OLIVIER VRANKENNE: 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.
OLIVIER VRANKENNE
Largest movements
- Receivables within one year -€300,226
down €300,226 (-65.1%), from €460,987 to €160,761
of which Trade receivables: -€338,236
- Current investments -€139,984
down €139,984 (-82.1%), from €170,532 to €30,548
- Tangible fixed assets -€22,188
down €22,188 (-37.9%), from €58,485 to €36,297
of which Other tangible fixed assets: -€19,846
- Trade debts -€404,032
down €404,032 (-97.8%), from €412,945 to €8,913
- Profit (loss) carried forward -€89,019
down €89,019 (-40.3%), from €221,115 to €132,096
- Advances received +€61,200
new in 2025: €61,200
- Accrued charges and deferred income -€23,514
down €23,514 (-99.6%), from €23,615 to €101
- Other debts -€15,000
down €15,000 (-31.3%), from €47,857 to €32,857
- Gross operating margin -€183,383
down €183,383, from €99,127 to -€84,257
- Other operating charges -€22,562
down €22,562 (-88.9%), from €25,372 to €2,811
- Taxes -€12,190
no longer reported in 2025 (was €12,190)
- Financial charges -€11,469
down €11,469 (-55.6%), from €20,644 to €9,175
- Write-downs -€5,442
new in 2025: -€5,442
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 | €923,524 | €453,402 | -€470,122 | -50.9% |
| Fixed assets | 21/28 | €62,152 | €36,952 | -€25,200 | -40.5% |
| Tangible fixed assets | 22/27 | €58,485 | €36,297 | -€22,188 | -37.9% |
| Furniture and vehicles | 24 | €38,639 | €36,297 | -€2,342 | -6.1% |
| Other tangible fixed assets | 26 | €19,846 | - | -€19,846 | |
| Financial fixed assets | 28 | €3,667 | €655 | -€3,012 | -82.1% |
| Current assets | 29/58 | €861,372 | €416,450 | -€444,922 | -51.7% |
| Stocks and contracts in progress | 3 | €223,033 | €224,042 | +€1,009 | +0.5% |
| Stocks | 30/36 | €223,033 | €224,042 | +€1,009 | +0.5% |
| Amounts receivable within one year | 40/41 | €460,987 | €160,761 | -€300,226 | -65.1% |
| Trade receivables | 40 | €413,092 | €74,856 | -€338,236 | -81.9% |
| Other amounts receivable | 41 | €47,895 | €85,905 | +€38,010 | +79.4% |
| Current investments | 50/53 | €170,532 | €30,548 | -€139,984 | -82.1% |
| Cash at bank and in hand | 54/58 | €4,678 | €1,047 | -€3,631 | -77.6% |
| Deferred charges and accrued income | 490/1 | €2,142 | €52 | -€2,090 | -97.6% |
| Total equity and liabilities | 10/49 | €923,524 | €453,402 | -€470,122 | -50.9% |
| Equity | 10/15 | €323,000 | €233,981 | -€89,019 | -27.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €89,485 | €89,485 | = | 0.0% |
| Distributable reserves | 133 | €89,485 | €89,485 | = | 0.0% |
| Profit (loss) carried forward | 14 | €221,115 | €132,096 | -€89,019 | -40.3% |
| Amounts payable | 17/49 | €600,524 | €219,421 | -€381,103 | -63.5% |
| Amounts payable within one year | 42/48 | €576,909 | €219,321 | -€357,589 | -62.0% |
| Financial debts | 43 | €103,313 | €101,345 | -€1,968 | -1.9% |
| Credit institutions | 430/8 | €103,313 | €101,345 | -€1,968 | -1.9% |
| Trade debts | 44 | €412,945 | €8,913 | -€404,032 | -97.8% |
| Suppliers | 440/4 | €412,945 | €8,913 | -€404,032 | -97.8% |
| Advances received on contracts in progress | 46 | - | €61,200 | +€61,200 | |
| Taxes, remuneration and social security | 45 | €12,794 | €15,005 | +€2,211 | +17.3% |
| Taxes | 450/3 | €12,794 | €15,005 | +€2,211 | +17.3% |
| Other amounts payable | 47/48 | €47,857 | €32,857 | -€15,000 | -31.3% |
| Accrued charges and deferred income | 492/3 | €23,615 | €101 | -€23,514 | -99.6% |
| Non-recurring operating income | 76A | - | €29,689 | +€29,689 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,408 | €2,313 | -€1,095 | -32.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€5,442 | -€5,442 | |
| Other operating charges | 640/8 | €25,372 | €2,811 | -€22,562 | -88.9% |
| Non-recurring operating charges | 66A | €9,640 | €69 | -€9,572 | -99.3% |
| Gross operating margin | 9900 | €99,127 | -€84,257 | -€183,383 | |
| Operating profit (loss) | 9901 | €60,706 | -€84,007 | -€144,713 | |
| Financial income | 75/76B | €3,693 | €4,163 | +€471 | +12.7% |
| Recurring financial income | 75 | €3,693 | €4,163 | +€471 | +12.7% |
| Financial charges | 65/66B | €20,644 | €9,175 | -€11,469 | -55.6% |
| Recurring financial charges | 65 | €20,644 | €9,175 | -€11,469 | -55.6% |
| Profit (loss) for the period before taxes | 9903 | €43,754 | -€89,019 | -€132,773 | |
| Income taxes | 67/77 | €12,190 | - | -€12,190 | |
| Profit (loss) for the period | 9904 | €31,565 | -€89,019 | -€120,584 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,565 | -€89,019 | -€120,584 |
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 25 October 2026 via checked.be.