Marc VANDEVEN: 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.
Marc VANDEVEN
Largest movements
- Tangible fixed assets -€120,139
down €120,139 (-22.0%), from €547,181 to €427,042
of which Land and buildings: -€66,585
- Cash +€45,544
up €45,544 (+12.7%), from €358,489 to €404,033
mainly Depreciation (+€120,139) and Trade debts (+€22,905)
- Stocks and contracts -€13,517
down €13,517 (-4.1%), from €328,867 to €315,350
- Debts after one year -€113,065
down €113,065 (-18.6%), from €607,324 to €494,259
- Trade debts +€22,905
up €22,905 (+26.1%), from €87,655 to €110,559
- Gross operating margin -€30,851
down €30,851 (-6.2%), from €499,732 to €468,881
- Taxes -€9,645
down €9,645 (-83.8%), from €11,508 to €1,862
- Financial income -€7,880
down €7,880 (-20.1%), from €39,279 to €31,399
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 | €1,285,342 | €1,201,663 | -€83,679 | -6.5% |
| Fixed assets | 21/28 | €547,206 | €427,067 | -€120,139 | -22.0% |
| Tangible fixed assets | 22/27 | €547,181 | €427,042 | -€120,139 | -22.0% |
| Land and buildings | 22 | €437,991 | €371,405 | -€66,585 | -15.2% |
| Plant, machinery and equipment | 23 | €103,532 | €51,765 | -€51,768 | -50.0% |
| Furniture and vehicles | 24 | €5,658 | €3,872 | -€1,786 | -31.6% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €738,136 | €774,596 | +€36,460 | +4.9% |
| Stocks and contracts in progress | 3 | €328,867 | €315,350 | -€13,517 | -4.1% |
| Stocks | 30/36 | €328,867 | €315,350 | -€13,517 | -4.1% |
| Amounts receivable within one year | 40/41 | €40,347 | €44,255 | +€3,908 | +9.7% |
| Trade receivables | 40 | €34,097 | €40,005 | +€5,908 | +17.3% |
| Other amounts receivable | 41 | €6,250 | €4,250 | -€2,000 | -32.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €358,489 | €404,033 | +€45,544 | +12.7% |
| Deferred charges and accrued income | 490/1 | €10,433 | €10,957 | +€525 | +5.0% |
| Total equity and liabilities | 10/49 | €1,285,342 | €1,201,663 | -€83,679 | -6.5% |
| Equity | 10/15 | €384,923 | €385,133 | +€209 | +0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €364,463 | €364,673 | +€209 | +0.1% |
| Amounts payable | 17/49 | €900,419 | €816,531 | -€83,888 | -9.3% |
| Amounts payable after more than one year | 17 | €607,324 | €494,259 | -€113,065 | -18.6% |
| Financial debts | 170/4 | €607,324 | €494,259 | -€113,065 | -18.6% |
| Amounts payable within one year | 42/48 | €287,294 | €319,372 | +€32,077 | +11.2% |
| Current portion of amounts payable after more than one year | 42 | €109,252 | €113,065 | +€3,813 | +3.5% |
| Trade debts | 44 | €87,655 | €110,559 | +€22,905 | +26.1% |
| Suppliers | 440/4 | €87,655 | €110,559 | +€22,905 | +26.1% |
| Taxes, remuneration and social security | 45 | €71,729 | €70,079 | -€1,650 | -2.3% |
| Taxes | 450/3 | €37,563 | €35,203 | -€2,360 | -6.3% |
| Remuneration and social security | 454/9 | €34,166 | €34,875 | +€710 | +2.1% |
| Other amounts payable | 47/48 | €18,659 | €25,669 | +€7,010 | +37.6% |
| Accrued charges and deferred income | 492/3 | €5,800 | €2,900 | -€2,900 | -50.0% |
| Remuneration, social security and pensions | 62 | €332,851 | €330,650 | -€2,201 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,323 | €120,139 | -€1,183 | -1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,544 | €6,796 | +€4,252 | +167% |
| Other operating charges | 640/8 | €7,765 | €7,785 | +€20 | +0.3% |
| Gross operating margin | 9900 | €499,732 | €468,881 | -€30,851 | -6.2% |
| Operating profit (loss) | 9901 | €35,250 | €3,511 | -€31,739 | -90.0% |
| Financial income | 75/76B | €39,279 | €31,399 | -€7,880 | -20.1% |
| Recurring financial income | 75 | €39,279 | €31,399 | -€7,880 | -20.1% |
| Financial charges | 65/66B | €35,515 | €32,838 | -€2,677 | -7.5% |
| Recurring financial charges | 65 | €35,515 | €32,838 | -€2,677 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €39,014 | €2,072 | -€36,942 | -94.7% |
| Income taxes | 67/77 | €11,508 | €1,862 | -€9,645 | -83.8% |
| Profit (loss) for the period | 9904 | €27,506 | €209 | -€27,297 | -99.2% |
| Profit (loss) for the period to be appropriated | 9905 | €27,506 | €209 | -€27,297 | -99.2% |
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 13 October 2026 via checked.be.