M. VANDERHEYDEN: 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. VANDERHEYDEN
Largest movements
- Current investments -€200,000
down €200,000 (-98.0%), from €204,125 to €4,125
- Cash +€160,283
up €160,283 (+2517.7%), from €6,366 to €166,649
mainly Current investments (+€200,000) and Net result for the year (+€123,699)
- Receivables within one year +€56,211
up €56,211 (+48.7%), from €115,312 to €171,523
of which Trade receivables: +€98,577
- Reserves +€123,699
up €123,699 (+21.6%), from €573,608 to €697,307
of which Distributable reserves: +€128,950
- Debts after one year -€65,246
down €65,246 (-14.5%), from €450,513 to €385,267
- Other debts -€65,232
down €65,232 (-94.1%), from €69,357 to €4,125
- Gross operating margin +€73,918
up €73,918 (+35.1%), from €210,399 to €284,317
- Financial income -€23,001
down €23,001 (-73.4%), from €31,325 to €8,324
of which Financial income: -€23,001
- Taxes +€21,417
up €21,417 (+43.4%), from €49,357 to €70,773
- Other operating charges -€7,849
down €7,849 (-35.3%), from €22,222 to €14,373
- Depreciation -€3,083
down €3,083 (-6.2%), from €49,865 to €46,783
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 | €1,794,473 | €1,812,163 | +€17,690 | +1.0% |
| Fixed assets | 21/28 | €1,364,154 | €1,358,052 | -€6,102 | -0.4% |
| Tangible fixed assets | 22/27 | €881,654 | €875,552 | -€6,102 | -0.7% |
| Land and buildings | 22 | €875,555 | €851,557 | -€23,998 | -2.7% |
| Plant, machinery and equipment | 23 | €804 | €2,523 | +€1,719 | +213.8% |
| Furniture and vehicles | 24 | €1,430 | €12,281 | +€10,851 | +758.7% |
| Other tangible fixed assets | 26 | €3,865 | €9,191 | +€5,326 | +137.8% |
| Financial fixed assets | 28 | €482,500 | €482,500 | = | 0.0% |
| Current assets | 29/58 | €430,319 | €454,111 | +€23,791 | +5.5% |
| Amounts receivable after more than one year | 29 | €104,516 | €104,516 | = | 0.0% |
| Other amounts receivable | 291 | €104,516 | €104,516 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €115,312 | €171,523 | +€56,211 | +48.7% |
| Trade receivables | 40 | €4,310 | €102,887 | +€98,577 | +2287.1% |
| Other amounts receivable | 41 | €111,002 | €68,635 | -€42,367 | -38.2% |
| Current investments | 50/53 | €204,125 | €4,125 | -€200,000 | -98.0% |
| Cash at bank and in hand | 54/58 | €6,366 | €166,649 | +€160,283 | +2517.7% |
| Deferred charges and accrued income | 490/1 | - | €7,297 | +€7,297 | |
| Total equity and liabilities | 10/49 | €1,794,473 | €1,812,163 | +€17,690 | +1.0% |
| Equity | 10/15 | €980,900 | €1,104,599 | +€123,699 | +12.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €573,608 | €697,307 | +€123,699 | +21.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €187,694 | €182,443 | -€5,251 | -2.8% |
| Distributable reserves | 133 | €384,054 | €513,003 | +€128,950 | +33.6% |
| Profit (loss) carried forward | 14 | €401,092 | €401,092 | = | 0.0% |
| Provisions and deferred taxes | 16 | €167,213 | €165,008 | -€2,206 | -1.3% |
| Provisions for liabilities and charges | 160/5 | €112,000 | €112,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €112,000 | €112,000 | = | 0.0% |
| Deferred taxes | 168 | €55,213 | €53,008 | -€2,206 | -4.0% |
| Amounts payable | 17/49 | €646,360 | €542,556 | -€103,804 | -16.1% |
| Amounts payable after more than one year | 17 | €450,513 | €385,267 | -€65,246 | -14.5% |
| Financial debts | 170/4 | €450,513 | €385,267 | -€65,246 | -14.5% |
| Amounts payable within one year | 42/48 | €195,847 | €155,914 | -€39,933 | -20.4% |
| Current portion of amounts payable after more than one year | 42 | €64,165 | €65,246 | +€1,082 | +1.7% |
| Financial debts | 43 | €2 | €80 | +€78 | +4341.7% |
| Credit institutions | 430/8 | €2 | €80 | +€78 | +4341.7% |
| Trade debts | 44 | €3,298 | €17,079 | +€13,781 | +417.9% |
| Suppliers | 440/4 | €3,298 | €17,079 | +€13,781 | +417.9% |
| Advances received on contracts in progress | 46 | €30,000 | €30,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €29,026 | €39,384 | +€10,358 | +35.7% |
| Taxes | 450/3 | €29,026 | €39,384 | +€10,358 | +35.7% |
| Other amounts payable | 47/48 | €69,357 | €4,125 | -€65,232 | -94.1% |
| Accrued charges and deferred income | 492/3 | €0 | €1,375 | +€1,375 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,865 | €46,783 | -€3,083 | -6.2% |
| Other operating charges | 640/8 | €22,222 | €14,373 | -€7,849 | -35.3% |
| Non-recurring operating charges | 66A | - | €8,640 | +€8,640 | |
| Gross operating margin | 9900 | €210,399 | €284,317 | +€73,918 | +35.1% |
| Operating profit (loss) | 9901 | €138,311 | €214,521 | +€76,210 | +55.1% |
| Financial income | 75/76B | €31,325 | €8,324 | -€23,001 | -73.4% |
| Recurring financial income | 75 | €31,325 | €8,324 | -€23,001 | -73.4% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €30,106 | €30,578 | +€473 | +1.6% |
| Recurring financial charges | 65 | €30,106 | €30,578 | +€473 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €139,531 | €192,267 | +€52,736 | +37.8% |
| Transfer from deferred taxes | 780 | €3,924 | €2,206 | -€1,719 | -43.8% |
| Income taxes | 67/77 | €49,357 | €70,773 | +€21,417 | +43.4% |
| Profit (loss) for the period | 9904 | €94,098 | €123,699 | +€29,601 | +31.5% |
| Transfer from tax-exempt reserves | 789 | €9,342 | €5,251 | -€4,092 | -43.8% |
| Profit (loss) for the period to be appropriated | 9905 | €103,440 | €128,950 | +€25,509 | +24.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.