Jan Vandermeulen: 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.
Jan Vandermeulen
Largest movements
- Receivables within one year +€11,728
up €11,728 (+59.9%), from €19,565 to €31,293
of which Trade receivables: +€5,933
- Cash +€7,572
up €7,572 (+17.9%), from €42,260 to €49,832
mainly Net result for the year (+€69,536) and Tax, wage and social debts (+€16,025)
- Tangible fixed assets +€2,562
up €2,562 (+29.3%), from €8,747 to €11,309
of which Furniture and vehicles: +€2,970
- Reserves +€18,838
up €18,838 (+37.2%), from €50,698 to €69,536
- Tax, wage and social debts +€16,025
up €16,025 (+3,777%), from €424 to €16,450
- Other debts -€13,317
no longer reported in 2025 (was €13,317)
- Trade debts -€1,749
down €1,749 (-55.3%), from €3,163 to €1,414
- Debts after one year +€1,298
new in 2025: €1,298
- Gross operating margin +€25,705
up €25,705 (+37.1%), from €69,254 to €94,959
- Taxes +€4,819
up €4,819 (+34.8%), from €13,838 to €18,657
- Depreciation +€1,752
up €1,752 (+65.1%), from €2,693 to €4,445
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 | €72,603 | €94,693 | +€22,091 | +30.4% |
| Fixed assets | 21/28 | €8,747 | €11,309 | +€2,562 | +29.3% |
| Tangible fixed assets | 22/27 | €8,747 | €11,309 | +€2,562 | +29.3% |
| Plant, machinery and equipment | 23 | €3,311 | €2,903 | -€408 | -12.3% |
| Furniture and vehicles | 24 | €5,436 | €8,406 | +€2,970 | +54.6% |
| Current assets | 29/58 | €63,855 | €83,384 | +€19,529 | +30.6% |
| Amounts receivable within one year | 40/41 | €19,565 | €31,293 | +€11,728 | +59.9% |
| Trade receivables | 40 | €13,125 | €19,058 | +€5,933 | +45.2% |
| Other amounts receivable | 41 | €6,440 | €12,235 | +€5,796 | +90.0% |
| Cash at bank and in hand | 54/58 | €42,260 | €49,832 | +€7,572 | +17.9% |
| Deferred charges and accrued income | 490/1 | €2,031 | €2,260 | +€229 | +11.3% |
| Total equity and liabilities | 10/49 | €72,603 | €94,693 | +€22,091 | +30.4% |
| Equity | 10/15 | €55,698 | €74,536 | +€18,838 | +33.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €50,698 | €69,536 | +€18,838 | +37.2% |
| Distributable reserves | 133 | €50,698 | €69,536 | +€18,838 | +37.2% |
| Amounts payable | 17/49 | €16,905 | €20,157 | +€3,253 | +19.2% |
| Amounts payable after more than one year | 17 | - | €1,298 | +€1,298 | |
| Financial debts | 170/4 | - | €1,298 | +€1,298 | |
| Amounts payable within one year | 42/48 | €16,905 | €18,859 | +€1,955 | +11.6% |
| Current portion of amounts payable after more than one year | 42 | - | €996 | +€996 | |
| Trade debts | 44 | €3,163 | €1,414 | -€1,749 | -55.3% |
| Suppliers | 440/4 | €3,163 | €1,414 | -€1,749 | -55.3% |
| Taxes, remuneration and social security | 45 | €424 | €16,450 | +€16,025 | +3,777% |
| Taxes | 450/3 | €424 | €16,450 | +€16,025 | +3,777% |
| Other amounts payable | 47/48 | €13,317 | - | -€13,317 | |
| Non-recurring operating income | 76A | €3,058 | - | -€3,058 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,693 | €4,445 | +€1,752 | +65.1% |
| Other operating charges | 640/8 | €704 | €430 | -€274 | -39.0% |
| Gross operating margin | 9900 | €69,254 | €94,959 | +€25,705 | +37.1% |
| Operating profit (loss) | 9901 | €65,858 | €90,084 | +€24,227 | +36.8% |
| Financial income | 75/76B | - | €222 | +€222 | |
| Recurring financial income | 75 | - | €222 | +€222 | |
| Financial charges | 65/66B | €1,376 | €2,113 | +€737 | +53.6% |
| Recurring financial charges | 65 | €1,376 | €2,113 | +€737 | +53.6% |
| Profit (loss) for the period before taxes | 9903 | €64,482 | €88,193 | +€23,712 | +36.8% |
| Income taxes | 67/77 | €13,838 | €18,657 | +€4,819 | +34.8% |
| Profit (loss) for the period | 9904 | €50,643 | €69,536 | +€18,893 | +37.3% |
| Profit (loss) for the period to be appropriated | 9905 | €50,643 | €69,536 | +€18,893 | +37.3% |
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 30 October 2026 via checked.be.