JOHAN VANCAESTER: 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.
JOHAN VANCAESTER
Largest movements
- Cash +€210,583
up €210,583 (+50.3%), from €418,745 to €629,329
mainly Net result for the year (+€302,157) and Depreciation (+€169,628)
- Tangible fixed assets -€75,445
down €75,445 (-8.8%), from €856,417 to €780,971
of which Land and buildings: -€62,899
- Intangible fixed assets -€39,149
down €39,149 (-10.9%), from €358,213 to €319,063
- Reserves +€247,157
up €247,157 (+1,039%), from €23,782 to €270,939
of which Distributable reserves: +€247,157
- Other debts -€108,500
down €108,500 (-73.8%), from €147,000 to €38,500
- Debts after one year -€55,936
down €55,936 (-9.8%), from €573,414 to €517,477
- Trade debts +€35,358
up €35,358 (+712%), from €4,964 to €40,322
- Gross operating margin +€137,798
up €137,798 (+15.5%), from €890,634 to €1.0m
- Staff costs +€58,132
up €58,132 (+17.3%), from €336,329 to €394,461
- Taxes +€21,630
up €21,630 (+17.1%), from €126,578 to €148,208
- Depreciation +€18,573
up €18,573 (+12.3%), from €151,055 to €169,628
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 | €1,788,487 | €1,896,681 | +€108,194 | +6.0% |
| Fixed assets | 21/28 | €1,221,729 | €1,107,135 | -€114,595 | -9.4% |
| Intangible fixed assets | 21 | €358,213 | €319,063 | -€39,149 | -10.9% |
| Tangible fixed assets | 22/27 | €856,417 | €780,971 | -€75,445 | -8.8% |
| Land and buildings | 22 | €721,837 | €658,938 | -€62,899 | -8.7% |
| Plant, machinery and equipment | 23 | €20,366 | €48,563 | +€28,197 | +138% |
| Furniture and vehicles | 24 | €114,213 | €73,470 | -€40,743 | -35.7% |
| Financial fixed assets | 28 | €7,100 | €7,100 | = | 0.0% |
| Current assets | 29/58 | €566,758 | €789,546 | +€222,788 | +39.3% |
| Amounts receivable within one year | 40/41 | €33,725 | €37,753 | +€4,028 | +11.9% |
| Other amounts receivable | 41 | €33,725 | €37,753 | +€4,028 | +11.9% |
| Cash at bank and in hand | 54/58 | €418,745 | €629,329 | +€210,583 | +50.3% |
| Deferred charges and accrued income | 490/1 | €114,287 | €122,465 | +€8,178 | +7.2% |
| Total equity and liabilities | 10/49 | €1,788,487 | €1,896,681 | +€108,194 | +6.0% |
| Equity | 10/15 | €884,834 | €1,131,991 | +€247,157 | +27.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €23,782 | €270,939 | +€247,157 | +1,039% |
| Tax-exempt reserves | 132 | €6,087 | €6,087 | = | 0.0% |
| Distributable reserves | 133 | €17,695 | €264,852 | +€247,157 | +1,397% |
| Profit (loss) carried forward | 14 | €842,501 | €842,501 | = | 0.0% |
| Amounts payable | 17/49 | €903,653 | €764,690 | -€138,963 | -15.4% |
| Amounts payable after more than one year | 17 | €573,414 | €517,477 | -€55,936 | -9.8% |
| Financial debts | 170/4 | €573,414 | €517,477 | -€55,936 | -9.8% |
| Amounts payable within one year | 42/48 | €326,946 | €247,213 | -€79,733 | -24.4% |
| Current portion of amounts payable after more than one year | 42 | €54,848 | €55,936 | +€1,088 | +2.0% |
| Trade debts | 44 | €4,964 | €40,322 | +€35,358 | +712% |
| Suppliers | 440/4 | €4,964 | €40,322 | +€35,358 | +712% |
| Taxes, remuneration and social security | 45 | €120,134 | €112,455 | -€7,680 | -6.4% |
| Taxes | 450/3 | €93,644 | €60,819 | -€32,825 | -35.1% |
| Remuneration and social security | 454/9 | €26,490 | €51,636 | +€25,145 | +94.9% |
| Other amounts payable | 47/48 | €147,000 | €38,500 | -€108,500 | -73.8% |
| Accrued charges and deferred income | 492/3 | €3,293 | €0 | -€3,293 | -100% |
| Remuneration, social security and pensions | 62 | €336,329 | €394,461 | +€58,132 | +17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,055 | €169,628 | +€18,573 | +12.3% |
| Other operating charges | 640/8 | €11,232 | €11,808 | +€577 | +5.1% |
| Gross operating margin | 9900 | €890,634 | €1,028,432 | +€137,798 | +15.5% |
| Operating profit (loss) | 9901 | €392,019 | €452,535 | +€60,516 | +15.4% |
| Financial income | 75/76B | €2,430 | €9,727 | +€7,297 | +300% |
| Recurring financial income | 75 | €2,430 | €9,727 | +€7,297 | +300% |
| Financial charges | 65/66B | €8,215 | €11,898 | +€3,682 | +44.8% |
| Recurring financial charges | 65 | €8,215 | €11,898 | +€3,682 | +44.8% |
| Profit (loss) for the period before taxes | 9903 | €386,233 | €450,364 | +€64,131 | +16.6% |
| Income taxes | 67/77 | €126,578 | €148,208 | +€21,630 | +17.1% |
| Profit (loss) for the period | 9904 | €259,655 | €302,157 | +€42,501 | +16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €259,655 | €302,157 | +€42,501 | +16.4% |
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 29 October 2026 via checked.be.