100,344 | €36,444 | -€63,901 | -63.7% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €61,696 | €66,554 | +€4,858 | +7.9% |
| Deferred charges and accrued income | 490/1 | €200 | €0 | -€200 | -100.0% |
| Total equity and liabilities | 10/49 | €800,907 | €775,056 | -€25,851 | -3.2% |
| Equity | 10/15 | €457,814 | €447,132 | -€10,682 | -2.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €445,414 | €434,732 | -€10,682 | -2.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €445,414 | €434,732 | -€10,682 | -2.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €343,093 | €327,924 | -€15,169 | -4.4% |
| Amounts payable after more than one year | 17 | €288,572 | €271,353 | -€17,220 | -6.0% |
| Financial debts | 170/4 | €288,572 | €271,353 | -€17,220 | -6.0% |
| Amounts payable within one year | 42/48 | €54,521 | €56,572 | +€2,051 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €19,559 | €18,755 | -€804 | -4.1% |
| Trade debts | 44 | €1,609 | €0 | -€1,609 | -100.0% |
| Suppliers | 440/4 | €1,609 | €0 | -€1,609 | -100.0% |
| Advances received on contracts in progress | 46 | - | €10,510 | +€10,510 | |
| Taxes, remuneration and social security | 45 | €33,354 | €19,957 | -€13,397 | -40.2% |
| Taxes | 450/3 | €23,463 | €8,628 | -€14,835 | -63.2% |
| Remuneration and social security | 454/9 | €9,891 | €11,329 | +€1,438 | +14.5% |
| Other amounts payable | 47/48 | €0 | €7,350 | +€7,350 | |
| Remuneration, social security and pensions | 62 | €51,837 | €53,124 | +€1,287 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,840 | €46,696 | +€3,856 | +9.0% |
| Other operating charges | 640/8 | €2,258 | €3,724 | +€1,466 | +64.9% |
| Non-recurring operating charges | 66A | €6,839 | €0 | -€6,839 | -100.0% |
| Gross operating margin | 9900 | €161,560 | €233,118 | +€71,558 | +44.3% |
| Operating profit (loss) | 9901 | €57,785 | €129,573 | +€71,789 | +124.2% |
| Financial income | 75/76B | €11,084 | €6,242 | -€4,842 | -43.7% |
| Recurring financial income | 75 | €11,084 | €6,242 | -€4,842 | -43.7% |
| Financial charges | 65/66B | €13,021 | €12,684 | -€337 | -2.6% |
| Recurring financial charges | 65 | €13,021 | €12,684 | -€337 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €55,847 | €123,131 | +€67,284 | +120.5% |
| Income taxes | 67/77 | €16,964 | €36,243 | +€19,279 | +113.6% |
| Profit (loss) for the period | 9904 | €38,883 | €86,888 | +€48,005 | +123.5% |
| Profit (loss) for the period to be appropriated | 9905 | €38,883 | €86,888 | +€48,005 | +123.5% |
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 9 October 2026 via checked.be.