Dr. VANDERHEYDEN H.: 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. VANDERHEYDEN H.
Largest movements
- Tangible fixed assets +€157,638
up €157,638 (+279%), from €56,538 to €214,175
of which Other tangible fixed assets: +€95,323
- Receivables within one year -€130,000
down €130,000 (-100%), from €130,000 to €0
- Cash -€98,400
down €98,400 (-78.8%), from €124,868 to €26,467
mainly Investment in fixed assets (net) (-€200,372) and Contributions, distributions and other (-€168,140)
- Current investments -€23,764
down €23,764 (-6.7%), from €352,936 to €329,173
- Other debts -€71,553
down €71,553 (-66.7%), from €107,274 to €35,721
- Tax, wage and social debts -€27,079
down €27,079 (-75.3%), from €35,945 to €8,866
- Reserves +€9,530
up €9,530 (+1.4%), from €705,027 to €714,557
- Depreciation +€23,843
up €23,843 (+126%), from €18,891 to €42,734
- Gross operating margin +€7,470
up €7,470 (+2.9%), from €259,413 to €266,883
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 | €863,609 | €773,162 | -€90,446 | -10.5% |
| Fixed assets | 21/28 | €56,538 | €214,175 | +€157,638 | +279% |
| Tangible fixed assets | 22/27 | €56,538 | €214,175 | +€157,638 | +279% |
| Land and buildings | 22 | - | €40,344 | +€40,344 | |
| Furniture and vehicles | 24 | €56,538 | €78,508 | +€21,971 | +38.9% |
| Other tangible fixed assets | 26 | - | €95,323 | +€95,323 | |
| Current assets | 29/58 | €807,071 | €558,987 | -€248,084 | -30.7% |
| Amounts receivable after more than one year | 29 | €170,000 | €170,000 | = | 0.0% |
| Other amounts receivable | 291 | €170,000 | €170,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €130,000 | €0 | -€130,000 | -100% |
| Other amounts receivable | 41 | €130,000 | €0 | -€130,000 | -100% |
| Current investments | 50/53 | €352,936 | €329,173 | -€23,764 | -6.7% |
| Cash at bank and in hand | 54/58 | €124,868 | €26,467 | -€98,400 | -78.8% |
| Deferred charges and accrued income | 490/1 | €29,267 | €33,347 | +€4,080 | +13.9% |
| Total equity and liabilities | 10/49 | €863,609 | €773,162 | -€90,446 | -10.5% |
| Equity | 10/15 | €717,435 | €726,965 | +€9,530 | +1.3% |
| Contributions | 10/11 | €12,408 | €12,408 | = | 0.0% |
| Reserves | 13 | €705,027 | €714,557 | +€9,530 | +1.4% |
| Distributable reserves | 133 | €705,027 | €714,557 | +€9,530 | +1.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €146,174 | €46,197 | -€99,976 | -68.4% |
| Amounts payable within one year | 42/48 | €145,324 | €44,820 | -€100,504 | -69.2% |
| Trade debts | 44 | €2,105 | €233 | -€1,872 | -88.9% |
| Suppliers | 440/4 | €2,105 | €233 | -€1,872 | -88.9% |
| Taxes, remuneration and social security | 45 | €35,945 | €8,866 | -€27,079 | -75.3% |
| Taxes | 450/3 | €35,945 | €8,866 | -€27,079 | -75.3% |
| Other amounts payable | 47/48 | €107,274 | €35,721 | -€71,553 | -66.7% |
| Accrued charges and deferred income | 492/3 | €850 | €1,377 | +€528 | +62.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,891 | €42,734 | +€23,843 | +126% |
| Other operating charges | 640/8 | €745 | €748 | +€3 | +0.4% |
| Non-recurring operating charges | 66A | €134 | €0 | -€134 | -100% |
| Gross operating margin | 9900 | €259,413 | €266,883 | +€7,470 | +2.9% |
| Operating profit (loss) | 9901 | €239,642 | €223,400 | -€16,242 | -6.8% |
| Financial income | 75/76B | €19,985 | €22,261 | +€2,276 | +11.4% |
| Recurring financial income | 75 | €19,985 | €22,261 | +€2,276 | +11.4% |
| Financial charges | 65/66B | €2,455 | €1,219 | -€1,236 | -50.3% |
| Recurring financial charges | 65 | €2,455 | €1,219 | -€1,236 | -50.3% |
| Profit (loss) for the period before taxes | 9903 | €257,173 | €244,442 | -€12,731 | -5.0% |
| Income taxes | 67/77 | €68,874 | €66,772 | -€2,101 | -3.1% |
| Profit (loss) for the period | 9904 | €188,299 | €177,670 | -€10,629 | -5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €188,299 | €177,670 | -€10,629 | -5.6% |
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 15 October 2026 via checked.be.