M. Vanacker: 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.
M. Vanacker
Largest movements
- Tangible fixed assets +€82,359
up €82,359 (+132.0%), from €62,392 to €144,750
of which Land and buildings: +€71,728
- Receivables within one year +€25,166
up €25,166 (+110.6%), from €22,749 to €47,915
of which Trade receivables: +€19,249
- Stocks and contracts +€20,474
up €20,474 (+138.3%), from €14,799 to €35,273
of which Stocks: +€10,474
- Cash -€17,572
down €17,572 (-65.4%), from €26,869 to €9,297
mainly Investment in fixed assets (net) (-€109,407) and Receivables within one year (-€25,166)
- Deferred charges and accrued income +€2,775
up €2,775 (+171.7%), from €1,616 to €4,391
- Debts after one year +€88,131
up €88,131 (+205.5%), from €42,879 to €131,009
- Trade debts +€23,510
up €23,510 (+830.6%), from €2,831 to €26,340
- Reserves -€16,127
down €16,127 (-40.1%), from €40,229 to €24,102
- Current portion of long-term debt +€10,216
up €10,216 (+67.1%), from €15,215 to €25,431
- Other debts +€7,365
up €7,365 (+78.0%), from €9,447 to €16,811
- Gross operating margin -€26,112
down €26,112 (-48.8%), from €53,488 to €27,375
- Staff costs +€9,491
new in 2025: €9,491
- Depreciation +€9,487
up €9,487 (+54.0%), from €17,562 to €27,049
- Taxes -€8,262
down €8,262 (-100.0%), from €8,262 to €0
- Financial charges +€3,958
up €3,958 (+189.1%), from €2,093 to €6,051
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 | €128,426 | €241,626 | +€113,200 | +88.1% |
| Fixed assets | 21/28 | €62,392 | €144,750 | +€82,359 | +132.0% |
| Tangible fixed assets | 22/27 | €62,392 | €144,750 | +€82,359 | +132.0% |
| Land and buildings | 22 | - | €71,728 | +€71,728 | |
| Plant, machinery and equipment | 23 | €45,583 | €63,125 | +€17,542 | +38.5% |
| Furniture and vehicles | 24 | €16,808 | €9,897 | -€6,912 | -41.1% |
| Current assets | 29/58 | €66,034 | €96,876 | +€30,842 | +46.7% |
| Stocks and contracts in progress | 3 | €14,799 | €35,273 | +€20,474 | +138.3% |
| Stocks | 30/36 | €14,799 | €25,273 | +€10,474 | +70.8% |
| Contracts in progress | 37 | - | €10,000 | +€10,000 | |
| Amounts receivable within one year | 40/41 | €22,749 | €47,915 | +€25,166 | +110.6% |
| Trade receivables | 40 | €21,465 | €40,714 | +€19,249 | +89.7% |
| Other amounts receivable | 41 | €1,284 | €7,201 | +€5,916 | +460.7% |
| Cash at bank and in hand | 54/58 | €26,869 | €9,297 | -€17,572 | -65.4% |
| Deferred charges and accrued income | 490/1 | €1,616 | €4,391 | +€2,775 | +171.7% |
| Total equity and liabilities | 10/49 | €128,426 | €241,626 | +€113,200 | +88.1% |
| Equity | 10/15 | €43,729 | €27,602 | -€16,127 | -36.9% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €40,229 | €24,102 | -€16,127 | -40.1% |
| Distributable reserves | 133 | €40,229 | €24,102 | -€16,127 | -40.1% |
| Amounts payable | 17/49 | €84,697 | €214,024 | +€129,327 | +152.7% |
| Amounts payable after more than one year | 17 | €42,879 | €131,009 | +€88,131 | +205.5% |
| Financial debts | 170/4 | €42,879 | €131,009 | +€88,131 | +205.5% |
| Amounts payable within one year | 42/48 | €41,818 | €83,015 | +€41,197 | +98.5% |
| Current portion of amounts payable after more than one year | 42 | €15,215 | €25,431 | +€10,216 | +67.1% |
| Trade debts | 44 | €2,831 | €26,340 | +€23,510 | +830.6% |
| Suppliers | 440/4 | €2,831 | €26,340 | +€23,510 | +830.6% |
| Advances received on contracts in progress | 46 | €1,782 | €1,575 | -€207 | -11.6% |
| Taxes, remuneration and social security | 45 | €12,544 | €12,858 | +€314 | +2.5% |
| Taxes | 450/3 | €10,223 | €10,281 | +€59 | +0.6% |
| Remuneration and social security | 454/9 | €2,321 | €2,576 | +€255 | +11.0% |
| Other amounts payable | 47/48 | €9,447 | €16,811 | +€7,365 | +78.0% |
| Non-recurring operating income | 76A | - | €1,599 | +€1,599 | |
| Remuneration, social security and pensions | 62 | - | €9,491 | +€9,491 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,562 | €27,049 | +€9,487 | +54.0% |
| Other operating charges | 640/8 | €607 | €1,278 | +€671 | +110.6% |
| Gross operating margin | 9900 | €53,488 | €27,375 | -€26,112 | -48.8% |
| Operating profit (loss) | 9901 | €35,319 | -€10,443 | -€45,761 | |
| Financial income | 75/76B | €1,143 | €366 | -€777 | -68.0% |
| Recurring financial income | 75 | €1,143 | €366 | -€777 | -68.0% |
| Financial charges | 65/66B | €2,093 | €6,051 | +€3,958 | +189.1% |
| Recurring financial charges | 65 | €2,093 | €6,051 | +€3,958 | +189.1% |
| Profit (loss) for the period before taxes | 9903 | €34,368 | -€16,127 | -€50,495 | |
| Income taxes | 67/77 | €8,262 | €0 | -€8,262 | -100.0% |
| Profit (loss) for the period | 9904 | €26,106 | -€16,127 | -€42,233 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,106 | -€16,127 | -€42,233 |
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 8 October 2026 via checked.be.