DR. VANWULPEN: 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. VANWULPEN
Largest movements
- Cash +€99,956
up €99,956 (+130.7%), from €76,495 to €176,451
mainly Net result for the year (+€84,840) and Depreciation (+€80,892)
- Tangible fixed assets -€76,492
down €76,492 (-4.3%), from €1.8m to €1.7m
of which Land and buildings: -€56,774
- Profit (loss) carried forward -€876,705
down €876,705 (-100.0%), from €876,705 to €0
- Reserves +€876,610
up €876,610 (+141.9%), from €617,638 to €1.5m
- Other debts +€77,179
up €77,179 (+369.1%), from €20,908 to €98,088
- Tax, wage and social debts -€27,385
down €27,385 (-69.8%), from €39,220 to €11,835
of which Taxes: -€27,400
- Debts after one year -€20,890
down €20,890 (-6.7%), from €312,108 to €291,218
- Gross operating margin -€30,690
down €30,690 (-12.3%), from €249,784 to €219,095
- Taxes -€8,868
down €8,868 (-19.9%), from €44,548 to €35,680
- Financial charges -€3,326
down €3,326 (-32.8%), from €10,135 to €6,810
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 | €1,917,922 | €1,945,876 | +€27,953 | +1.5% |
| Fixed assets | 21/28 | €1,762,746 | €1,686,253 | -€76,492 | -4.3% |
| Tangible fixed assets | 22/27 | €1,762,746 | €1,686,253 | -€76,492 | -4.3% |
| Land and buildings | 22 | €1,724,188 | €1,667,415 | -€56,774 | -3.3% |
| Furniture and vehicles | 24 | €32,797 | €13,079 | -€19,719 | -60.1% |
| Other tangible fixed assets | 26 | €5,760 | €5,760 | = | 0.0% |
| Current assets | 29/58 | €155,177 | €259,622 | +€104,446 | +67.3% |
| Amounts receivable within one year | 40/41 | €0 | €14,489 | +€14,489 | |
| Other amounts receivable | 41 | €0 | €14,489 | +€14,489 | |
| Cash at bank and in hand | 54/58 | €76,495 | €176,451 | +€99,956 | +130.7% |
| Deferred charges and accrued income | 490/1 | €78,682 | €68,682 | -€10,000 | -12.7% |
| Total equity and liabilities | 10/49 | €1,917,922 | €1,945,876 | +€27,953 | +1.5% |
| Equity | 10/15 | €1,506,743 | €1,506,649 | -€94 | 0.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €617,638 | €1,494,249 | +€876,610 | +141.9% |
| Distributable reserves | 133 | €617,638 | €1,494,249 | +€876,610 | +141.9% |
| Profit (loss) carried forward | 14 | €876,705 | €0 | -€876,705 | -100.0% |
| Amounts payable | 17/49 | €411,179 | €439,227 | +€28,048 | +6.8% |
| Amounts payable after more than one year | 17 | €312,108 | €291,218 | -€20,890 | -6.7% |
| Financial debts | 170/4 | €312,108 | €291,218 | -€20,890 | -6.7% |
| Amounts payable within one year | 42/48 | €90,844 | €141,938 | +€51,094 | +56.2% |
| Current portion of amounts payable after more than one year | 42 | €21,583 | €20,890 | -€694 | -3.2% |
| Trade debts | 44 | €9,133 | €11,125 | +€1,993 | +21.8% |
| Suppliers | 440/4 | €9,133 | €11,125 | +€1,993 | +21.8% |
| Taxes, remuneration and social security | 45 | €39,220 | €11,835 | -€27,385 | -69.8% |
| Taxes | 450/3 | €37,164 | €9,764 | -€27,400 | -73.7% |
| Remuneration and social security | 454/9 | €2,056 | €2,071 | +€16 | +0.8% |
| Other amounts payable | 47/48 | €20,908 | €98,088 | +€77,179 | +369.1% |
| Accrued charges and deferred income | 492/3 | €8,227 | €6,071 | -€2,156 | -26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,659 | €80,892 | +€1,233 | +1.5% |
| Other operating charges | 640/8 | €11,673 | €11,309 | -€364 | -3.1% |
| Gross operating margin | 9900 | €249,784 | €219,095 | -€30,690 | -12.3% |
| Operating profit (loss) | 9901 | €158,452 | €126,894 | -€31,558 | -19.9% |
| Financial income | 75/76B | €379 | €436 | +€57 | +14.9% |
| Recurring financial income | 75 | €379 | €436 | +€57 | +14.9% |
| Financial charges | 65/66B | €10,135 | €6,810 | -€3,326 | -32.8% |
| Recurring financial charges | 65 | €10,135 | €6,810 | -€3,326 | -32.8% |
| Profit (loss) for the period before taxes | 9903 | €148,696 | €120,520 | -€28,176 | -18.9% |
| Income taxes | 67/77 | €44,548 | €35,680 | -€8,868 | -19.9% |
| Profit (loss) for the period | 9904 | €104,148 | €84,840 | -€19,308 | -18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €104,148 | €84,840 | -€19,308 | -18.5% |
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.