MICHAEL VANDERHAEGHE: 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.
MICHAEL VANDERHAEGHE
Largest movements
- Tangible fixed assets -€18,282
down €18,282 (-17.9%), from €102,057 to €83,776
of which Other tangible fixed assets: -€10,610
- Cash -€14,287
down €14,287 (-60.5%), from €23,595 to €9,308
mainly Debts after one year (-€11,879) and Trade debts (-€9,018)
- Receivables within one year +€5,193
up €5,193 (+12.0%), from €43,279 to €48,472
of which Trade receivables: +€3,316
- Debts after one year -€11,879
down €11,879 (-14.9%), from €79,727 to €67,848
- Trade debts -€9,018
down €9,018 (-86.8%), from €10,386 to €1,368
- Tax, wage and social debts -€5,188
down €5,188 (-32.8%), from €15,813 to €10,625
of which Remuneration and social security: -€3,734
- Other debts +€4,850
up €4,850 (+24.8%), from €19,585 to €24,434
- Current portion of long-term debt -€4,634
down €4,634 (-28.1%), from €16,512 to €11,879
- Gross operating margin -€13,053
down €13,053 (-36.8%), from €35,475 to €22,422
- Depreciation -€4,703
down €4,703 (-20.5%), from €22,985 to €18,282
- Taxes -€1,000
down €1,000 (-88.3%), from €1,132 to €132
- Financial charges +€374
up €374 (+7.5%), from €4,958 to €5,332
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 | €173,758 | €145,064 | -€28,694 | -16.5% |
| Fixed assets | 21/28 | €102,057 | €83,776 | -€18,282 | -17.9% |
| Tangible fixed assets | 22/27 | €102,057 | €83,776 | -€18,282 | -17.9% |
| Furniture and vehicles | 24 | €259 | €0 | -€259 | -100% |
| Leasing and similar rights | 25 | €10,459 | €3,046 | -€7,412 | -70.9% |
| Other tangible fixed assets | 26 | €91,340 | €80,730 | -€10,610 | -11.6% |
| Current assets | 29/58 | €71,701 | €61,288 | -€10,413 | -14.5% |
| Amounts receivable within one year | 40/41 | €43,279 | €48,472 | +€5,193 | +12.0% |
| Trade receivables | 40 | €42,422 | €45,739 | +€3,316 | +7.8% |
| Other amounts receivable | 41 | €857 | €2,733 | +€1,876 | +219% |
| Cash at bank and in hand | 54/58 | €23,595 | €9,308 | -€14,287 | -60.5% |
| Deferred charges and accrued income | 490/1 | €4,827 | €3,508 | -€1,319 | -27.3% |
| Total equity and liabilities | 10/49 | €173,758 | €145,064 | -€28,694 | -16.5% |
| Equity | 10/15 | €31,670 | €28,843 | -€2,827 | -8.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €13,120 | €10,293 | -€2,827 | -21.5% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €11,265 | €8,438 | -€2,827 | -25.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €142,089 | €116,221 | -€25,868 | -18.2% |
| Amounts payable after more than one year | 17 | €79,727 | €67,848 | -€11,879 | -14.9% |
| Financial debts | 170/4 | €79,727 | €67,848 | -€11,879 | -14.9% |
| Amounts payable within one year | 42/48 | €62,297 | €48,306 | -€13,990 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €16,512 | €11,879 | -€4,634 | -28.1% |
| Trade debts | 44 | €10,386 | €1,368 | -€9,018 | -86.8% |
| Suppliers | 440/4 | €10,386 | €1,368 | -€9,018 | -86.8% |
| Taxes, remuneration and social security | 45 | €15,813 | €10,625 | -€5,188 | -32.8% |
| Taxes | 450/3 | €12,080 | €10,625 | -€1,455 | -12.0% |
| Remuneration and social security | 454/9 | €3,734 | €0 | -€3,734 | -100% |
| Other amounts payable | 47/48 | €19,585 | €24,434 | +€4,850 | +24.8% |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Non-recurring operating income | 76A | €9,152 | €0 | -€9,152 | -100% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,985 | €18,282 | -€4,703 | -20.5% |
| Other operating charges | 640/8 | €1,821 | €1,531 | -€291 | -15.9% |
| Gross operating margin | 9900 | €35,475 | €22,422 | -€13,053 | -36.8% |
| Operating profit (loss) | 9901 | €10,669 | €2,610 | -€8,059 | -75.5% |
| Financial income | 75/76B | €107 | €28 | -€79 | -74.1% |
| Recurring financial income | 75 | €107 | €28 | -€79 | -74.1% |
| Financial charges | 65/66B | €4,958 | €5,332 | +€374 | +7.5% |
| Recurring financial charges | 65 | €4,958 | €5,332 | +€374 | +7.5% |
| Profit (loss) for the period before taxes | 9903 | €5,818 | -€2,695 | -€8,513 | |
| Income taxes | 67/77 | €1,132 | €132 | -€1,000 | -88.3% |
| Profit (loss) for the period | 9904 | €4,686 | -€2,827 | -€7,513 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,686 | -€2,827 | -€7,513 |
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 29 October 2026 via checked.be.