ETS. VANDERELST: 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.
ETS. VANDERELST
Largest movements
- Receivables within one year +€33,407
up €33,407 (+15.8%), from €212,089 to €245,496
of which Trade receivables: +€31,531
- Cash -€32,345
down €32,345 (-35.3%), from €91,570 to €59,224
mainly Receivables within one year (-€33,407) and Current portion of long-term debt (-€22,663)
- Tangible fixed assets -€16,627
down €16,627 (-9.3%), from €178,620 to €161,993
of which Plant, machinery and equipment: -€21,868
- Current portion of long-term debt -€22,663
down €22,663 (-56.4%), from €40,169 to €17,505
- Trade debts +€22,464
up €22,464 (+8.1%), from €278,795 to €301,258
- Staff costs +€42,864
up €42,864 (+8.4%), from €507,547 to €550,412
- Gross operating margin +€33,711
up €33,711 (+6.0%), from €563,465 to €597,176
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 | €914,225 | €898,417 | -€15,807 | -1.7% |
| Fixed assets | 21/28 | €245,548 | €226,985 | -€18,564 | -7.6% |
| Intangible fixed assets | 21 | €2,397 | €460 | -€1,937 | -80.8% |
| Tangible fixed assets | 22/27 | €178,620 | €161,993 | -€16,627 | -9.3% |
| Land and buildings | 22 | €68,042 | €61,060 | -€6,982 | -10.3% |
| Plant, machinery and equipment | 23 | €109,889 | €88,021 | -€21,868 | -19.9% |
| Furniture and vehicles | 24 | €689 | €12,911 | +€12,223 | +1,774% |
| Financial fixed assets | 28 | €64,532 | €64,532 | = | 0.0% |
| Current assets | 29/58 | €668,676 | €671,433 | +€2,757 | +0.4% |
| Stocks and contracts in progress | 3 | €362,122 | €357,014 | -€5,108 | -1.4% |
| Stocks | 30/36 | €362,122 | €357,014 | -€5,108 | -1.4% |
| Amounts receivable within one year | 40/41 | €212,089 | €245,496 | +€33,407 | +15.8% |
| Trade receivables | 40 | €203,869 | €235,400 | +€31,531 | +15.5% |
| Other amounts receivable | 41 | €8,219 | €10,096 | +€1,877 | +22.8% |
| Cash at bank and in hand | 54/58 | €91,570 | €59,224 | -€32,345 | -35.3% |
| Deferred charges and accrued income | 490/1 | €2,896 | €9,699 | +€6,802 | +235% |
| Total equity and liabilities | 10/49 | €914,225 | €898,417 | -€15,807 | -1.7% |
| Equity | 10/15 | €443,871 | €444,329 | +€458 | +0.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €209,200 | €209,200 | = | 0.0% |
| Distributable reserves | 133 | €209,200 | €209,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €172,671 | €173,129 | +€458 | +0.3% |
| Amounts payable | 17/49 | €470,354 | €454,088 | -€16,266 | -3.5% |
| Amounts payable after more than one year | 17 | €42,629 | €35,372 | -€7,257 | -17.0% |
| Financial debts | 170/4 | €42,629 | €35,372 | -€7,257 | -17.0% |
| Amounts payable within one year | 42/48 | €426,059 | €418,717 | -€7,343 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €40,169 | €17,505 | -€22,663 | -56.4% |
| Financial debts | 43 | €5,580 | €7,071 | +€1,491 | +26.7% |
| Credit institutions | 430/8 | €5,580 | €7,071 | +€1,491 | +26.7% |
| Trade debts | 44 | €278,795 | €301,258 | +€22,464 | +8.1% |
| Suppliers | 440/4 | €278,795 | €301,258 | +€22,464 | +8.1% |
| Taxes, remuneration and social security | 45 | €94,568 | €85,635 | -€8,934 | -9.4% |
| Taxes | 450/3 | €7,668 | €8,355 | +€687 | +9.0% |
| Remuneration and social security | 454/9 | €86,900 | €77,280 | -€9,620 | -11.1% |
| Other amounts payable | 47/48 | €6,948 | €7,247 | +€300 | +4.3% |
| Accrued charges and deferred income | 492/3 | €1,666 | - | -€1,666 | |
| Remuneration, social security and pensions | 62 | €507,547 | €550,412 | +€42,864 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,300 | €33,562 | +€2,262 | +7.2% |
| Other operating charges | 640/8 | €4,477 | €5,591 | +€1,114 | +24.9% |
| Gross operating margin | 9900 | €563,465 | €597,176 | +€33,711 | +6.0% |
| Operating profit (loss) | 9901 | €20,141 | €7,612 | -€12,529 | -62.2% |
| Financial income | 75/76B | €456 | €1,201 | +€746 | +164% |
| Recurring financial income | 75 | €456 | €1,201 | +€746 | +164% |
| Financial charges | 65/66B | €7,027 | €3,691 | -€3,336 | -47.5% |
| Recurring financial charges | 65 | €7,027 | €3,691 | -€3,336 | -47.5% |
| Profit (loss) for the period before taxes | 9903 | €13,570 | €5,122 | -€8,448 | -62.3% |
| Income taxes | 67/77 | €5,396 | €4,664 | -€732 | -13.6% |
| Profit (loss) for the period | 9904 | €8,174 | €458 | -€7,716 | -94.4% |
| Profit (loss) for the period to be appropriated | 9905 | €8,174 | €458 | -€7,716 | -94.4% |
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 24 October 2026 via checked.be.