Dr. VANLEDE CARL: 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. VANLEDE CARL
Largest movements
- Cash +€762,220
up €762,220 (+443%), from €171,908 to €934,128
mainly Current investments (+€600,000) and Net result for the year (+€149,791)
- Current investments -€600,000
no longer reported in 2025 (was €600,000)
- Reserves +€149,790
up €149,790 (+20.3%), from €736,847 to €886,637
of which Distributable reserves: +€149,790
- Financial income -€5,462
down €5,462 (-24.3%), from €22,469 to €17,007
- Depreciation -€2,504
down €2,504 (-32.3%), from €7,742 to €5,238
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 | €799,430 | €946,849 | +€147,419 | +18.4% |
| Fixed assets | 21/28 | €8,853 | €3,616 | -€5,238 | -59.2% |
| Tangible fixed assets | 22/27 | €8,853 | €3,616 | -€5,238 | -59.2% |
| Plant, machinery and equipment | 23 | €234 | - | -€234 | |
| Furniture and vehicles | 24 | €4,866 | €655 | -€4,211 | -86.5% |
| Other tangible fixed assets | 26 | €3,753 | €2,961 | -€792 | -21.1% |
| Current assets | 29/58 | €790,576 | €943,233 | +€152,657 | +19.3% |
| Amounts receivable within one year | 40/41 | €1,036 | €356 | -€679 | -65.6% |
| Trade receivables | 40 | €356 | €356 | = | 0.0% |
| Other amounts receivable | 41 | €679 | - | -€679 | |
| Current investments | 50/53 | €600,000 | - | -€600,000 | |
| Cash at bank and in hand | 54/58 | €171,908 | €934,128 | +€762,220 | +443% |
| Deferred charges and accrued income | 490/1 | €17,633 | €8,749 | -€8,884 | -50.4% |
| Total equity and liabilities | 10/49 | €799,430 | €946,849 | +€147,419 | +18.4% |
| Equity | 10/15 | €749,672 | €899,464 | +€149,791 | +20.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €736,847 | €886,637 | +€149,790 | +20.3% |
| Tax-exempt reserves | 132 | €287 | €287 | = | 0.0% |
| Distributable reserves | 133 | €736,560 | €886,350 | +€149,790 | +20.3% |
| Profit (loss) carried forward | 14 | €426 | €427 | +€1 | +0.3% |
| Amounts payable | 17/49 | €49,758 | €47,385 | -€2,372 | -4.8% |
| Amounts payable within one year | 42/48 | €44,406 | €42,950 | -€1,456 | -3.3% |
| Trade debts | 44 | €836 | €303 | -€534 | -63.8% |
| Suppliers | 440/4 | €836 | €303 | -€534 | -63.8% |
| Taxes, remuneration and social security | 45 | €19,405 | €13,449 | -€5,956 | -30.7% |
| Taxes | 450/3 | €19,405 | €13,449 | -€5,956 | -30.7% |
| Other amounts payable | 47/48 | €24,165 | €29,198 | +€5,033 | +20.8% |
| Accrued charges and deferred income | 492/3 | €5,352 | €4,436 | -€916 | -17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,742 | €5,238 | -€2,504 | -32.3% |
| Other operating charges | 640/8 | €1,618 | €1,026 | -€592 | -36.6% |
| Non-recurring operating charges | 66A | €119 | - | -€119 | |
| Gross operating margin | 9900 | €206,783 | €207,379 | +€596 | +0.3% |
| Operating profit (loss) | 9901 | €197,304 | €201,115 | +€3,811 | +1.9% |
| Financial income | 75/76B | €22,469 | €17,007 | -€5,462 | -24.3% |
| Recurring financial income | 75 | €22,469 | €17,007 | -€5,462 | -24.3% |
| Financial charges | 65/66B | €2,235 | €3,013 | +€777 | +34.8% |
| Recurring financial charges | 65 | €2,235 | €3,013 | +€777 | +34.8% |
| Profit (loss) for the period before taxes | 9903 | €217,538 | €215,110 | -€2,428 | -1.1% |
| Income taxes | 67/77 | €65,830 | €65,318 | -€511 | -0.8% |
| Profit (loss) for the period | 9904 | €151,708 | €149,791 | -€1,917 | -1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €151,708 | €149,791 | -€1,917 | -1.3% |
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 20 October 2026 via checked.be.