FRANK VANDECASTEELE: 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.
FRANK VANDECASTEELE
Largest movements
- Receivables within one year -€257,115
down €257,115 (-48.9%), from €525,923 to €268,808
of which Other amounts receivable: -€257,115
- Current investments +€225,000
up €225,000 (+450%), from €50,000 to €275,000
- Tangible fixed assets -€143,892
down €143,892 (-6.3%), from €2.3m to €2.1m
of which Plant, machinery and equipment: -€117,500
- Reserves -€122,836
down €122,836 (-5.9%), from €2.1m to €2.0m
of which Tax-exempt reserves: -€67,857
- Provisions -€34,097
down €34,097 (-7.8%), from €435,835 to €401,738
- Financial charges -€14,055
down €14,055 (-97.6%), from €14,399 to €343
- Gross operating margin +€3,600
up €3,600 (+18.4%), from €19,520 to €23,120
- Depreciation +€3,069
up €3,069 (+1.8%), from €173,772 to €176,841
- Taxes -€2,663
down €2,663 (-77.8%), from €3,423 to €759
- Other operating charges +€1,726
up €1,726 (+22.9%), from €7,521 to €9,247
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 | €2,878,895 | €2,722,034 | -€156,861 | -5.4% |
| Fixed assets | 21/28 | €2,281,852 | €2,137,960 | -€143,892 | -6.3% |
| Tangible fixed assets | 22/27 | €2,281,852 | €2,137,960 | -€143,892 | -6.3% |
| Land and buildings | 22 | €1,896,387 | €1,840,115 | -€56,272 | -3.0% |
| Plant, machinery and equipment | 23 | €385,465 | €267,965 | -€117,500 | -30.5% |
| Furniture and vehicles | 24 | - | €29,880 | +€29,880 | |
| Current assets | 29/58 | €597,043 | €584,074 | -€12,969 | -2.2% |
| Amounts receivable within one year | 40/41 | €525,923 | €268,808 | -€257,115 | -48.9% |
| Trade receivables | 40 | €156,221 | €156,221 | = | 0.0% |
| Other amounts receivable | 41 | €369,702 | €112,587 | -€257,115 | -69.5% |
| Current investments | 50/53 | €50,000 | €275,000 | +€225,000 | +450% |
| Cash at bank and in hand | 54/58 | €18,475 | €37,105 | +€18,630 | +101% |
| Deferred charges and accrued income | 490/1 | €2,645 | €3,162 | +€517 | +19.5% |
| Total equity and liabilities | 10/49 | €2,878,895 | €2,722,034 | -€156,861 | -5.4% |
| Equity | 10/15 | €2,253,084 | €2,130,249 | -€122,836 | -5.5% |
| Contributions | 10/11 | €159,375 | €159,375 | = | 0.0% |
| Capital | 10 | €159,375 | €159,375 | = | 0.0% |
| Issued capital | 100 | €159,375 | €159,375 | = | 0.0% |
| Reserves | 13 | €2,093,709 | €1,970,873 | -€122,836 | -5.9% |
| Non-distributable reserves | 130/1 | €15,938 | €15,938 | = | 0.0% |
| Legal reserve | 130 | €15,938 | €15,938 | = | 0.0% |
| Tax-exempt reserves | 132 | €908,975 | €841,118 | -€67,857 | -7.5% |
| Distributable reserves | 133 | €1,168,796 | €1,113,818 | -€54,978 | -4.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €435,835 | €401,738 | -€34,097 | -7.8% |
| Deferred taxes | 168 | €435,835 | €401,738 | -€34,097 | -7.8% |
| Amounts payable | 17/49 | €189,976 | €190,048 | +€72 | 0.0% |
| Amounts payable within one year | 42/48 | €189,976 | €190,048 | +€72 | 0.0% |
| Financial debts | 43 | €0 | €555 | +€555 | |
| Other loans | 439 | €0 | €555 | +€555 | |
| Trade debts | 44 | €2,733 | €418 | -€2,315 | -84.7% |
| Suppliers | 440/4 | €2,733 | €418 | -€2,315 | -84.7% |
| Taxes, remuneration and social security | 45 | €3,423 | €4,005 | +€582 | +17.0% |
| Taxes | 450/3 | €3,423 | €4,005 | +€582 | +17.0% |
| Other amounts payable | 47/48 | €183,820 | €185,070 | +€1,250 | +0.7% |
| Non-recurring operating income | 76A | €14,353 | €4,000 | -€10,353 | -72.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,772 | €176,841 | +€3,069 | +1.8% |
| Other operating charges | 640/8 | €7,521 | €9,247 | +€1,726 | +22.9% |
| Gross operating margin | 9900 | €19,520 | €23,120 | +€3,600 | +18.4% |
| Operating profit (loss) | 9901 | -€161,774 | -€162,969 | -€1,195 | -0.7% |
| Financial income | 75/76B | €7,149 | €7,139 | -€10 | -0.1% |
| Recurring financial income | 75 | €7,149 | €7,139 | -€10 | -0.1% |
| Financial charges | 65/66B | €14,399 | €343 | -€14,055 | -97.6% |
| Recurring financial charges | 65 | €14,399 | €343 | -€14,055 | -97.6% |
| Profit (loss) for the period before taxes | 9903 | -€169,024 | -€156,173 | +€12,850 | +7.6% |
| Transfer from deferred taxes | 780 | €93,880 | €34,097 | -€59,783 | -63.7% |
| Income taxes | 67/77 | €3,423 | €759 | -€2,663 | -77.8% |
| Profit (loss) for the period | 9904 | -€78,566 | -€122,836 | -€44,270 | -56.3% |
| Transfer from tax-exempt reserves | 789 | €207,352 | €67,857 | -€139,495 | -67.3% |
| Profit (loss) for the period to be appropriated | 9905 | €128,786 | -€54,978 | -€183,765 |
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 21 October 2026 via checked.be.