Manuel Van der Veken: what changed
Manuel Van der Veken
Largest movements
- Cash -€41,500
down €41,500 (-36.5%), from €113,661 to €72,161
mainly Current investments (-€39,623) and Investment in fixed assets (net) (-€11,935)
- Current investments +€39,623
new in 2025: €39,623
- Tangible fixed assets +€11,683
new in 2025: €11,683
of which Furniture and vehicles: +€6,834
- Receivables within one year +€8,128
up €8,128 (+59.1%), from €13,750 to €21,878
of which Other amounts receivable: +€8,128
- Reserves +€29,488
up €29,488 (+31.3%), from €94,130 to €123,619
- Tax, wage and social debts -€11,452
down €11,452 (-48.5%), from €23,635 to €12,183
of which Taxes: -€14,794
- Other debts -€1,499
down €1,499 (-16.6%), from €9,007 to €7,508
- Gross operating margin -€31,626
down €31,626 (-43.8%), from €72,159 to €40,533
- Taxes -€6,160
down €6,160 (-40.8%), from €15,116 to €8,956
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €129,795 | €146,917 | +€17,122 | +13.2% |
| Fixed assets | 21/28 | - | €11,683 | +€11,683 | |
| Tangible fixed assets | 22/27 | - | €11,683 | +€11,683 | |
| Furniture and vehicles | 24 | - | €6,834 | +€6,834 | |
| Leasing and similar rights | 25 | - | €4,849 | +€4,849 | |
| Current assets | 29/58 | €129,795 | €135,235 | +€5,439 | +4.2% |
| Amounts receivable within one year | 40/41 | €13,750 | €21,878 | +€8,128 | +59.1% |
| Trade receivables | 40 | €13,750 | €13,750 | = | 0.0% |
| Other amounts receivable | 41 | - | €8,128 | +€8,128 | |
| Current investments | 50/53 | - | €39,623 | +€39,623 | |
| Cash at bank and in hand | 54/58 | €113,661 | €72,161 | -€41,500 | -36.5% |
| Deferred charges and accrued income | 490/1 | €2,385 | €1,574 | -€811 | -34.0% |
| Total equity and liabilities | 10/49 | €129,795 | €146,917 | +€17,122 | +13.2% |
| Equity | 10/15 | €96,630 | €126,119 | +€29,488 | +30.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €94,130 | €123,619 | +€29,488 | +31.3% |
| Distributable reserves | 133 | €94,130 | €123,619 | +€29,488 | +31.3% |
| Amounts payable | 17/49 | €33,165 | €20,798 | -€12,366 | -37.3% |
| Amounts payable within one year | 42/48 | €33,165 | €20,798 | -€12,366 | -37.3% |
| Trade debts | 44 | €523 | €1,107 | +€584 | +112% |
| Suppliers | 440/4 | €523 | €1,107 | +€584 | +112% |
| Taxes, remuneration and social security | 45 | €23,635 | €12,183 | -€11,452 | -48.5% |
| Taxes | 450/3 | €23,635 | €8,842 | -€14,794 | -62.6% |
| Remuneration and social security | 454/9 | - | €3,341 | +€3,341 | |
| Other amounts payable | 47/48 | €9,007 | €7,508 | -€1,499 | -16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €253 | +€253 | |
| Other operating charges | 640/8 | €1,336 | €1,234 | -€102 | -7.6% |
| Gross operating margin | 9900 | €72,159 | €40,533 | -€31,626 | -43.8% |
| Operating profit (loss) | 9901 | €70,823 | €39,046 | -€31,777 | -44.9% |
| Financial income | 75/76B | - | €280 | +€280 | |
| Recurring financial income | 75 | - | €280 | +€280 | |
| Financial charges | 65/66B | €1,045 | €881 | -€164 | -15.7% |
| Recurring financial charges | 65 | €1,045 | €881 | -€164 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €69,778 | €38,445 | -€31,333 | -44.9% |
| Income taxes | 67/77 | €15,116 | €8,956 | -€6,160 | -40.8% |
| Profit (loss) for the period | 9904 | €54,662 | €29,488 | -€25,174 | -46.1% |
| Profit (loss) for the period to be appropriated | 9905 | €54,662 | €29,488 | -€25,174 | -46.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.