MUSIC-VANDERHEYDEN: what changed
MUSIC-VANDERHEYDEN
Largest movements
- Tangible fixed assets -€36,542
down €36,542 (-14.7%), from €249,225 to €212,682
- Cash +€30,462
up €30,462 (+60.9%), from €50,047 to €80,509
mainly Net result for the year (+€81,500) and Depreciation (+€70,554)
- Stocks and contracts +€25,720
up €25,720 (+4.1%), from €634,988 to €660,708
- Receivables within one year +€22,458
up €22,458 (+25.8%), from €86,900 to €109,358
of which Trade receivables: +€19,458
- Reserves +€81,500
up €81,500 (+21.2%), from €384,540 to €466,040
- Trade debts -€34,961
down €34,961 (-31.4%), from €111,334 to €76,373
- Debts after one year -€32,093
down €32,093 (-8.3%), from €387,245 to €355,152
of which Financial debts: -€25,693
- Tax, wage and social debts +€16,963
up €16,963 (+40.0%), from €42,424 to €59,387
of which Taxes: +€16,486
- Other debts +€11,917
up €11,917 (+21.3%), from €55,953 to €67,870
- Gross operating margin -€36,806
down €36,806 (-11.8%), from €311,095 to €274,289
- Depreciation -€27,095
down €27,095 (-27.7%), from €97,649 to €70,554
- Financial income -€13,619
down €13,619 (-42.7%), from €31,892 to €18,273
- Staff costs -€8,500
down €8,500 (-9.1%), from €93,062 to €84,562
- Financial charges -€6,664
down €6,664 (-27.4%), from €24,279 to €17,615
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 | €1,025,952 | €1,069,890 | +€43,938 | +4.3% |
| Fixed assets | 21/28 | €249,225 | €212,682 | -€36,542 | -14.7% |
| Tangible fixed assets | 22/27 | €249,225 | €212,682 | -€36,542 | -14.7% |
| Land and buildings | 22 | €115,800 | €103,200 | -€12,600 | -10.9% |
| Plant, machinery and equipment | 23 | €38,657 | €24,230 | -€14,427 | -37.3% |
| Furniture and vehicles | 24 | €57,672 | €55,076 | -€2,596 | -4.5% |
| Other tangible fixed assets | 26 | €37,096 | €30,177 | -€6,919 | -18.7% |
| Current assets | 29/58 | €776,727 | €857,208 | +€80,481 | +10.4% |
| Stocks and contracts in progress | 3 | €634,988 | €660,708 | +€25,720 | +4.1% |
| Stocks | 30/36 | €634,988 | €660,708 | +€25,720 | +4.1% |
| Amounts receivable within one year | 40/41 | €86,900 | €109,358 | +€22,458 | +25.8% |
| Trade receivables | 40 | €86,900 | €106,358 | +€19,458 | +22.4% |
| Other amounts receivable | 41 | - | €3,000 | +€3,000 | |
| Cash at bank and in hand | 54/58 | €50,047 | €80,509 | +€30,462 | +60.9% |
| Deferred charges and accrued income | 490/1 | €4,792 | €6,632 | +€1,840 | +38.4% |
| Total equity and liabilities | 10/49 | €1,025,952 | €1,069,890 | +€43,938 | +4.3% |
| Equity | 10/15 | €403,140 | €484,640 | +€81,500 | +20.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €384,540 | €466,040 | +€81,500 | +21.2% |
| Distributable reserves | 133 | €384,540 | €466,040 | +€81,500 | +21.2% |
| Amounts payable | 17/49 | €622,812 | €585,251 | -€37,562 | -6.0% |
| Amounts payable after more than one year | 17 | €387,245 | €355,152 | -€32,093 | -8.3% |
| Financial debts | 170/4 | €337,095 | €311,402 | -€25,693 | -7.6% |
| Other amounts payable | 178/9 | €50,150 | €43,750 | -€6,400 | -12.8% |
| Amounts payable within one year | 42/48 | €234,540 | €229,418 | -€5,123 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €24,829 | €25,787 | +€958 | +3.9% |
| Trade debts | 44 | €111,334 | €76,373 | -€34,961 | -31.4% |
| Suppliers | 440/4 | €111,334 | €76,373 | -€34,961 | -31.4% |
| Taxes, remuneration and social security | 45 | €42,424 | €59,387 | +€16,963 | +40.0% |
| Taxes | 450/3 | €26,371 | €42,857 | +€16,486 | +62.5% |
| Remuneration and social security | 454/9 | €16,053 | €16,531 | +€477 | +3.0% |
| Other amounts payable | 47/48 | €55,953 | €67,870 | +€11,917 | +21.3% |
| Accrued charges and deferred income | 492/3 | €1,027 | €681 | -€346 | -33.7% |
| Remuneration, social security and pensions | 62 | €93,062 | €84,562 | -€8,500 | -9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,649 | €70,554 | -€27,095 | -27.7% |
| Other operating charges | 640/8 | €4,476 | €5,805 | +€1,328 | +29.7% |
| Gross operating margin | 9900 | €311,095 | €274,289 | -€36,806 | -11.8% |
| Operating profit (loss) | 9901 | €115,908 | €113,368 | -€2,539 | -2.2% |
| Financial income | 75/76B | €31,892 | €18,273 | -€13,619 | -42.7% |
| Recurring financial income | 75 | €31,892 | €18,273 | -€13,619 | -42.7% |
| Financial charges | 65/66B | €24,279 | €17,615 | -€6,664 | -27.4% |
| Recurring financial charges | 65 | €24,279 | €17,615 | -€6,664 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €123,520 | €114,026 | -€9,494 | -7.7% |
| Income taxes | 67/77 | €34,520 | €32,526 | -€1,994 | -5.8% |
| Profit (loss) for the period | 9904 | €89,000 | €81,500 | -€7,500 | -8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €89,000 | €81,500 | -€7,500 | -8.4% |
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 2 November 2026 via checked.be.