DR. P. VANDEPUT: 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. P. VANDEPUT
Largest movements
- Current investments +€89,489
up €89,489 (+22.0%), from €406,258 to €495,747
- Tangible fixed assets -€46,344
down €46,344 (-8.9%), from €523,438 to €477,094
of which Land and buildings: -€24,984
- Receivables within one year -€27,554
down €27,554 (-61.3%), from €44,923 to €17,368
of which Other amounts receivable: -€27,334
- Cash +€22,584
up €22,584 (+65.8%), from €34,309 to €56,893
mainly Net result for the year (+€184,834) and Depreciation (+€48,576)
- Other debts +€40,746
up €40,746 (+37.6%), from €108,415 to €149,161
- Debts after one year -€36,855
down €36,855 (-32.3%), from €113,943 to €77,089
- Reserves +€35,673
up €35,673 (+5.0%), from €716,583 to €752,257
- Financial income +€13,481
up €13,481 (+45.1%), from €29,866 to €43,347
- Gross operating margin +€10,505
up €10,505 (+4.1%), from €257,527 to €268,032
- Taxes +€5,034
up €5,034 (+7.9%), from €64,120 to €69,154
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 | €1,012,398 | €1,052,194 | +€39,796 | +3.9% |
| Fixed assets | 21/28 | €523,438 | €477,094 | -€46,344 | -8.9% |
| Tangible fixed assets | 22/27 | €523,438 | €477,094 | -€46,344 | -8.9% |
| Land and buildings | 22 | €478,245 | €453,260 | -€24,984 | -5.2% |
| Plant, machinery and equipment | 23 | €5,755 | €3,822 | -€1,934 | -33.6% |
| Furniture and vehicles | 24 | €39,438 | €20,012 | -€19,426 | -49.3% |
| Current assets | 29/58 | €488,960 | €575,100 | +€86,140 | +17.6% |
| Amounts receivable within one year | 40/41 | €44,923 | €17,368 | -€27,554 | -61.3% |
| Trade receivables | 40 | €340 | €120 | -€220 | -64.7% |
| Other amounts receivable | 41 | €44,583 | €17,248 | -€27,334 | -61.3% |
| Current investments | 50/53 | €406,258 | €495,747 | +€89,489 | +22.0% |
| Cash at bank and in hand | 54/58 | €34,309 | €56,893 | +€22,584 | +65.8% |
| Deferred charges and accrued income | 490/1 | €3,470 | €5,091 | +€1,621 | +46.7% |
| Total equity and liabilities | 10/49 | €1,012,398 | €1,052,194 | +€39,796 | +3.9% |
| Equity | 10/15 | €728,983 | €764,657 | +€35,673 | +4.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €716,583 | €752,257 | +€35,673 | +5.0% |
| Distributable reserves | 133 | €716,583 | €752,257 | +€35,673 | +5.0% |
| Amounts payable | 17/49 | €283,415 | €287,537 | +€4,123 | +1.5% |
| Amounts payable after more than one year | 17 | €113,943 | €77,089 | -€36,855 | -32.3% |
| Financial debts | 170/4 | €113,943 | €77,089 | -€36,855 | -32.3% |
| Amounts payable within one year | 42/48 | €169,356 | €210,336 | +€40,980 | +24.2% |
| Current portion of amounts payable after more than one year | 42 | €36,855 | €36,855 | = | 0.0% |
| Trade debts | 44 | €10,098 | €4,317 | -€5,781 | -57.2% |
| Suppliers | 440/4 | €10,098 | €4,317 | -€5,781 | -57.2% |
| Taxes, remuneration and social security | 45 | €13,989 | €20,004 | +€6,015 | +43.0% |
| Taxes | 450/3 | €13,989 | €20,004 | +€6,015 | +43.0% |
| Other amounts payable | 47/48 | €108,415 | €149,161 | +€40,746 | +37.6% |
| Accrued charges and deferred income | 492/3 | €115 | €112 | -€3 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,345 | €48,576 | -€1,768 | -3.5% |
| Other operating charges | 640/8 | €4,341 | €4,183 | -€158 | -3.6% |
| Gross operating margin | 9900 | €257,527 | €268,032 | +€10,505 | +4.1% |
| Operating profit (loss) | 9901 | €202,842 | €215,273 | +€12,431 | +6.1% |
| Financial income | 75/76B | €29,866 | €43,347 | +€13,481 | +45.1% |
| Recurring financial income | 75 | €29,866 | €43,347 | +€13,481 | +45.1% |
| Financial charges | 65/66B | €5,752 | €4,632 | -€1,120 | -19.5% |
| Recurring financial charges | 65 | €5,752 | €4,632 | -€1,120 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €226,956 | €253,989 | +€27,033 | +11.9% |
| Income taxes | 67/77 | €64,120 | €69,154 | +€5,034 | +7.9% |
| Profit (loss) for the period | 9904 | €162,836 | €184,834 | +€21,999 | +13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €162,836 | €184,834 | +€21,999 | +13.5% |
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 31 October 2026 via checked.be.