Laurence VANDERCAMME: 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.
Laurence VANDERCAMME
Largest movements
- Cash -€21,660
down €21,660 (-49.5%), from €43,725 to €22,065
mainly Other debts (-€37,482) and Contributions, distributions and other (-€24,000)
- Receivables within one year -€10,005
down €10,005 (-12.8%), from €78,225 to €68,220
of which Trade receivables: -€11,449
- Other debts -€37,482
down €37,482 (-38.1%), from €98,422 to €60,940
- Reserves +€2,756
up €2,756 (+148%), from €1,860 to €4,616
- Trade debts +€1,395
up €1,395 (+629%), from €222 to €1,616
- Gross operating margin -€97,692
down €97,692 (-72.7%), from €134,331 to €36,638
- Write-downs -€50,414
no longer reported in 2025 (was €50,414)
- Taxes -€9,444
down €9,444 (-57.3%), from €16,478 to €7,034
- Other operating charges -€1,688
down €1,688 (-80.8%), from €2,087 to €400
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 | €123,162 | €90,977 | -€32,185 | -26.1% |
| Fixed assets | 21/28 | €1,211 | €692 | -€520 | -42.9% |
| Tangible fixed assets | 22/27 | €1,170 | €650 | -€520 | -44.4% |
| Furniture and vehicles | 24 | €1,170 | €650 | -€520 | -44.4% |
| Financial fixed assets | 28 | €41 | €41 | = | 0.0% |
| Current assets | 29/58 | €121,950 | €90,285 | -€31,665 | -26.0% |
| Amounts receivable within one year | 40/41 | €78,225 | €68,220 | -€10,005 | -12.8% |
| Trade receivables | 40 | €62,703 | €51,254 | -€11,449 | -18.3% |
| Other amounts receivable | 41 | €15,522 | €16,966 | +€1,444 | +9.3% |
| Cash at bank and in hand | 54/58 | €43,725 | €22,065 | -€21,660 | -49.5% |
| Total equity and liabilities | 10/49 | €123,162 | €90,977 | -€32,185 | -26.1% |
| Equity | 10/15 | €20,460 | €23,216 | +€2,756 | +13.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Share premium | 1100/10 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €4,616 | +€2,756 | +148% |
| Distributable reserves | 133 | €1,860 | €4,616 | +€2,756 | +148% |
| Amounts payable | 17/49 | €102,702 | €67,761 | -€34,941 | -34.0% |
| Amounts payable within one year | 42/48 | €102,702 | €67,761 | -€34,941 | -34.0% |
| Trade debts | 44 | €222 | €1,616 | +€1,395 | +629% |
| Suppliers | 440/4 | €222 | €1,616 | +€1,395 | +629% |
| Taxes, remuneration and social security | 45 | €4,058 | €5,204 | +€1,147 | +28.3% |
| Taxes | 450/3 | €4,058 | €5,204 | +€1,147 | +28.3% |
| Other amounts payable | 47/48 | €98,422 | €60,940 | -€37,482 | -38.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €521 | €520 | -€1 | -0.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €50,414 | - | -€50,414 | |
| Other operating charges | 640/8 | €2,087 | €400 | -€1,688 | -80.8% |
| Gross operating margin | 9900 | €134,331 | €36,638 | -€97,692 | -72.7% |
| Operating profit (loss) | 9901 | €81,309 | €35,719 | -€45,590 | -56.1% |
| Financial income | 75/76B | €5 | €1 | -€5 | -90.0% |
| Recurring financial income | 75 | €5 | €1 | -€5 | -90.0% |
| Financial charges | 65/66B | €1,621 | €1,929 | +€309 | +19.1% |
| Recurring financial charges | 65 | €1,621 | €1,929 | +€309 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | €79,693 | €33,790 | -€45,903 | -57.6% |
| Income taxes | 67/77 | €16,478 | €7,034 | -€9,444 | -57.3% |
| Profit (loss) for the period | 9904 | €63,215 | €26,756 | -€36,459 | -57.7% |
| Profit (loss) for the period to be appropriated | 9905 | €63,215 | €26,756 | -€36,459 | -57.7% |
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 31 October 2026 via checked.be.