P. VANDEVENNE: 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.
P. VANDEVENNE
Largest movements
- Tangible fixed assets +€20,195
up €20,195 (+152%), from €13,324 to €33,519
of which Furniture and vehicles: +€20,855
- Cash -€11,061
down €11,061 (-32.2%), from €34,382 to €23,321
mainly Investment in fixed assets (net) (-€31,947) and Net result for the year (-€14,826)
- Stocks and contracts +€2,112
new in 2025: €2,112
- Deferred charges and accrued income -€2,111
down €2,111 (-73.4%), from €2,876 to €764
- Receivables within one year +€1,117
up €1,117 (+12.8%), from €8,699 to €9,817
of which Trade receivables: +€1,387
- Debts after one year +€23,145
up €23,145 (+581%), from €3,983 to €27,128
- Reserves -€14,826
down €14,826 (-55.6%), from €26,649 to €11,822
- Trade debts +€8,261
up €8,261 (+55.8%), from €14,798 to €23,059
- Current portion of long-term debt -€4,855
down €4,855 (-84.4%), from €5,750 to €895
- Tax, wage and social debts -€1,580
down €1,580 (-71.8%), from €2,201 to €621
of which Taxes: -€2,201
- Gross operating margin -€29,018
down €29,018 (-94.1%), from €30,831 to €1,814
- Depreciation +€4,565
up €4,565 (+63.5%), from €7,186 to €11,752
- Taxes +€1,500
new in 2025: €1,500
- Financial charges -€1,441
down €1,441 (-45.7%), from €3,155 to €1,713
of which Financial charges: -€2,090
- Financial income -€706
down €706 (-98.6%), from €715 to €10
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 | €59,581 | €69,834 | +€10,253 | +17.2% |
| Fixed assets | 21/28 | €13,624 | €33,819 | +€20,195 | +148% |
| Tangible fixed assets | 22/27 | €13,324 | €33,519 | +€20,195 | +152% |
| Plant, machinery and equipment | 23 | €2,470 | €1,810 | -€660 | -26.7% |
| Furniture and vehicles | 24 | €10,854 | €31,709 | +€20,855 | +192% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €45,957 | €36,014 | -€9,943 | -21.6% |
| Stocks and contracts in progress | 3 | - | €2,112 | +€2,112 | |
| Stocks | 30/36 | - | €2,112 | +€2,112 | |
| Amounts receivable within one year | 40/41 | €8,699 | €9,817 | +€1,117 | +12.8% |
| Trade receivables | 40 | €3,803 | €5,191 | +€1,387 | +36.5% |
| Other amounts receivable | 41 | €4,896 | €4,626 | -€270 | -5.5% |
| Cash at bank and in hand | 54/58 | €34,382 | €23,321 | -€11,061 | -32.2% |
| Deferred charges and accrued income | 490/1 | €2,876 | €764 | -€2,111 | -73.4% |
| Total equity and liabilities | 10/49 | €59,581 | €69,834 | +€10,253 | +17.2% |
| Equity | 10/15 | €32,849 | €18,022 | -€14,826 | -45.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €26,649 | €11,822 | -€14,826 | -55.6% |
| Distributable reserves | 133 | €26,649 | €11,822 | -€14,826 | -55.6% |
| Amounts payable | 17/49 | €26,732 | €51,811 | +€25,079 | +93.8% |
| Amounts payable after more than one year | 17 | €3,983 | €27,128 | +€23,145 | +581% |
| Financial debts | 170/4 | €3,983 | €27,128 | +€23,145 | +581% |
| Amounts payable within one year | 42/48 | €22,749 | €24,575 | +€1,826 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €5,750 | €895 | -€4,855 | -84.4% |
| Trade debts | 44 | €14,798 | €23,059 | +€8,261 | +55.8% |
| Suppliers | 440/4 | €14,798 | €23,059 | +€8,261 | +55.8% |
| Taxes, remuneration and social security | 45 | €2,201 | €621 | -€1,580 | -71.8% |
| Taxes | 450/3 | €2,201 | - | -€2,201 | |
| Remuneration and social security | 454/9 | - | €621 | +€621 | |
| Accrued charges and deferred income | 492/3 | - | €108 | +€108 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,186 | €11,752 | +€4,565 | +63.5% |
| Other operating charges | 640/8 | €2,112 | €1,685 | -€427 | -20.2% |
| Gross operating margin | 9900 | €30,831 | €1,814 | -€29,018 | -94.1% |
| Operating profit (loss) | 9901 | €21,533 | -€11,623 | -€33,156 | |
| Financial income | 75/76B | €715 | €10 | -€706 | -98.6% |
| Recurring financial income | 75 | €715 | €10 | -€706 | -98.6% |
| Financial charges | 65/66B | €3,155 | €1,713 | -€1,441 | -45.7% |
| Recurring financial charges | 65 | €3,155 | €1,065 | -€2,090 | -66.2% |
| Non-recurring financial charges | 66B | - | €648 | +€648 | |
| Profit (loss) for the period before taxes | 9903 | €19,093 | -€13,326 | -€32,420 | |
| Income taxes | 67/77 | - | €1,500 | +€1,500 | |
| Profit (loss) for the period | 9904 | €19,093 | -€14,826 | -€33,920 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,093 | -€14,826 | -€33,920 |
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 28 October 2026 via checked.be.