JAN VINDEVOGHEL: 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.
JAN VINDEVOGHEL
Largest movements
- Cash +€70,542
up €70,542 (+38.7%), from €182,096 to €252,638
mainly Depreciation (+€64,284) and Current investments (+€50,000)
- Tangible fixed assets +€63,993
up €63,993 (+13.1%), from €489,952 to €553,945
of which Land and buildings: +€75,751
- Current investments -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Receivables within one year -€25,321
down €25,321 (-19.0%), from €133,146 to €107,825
of which Trade receivables: -€26,342
- Stocks and contracts +€10,471
up €10,471 (+35.9%), from €29,191 to €39,661
- Debts after one year -€49,024
down €49,024 (-29.5%), from €165,938 to €116,914
- Trade debts +€43,064
up €43,064 (+257.3%), from €16,739 to €59,802
- Other debts +€35,585
up €35,585 (+29.1%), from €122,291 to €157,876
- Reserves +€34,152
up €34,152 (+7.8%), from €440,485 to €474,637
of which Distributable reserves: +€34,152
- Gross operating margin +€16,242
up €16,242 (+14.6%), from €111,630 to €127,872
- Taxes +€8,626
up €8,626 (+102.8%), from €8,389 to €17,015
- Depreciation -€3,878
down €3,878 (-5.7%), from €68,162 to €64,284
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 | €885,986 | €960,711 | +€74,725 | +8.4% |
| Fixed assets | 21/28 | €489,952 | €555,545 | +€65,593 | +13.4% |
| Tangible fixed assets | 22/27 | €489,952 | €553,945 | +€63,993 | +13.1% |
| Land and buildings | 22 | €463,144 | €538,896 | +€75,751 | +16.4% |
| Plant, machinery and equipment | 23 | €16,322 | €14,662 | -€1,660 | -10.2% |
| Furniture and vehicles | 24 | €10,485 | €387 | -€10,098 | -96.3% |
| Financial fixed assets | 28 | - | €1,600 | +€1,600 | |
| Current assets | 29/58 | €396,034 | €405,166 | +€9,131 | +2.3% |
| Stocks and contracts in progress | 3 | €29,191 | €39,661 | +€10,471 | +35.9% |
| Stocks | 30/36 | €29,191 | €39,661 | +€10,471 | +35.9% |
| Amounts receivable within one year | 40/41 | €133,146 | €107,825 | -€25,321 | -19.0% |
| Trade receivables | 40 | €133,146 | €106,803 | -€26,342 | -19.8% |
| Other amounts receivable | 41 | €0 | €1,021 | +€1,021 | |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €182,096 | €252,638 | +€70,542 | +38.7% |
| Deferred charges and accrued income | 490/1 | €1,602 | €5,041 | +€3,439 | +214.7% |
| Total equity and liabilities | 10/49 | €885,986 | €960,711 | +€74,725 | +8.4% |
| Equity | 10/15 | €459,485 | €493,637 | +€34,152 | +7.4% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €440,485 | €474,637 | +€34,152 | +7.8% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €438,585 | €472,737 | +€34,152 | +7.8% |
| Provisions and deferred taxes | 16 | €35,000 | €35,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | - | €35,000 | +€35,000 | |
| Other liabilities and charges | 164/5 | - | €35,000 | +€35,000 | |
| Deferred taxes | 168 | €35,000 | €0 | -€35,000 | -100.0% |
| Amounts payable | 17/49 | €391,501 | €432,074 | +€40,572 | +10.4% |
| Amounts payable after more than one year | 17 | €165,938 | €116,914 | -€49,024 | -29.5% |
| Financial debts | 170/4 | €165,938 | €116,914 | -€49,024 | -29.5% |
| Amounts payable within one year | 42/48 | €225,563 | €306,176 | +€80,613 | +35.7% |
| Current portion of amounts payable after more than one year | 42 | €56,874 | €49,024 | -€7,850 | -13.8% |
| Trade debts | 44 | €16,739 | €59,802 | +€43,064 | +257.3% |
| Suppliers | 440/4 | €16,739 | €59,802 | +€43,064 | +257.3% |
| Advances received on contracts in progress | 46 | €16,000 | €23,169 | +€7,169 | +44.8% |
| Taxes, remuneration and social security | 45 | €13,660 | €16,305 | +€2,645 | +19.4% |
| Taxes | 450/3 | €13,660 | €16,305 | +€2,645 | +19.4% |
| Other amounts payable | 47/48 | €122,291 | €157,876 | +€35,585 | +29.1% |
| Accrued charges and deferred income | 492/3 | - | €8,984 | +€8,984 | |
| Non-recurring operating income | 76A | - | €12,297 | +€12,297 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,162 | €64,284 | -€3,878 | -5.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €1,125 | €825 | -€300 | -26.7% |
| Gross operating margin | 9900 | €111,630 | €127,872 | +€16,242 | +14.6% |
| Operating profit (loss) | 9901 | €42,343 | €62,763 | +€20,420 | +48.2% |
| Financial income | 75/76B | €499 | €475 | -€24 | -4.8% |
| Recurring financial income | 75 | €499 | €475 | -€24 | -4.8% |
| Financial charges | 65/66B | €13,341 | €12,071 | -€1,270 | -9.5% |
| Recurring financial charges | 65 | €13,341 | €12,071 | -€1,270 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €29,501 | €51,167 | +€21,666 | +73.4% |
| Income taxes | 67/77 | €8,389 | €17,015 | +€8,626 | +102.8% |
| Profit (loss) for the period | 9904 | €21,112 | €34,152 | +€13,040 | +61.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,112 | €34,152 | +€13,040 | +61.8% |
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 6 October 2026 via checked.be.