Dr. Vandervoort: 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. Vandervoort
Largest movements
- Current investments +€78,494
up €78,494 (+37.7%), from €208,270 to €286,764
- Deferred charges and accrued income +€35,225
up €35,225 (+14.1%), from €249,585 to €284,810
- Reserves +€260,780
up €260,780 (+13.5%), from €1.9m to €2.2m
of which Distributable reserves: +€260,780
- Other debts -€105,865
down €105,865 (-64.9%), from €163,147 to €57,282
- Gross operating margin +€134,256
up €134,256 (+38.8%), from €346,070 to €480,326
- Taxes +€40,443
up €40,443 (+54.4%), from €74,339 to €114,783
- Depreciation +€10,472
up €10,472 (+11.8%), from €88,542 to €99,014
- Financial income +€8,388
up €8,388 (+315.3%), from €2,660 to €11,048
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 | €2,186,728 | €2,353,878 | +€167,150 | +7.6% |
| Fixed assets | 21/28 | €1,591,008 | €1,613,950 | +€22,942 | +1.4% |
| Tangible fixed assets | 22/27 | €1,591,008 | €1,613,950 | +€22,942 | +1.4% |
| Land and buildings | 22 | €1,582,245 | €1,575,666 | -€6,579 | -0.4% |
| Furniture and vehicles | 24 | €8,763 | €38,284 | +€29,522 | +336.9% |
| Current assets | 29/58 | €595,721 | €739,928 | +€144,208 | +24.2% |
| Amounts receivable within one year | 40/41 | €85,297 | €95,065 | +€9,768 | +11.5% |
| Trade receivables | 40 | €20,089 | €19,000 | -€1,089 | -5.4% |
| Other amounts receivable | 41 | €65,208 | €76,065 | +€10,857 | +16.6% |
| Current investments | 50/53 | €208,270 | €286,764 | +€78,494 | +37.7% |
| Cash at bank and in hand | 54/58 | €52,569 | €73,290 | +€20,721 | +39.4% |
| Deferred charges and accrued income | 490/1 | €249,585 | €284,810 | +€35,225 | +14.1% |
| Total equity and liabilities | 10/49 | €2,186,728 | €2,353,878 | +€167,150 | +7.6% |
| Equity | 10/15 | €1,954,614 | €2,215,397 | +€260,783 | +13.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,932,467 | €2,193,247 | +€260,780 | +13.5% |
| Tax-exempt reserves | 132 | €3,747 | €3,747 | = | 0.0% |
| Distributable reserves | 133 | €1,928,720 | €2,189,500 | +€260,780 | +13.5% |
| Profit (loss) carried forward | 14 | €2,148 | €2,150 | +€3 | +0.1% |
| Amounts payable | 17/49 | €232,114 | €138,481 | -€93,633 | -40.3% |
| Amounts payable within one year | 42/48 | €196,745 | €98,703 | -€98,041 | -49.8% |
| Trade debts | 44 | €12,646 | €14,894 | +€2,248 | +17.8% |
| Suppliers | 440/4 | €12,646 | €14,894 | +€2,248 | +17.8% |
| Taxes, remuneration and social security | 45 | €20,952 | €26,527 | +€5,575 | +26.6% |
| Taxes | 450/3 | €20,952 | €26,527 | +€5,575 | +26.6% |
| Other amounts payable | 47/48 | €163,147 | €57,282 | -€105,865 | -64.9% |
| Accrued charges and deferred income | 492/3 | €35,369 | €39,778 | +€4,409 | +12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,542 | €99,014 | +€10,472 | +11.8% |
| Other operating charges | 640/8 | €6,642 | €10,572 | +€3,929 | +59.2% |
| Gross operating margin | 9900 | €346,070 | €480,326 | +€134,256 | +38.8% |
| Operating profit (loss) | 9901 | €250,885 | €370,740 | +€119,855 | +47.8% |
| Financial income | 75/76B | €2,660 | €11,048 | +€8,388 | +315.3% |
| Recurring financial income | 75 | €2,660 | €11,048 | +€8,388 | +315.3% |
| Financial charges | 65/66B | €10,177 | €6,223 | -€3,955 | -38.9% |
| Recurring financial charges | 65 | €10,177 | €6,223 | -€3,955 | -38.9% |
| Profit (loss) for the period before taxes | 9903 | €243,368 | €375,565 | +€132,197 | +54.3% |
| Income taxes | 67/77 | €74,339 | €114,783 | +€40,443 | +54.4% |
| Profit (loss) for the period | 9904 | €169,029 | €260,783 | +€91,754 | +54.3% |
| Profit (loss) for the period to be appropriated | 9905 | €169,029 | €260,783 | +€91,754 | +54.3% |
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 11 October 2026 via checked.be.