Jacques VANDEVONDELE: 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.
Jacques VANDEVONDELE
Largest movements
- Receivables within one year -€24,415
down €24,415 (-26.5%), from €92,259 to €67,844
of which Other amounts receivable: -€15,819
- Cash +€22,734
up €22,734 (+29.6%), from €76,797 to €99,531
mainly Receivables within one year (+€24,415) and Current portion of long-term debt (+€20,814)
- Stocks and contracts +€14,670
up €14,670 (+2.9%), from €512,837 to €527,507
- Deferred charges and accrued income -€13,048
down €13,048 (-81.0%), from €16,106 to €3,057
- Tangible fixed assets -€10,176
down €10,176 (-11.6%), from €88,036 to €77,861
of which Other tangible fixed assets: -€7,907
- Trade debts -€31,730
down €31,730 (-22.7%), from €140,027 to €108,296
- Debts after one year -€22,571
down €22,571 (-36.8%), from €61,321 to €38,750
- Current portion of long-term debt +€20,814
up €20,814 (+95.9%), from €21,707 to €42,521
- Reserves +€17,044
up €17,044 (+22.7%), from €75,241 to €92,285
of which Distributable reserves: +€17,044
- Tax, wage and social debts +€8,189
up €8,189 (+11.6%), from €70,703 to €78,892
of which Remuneration and social security: +€10,415
- Gross operating margin +€82,426
up €82,426 (+34.9%), from €236,454 to €318,879
- Staff costs +€32,424
up €32,424 (+23.5%), from €138,062 to €170,486
- Write-downs +€27,665
new in 2025: €27,665
- Other operating charges +€11,878
up €11,878 (+40.9%), from €29,075 to €40,952
- Taxes +€4,723
up €4,723 (+22.0%), from €21,435 to €26,157
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 | €804,803 | €793,299 | -€11,503 | -1.4% |
| Fixed assets | 21/28 | €94,584 | €83,141 | -€11,444 | -12.1% |
| Intangible fixed assets | 21 | €1,718 | €450 | -€1,268 | -73.8% |
| Tangible fixed assets | 22/27 | €88,036 | €77,861 | -€10,176 | -11.6% |
| Land and buildings | 22 | €110 | - | -€110 | |
| Plant, machinery and equipment | 23 | €6,908 | €5,508 | -€1,400 | -20.3% |
| Furniture and vehicles | 24 | €1,186 | €428 | -€758 | -63.9% |
| Other tangible fixed assets | 26 | €79,832 | €71,925 | -€7,907 | -9.9% |
| Financial fixed assets | 28 | €4,830 | €4,830 | = | 0.0% |
| Current assets | 29/58 | €710,218 | €710,158 | -€60 | 0.0% |
| Amounts receivable after more than one year | 29 | €12,219 | €12,219 | = | 0.0% |
| Trade receivables | 290 | €12,219 | €12,219 | = | 0.0% |
| Stocks and contracts in progress | 3 | €512,837 | €527,507 | +€14,670 | +2.9% |
| Stocks | 30/36 | €512,837 | €527,507 | +€14,670 | +2.9% |
| Amounts receivable within one year | 40/41 | €92,259 | €67,844 | -€24,415 | -26.5% |
| Trade receivables | 40 | €47,581 | €38,985 | -€8,596 | -18.1% |
| Other amounts receivable | 41 | €44,678 | €28,859 | -€15,819 | -35.4% |
| Cash at bank and in hand | 54/58 | €76,797 | €99,531 | +€22,734 | +29.6% |
| Deferred charges and accrued income | 490/1 | €16,106 | €3,057 | -€13,048 | -81.0% |
| Total equity and liabilities | 10/49 | €804,803 | €793,299 | -€11,503 | -1.4% |
| Equity | 10/15 | €217,885 | €235,049 | +€17,164 | +7.9% |
| Contributions | 10/11 | €124,289 | €124,410 | +€121 | +0.1% |
| Reserves | 13 | €75,241 | €92,285 | +€17,044 | +22.7% |
| Non-distributable reserves | 130/1 | €1,305 | €1,305 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,305 | €1,305 | = | 0.0% |
| Distributable reserves | 133 | €73,936 | €90,980 | +€17,044 | +23.1% |
| Profit (loss) carried forward | 14 | €18,354 | €18,354 | = | 0.0% |
| Amounts payable | 17/49 | €586,918 | €558,250 | -€28,668 | -4.9% |
| Amounts payable after more than one year | 17 | €61,321 | €38,750 | -€22,571 | -36.8% |
| Financial debts | 170/4 | €61,321 | €38,750 | -€22,571 | -36.8% |
| Amounts payable within one year | 42/48 | €525,568 | €519,500 | -€6,068 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €21,707 | €42,521 | +€20,814 | +95.9% |
| Financial debts | 43 | €274,060 | €274,060 | = | 0.0% |
| Credit institutions | 430/8 | €274,060 | €274,060 | = | 0.0% |
| Trade debts | 44 | €140,027 | €108,296 | -€31,730 | -22.7% |
| Suppliers | 440/4 | €140,027 | €108,296 | -€31,730 | -22.7% |
| Taxes, remuneration and social security | 45 | €70,703 | €78,892 | +€8,189 | +11.6% |
| Taxes | 450/3 | €20,980 | €18,753 | -€2,227 | -10.6% |
| Remuneration and social security | 454/9 | €49,723 | €60,139 | +€10,415 | +20.9% |
| Other amounts payable | 47/48 | €19,072 | €15,731 | -€3,341 | -17.5% |
| Accrued charges and deferred income | 492/3 | €28 | - | -€28 | |
| Non-recurring operating income | 76A | €3,175 | - | -€3,175 | |
| Remuneration, social security and pensions | 62 | €138,062 | €170,486 | +€32,424 | +23.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,498 | €10,900 | -€1,598 | -12.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €27,665 | +€27,665 | |
| Other operating charges | 640/8 | €29,075 | €40,952 | +€11,878 | +40.9% |
| Gross operating margin | 9900 | €236,454 | €318,879 | +€82,426 | +34.9% |
| Operating profit (loss) | 9901 | €56,819 | €68,876 | +€12,057 | +21.2% |
| Financial income | 75/76B | €328 | €580 | +€253 | +77.0% |
| Recurring financial income | 75 | €328 | €580 | +€253 | +77.0% |
| Financial charges | 65/66B | €28,999 | €26,256 | -€2,743 | -9.5% |
| Recurring financial charges | 65 | €28,999 | €26,256 | -€2,743 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €28,148 | €43,201 | +€15,053 | +53.5% |
| Income taxes | 67/77 | €21,435 | €26,157 | +€4,723 | +22.0% |
| Profit (loss) for the period | 9904 | €6,713 | €17,044 | +€10,330 | +154% |
| Profit (loss) for the period to be appropriated | 9905 | €6,713 | €17,044 | +€10,330 | +154% |
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 22 October 2026 via checked.be.