KOEN VANDAELE: 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.
KOEN VANDAELE
Largest movements
- Current investments +€4.1m
up €4.1m (+102%), from €4.1m to €8.2m
- Receivables within one year -€1.4m
down €1.4m (-99.5%), from €1.4m to €6,515
of which Other amounts receivable: -€1.4m
- Cash +€727,328
up €727,328 (+189%), from €384,331 to €1.1m
mainly Accrued charges and deferred income (+€4.1m) and Net result for the year (+€2.0m)
- Accrued charges and deferred income +€4.1m
up €4.1m (+8,360%), from €48,469 to €4.1m
- Short-term financial debts -€865,924
down €865,924 (-99.8%), from €867,654 to €1,731
of which Other loans: -€866,250
- Reserves +€225,315
up €225,315 (+3.8%), from €5.9m to €6.1m
- Gross operating margin +€1.7m
up €1.7m (+143%), from €1.2m to €3.0m
- Taxes +€573,582
up €573,582 (+151%), from €378,691 to €952,273
- Financial charges +€158,420
up €158,420 (+1,348%), from €11,753 to €170,173
- Financial income +€109,870
up €109,870 (+88.1%), from €124,708 to €234,578
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 | €6,901,828 | €10,361,745 | +€3.5m | +50.1% |
| Fixed assets | 21/28 | €1,056,924 | €1,010,762 | -€46,163 | -4.4% |
| Tangible fixed assets | 22/27 | €1,056,924 | €1,010,762 | -€46,163 | -4.4% |
| Land and buildings | 22 | €974,248 | €941,520 | -€32,728 | -3.4% |
| Plant, machinery and equipment | 23 | €3,241 | €2,893 | -€349 | -10.8% |
| Furniture and vehicles | 24 | €67,791 | €54,705 | -€13,086 | -19.3% |
| Other tangible fixed assets | 26 | €11,644 | €11,644 | = | 0.0% |
| Current assets | 29/58 | €5,844,903 | €9,350,983 | +€3.5m | +60.0% |
| Amounts receivable within one year | 40/41 | €1,365,051 | €6,515 | -€1.4m | -99.5% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €1,365,051 | €6,515 | -€1.4m | -99.5% |
| Current investments | 50/53 | €4,054,603 | €8,197,931 | +€4.1m | +102% |
| Cash at bank and in hand | 54/58 | €384,331 | €1,111,659 | +€727,328 | +189% |
| Deferred charges and accrued income | 490/1 | €40,917 | €34,877 | -€6,040 | -14.8% |
| Total equity and liabilities | 10/49 | €6,901,828 | €10,361,745 | +€3.5m | +50.1% |
| Equity | 10/15 | €5,885,678 | €6,110,992 | +€225,315 | +3.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €5,855,678 | €6,080,992 | +€225,315 | +3.8% |
| Distributable reserves | 133 | €5,855,678 | €6,080,992 | +€225,315 | +3.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,016,150 | €4,250,753 | +€3.2m | +318% |
| Amounts payable within one year | 42/48 | €967,681 | €150,128 | -€817,553 | -84.5% |
| Financial debts | 43 | €867,654 | €1,731 | -€865,924 | -99.8% |
| Credit institutions | 430/8 | €1,404 | €1,731 | +€326 | +23.3% |
| Other loans | 439 | €866,250 | €0 | -€866,250 | -100% |
| Trade debts | 44 | €21,800 | €55,633 | +€33,833 | +155% |
| Suppliers | 440/4 | €21,800 | €55,633 | +€33,833 | +155% |
| Taxes, remuneration and social security | 45 | €78,227 | €92,764 | +€14,537 | +18.6% |
| Taxes | 450/3 | €72,727 | €92,764 | +€20,037 | +27.6% |
| Remuneration and social security | 454/9 | €5,500 | €0 | -€5,500 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €48,469 | €4,100,625 | +€4.1m | +8,360% |
| Non-recurring operating income | 76A | €13,514 | €0 | -€13,514 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,627 | €47,833 | -€20,794 | -30.3% |
| Other operating charges | 640/8 | €10,818 | €8,826 | -€1,992 | -18.4% |
| Non-recurring operating charges | 66A | €3,454 | €0 | -€3,454 | -100% |
| Gross operating margin | 9900 | €1,214,119 | €2,951,677 | +€1.7m | +143% |
| Operating profit (loss) | 9901 | €1,131,220 | €2,895,019 | +€1.8m | +156% |
| Financial income | 75/76B | €124,708 | €234,578 | +€109,870 | +88.1% |
| Recurring financial income | 75 | €124,708 | €234,578 | +€109,870 | +88.1% |
| Financial charges | 65/66B | €11,753 | €170,173 | +€158,420 | +1,348% |
| Recurring financial charges | 65 | €11,753 | €170,173 | +€158,420 | +1,348% |
| Profit (loss) for the period before taxes | 9903 | €1,244,175 | €2,959,423 | +€1.7m | +138% |
| Income taxes | 67/77 | €378,691 | €952,273 | +€573,582 | +151% |
| Profit (loss) for the period | 9904 | €865,484 | €2,007,150 | +€1.1m | +132% |
| Profit (loss) for the period to be appropriated | 9905 | €865,484 | €2,007,150 | +€1.1m | +132% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.