Dr. Frank Vandenberghe: what changed
What changed
Dr. Frank Vandenberghe
filed annual accounts (NBB)
Net result for the year
€45,286
2024 · €88,309-€43,023
Equity
€251,424
2024 · €251,424
Cash
€39,922
2024 · €83,421-€43,499
Balance sheet total
€748,903
2024 · €747,708+€1,195
Largest movements
Assets
- Cash -€43,499
down €43,499 (-52.1%), from €83,421 to €39,922
mainly Contributions, distributions and other (-€45,286) and Investment in fixed assets (net) (-€43,778)
- Receivables within one year +€35,669
new in 2025: €35,669
- Tangible fixed assets +€17,537
up €17,537 (+3.4%), from €520,532 to €538,069
of which Furniture and vehicles: +€29,800
Equity and liabilities
- Current portion of long-term debt +€15,308
up €15,308 (+72.3%), from €21,171 to €36,479
- Debts after one year -€8,563
down €8,563 (-2.2%), from €396,041 to €387,479
- Other debts -€8,319
down €8,319 (-15.5%), from €53,605 to €45,286
Income statement
- Gross operating margin -€65,522
down €65,522 (-39.0%), from €168,115 to €102,593
- Taxes -€26,519
down €26,519 (-60.9%), from €43,536 to €17,017
- Depreciation +€9,905
up €9,905 (+60.6%), from €16,335 to €26,241
- Other operating charges -€5,402
down €5,402 (-68.9%), from €7,842 to €2,440
- Financial charges +€2,634
up €2,634 (+27.2%), from €9,691 to €12,325
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.
Result 2024
€88,309
Gross operating margin
-€65,522
Depreciation
-€9,905
Other operating charges
+€5,402
Other operating items
+€3,703
Financial income
-€586
Financial charges
-€2,634
Taxes
+€26,519
Result 2025
€45,286
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€38,818
Investment
-€43,778
Financing
-€38,540
Cash 2024
€83,421
From operations (derived)
+€38,818
Net result for the year
+€45,286
Depreciation
+€26,241
Receivables after one year
+€6,897
Receivables within one year
-€35,669
Deferred charges and accrued income
+€1,614
Trade debts
+€2,742
Smaller working-capital items
+€26
Other debts
-€8,319
Investment (derived)
-€43,778
Investment in fixed assets (net)
-€43,778
Financing
-€38,540
Debts after one year
-€8,563
Current portion of long-term debt
+€15,308
Contributions, distributions and other
-€45,286
Cash 2025
€39,922
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €747,708 | €748,903 | +€1,195 | +0.2% |
| Fixed assets | 21/28 | €520,532 | €538,069 | +€17,537 | +3.4% |
| Tangible fixed assets | 22/27 | €520,532 | €538,069 | +€17,537 | +3.4% |
| Land and buildings | 22 | €506,364 | €495,190 | -€11,174 | -2.2% |
| Plant, machinery and equipment | 23 | €4,347 | €3,258 | -€1,089 | -25.1% |
| Furniture and vehicles | 24 | €9,821 | €39,621 | +€29,800 | +303% |
| Current assets | 29/58 | €227,176 | €210,834 | -€16,342 | -7.2% |
| Amounts receivable after more than one year | 29 | €25,009 | €18,112 | -€6,897 | -27.6% |
| Other amounts receivable | 291 | €25,009 | €18,112 | -€6,897 | -27.6% |
| Amounts receivable within one year | 40/41 | - | €35,669 | +€35,669 | |
| Other amounts receivable | 41 | - | €35,669 | +€35,669 | |
| Cash at bank and in hand | 54/58 | €83,421 | €39,922 | -€43,499 | -52.1% |
| Deferred charges and accrued income | 490/1 | €118,745 | €117,131 | -€1,614 | -1.4% |
| Total equity and liabilities | 10/49 | €747,708 | €748,903 | +€1,195 | +0.2% |
| Equity | 10/15 | €251,424 | €251,424 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €246,424 | €246,424 | = | 0.0% |
| Distributable reserves | 133 | €246,424 | €246,424 | = | 0.0% |
| Amounts payable | 17/49 | €496,283 | €497,479 | +€1,195 | +0.2% |
| Amounts payable after more than one year | 17 | €396,041 | €387,479 | -€8,563 | -2.2% |
| Financial debts | 170/4 | €396,041 | €387,479 | -€8,563 | -2.2% |
| Amounts payable within one year | 42/48 | €100,242 | €109,927 | +€9,685 | +9.7% |
| Current portion of amounts payable after more than one year | 42 | €21,171 | €36,479 | +€15,308 | +72.3% |
| Financial debts | 43 | €7,500 | €7,500 | = | 0.0% |
| Credit institutions | 430/8 | €7,500 | €7,500 | = | 0.0% |
| Trade debts | 44 | €3,789 | €6,531 | +€2,742 | +72.4% |
| Suppliers | 440/4 | €3,789 | €6,531 | +€2,742 | +72.4% |
| Taxes, remuneration and social security | 45 | €14,178 | €14,131 | -€47 | -0.3% |
| Taxes | 450/3 | €14,178 | €14,131 | -€47 | -0.3% |
| Other amounts payable | 47/48 | €53,605 | €45,286 | -€8,319 | -15.5% |
| Accrued charges and deferred income | 492/3 | - | €73 | +€73 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,335 | €26,241 | +€9,905 | +60.6% |
| Other operating charges | 640/8 | €7,842 | €2,440 | -€5,402 | -68.9% |
| Non-recurring operating charges | 66A | €3,766 | €63 | -€3,703 | -98.3% |
| Gross operating margin | 9900 | €168,115 | €102,593 | -€65,522 | -39.0% |
| Operating profit (loss) | 9901 | €140,171 | €73,849 | -€66,322 | -47.3% |
| Financial income | 75/76B | €1,365 | €779 | -€586 | -42.9% |
| Recurring financial income | 75 | €1,365 | €779 | -€586 | -42.9% |
| Financial charges | 65/66B | €9,691 | €12,325 | +€2,634 | +27.2% |
| Recurring financial charges | 65 | €9,691 | €12,325 | +€2,634 | +27.2% |
| Profit (loss) for the period before taxes | 9903 | €131,845 | €62,303 | -€69,542 | -52.7% |
| Income taxes | 67/77 | €43,536 | €17,017 | -€26,519 | -60.9% |
| Profit (loss) for the period | 9904 | €88,309 | €45,286 | -€43,023 | -48.7% |
| Profit (loss) for the period to be appropriated | 9905 | €88,309 | €45,286 | -€43,023 | -48.7% |
Next steps
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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 8 November 2026 via checked.be.