Dr. Thomas Vankelecom: what changed
Two fiscal 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. Thomas Vankelecom
Largest movements
- Tangible fixed assets -€73,500
down €73,500 (-16.6%), from €441,902 to €368,402
of which Leasing and similar rights: -€61,945
- Cash +€20,405
up €20,405 (+21.4%), from €95,235 to €115,640
mainly Depreciation (+€76,528) and Other debts (+€8,723)
- Debts after one year -€56,735
down €56,735 (-15.0%), from €377,240 to €320,505
- Other debts +€8,723
up €8,723, from €0 to €8,723
- Reserves -€5,571
down €5,571 (-5.9%), from €94,295 to €88,724
of which Distributable reserves: -€5,571
- Gross operating margin -€47,068
down €47,068 (-34.4%), from €136,929 to €89,861
- Taxes -€11,053
down €11,053 (-98.8%), from €11,192 to €139
- Financial charges -€2,153
down €2,153 (-11.7%), from €18,373 to €16,220
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 | €548,707 | €495,769 | -€52,938 | -9.6% |
| Fixed assets | 21/28 | €441,992 | €368,492 | -€73,500 | -16.6% |
| Tangible fixed assets | 22/27 | €441,902 | €368,402 | -€73,500 | -16.6% |
| Land and buildings | 22 | €12,707 | €12,279 | -€429 | -3.4% |
| Plant, machinery and equipment | 23 | €454 | €0 | -€454 | -100.0% |
| Furniture and vehicles | 24 | €41,872 | €31,200 | -€10,672 | -25.5% |
| Leasing and similar rights | 25 | €386,869 | €324,924 | -€61,945 | -16.0% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €106,715 | €127,276 | +€20,562 | +19.3% |
| Amounts receivable within one year | 40/41 | €8,974 | €7,361 | -€1,613 | -18.0% |
| Other amounts receivable | 41 | €8,974 | €7,361 | -€1,613 | -18.0% |
| Cash at bank and in hand | 54/58 | €95,235 | €115,640 | +€20,405 | +21.4% |
| Deferred charges and accrued income | 490/1 | €2,505 | €4,275 | +€1,770 | +70.7% |
| Total equity and liabilities | 10/49 | €548,707 | €495,769 | -€52,938 | -9.6% |
| Equity | 10/15 | €106,695 | €101,124 | -€5,571 | -5.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €94,295 | €88,724 | -€5,571 | -5.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €92,435 | €86,864 | -€5,571 | -6.0% |
| Amounts payable | 17/49 | €442,011 | €394,645 | -€47,367 | -10.7% |
| Amounts payable after more than one year | 17 | €377,240 | €320,505 | -€56,735 | -15.0% |
| Financial debts | 170/4 | €377,240 | €320,505 | -€56,735 | -15.0% |
| Amounts payable within one year | 42/48 | €63,312 | €72,865 | +€9,553 | +15.1% |
| Current portion of amounts payable after more than one year | 42 | €58,983 | €61,362 | +€2,379 | +4.0% |
| Trade debts | 44 | €3,137 | €1,588 | -€1,549 | -49.4% |
| Suppliers | 440/4 | €3,137 | €1,588 | -€1,549 | -49.4% |
| Taxes, remuneration and social security | 45 | €1,192 | €1,192 | = | 0.0% |
| Taxes | 450/3 | €1,192 | €1,192 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | €8,723 | +€8,723 | |
| Accrued charges and deferred income | 492/3 | €1,459 | €1,274 | -€185 | -12.7% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,428 | €76,528 | +€1,100 | +1.5% |
| Other operating charges | 640/8 | €3,158 | €3,245 | +€87 | +2.8% |
| Gross operating margin | 9900 | €136,929 | €89,861 | -€47,068 | -34.4% |
| Operating profit (loss) | 9901 | €58,343 | €10,088 | -€48,255 | -82.7% |
| Financial income | 75/76B | €273 | €700 | +€427 | +156.3% |
| Recurring financial income | 75 | €273 | €700 | +€427 | +156.3% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €18,373 | €16,220 | -€2,153 | -11.7% |
| Recurring financial charges | 65 | €18,373 | €16,220 | -€2,153 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €40,243 | -€5,432 | -€45,676 | |
| Income taxes | 67/77 | €11,192 | €139 | -€11,053 | -98.8% |
| Profit (loss) for the period | 9904 | €29,051 | -€5,571 | -€34,623 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,051 | -€5,571 | -€34,623 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.