Nils Vandenberghe: 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.
Nils Vandenberghe
Largest movements
- Cash +€18,509
up €18,509 (+19.0%), from €97,502 to €116,011
mainly Net result for the year (+€95,255) and Depreciation (+€85,140)
- Tangible fixed assets -€17,736
down €17,736 (-5.6%), from €314,827 to €297,091
of which Leasing and similar rights: -€49,168
- Receivables within one year -€17,511
down €17,511 (-27.8%), from €63,097 to €45,586
of which Trade receivables: -€43,722
- Debts after one year -€45,629
down €45,629 (-36.1%), from €126,313 to €80,684
- Trade debts +€40,334
up €40,334 (+214%), from €18,876 to €59,210
- Other debts -€26,926
no longer reported in 2025 (was €26,926)
- Reserves +€20,967
up €20,967 (+9.6%), from €218,451 to €239,418
- Tax, wage and social debts +€10,028
up €10,028 (+94.9%), from €10,566 to €20,594
of which Taxes: +€12,516
- Gross operating margin +€67,867
up €67,867 (+42.7%), from €158,814 to €226,681
- Taxes +€24,493
up €24,493 (+188%), from €13,032 to €37,524
- Staff costs -€10,392
down €10,392 (-88.4%), from €11,751 to €1,360
- Financial charges -€2,585
down €2,585 (-34.0%), from €7,613 to €5,028
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 | €479,373 | €464,464 | -€14,909 | -3.1% |
| Fixed assets | 21/28 | €314,827 | €297,091 | -€17,736 | -5.6% |
| Tangible fixed assets | 22/27 | €314,827 | €297,091 | -€17,736 | -5.6% |
| Land and buildings | 22 | €116,755 | €101,732 | -€15,023 | -12.9% |
| Plant, machinery and equipment | 23 | €47,909 | €37,116 | -€10,793 | -22.5% |
| Furniture and vehicles | 24 | €12,704 | €69,953 | +€57,249 | +451% |
| Leasing and similar rights | 25 | €137,459 | €88,290 | -€49,168 | -35.8% |
| Current assets | 29/58 | €164,547 | €167,373 | +€2,827 | +1.7% |
| Stocks and contracts in progress | 3 | €2,342 | €3,319 | +€977 | +41.7% |
| Stocks | 30/36 | €2,342 | €3,319 | +€977 | +41.7% |
| Amounts receivable within one year | 40/41 | €63,097 | €45,586 | -€17,511 | -27.8% |
| Trade receivables | 40 | €54,828 | €11,106 | -€43,722 | -79.7% |
| Other amounts receivable | 41 | €8,269 | €34,480 | +€26,211 | +317% |
| Cash at bank and in hand | 54/58 | €97,502 | €116,011 | +€18,509 | +19.0% |
| Deferred charges and accrued income | 490/1 | €1,606 | €2,457 | +€851 | +53.0% |
| Total equity and liabilities | 10/49 | €479,373 | €464,464 | -€14,909 | -3.1% |
| Equity | 10/15 | €230,851 | €251,818 | +€20,967 | +9.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €218,451 | €239,418 | +€20,967 | +9.6% |
| Distributable reserves | 133 | €218,451 | €239,418 | +€20,967 | +9.6% |
| Amounts payable | 17/49 | €248,522 | €212,647 | -€35,876 | -14.4% |
| Amounts payable after more than one year | 17 | €126,313 | €80,684 | -€45,629 | -36.1% |
| Financial debts | 170/4 | €126,313 | €80,684 | -€45,629 | -36.1% |
| Amounts payable within one year | 42/48 | €113,087 | €127,465 | +€14,378 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €56,718 | €47,661 | -€9,057 | -16.0% |
| Trade debts | 44 | €18,876 | €59,210 | +€40,334 | +214% |
| Suppliers | 440/4 | €18,876 | €59,210 | +€40,334 | +214% |
| Taxes, remuneration and social security | 45 | €10,566 | €20,594 | +€10,028 | +94.9% |
| Taxes | 450/3 | €8,077 | €20,594 | +€12,516 | +155% |
| Remuneration and social security | 454/9 | €2,488 | - | -€2,488 | |
| Other amounts payable | 47/48 | €26,926 | - | -€26,926 | |
| Accrued charges and deferred income | 492/3 | €9,123 | €4,497 | -€4,625 | -50.7% |
| Remuneration, social security and pensions | 62 | €11,751 | €1,360 | -€10,392 | -88.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,951 | €85,140 | +€2,189 | +2.6% |
| Other operating charges | 640/8 | €2,762 | €2,390 | -€371 | -13.4% |
| Gross operating margin | 9900 | €158,814 | €226,681 | +€67,867 | +42.7% |
| Operating profit (loss) | 9901 | €61,350 | €137,790 | +€76,440 | +125% |
| Financial income | 75/76B | €1,629 | €17 | -€1,613 | -99.0% |
| Recurring financial income | 75 | €1,629 | €17 | -€1,613 | -99.0% |
| Financial charges | 65/66B | €7,613 | €5,028 | -€2,585 | -34.0% |
| Recurring financial charges | 65 | €7,613 | €5,028 | -€2,585 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | €55,367 | €132,780 | +€77,413 | +140% |
| Income taxes | 67/77 | €13,032 | €37,524 | +€24,493 | +188% |
| Profit (loss) for the period | 9904 | €42,335 | €95,255 | +€52,920 | +125% |
| Profit (loss) for the period to be appropriated | 9905 | €42,335 | €95,255 | +€52,920 | +125% |
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.