M. Van de Velde: 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.
M. Van de Velde
Largest movements
- Intangible fixed assets +€128,571
new in 2025: €128,571
- Cash +€67,062
up €67,062 (+493%), from €13,611 to €80,673
mainly Debts after one year (+€106,212) and Net result for the year (+€43,350)
- Receivables within one year -€11,100
down €11,100 (-29.0%), from €38,341 to €27,241
of which Trade receivables: -€30,000
- Deferred charges and accrued income +€3,728
up €3,728 (+236%), from €1,582 to €5,311
- Tangible fixed assets +€3,516
up €3,516, from €0 to €3,516
of which Plant, machinery and equipment: +€2,935
- Debts after one year +€106,212
new in 2025: €106,212
- Profit (loss) carried forward +€40,842
up €40,842, from -€40,842 to €0
- Trade debts +€20,947
up €20,947 (+7,859%), from €267 to €21,213
- Short-term financial debts +€16,729
new in 2025: €16,729
- Current portion of long-term debt +€12,752
up €12,752, from €0 to €12,752
- Gross operating margin +€145,386
up €145,386, from -€21,543 to €123,843
- Staff costs +€50,867
up €50,867 (+25,609%), from €199 to €51,065
- Depreciation +€22,197
up €22,197 (+9,063%), from €245 to €22,442
- Taxes +€3,604
up €3,604 (+13,253%), from €27 to €3,631
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 | €61,594 | €253,311 | +€191,716 | +311% |
| Formation expenses | 20 | €60 | €0 | -€60 | -100% |
| Fixed assets | 21/28 | €8,000 | €140,087 | +€132,087 | +1,651% |
| Intangible fixed assets | 21 | - | €128,571 | +€128,571 | |
| Tangible fixed assets | 22/27 | €0 | €3,516 | +€3,516 | |
| Plant, machinery and equipment | 23 | €0 | €2,935 | +€2,935 | |
| Furniture and vehicles | 24 | - | €581 | +€581 | |
| Financial fixed assets | 28 | €8,000 | €8,000 | = | 0.0% |
| Current assets | 29/58 | €53,534 | €113,224 | +€59,690 | +111% |
| Amounts receivable within one year | 40/41 | €38,341 | €27,241 | -€11,100 | -29.0% |
| Trade receivables | 40 | €30,000 | €0 | -€30,000 | -100% |
| Other amounts receivable | 41 | €8,341 | €27,241 | +€18,900 | +227% |
| Cash at bank and in hand | 54/58 | €13,611 | €80,673 | +€67,062 | +493% |
| Deferred charges and accrued income | 490/1 | €1,582 | €5,311 | +€3,728 | +236% |
| Total equity and liabilities | 10/49 | €61,594 | €253,311 | +€191,716 | +311% |
| Equity | 10/15 | €10,117 | €53,468 | +€43,350 | +428% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €45,960 | €48,468 | +€2,508 | +5.5% |
| Distributable reserves | 133 | €45,960 | €48,468 | +€2,508 | +5.5% |
| Profit (loss) carried forward | 14 | -€40,842 | €0 | +€40,842 | |
| Amounts payable | 17/49 | €51,477 | €199,843 | +€148,366 | +288% |
| Amounts payable after more than one year | 17 | - | €106,212 | +€106,212 | |
| Financial debts | 170/4 | - | €106,212 | +€106,212 | |
| Amounts payable within one year | 42/48 | €51,477 | €93,631 | +€42,154 | +81.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | €12,752 | +€12,752 | |
| Financial debts | 43 | - | €16,729 | +€16,729 | |
| Credit institutions | 430/8 | - | €16,729 | +€16,729 | |
| Trade debts | 44 | €267 | €21,213 | +€20,947 | +7,859% |
| Suppliers | 440/4 | €267 | €21,213 | +€20,947 | +7,859% |
| Taxes, remuneration and social security | 45 | €103 | €1,984 | +€1,881 | +1,825% |
| Taxes | 450/3 | €0 | €251 | +€251 | |
| Remuneration and social security | 454/9 | €103 | €1,733 | +€1,630 | +1,581% |
| Other amounts payable | 47/48 | €51,108 | €40,954 | -€10,154 | -19.9% |
| Remuneration, social security and pensions | 62 | €199 | €51,065 | +€50,867 | +25,609% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €245 | €22,442 | +€22,197 | +9,063% |
| Other operating charges | 640/8 | €2,082 | €2,149 | +€66 | +3.2% |
| Non-recurring operating charges | 66A | €717 | €0 | -€717 | -100% |
| Gross operating margin | 9900 | -€21,543 | €123,843 | +€145,386 | |
| Operating profit (loss) | 9901 | -€24,785 | €48,187 | +€72,972 | |
| Financial income | 75/76B | €20 | €32 | +€12 | +61.0% |
| Recurring financial income | 75 | €20 | €32 | +€12 | +61.0% |
| Financial charges | 65/66B | €368 | €1,238 | +€870 | +237% |
| Recurring financial charges | 65 | €368 | €1,238 | +€870 | +237% |
| Profit (loss) for the period before taxes | 9903 | -€25,133 | €46,981 | +€72,114 | |
| Income taxes | 67/77 | €27 | €3,631 | +€3,604 | +13,253% |
| Profit (loss) for the period | 9904 | -€25,160 | €43,350 | +€68,511 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,160 | €43,350 | +€68,511 |
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 25 October 2026 via checked.be.