Frederik Vandevenne: 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.
Frederik Vandevenne
Largest movements
- Tangible fixed assets -€22,261
down €22,261 (-31.6%), from €70,351 to €48,090
of which Furniture and vehicles: -€21,569
- Receivables within one year +€4,987
up €4,987 (+88.1%), from €5,658 to €10,644
of which Trade receivables: +€4,422
- Cash -€833
down €833 (-16.1%), from €5,187 to €4,354
mainly Contributions, distributions and other (-€25,185) and Debts after one year (-€10,024)
- Reserves -€17,570
down €17,570 (-69.8%), from €25,185 to €7,615
- Debts after one year -€10,024
down €10,024 (-28.6%), from €35,092 to €25,067
- Other debts +€5,524
up €5,524 (+251%), from €2,200 to €7,725
- Tax, wage and social debts +€3,420
up €3,420 (+61.2%), from €5,584 to €9,003
of which Taxes: +€3,402
- Gross operating margin +€10,201
up €10,201 (+41.1%), from €24,836 to €35,037
- Depreciation +€2,612
up €2,612 (+13.3%), from €19,649 to €22,261
- Taxes +€1,562
up €1,562 (+189%), from €827 to €2,389
- Other operating charges -€508
down €508 (-34.5%), from €1,472 to €964
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 | €82,351 | €64,206 | -€18,145 | -22.0% |
| Fixed assets | 21/28 | €70,351 | €48,090 | -€22,261 | -31.6% |
| Tangible fixed assets | 22/27 | €70,351 | €48,090 | -€22,261 | -31.6% |
| Plant, machinery and equipment | 23 | €692 | €0 | -€692 | -100% |
| Furniture and vehicles | 24 | €69,659 | €48,090 | -€21,569 | -31.0% |
| Current assets | 29/58 | €12,000 | €16,117 | +€4,116 | +34.3% |
| Amounts receivable within one year | 40/41 | €5,658 | €10,644 | +€4,987 | +88.1% |
| Trade receivables | 40 | €5,658 | €10,080 | +€4,422 | +78.2% |
| Other amounts receivable | 41 | €0 | €565 | +€565 | |
| Cash at bank and in hand | 54/58 | €5,187 | €4,354 | -€833 | -16.1% |
| Deferred charges and accrued income | 490/1 | €1,156 | €1,119 | -€37 | -3.2% |
| Total equity and liabilities | 10/49 | €82,351 | €64,206 | -€18,145 | -22.0% |
| Equity | 10/15 | €28,185 | €10,615 | -€17,570 | -62.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €25,185 | €7,615 | -€17,570 | -69.8% |
| Distributable reserves | 133 | €25,185 | €7,615 | -€17,570 | -69.8% |
| Amounts payable | 17/49 | €54,166 | €53,591 | -€575 | -1.1% |
| Amounts payable after more than one year | 17 | €35,092 | €25,067 | -€10,024 | -28.6% |
| Financial debts | 170/4 | €35,092 | €25,067 | -€10,024 | -28.6% |
| Amounts payable within one year | 42/48 | €19,075 | €28,524 | +€9,449 | +49.5% |
| Current portion of amounts payable after more than one year | 42 | €9,618 | €10,024 | +€407 | +4.2% |
| Trade debts | 44 | €1,673 | €1,771 | +€99 | +5.9% |
| Suppliers | 440/4 | €1,673 | €1,771 | +€99 | +5.9% |
| Taxes, remuneration and social security | 45 | €5,584 | €9,003 | +€3,420 | +61.2% |
| Taxes | 450/3 | €3,705 | €7,107 | +€3,402 | +91.8% |
| Remuneration and social security | 454/9 | €1,879 | €1,897 | +€17 | +0.9% |
| Other amounts payable | 47/48 | €2,200 | €7,725 | +€5,524 | +251% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,649 | €22,261 | +€2,612 | +13.3% |
| Other operating charges | 640/8 | €1,472 | €964 | -€508 | -34.5% |
| Gross operating margin | 9900 | €24,836 | €35,037 | +€10,201 | +41.1% |
| Operating profit (loss) | 9901 | €3,714 | €11,812 | +€8,097 | +218% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,647 | €1,808 | +€161 | +9.8% |
| Recurring financial charges | 65 | €1,647 | €1,808 | +€161 | +9.8% |
| Profit (loss) for the period before taxes | 9903 | €2,067 | €10,004 | +€7,937 | +384% |
| Income taxes | 67/77 | €827 | €2,389 | +€1,562 | +189% |
| Profit (loss) for the period | 9904 | €1,240 | €7,615 | +€6,375 | +514% |
| Profit (loss) for the period to be appropriated | 9905 | €1,240 | €7,615 | +€6,375 | +514% |
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 1 November 2026 via checked.be.