J. VANDENBUNDER: 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.
J. VANDENBUNDER
Largest movements
- Cash -€3,129
down €3,129 (-45.0%), from €6,955 to €3,826
mainly Net result for the year (-€16,521) and Investment in fixed assets (net) (-€6,392)
- Tangible fixed assets +€2,576
up €2,576 (+68.8%), from €3,742 to €6,318
- Formation expenses -€528
down €528 (-22.1%), from €2,391 to €1,863
- Intangible fixed assets +€251
up €251 (+3.6%), from €6,944 to €7,195
- Profit (loss) carried forward -€16,521
down €16,521, from €789 to -€15,731
- Tax, wage and social debts +€10,382
up €10,382 (+245%), from €4,239 to €14,621
of which Remuneration and social security: +€7,200
- Other debts +€6,964
up €6,964 (+69.2%), from €10,057 to €17,021
- Trade debts -€1,655
down €1,655 (-65.0%), from €2,546 to €891
- Gross operating margin -€14,586
down €14,586, from €2,917 to -€11,669
- Depreciation +€2,592
up €2,592 (+173%), from €1,501 to €4,093
- Other operating charges +€206
up €206 (+53.2%), from €387 to €593
- Taxes -€157
down €157 (-65.7%), from €239 to €82
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 | €20,031 | €19,202 | -€830 | -4.1% |
| Formation expenses | 20 | €2,391 | €1,863 | -€528 | -22.1% |
| Fixed assets | 21/28 | €10,686 | €13,513 | +€2,827 | +26.5% |
| Intangible fixed assets | 21 | €6,944 | €7,195 | +€251 | +3.6% |
| Tangible fixed assets | 22/27 | €3,742 | €6,318 | +€2,576 | +68.8% |
| Plant, machinery and equipment | 23 | €3,742 | €6,318 | +€2,576 | +68.8% |
| Current assets | 29/58 | €6,955 | €3,826 | -€3,129 | -45.0% |
| Cash at bank and in hand | 54/58 | €6,955 | €3,826 | -€3,129 | -45.0% |
| Total equity and liabilities | 10/49 | €20,031 | €19,202 | -€830 | -4.1% |
| Equity | 10/15 | €3,189 | -€13,331 | -€16,521 | |
| Contributions | 10/11 | €2,400 | €2,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €789 | -€15,731 | -€16,521 | |
| Amounts payable | 17/49 | €16,842 | €32,533 | +€15,691 | +93.2% |
| Amounts payable within one year | 42/48 | €16,842 | €32,533 | +€15,691 | +93.2% |
| Trade debts | 44 | €2,546 | €891 | -€1,655 | -65.0% |
| Suppliers | 440/4 | €2,546 | €891 | -€1,655 | -65.0% |
| Taxes, remuneration and social security | 45 | €4,239 | €14,621 | +€10,382 | +245% |
| Taxes | 450/3 | €239 | €3,421 | +€3,182 | +1,330% |
| Remuneration and social security | 454/9 | €4,000 | €11,200 | +€7,200 | +180% |
| Other amounts payable | 47/48 | €10,057 | €17,021 | +€6,964 | +69.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,501 | €4,093 | +€2,592 | +173% |
| Other operating charges | 640/8 | €387 | €593 | +€206 | +53.2% |
| Gross operating margin | 9900 | €2,917 | -€11,669 | -€14,586 | |
| Operating profit (loss) | 9901 | €1,029 | -€16,355 | -€17,383 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | - | €84 | +€84 | |
| Recurring financial charges | 65 | - | €84 | +€84 | |
| Profit (loss) for the period before taxes | 9903 | €1,029 | -€16,438 | -€17,467 | |
| Income taxes | 67/77 | €239 | €82 | -€157 | -65.7% |
| Profit (loss) for the period | 9904 | €789 | -€16,521 | -€17,310 | |
| Profit (loss) for the period to be appropriated | 9905 | €789 | -€16,521 | -€17,310 |
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 1 November 2026 via checked.be.