Dr. Vandenberghe Johan: 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. Vandenberghe Johan
Largest movements
- Intangible fixed assets -€45,000
down €45,000 (-25.0%), from €180,000 to €135,000
- Receivables within one year +€16,956
up €16,956, from €0 to €16,956
- Tangible fixed assets +€10,743
up €10,743 (+28.5%), from €37,725 to €48,468
- Deferred charges and accrued income -€5,345
down €5,345 (-3.7%), from €144,454 to €139,109
- Cash -€4,630
down €4,630 (-16.9%), from €27,438 to €22,808
mainly Other debts (-€43,122) and Debts after one year (-€33,781)
- Reserves +€90,000
up €90,000 (+60.9%), from €147,725 to €237,725
of which Distributable reserves: +€90,000
- Other debts -€43,122
down €43,122 (-83.9%), from €51,372 to €8,250
- Debts after one year -€33,781
down €33,781 (-69.9%), from €48,341 to €14,560
- Current portion of long-term debt -€20,225
down €20,225 (-25.3%), from €79,932 to €59,707
- Tax, wage and social debts -€17,081
down €17,081 (-49.0%), from €34,859 to €17,778
of which Taxes: -€17,022
- Gross operating margin +€22,841
up €22,841 (+13.8%), from €165,571 to €188,412
- Taxes +€5,431
up €5,431 (+22.1%), from €24,547 to €29,978
- Depreciation +€2,960
up €2,960 (+5.6%), from €52,422 to €55,382
- Staff costs +€2,532
up €2,532 (+96.8%), from €2,616 to €5,148
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 | €389,616 | €362,342 | -€27,275 | -7.0% |
| Fixed assets | 21/28 | €217,725 | €183,468 | -€34,257 | -15.7% |
| Intangible fixed assets | 21 | €180,000 | €135,000 | -€45,000 | -25.0% |
| Tangible fixed assets | 22/27 | €37,725 | €48,468 | +€10,743 | +28.5% |
| Land and buildings | 22 | €25,540 | €23,237 | -€2,303 | -9.0% |
| Plant, machinery and equipment | 23 | €7,206 | €11,324 | +€4,118 | +57.2% |
| Furniture and vehicles | 24 | €4,979 | €9,324 | +€4,344 | +87.2% |
| Leasing and similar rights | 25 | - | €4,583 | +€4,583 | |
| Current assets | 29/58 | €171,892 | €178,873 | +€6,982 | +4.1% |
| Amounts receivable within one year | 40/41 | €0 | €16,956 | +€16,956 | |
| Other amounts receivable | 41 | €0 | €16,956 | +€16,956 | |
| Cash at bank and in hand | 54/58 | €27,438 | €22,808 | -€4,630 | -16.9% |
| Deferred charges and accrued income | 490/1 | €144,454 | €139,109 | -€5,345 | -3.7% |
| Total equity and liabilities | 10/49 | €389,616 | €362,342 | -€27,275 | -7.0% |
| Equity | 10/15 | €160,551 | €250,549 | +€89,998 | +56.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €147,725 | €237,725 | +€90,000 | +60.9% |
| Tax-exempt reserves | 132 | €7,725 | €7,725 | = | 0.0% |
| Distributable reserves | 133 | €140,000 | €230,000 | +€90,000 | +64.3% |
| Profit (loss) carried forward | 14 | €426 | €424 | -€2 | -0.5% |
| Amounts payable | 17/49 | €229,065 | €111,793 | -€117,273 | -51.2% |
| Amounts payable after more than one year | 17 | €48,341 | €14,560 | -€33,781 | -69.9% |
| Financial debts | 170/4 | €48,341 | €14,560 | -€33,781 | -69.9% |
| Amounts payable within one year | 42/48 | €180,725 | €97,232 | -€83,492 | -46.2% |
| Current portion of amounts payable after more than one year | 42 | €79,932 | €59,707 | -€20,225 | -25.3% |
| Financial debts | 43 | €3,413 | €2,903 | -€511 | -15.0% |
| Credit institutions | 430/8 | €3,413 | €2,903 | -€511 | -15.0% |
| Trade debts | 44 | €11,149 | €8,595 | -€2,554 | -22.9% |
| Suppliers | 440/4 | €11,149 | €8,595 | -€2,554 | -22.9% |
| Taxes, remuneration and social security | 45 | €34,859 | €17,778 | -€17,081 | -49.0% |
| Taxes | 450/3 | €34,544 | €17,522 | -€17,022 | -49.3% |
| Remuneration and social security | 454/9 | €315 | €257 | -€59 | -18.6% |
| Other amounts payable | 47/48 | €51,372 | €8,250 | -€43,122 | -83.9% |
| Remuneration, social security and pensions | 62 | €2,616 | €5,148 | +€2,532 | +96.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,422 | €55,382 | +€2,960 | +5.6% |
| Other operating charges | 640/8 | €1,236 | €1,047 | -€189 | -15.3% |
| Gross operating margin | 9900 | €165,571 | €188,412 | +€22,841 | +13.8% |
| Operating profit (loss) | 9901 | €109,297 | €126,835 | +€17,538 | +16.0% |
| Financial income | 75/76B | €10 | €1 | -€10 | -93.4% |
| Recurring financial income | 75 | €10 | €1 | -€10 | -93.4% |
| Financial charges | 65/66B | €7,197 | €6,860 | -€337 | -4.7% |
| Recurring financial charges | 65 | €7,197 | €6,860 | -€337 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €102,110 | €119,976 | +€17,866 | +17.5% |
| Income taxes | 67/77 | €24,547 | €29,978 | +€5,431 | +22.1% |
| Profit (loss) for the period | 9904 | €77,563 | €89,998 | +€12,435 | +16.0% |
| Profit (loss) for the period to be appropriated | 9905 | €77,563 | €89,998 | +€12,435 | +16.0% |
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 23 October 2026 via checked.be.