Ilse Vindevogel: 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.
Ilse Vindevogel
Largest movements
- Cash -€69,928
down €69,928 (-50.9%), from €137,514 to €67,586
mainly Investment in fixed assets (net) (-€79,460) and Current investments (-€51,971)
- Tangible fixed assets +€63,999
up €63,999 (+965.6%), from €6,628 to €70,627
of which Furniture and vehicles: +€55,382
- Current investments +€51,971
up €51,971 (+52.0%), from €100,025 to €151,996
- Debts after one year +€22,230
new in 2025: €22,230
- Current portion of long-term debt +€18,425
new in 2025: €18,425
- Other debts +€12,457
up €12,457 (+98.6%), from €12,637 to €25,093
- Reserves -€8,330
down €8,330 (-3.8%), from €220,159 to €211,829
of which Distributable reserves: -€8,330
- Accrued charges and deferred income +€6,924
up €6,924 (+262.6%), from €2,636 to €9,560
- Gross operating margin -€14,907
down €14,907 (-25.0%), from €59,557 to €44,650
- Depreciation +€12,711
up €12,711 (+462.3%), from €2,749 to €15,461
- Taxes -€9,014
down €9,014 (-52.8%), from €17,063 to €8,048
- Financial income +€3,209
up €3,209 (+641.8%), from €500 to €3,709
- Financial charges +€1,397
up €1,397 (+100.6%), from €1,389 to €2,786
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 | €253,443 | €302,401 | +€48,958 | +19.3% |
| Fixed assets | 21/28 | €6,628 | €70,627 | +€63,999 | +965.6% |
| Tangible fixed assets | 22/27 | €6,628 | €70,627 | +€63,999 | +965.6% |
| Plant, machinery and equipment | 23 | €3,865 | €4,353 | +€487 | +12.6% |
| Furniture and vehicles | 24 | €2,763 | €58,144 | +€55,382 | +2004.7% |
| Other tangible fixed assets | 26 | - | €8,130 | +€8,130 | |
| Current assets | 29/58 | €246,815 | €231,774 | -€15,041 | -6.1% |
| Amounts receivable within one year | 40/41 | €9,276 | €12,193 | +€2,916 | +31.4% |
| Trade receivables | 40 | €6,083 | €1,931 | -€4,152 | -68.3% |
| Other amounts receivable | 41 | €3,193 | €10,262 | +€7,069 | +221.4% |
| Current investments | 50/53 | €100,025 | €151,996 | +€51,971 | +52.0% |
| Cash at bank and in hand | 54/58 | €137,514 | €67,586 | -€69,928 | -50.9% |
| Total equity and liabilities | 10/49 | €253,443 | €302,401 | +€48,958 | +19.3% |
| Equity | 10/15 | €233,470 | €225,151 | -€8,319 | -3.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €220,159 | €211,829 | -€8,330 | -3.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €259 | €259 | = | 0.0% |
| Distributable reserves | 133 | €218,040 | €209,710 | -€8,330 | -3.8% |
| Profit (loss) carried forward | 14 | €911 | €922 | +€11 | +1.2% |
| Amounts payable | 17/49 | €19,972 | €77,250 | +€57,277 | +286.8% |
| Amounts payable after more than one year | 17 | - | €22,230 | +€22,230 | |
| Financial debts | 170/4 | - | €22,230 | +€22,230 | |
| Amounts payable within one year | 42/48 | €17,336 | €45,459 | +€28,123 | +162.2% |
| Current portion of amounts payable after more than one year | 42 | - | €18,425 | +€18,425 | |
| Trade debts | 44 | €1,231 | €1,940 | +€709 | +57.6% |
| Suppliers | 440/4 | €1,231 | €1,940 | +€709 | +57.6% |
| Taxes, remuneration and social security | 45 | €3,468 | - | -€3,468 | |
| Taxes | 450/3 | €3,468 | - | -€3,468 | |
| Other amounts payable | 47/48 | €12,637 | €25,093 | +€12,457 | +98.6% |
| Accrued charges and deferred income | 492/3 | €2,636 | €9,560 | +€6,924 | +262.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,749 | €15,461 | +€12,711 | +462.3% |
| Other operating charges | 640/8 | €1,282 | €643 | -€638 | -49.8% |
| Gross operating margin | 9900 | €59,557 | €44,650 | -€14,907 | -25.0% |
| Operating profit (loss) | 9901 | €55,526 | €28,546 | -€26,980 | -48.6% |
| Financial income | 75/76B | €500 | €3,709 | +€3,209 | +641.8% |
| Recurring financial income | 75 | €500 | €3,709 | +€3,209 | +641.8% |
| Financial charges | 65/66B | €1,389 | €2,786 | +€1,397 | +100.6% |
| Recurring financial charges | 65 | €1,389 | €2,786 | +€1,397 | +100.6% |
| Profit (loss) for the period before taxes | 9903 | €54,637 | €29,469 | -€25,168 | -46.1% |
| Income taxes | 67/77 | €17,063 | €8,048 | -€9,014 | -52.8% |
| Profit (loss) for the period | 9904 | €37,575 | €21,421 | -€16,154 | -43.0% |
| Profit (loss) for the period to be appropriated | 9905 | €37,575 | €21,421 | -€16,154 | -43.0% |
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 11 October 2026 via checked.be.