Guy Vangestel: 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.
Guy Vangestel
Largest movements
- Tangible fixed assets +€9,432
up €9,432 (+13.7%), from €68,596 to €78,027
of which Furniture and vehicles: +€11,326
- Cash +€5,079
up €5,079 (+3.7%), from €136,730 to €141,809
mainly Depreciation (+€23,164) and Net result for the year (+€19,331)
- Receivables within one year +€4,112
up €4,112 (+240%), from €1,714 to €5,826
of which Other amounts receivable: +€3,742
- Reserves +€19,331
up €19,331 (+11.0%), from €176,388 to €195,719
- Gross operating margin +€2,911
up €2,911 (+6.2%), from €46,582 to €49,493
- Depreciation +€1,096
up €1,096 (+5.0%), from €22,068 to €23,164
- Financial income +€629
up €629 (+102%), from €619 to €1,248
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 | €209,893 | €227,550 | +€17,657 | +8.4% |
| Fixed assets | 21/28 | €68,596 | €78,027 | +€9,432 | +13.7% |
| Tangible fixed assets | 22/27 | €68,596 | €78,027 | +€9,432 | +13.7% |
| Plant, machinery and equipment | 23 | €9,179 | €7,285 | -€1,895 | -20.6% |
| Furniture and vehicles | 24 | €59,416 | €70,743 | +€11,326 | +19.1% |
| Current assets | 29/58 | €141,297 | €149,523 | +€8,226 | +5.8% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €1,714 | €5,826 | +€4,112 | +240% |
| Trade receivables | 40 | €0 | €370 | +€370 | |
| Other amounts receivable | 41 | €1,714 | €5,456 | +€3,742 | +218% |
| Cash at bank and in hand | 54/58 | €136,730 | €141,809 | +€5,079 | +3.7% |
| Deferred charges and accrued income | 490/1 | €2,853 | €1,887 | -€965 | -33.8% |
| Total equity and liabilities | 10/49 | €209,893 | €227,550 | +€17,657 | +8.4% |
| Equity | 10/15 | €201,220 | €220,551 | +€19,331 | +9.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €176,388 | €195,719 | +€19,331 | +11.0% |
| Distributable reserves | 133 | €176,388 | €195,719 | +€19,331 | +11.0% |
| Profit (loss) carried forward | 14 | €6,232 | €6,232 | = | 0.0% |
| Amounts payable | 17/49 | €8,673 | €6,999 | -€1,674 | -19.3% |
| Amounts payable within one year | 42/48 | €7,746 | €6,999 | -€747 | -9.6% |
| Trade debts | 44 | €1,168 | €749 | -€419 | -35.9% |
| Suppliers | 440/4 | €1,168 | €749 | -€419 | -35.9% |
| Taxes, remuneration and social security | 45 | €1,489 | €1,285 | -€204 | -13.7% |
| Taxes | 450/3 | €204 | - | -€204 | |
| Remuneration and social security | 454/9 | €1,285 | €1,285 | = | 0.0% |
| Other amounts payable | 47/48 | €5,089 | €4,965 | -€124 | -2.4% |
| Accrued charges and deferred income | 492/3 | €927 | - | -€927 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,068 | €23,164 | +€1,096 | +5.0% |
| Other operating charges | 640/8 | €1,334 | €1,289 | -€45 | -3.4% |
| Gross operating margin | 9900 | €46,582 | €49,493 | +€2,911 | +6.2% |
| Operating profit (loss) | 9901 | €23,180 | €25,040 | +€1,860 | +8.0% |
| Financial income | 75/76B | €619 | €1,248 | +€629 | +102% |
| Recurring financial income | 75 | €619 | €1,248 | +€629 | +102% |
| Financial charges | 65/66B | -€2 | €48 | +€50 | |
| Recurring financial charges | 65 | -€2 | €48 | +€50 | |
| Profit (loss) for the period before taxes | 9903 | €23,801 | €26,240 | +€2,439 | +10.2% |
| Income taxes | 67/77 | €6,721 | €6,908 | +€188 | +2.8% |
| Profit (loss) for the period | 9904 | €17,080 | €19,331 | +€2,252 | +13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €17,080 | €19,331 | +€2,252 | +13.2% |
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.