Dr. Riet Vangheluwe: what changed
Dr. Riet Vangheluwe
Largest movements
- Intangible fixed assets -€35,714
down €35,714 (-75.0%), from €47,619 to €11,905
- Deferred charges and accrued income +€13,274
up €13,274 (+10.2%), from €130,503 to €143,777
- Tangible fixed assets -€10,163
down €10,163 (-33.7%), from €30,124 to €19,961
- Cash -€8,739
down €8,739 (-39.9%), from €21,890 to €13,150
mainly Contributions, distributions and other (-€204,285) and Deferred charges and accrued income (-€13,274)
- Reserves -€86,868
down €86,868 (-100%), from €86,868 to €0
- Other debts +€57,113
up €57,113 (+53.9%), from €105,919 to €163,032
- Tax, wage and social debts -€8,231
down €8,231 (-43.2%), from €19,049 to €10,818
- Debts after one year -€7,949
down €7,949 (-46.8%), from €16,985 to €9,036
- Gross operating margin +€21,746
up €21,746 (+11.9%), from €182,419 to €204,165
- Taxes +€5,259
up €5,259 (+18.7%), from €28,131 to €33,390
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 | €245,327 | €202,273 | -€43,054 | -17.5% |
| Fixed assets | 21/28 | €77,743 | €31,866 | -€45,877 | -59.0% |
| Intangible fixed assets | 21 | €47,619 | €11,905 | -€35,714 | -75.0% |
| Tangible fixed assets | 22/27 | €30,124 | €19,961 | -€10,163 | -33.7% |
| Furniture and vehicles | 24 | €30,124 | €19,961 | -€10,163 | -33.7% |
| Current assets | 29/58 | €167,584 | €170,407 | +€2,823 | +1.7% |
| Amounts receivable within one year | 40/41 | €15,191 | €13,480 | -€1,711 | -11.3% |
| Trade receivables | 40 | €2,082 | €0 | -€2,082 | -100% |
| Other amounts receivable | 41 | €13,109 | €13,480 | +€371 | +2.8% |
| Cash at bank and in hand | 54/58 | €21,890 | €13,150 | -€8,739 | -39.9% |
| Deferred charges and accrued income | 490/1 | €130,503 | €143,777 | +€13,274 | +10.2% |
| Total equity and liabilities | 10/49 | €245,327 | €202,273 | -€43,054 | -17.5% |
| Equity | 10/15 | €92,868 | €6,000 | -€86,868 | -93.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €86,868 | €0 | -€86,868 | -100% |
| Distributable reserves | 133 | €86,868 | €0 | -€86,868 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €152,459 | €196,273 | +€43,814 | +28.7% |
| Amounts payable after more than one year | 17 | €16,985 | €9,036 | -€7,949 | -46.8% |
| Financial debts | 170/4 | €16,985 | €9,036 | -€7,949 | -46.8% |
| Amounts payable within one year | 42/48 | €133,189 | €183,596 | +€50,406 | +37.8% |
| Current portion of amounts payable after more than one year | 42 | €7,590 | €7,949 | +€359 | +4.7% |
| Trade debts | 44 | €631 | €1,797 | +€1,165 | +185% |
| Suppliers | 440/4 | €631 | €1,797 | +€1,165 | +185% |
| Taxes, remuneration and social security | 45 | €19,049 | €10,818 | -€8,231 | -43.2% |
| Taxes | 450/3 | €19,049 | €10,818 | -€8,231 | -43.2% |
| Other amounts payable | 47/48 | €105,919 | €163,032 | +€57,113 | +53.9% |
| Accrued charges and deferred income | 492/3 | €2,284 | €3,640 | +€1,356 | +59.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,922 | €45,877 | -€1,045 | -2.2% |
| Other operating charges | 640/8 | €927 | €1,096 | +€168 | +18.1% |
| Gross operating margin | 9900 | €182,419 | €204,165 | +€21,746 | +11.9% |
| Operating profit (loss) | 9901 | €134,569 | €157,192 | +€22,622 | +16.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €5,273 | €6,385 | +€1,112 | +21.1% |
| Recurring financial charges | 65 | €5,273 | €6,385 | +€1,112 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | €129,297 | €150,807 | +€21,510 | +16.6% |
| Income taxes | 67/77 | €28,131 | €33,390 | +€5,259 | +18.7% |
| Profit (loss) for the period | 9904 | €101,166 | €117,417 | +€16,251 | +16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €101,166 | €117,417 | +€16,251 | +16.1% |
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 2 November 2026 via checked.be.