GUY VLOEBERGH: 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 VLOEBERGH
Largest movements
- Cash +€10,102
up €10,102 (+57.1%), from €17,679 to €27,782
mainly Depreciation (+€11,978) and Net result for the year (+€7,135)
- Tangible fixed assets -€9,142
down €9,142 (-6.1%), from €149,244 to €140,102
- Debts after one year -€9,861
down €9,861 (-21.2%), from €46,616 to €36,755
- Reserves +€7,135
up €7,135 (+4.6%), from €155,327 to €162,462
of which Distributable reserves: +€7,135
- Other debts +€5,345
up €5,345 (+38.2%), from €14,003 to €19,348
- Tax, wage and social debts -€3,047
down €3,047 (-63.8%), from €4,778 to €1,731
- Depreciation +€3,616
up €3,616 (+43.2%), from €8,362 to €11,978
- Gross operating margin +€2,193
up €2,193 (+7.7%), from €28,322 to €30,515
- Financial charges -€1,110
down €1,110 (-17.8%), from €6,251 to €5,141
- Financial income -€1,107
down €1,107 (-68.4%), from €1,620 to €512
of which Non-recurring financial income: -€1,254
- Taxes +€928
up €928 (+20.0%), from €4,648 to €5,576
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.
Cash bridge derived
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 | €247,315 | €246,725 | -€591 | -0.2% |
| Fixed assets | 21/28 | €153,244 | €144,102 | -€9,142 | -6.0% |
| Tangible fixed assets | 22/27 | €149,244 | €140,102 | -€9,142 | -6.1% |
| Land and buildings | 22 | €100,838 | €97,158 | -€3,680 | -3.6% |
| Plant, machinery and equipment | 23 | €912 | €393 | -€518 | -56.9% |
| Furniture and vehicles | 24 | €11,886 | €11,005 | -€881 | -7.4% |
| Other tangible fixed assets | 26 | €35,608 | €31,546 | -€4,062 | -11.4% |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €94,071 | €102,623 | +€8,552 | +9.1% |
| Amounts receivable within one year | 40/41 | €5,782 | €5,951 | +€169 | +2.9% |
| Trade receivables | 40 | €1,822 | €0 | -€1,822 | -100.0% |
| Other amounts receivable | 41 | €3,960 | €5,951 | +€1,991 | +50.3% |
| Current investments | 50/53 | €66,520 | €65,704 | -€816 | -1.2% |
| Cash at bank and in hand | 54/58 | €17,679 | €27,782 | +€10,102 | +57.1% |
| Deferred charges and accrued income | 490/1 | €4,090 | €3,186 | -€904 | -22.1% |
| Total equity and liabilities | 10/49 | €247,315 | €246,725 | -€591 | -0.2% |
| Equity | 10/15 | €167,727 | €174,862 | +€7,135 | +4.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €155,327 | €162,462 | +€7,135 | +4.6% |
| Tax-exempt reserves | 132 | €10,739 | €10,739 | = | 0.0% |
| Distributable reserves | 133 | €144,588 | €151,723 | +€7,135 | +4.9% |
| Amounts payable | 17/49 | €79,588 | €71,862 | -€7,726 | -9.7% |
| Amounts payable after more than one year | 17 | €46,616 | €36,755 | -€9,861 | -21.2% |
| Financial debts | 170/4 | €46,616 | €36,755 | -€9,861 | -21.2% |
| Amounts payable within one year | 42/48 | €31,684 | €34,278 | +€2,594 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €9,694 | €9,861 | +€167 | +1.7% |
| Financial debts | 43 | €1,032 | €618 | -€414 | -40.1% |
| Credit institutions | 430/8 | €1,032 | €618 | -€414 | -40.1% |
| Trade debts | 44 | €2,177 | €2,720 | +€543 | +25.0% |
| Suppliers | 440/4 | €2,177 | €2,720 | +€543 | +25.0% |
| Taxes, remuneration and social security | 45 | €4,778 | €1,731 | -€3,047 | -63.8% |
| Taxes | 450/3 | €4,778 | €1,731 | -€3,047 | -63.8% |
| Other amounts payable | 47/48 | €14,003 | €19,348 | +€5,345 | +38.2% |
| Accrued charges and deferred income | 492/3 | €1,289 | €830 | -€459 | -35.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,362 | €11,978 | +€3,616 | +43.2% |
| Other operating charges | 640/8 | €1,811 | €1,197 | -€614 | -33.9% |
| Non-recurring operating charges | 66A | €560 | €0 | -€560 | -100.0% |
| Gross operating margin | 9900 | €28,322 | €30,515 | +€2,193 | +7.7% |
| Operating profit (loss) | 9901 | €17,588 | €17,340 | -€248 | -1.4% |
| Financial income | 75/76B | €1,620 | €512 | -€1,107 | -68.4% |
| Recurring financial income | 75 | €220 | €367 | +€146 | +66.5% |
| Non-recurring financial income | 76B | €1,399 | €146 | -€1,254 | -89.6% |
| Financial charges | 65/66B | €6,251 | €5,141 | -€1,110 | -17.8% |
| Recurring financial charges | 65 | €6,251 | €5,141 | -€1,110 | -17.8% |
| Profit (loss) for the period before taxes | 9903 | €12,957 | €12,711 | -€246 | -1.9% |
| Income taxes | 67/77 | €4,648 | €5,576 | +€928 | +20.0% |
| Profit (loss) for the period | 9904 | €8,309 | €7,135 | -€1,173 | -14.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,309 | €7,135 | -€1,173 | -14.1% |
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 12 October 2026 via checked.be.