MICHAËL VANGENECHTEN: 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.
MICHAËL VANGENECHTEN
Largest movements
- Tangible fixed assets +€373,328
up €373,328 (+2,010%), from €18,569 to €391,897
of which Land and buildings: +€385,290
- Receivables within one year +€31,128
up €31,128 (+143%), from €21,706 to €52,834
of which Other amounts receivable: +€30,891
- Cash +€29,119
up €29,119 (+48.5%), from €59,980 to €89,099
mainly Debts after one year (+€327,713) and Other debts (+€165,076)
- Debts after one year +€327,713
new in 2025: €327,713
- Other debts +€165,076
up €165,076 (+13,561%), from €1,217 to €166,294
- Reserves -€86,293
down €86,293 (-100%), from €86,293 to €0
- Current portion of long-term debt +€19,378
up €19,378, from €0 to €19,378
- Tax, wage and social debts +€6,341
up €6,341 (+46.9%), from €13,515 to €19,856
- Financial charges +€6,833
up €6,833 (+2,814%), from €243 to €7,076
- Gross operating margin +€6,204
up €6,204 (+4.7%), from €131,450 to €137,653
- Depreciation +€4,924
up €4,924 (+26.8%), from €18,387 to €23,311
- Other operating charges +€2,359
up €2,359 (+267%), from €883 to €3,242
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 | €103,476 | €538,670 | +€435,194 | +421% |
| Fixed assets | 21/28 | €18,569 | €391,897 | +€373,328 | +2,010% |
| Tangible fixed assets | 22/27 | €18,569 | €391,897 | +€373,328 | +2,010% |
| Land and buildings | 22 | €6,134 | €391,424 | +€385,290 | +6,282% |
| Plant, machinery and equipment | 23 | €648 | €188 | -€460 | -71.0% |
| Furniture and vehicles | 24 | €11,788 | €285 | -€11,503 | -97.6% |
| Current assets | 29/58 | €84,907 | €146,774 | +€61,867 | +72.9% |
| Amounts receivable within one year | 40/41 | €21,706 | €52,834 | +€31,128 | +143% |
| Trade receivables | 40 | €21,418 | €21,655 | +€237 | +1.1% |
| Other amounts receivable | 41 | €288 | €31,179 | +€30,891 | +10,741% |
| Cash at bank and in hand | 54/58 | €59,980 | €89,099 | +€29,119 | +48.5% |
| Deferred charges and accrued income | 490/1 | €3,221 | €4,841 | +€1,619 | +50.3% |
| Total equity and liabilities | 10/49 | €103,476 | €538,670 | +€435,194 | +421% |
| Equity | 10/15 | €87,293 | €1,000 | -€86,293 | -98.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €86,293 | €0 | -€86,293 | -100% |
| Distributable reserves | 133 | €86,293 | €0 | -€86,293 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €16,183 | €537,670 | +€521,488 | +3,222% |
| Amounts payable after more than one year | 17 | - | €327,713 | +€327,713 | |
| Financial debts | 170/4 | - | €327,713 | +€327,713 | |
| Amounts payable within one year | 42/48 | €16,183 | €209,957 | +€193,774 | +1,197% |
| Current portion of amounts payable after more than one year | 42 | €0 | €19,378 | +€19,378 | |
| Financial debts | 43 | €0 | €1,372 | +€1,372 | |
| Credit institutions | 430/8 | €0 | €1,372 | +€1,372 | |
| Trade debts | 44 | €1,451 | €3,058 | +€1,607 | +111% |
| Suppliers | 440/4 | €1,451 | €3,058 | +€1,607 | +111% |
| Taxes, remuneration and social security | 45 | €13,515 | €19,856 | +€6,341 | +46.9% |
| Taxes | 450/3 | €13,515 | €19,856 | +€6,341 | +46.9% |
| Other amounts payable | 47/48 | €1,217 | €166,294 | +€165,076 | +13,561% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,387 | €23,311 | +€4,924 | +26.8% |
| Other operating charges | 640/8 | €883 | €3,242 | +€2,359 | +267% |
| Gross operating margin | 9900 | €131,450 | €137,653 | +€6,204 | +4.7% |
| Operating profit (loss) | 9901 | €112,180 | €111,100 | -€1,080 | -1.0% |
| Financial income | 75/76B | €0 | €682 | +€682 | |
| Recurring financial income | 75 | €0 | €682 | +€682 | |
| Financial charges | 65/66B | €243 | €7,076 | +€6,833 | +2,814% |
| Recurring financial charges | 65 | €243 | €7,076 | +€6,833 | +2,814% |
| Profit (loss) for the period before taxes | 9903 | €111,937 | €104,706 | -€7,231 | -6.5% |
| Income taxes | 67/77 | €25,644 | €24,705 | -€938 | -3.7% |
| Profit (loss) for the period | 9904 | €86,293 | €80,001 | -€6,293 | -7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €86,293 | €80,001 | -€6,293 | -7.3% |
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 19 October 2026 via checked.be.