Guy Vekeman: 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 Vekeman
Largest movements
- Tangible fixed assets -€26,087
down €26,087 (-29.6%), from €88,066 to €61,979
of which Furniture and vehicles: -€25,803
- Receivables within one year +€4,794
up €4,794 (+762%), from €629 to €5,423
of which Other amounts receivable: +€3,044
- Stocks and contracts -€3,452
down €3,452 (-52.7%), from €6,551 to €3,099
- Cash +€1,947
up €1,947 (+5.4%), from €35,882 to €37,829
mainly Depreciation (+€31,597) and Stocks and contracts (+€3,452)
- Debts after one year -€18,683
down €18,683 (-50.9%), from €36,722 to €18,039
- Reserves -€12,600
down €12,600 (-25.3%), from €49,899 to €37,299
of which Distributable reserves: -€9,984
- Tax, wage and social debts +€3,316
up €3,316 (+53.8%), from €6,166 to €9,481
of which Remuneration and social security: +€5,038
- Short-term financial debts +€3,277
new in 2025: €3,277
- Trade debts +€2,107
up €2,107 (+25.6%), from €8,245 to €10,352
- Gross operating margin -€18,862
down €18,862 (-41.9%), from €45,008 to €26,146
- Taxes -€3,701
down €3,701 (-71.2%), from €5,201 to €1,500
- Depreciation +€1,525
up €1,525 (+5.1%), from €30,071 to €31,597
- Staff costs -€1,444
no longer reported in 2025 (was €1,444)
- Financial charges -€997
down €997 (-16.8%), from €5,943 to €4,946
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 | €135,762 | €112,496 | -€23,266 | -17.1% |
| Fixed assets | 21/28 | €91,652 | €65,564 | -€26,088 | -28.5% |
| Intangible fixed assets | 21 | €1 | €1 | -€0 | -20.0% |
| Tangible fixed assets | 22/27 | €88,066 | €61,979 | -€26,087 | -29.6% |
| Land and buildings | 22 | €9,392 | €7,252 | -€2,140 | -22.8% |
| Plant, machinery and equipment | 23 | €3,078 | €4,934 | +€1,856 | +60.3% |
| Furniture and vehicles | 24 | €75,596 | €49,793 | -€25,803 | -34.1% |
| Financial fixed assets | 28 | €3,585 | €3,585 | = | 0.0% |
| Current assets | 29/58 | €44,111 | €46,932 | +€2,821 | +6.4% |
| Stocks and contracts in progress | 3 | €6,551 | €3,099 | -€3,452 | -52.7% |
| Stocks | 30/36 | €6,551 | €3,099 | -€3,452 | -52.7% |
| Amounts receivable within one year | 40/41 | €629 | €5,423 | +€4,794 | +762% |
| Trade receivables | 40 | €0 | €1,750 | +€1,750 | |
| Other amounts receivable | 41 | €629 | €3,673 | +€3,044 | +484% |
| Cash at bank and in hand | 54/58 | €35,882 | €37,829 | +€1,947 | +5.4% |
| Deferred charges and accrued income | 490/1 | €1,048 | €581 | -€467 | -44.6% |
| Total equity and liabilities | 10/49 | €135,762 | €112,496 | -€23,266 | -17.1% |
| Equity | 10/15 | €56,096 | €43,496 | -€12,600 | -22.5% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €49,899 | €37,299 | -€12,600 | -25.3% |
| Tax-exempt reserves | 132 | €7,112 | €4,496 | -€2,616 | -36.8% |
| Distributable reserves | 133 | €42,787 | €32,803 | -€9,984 | -23.3% |
| Provisions and deferred taxes | 16 | €1,778 | €1,124 | -€654 | -36.8% |
| Deferred taxes | 168 | €1,778 | €1,124 | -€654 | -36.8% |
| Amounts payable | 17/49 | €77,888 | €67,876 | -€10,012 | -12.9% |
| Amounts payable after more than one year | 17 | €36,722 | €18,039 | -€18,683 | -50.9% |
| Financial debts | 170/4 | €36,722 | €18,039 | -€18,683 | -50.9% |
| Amounts payable within one year | 42/48 | €41,166 | €49,837 | +€8,671 | +21.1% |
| Current portion of amounts payable after more than one year | 42 | €17,927 | €18,683 | +€756 | +4.2% |
| Financial debts | 43 | - | €3,277 | +€3,277 | |
| Credit institutions | 430/8 | - | €3,277 | +€3,277 | |
| Trade debts | 44 | €8,245 | €10,352 | +€2,107 | +25.6% |
| Suppliers | 440/4 | €8,245 | €10,352 | +€2,107 | +25.6% |
| Taxes, remuneration and social security | 45 | €6,166 | €9,481 | +€3,316 | +53.8% |
| Taxes | 450/3 | €6,166 | €4,443 | -€1,723 | -27.9% |
| Remuneration and social security | 454/9 | - | €5,038 | +€5,038 | |
| Other amounts payable | 47/48 | €8,828 | €8,043 | -€785 | -8.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,444 | - | -€1,444 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,071 | €31,597 | +€1,525 | +5.1% |
| Other operating charges | 640/8 | €1,825 | €1,702 | -€123 | -6.8% |
| Gross operating margin | 9900 | €45,008 | €26,146 | -€18,862 | -41.9% |
| Operating profit (loss) | 9901 | €11,668 | -€7,152 | -€18,821 | |
| Financial income | 75/76B | €0 | €344 | +€344 | +1,720,400% |
| Recurring financial income | 75 | €0 | €344 | +€344 | +1,720,400% |
| Financial charges | 65/66B | €5,943 | €4,946 | -€997 | -16.8% |
| Recurring financial charges | 65 | €5,943 | €4,946 | -€997 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €5,725 | -€11,754 | -€17,479 | |
| Transfer from deferred taxes | 780 | €286 | €654 | +€368 | +129% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €5,201 | €1,500 | -€3,701 | -71.2% |
| Profit (loss) for the period | 9904 | €810 | -€12,600 | -€13,410 | |
| Transfer from tax-exempt reserves | 789 | €1,143 | €2,616 | +€1,473 | +129% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €1,953 | -€9,984 | -€11,937 |
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.