PATRICK VANDERVELDEN: what changed
Two fiscal 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.
PATRICK VANDERVELDEN
Largest movements
- Cash +€24,035
up €24,035 (+6.8%), from €355,985 to €380,020
mainly Net result for the year (+€40,932) and Depreciation (+€24,608)
- Reserves +€40,932
up €40,932 (+12.1%), from €339,281 to €380,213
- Debts after one year -€16,660
down €16,660 (-24.7%), from €67,319 to €50,659
- Gross operating margin -€25,649
down €25,649 (-22.7%), from €113,044 to €87,395
- Taxes -€10,214
down €10,214 (-37.7%), from €27,105 to €16,891
- Depreciation +€8,976
up €8,976 (+57.4%), from €15,633 to €24,608
- Financial charges +€1,749
up €1,749 (+87.2%), from €2,005 to €3,754
- Financial income -€1,589
down €1,589 (-89.6%), from €1,775 to €185
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.
Cash bridge derived
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 | €454,359 | €481,220 | +€26,860 | +5.9% |
| Fixed assets | 21/28 | €96,653 | €98,781 | +€2,128 | +2.2% |
| Tangible fixed assets | 22/27 | €96,653 | €98,781 | +€2,128 | +2.2% |
| Furniture and vehicles | 24 | €96,653 | €83,007 | -€13,646 | -14.1% |
| Other tangible fixed assets | 26 | - | €15,774 | +€15,774 | |
| Current assets | 29/58 | €357,706 | €382,438 | +€24,732 | +6.9% |
| Amounts receivable within one year | 40/41 | - | €664 | +€664 | |
| Other amounts receivable | 41 | - | €664 | +€664 | |
| Cash at bank and in hand | 54/58 | €355,985 | €380,020 | +€24,035 | +6.8% |
| Deferred charges and accrued income | 490/1 | €1,721 | €1,754 | +€33 | +1.9% |
| Total equity and liabilities | 10/49 | €454,359 | €481,220 | +€26,860 | +5.9% |
| Equity | 10/15 | €359,281 | €400,213 | +€40,932 | +11.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €339,281 | €380,213 | +€40,932 | +12.1% |
| Distributable reserves | 133 | €339,281 | €380,213 | +€40,932 | +12.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €95,079 | €81,007 | -€14,072 | -14.8% |
| Amounts payable after more than one year | 17 | €67,319 | €50,659 | -€16,660 | -24.7% |
| Financial debts | 170/4 | €67,319 | €50,659 | -€16,660 | -24.7% |
| Amounts payable within one year | 42/48 | €26,188 | €28,777 | +€2,588 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €16,061 | €16,660 | +€599 | +3.7% |
| Trade debts | 44 | €689 | €4,690 | +€4,001 | +580.9% |
| Suppliers | 440/4 | €689 | €4,690 | +€4,001 | +580.9% |
| Taxes, remuneration and social security | 45 | €9,439 | €7,427 | -€2,012 | -21.3% |
| Taxes | 450/3 | €9,439 | €7,427 | -€2,012 | -21.3% |
| Accrued charges and deferred income | 492/3 | €1,571 | €1,571 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,633 | €24,608 | +€8,976 | +57.4% |
| Other operating charges | 640/8 | €1,537 | €1,395 | -€143 | -9.3% |
| Gross operating margin | 9900 | €113,044 | €87,395 | -€25,649 | -22.7% |
| Operating profit (loss) | 9901 | €95,874 | €61,392 | -€34,482 | -36.0% |
| Financial income | 75/76B | €1,775 | €185 | -€1,589 | -89.6% |
| Recurring financial income | 75 | €1,775 | €185 | -€1,589 | -89.6% |
| Financial charges | 65/66B | €2,005 | €3,754 | +€1,749 | +87.2% |
| Recurring financial charges | 65 | €2,005 | €3,754 | +€1,749 | +87.2% |
| Profit (loss) for the period before taxes | 9903 | €95,644 | €57,823 | -€37,821 | -39.5% |
| Income taxes | 67/77 | €27,105 | €16,891 | -€10,214 | -37.7% |
| Profit (loss) for the period | 9904 | €68,539 | €40,932 | -€27,606 | -40.3% |
| Profit (loss) for the period to be appropriated | 9905 | €68,539 | €40,932 | -€27,606 | -40.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.