H. VANDERBIEST: what changed
Two fiscal 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.
H. VANDERBIEST
Largest movements
- Receivables within one year -€143,171
down €143,171 (-13.2%), from €1.1m to €942,161
of which Trade receivables: -€251,785
- Current investments +€95,926
up €95,926 (+32.6%), from €294,226 to €390,152
- Cash +€45,198
up €45,198 (+10.4%), from €434,563 to €479,760
mainly Receivables within one year (+€143,171) and Net result for the year (+€126,659)
- Tangible fixed assets -€20,332
down €20,332 (-35.8%), from €56,767 to €36,435
of which Furniture and vehicles: -€12,587
- Trade debts -€134,255
down €134,255 (-25.7%), from €521,989 to €387,735
- Reserves +€126,659
up €126,659 (+38.8%), from €326,040 to €452,699
of which Distributable reserves: +€126,659
- Current portion of long-term debt -€28,473
down €28,473 (-100.0%), from €28,473 to €0
- Short-term financial debts +€20,545
up €20,545, from €0 to €20,545
- Staff costs -€169,391
down €169,391 (-34.6%), from €489,631 to €320,240
- Other operating charges -€81,624
down €81,624 (-94.5%), from €86,337 to €4,713
- Gross operating margin -€51,100
down €51,100 (-8.7%), from €588,868 to €537,768
- Taxes +€45,679
up €45,679 (+11705.4%), from €390 to €46,069
- Write-downs +€23,863
up €23,863, from -€23,863 to €0
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 | €1,878,735 | €1,853,897 | -€24,838 | -1.3% |
| Fixed assets | 21/28 | €60,102 | €39,770 | -€20,332 | -33.8% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €56,767 | €36,435 | -€20,332 | -35.8% |
| Plant, machinery and equipment | 23 | €24,915 | €17,170 | -€7,745 | -31.1% |
| Furniture and vehicles | 24 | €31,852 | €19,265 | -€12,587 | -39.5% |
| Financial fixed assets | 28 | €3,335 | €3,335 | = | 0.0% |
| Current assets | 29/58 | €1,818,633 | €1,814,127 | -€4,505 | -0.2% |
| Amounts receivable within one year | 40/41 | €1,085,332 | €942,161 | -€143,171 | -13.2% |
| Trade receivables | 40 | €939,016 | €687,231 | -€251,785 | -26.8% |
| Other amounts receivable | 41 | €146,316 | €254,930 | +€108,614 | +74.2% |
| Current investments | 50/53 | €294,226 | €390,152 | +€95,926 | +32.6% |
| Cash at bank and in hand | 54/58 | €434,563 | €479,760 | +€45,198 | +10.4% |
| Deferred charges and accrued income | 490/1 | €4,512 | €2,054 | -€2,458 | -54.5% |
| Total equity and liabilities | 10/49 | €1,878,735 | €1,853,897 | -€24,838 | -1.3% |
| Equity | 10/15 | €1,183,248 | €1,309,906 | +€126,659 | +10.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €326,040 | €452,699 | +€126,659 | +38.8% |
| Non-distributable reserves | 130/1 | €100,200 | €100,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Own shares acquired | 1312 | €94,000 | €94,000 | = | 0.0% |
| Distributable reserves | 133 | €225,840 | €352,499 | +€126,659 | +56.1% |
| Profit (loss) carried forward | 14 | €795,208 | €795,208 | = | 0.0% |
| Amounts payable | 17/49 | €695,488 | €543,991 | -€151,497 | -21.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €693,080 | €542,690 | -€150,390 | -21.7% |
| Current portion of amounts payable after more than one year | 42 | €28,473 | €0 | -€28,473 | -100.0% |
| Financial debts | 43 | €0 | €20,545 | +€20,545 | |
| Credit institutions | 430/8 | €0 | €20,545 | +€20,545 | |
| Trade debts | 44 | €521,989 | €387,735 | -€134,255 | -25.7% |
| Suppliers | 440/4 | €521,989 | €387,735 | -€134,255 | -25.7% |
| Advances received on contracts in progress | 46 | €38,000 | €38,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €39,466 | €40,647 | +€1,181 | +3.0% |
| Taxes | 450/3 | €5,600 | €5,600 | = | 0.0% |
| Remuneration and social security | 454/9 | €33,866 | €35,047 | +€1,181 | +3.5% |
| Other amounts payable | 47/48 | €65,152 | €55,764 | -€9,388 | -14.4% |
| Accrued charges and deferred income | 492/3 | €2,408 | €1,301 | -€1,107 | -46.0% |
| Non-recurring operating income | 76A | €5,883 | €0 | -€5,883 | -100.0% |
| Remuneration, social security and pensions | 62 | €489,631 | €320,240 | -€169,391 | -34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,316 | €25,942 | -€17,374 | -40.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€23,863 | €0 | +€23,863 | |
| Other operating charges | 640/8 | €86,337 | €4,713 | -€81,624 | -94.5% |
| Non-recurring operating charges | 66A | €2,324 | €0 | -€2,324 | -100.0% |
| Gross operating margin | 9900 | €588,868 | €537,768 | -€51,100 | -8.7% |
| Operating profit (loss) | 9901 | -€8,877 | €186,873 | +€195,750 | |
| Financial income | 75/76B | €9,381 | €11,215 | +€1,834 | +19.6% |
| Recurring financial income | 75 | €9,381 | €11,215 | +€1,834 | +19.6% |
| Financial charges | 65/66B | €35,698 | €25,360 | -€10,338 | -29.0% |
| Recurring financial charges | 65 | €35,698 | €25,360 | -€10,338 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | -€35,195 | €172,728 | +€207,923 | |
| Income taxes | 67/77 | €390 | €46,069 | +€45,679 | +11705.4% |
| Profit (loss) for the period | 9904 | -€35,585 | €126,659 | +€162,244 | |
| Profit (loss) for the period to be appropriated | 9905 | -€35,585 | €126,659 | +€162,244 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.