Peter Vande Casteele: 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.
Peter Vande Casteele
Largest movements
- Tangible fixed assets +€937,275
up €937,275 (+70.7%), from €1.3m to €2.3m
of which Land and buildings: +€917,543
- Receivables within one year -€122,524
down €122,524 (-60.7%), from €201,770 to €79,246
of which Other amounts receivable: -€122,733
- Short-term financial debts +€423,200
new in 2025: €423,200
- Other debts +€317,742
up €317,742 (+595%), from €53,371 to €371,114
- Reserves +€54,081
up €54,081 (+4.0%), from €1.4m to €1.4m
of which Distributable reserves: +€56,824
- Gross operating margin -€143,524
down €143,524 (-37.1%), from €387,241 to €243,717
- Financial income -€49,512
down €49,512 (-96.9%), from €51,120 to €1,608
- Depreciation +€19,573
up €19,573 (+33.3%), from €58,732 to €78,305
- Taxes -€14,021
down €14,021 (-20.9%), from €67,031 to €53,010
- Financial charges +€12,281
up €12,281 (+3,163%), from €388 to €12,670
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 | €1,568,189 | €2,362,142 | +€793,953 | +50.6% |
| Fixed assets | 21/28 | €1,325,613 | €2,262,887 | +€937,275 | +70.7% |
| Tangible fixed assets | 22/27 | €1,325,613 | €2,262,887 | +€937,275 | +70.7% |
| Land and buildings | 22 | €1,282,492 | €2,200,035 | +€917,543 | +71.5% |
| Plant, machinery and equipment | 23 | €9,629 | €22,579 | +€12,951 | +134% |
| Furniture and vehicles | 24 | €33,492 | €40,273 | +€6,781 | +20.2% |
| Current assets | 29/58 | €242,577 | €99,255 | -€143,322 | -59.1% |
| Amounts receivable within one year | 40/41 | €201,770 | €79,246 | -€122,524 | -60.7% |
| Trade receivables | 40 | €36,516 | €36,725 | +€209 | +0.6% |
| Other amounts receivable | 41 | €165,254 | €42,521 | -€122,733 | -74.3% |
| Cash at bank and in hand | 54/58 | €40,747 | €18,100 | -€22,646 | -55.6% |
| Deferred charges and accrued income | 490/1 | €60 | €1,908 | +€1,848 | +3,104% |
| Total equity and liabilities | 10/49 | €1,568,189 | €2,362,142 | +€793,953 | +50.6% |
| Equity | 10/15 | €1,460,832 | €1,514,913 | +€54,081 | +3.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,357,240 | €1,411,321 | +€54,081 | +4.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €86,497 | €83,754 | -€2,743 | -3.2% |
| Distributable reserves | 133 | €1,268,884 | €1,325,707 | +€56,824 | +4.5% |
| Profit (loss) carried forward | 14 | €85,000 | €85,000 | = | 0.0% |
| Provisions and deferred taxes | 16 | €16,179 | €15,265 | -€914 | -5.7% |
| Deferred taxes | 168 | €16,179 | €15,265 | -€914 | -5.7% |
| Amounts payable | 17/49 | €91,178 | €831,964 | +€740,786 | +812% |
| Amounts payable after more than one year | 17 | €3,750 | €3,750 | = | 0.0% |
| Other amounts payable | 178/9 | €3,750 | €3,750 | = | 0.0% |
| Amounts payable within one year | 42/48 | €87,428 | €828,214 | +€740,786 | +847% |
| Financial debts | 43 | - | €423,200 | +€423,200 | |
| Credit institutions | 430/8 | - | €423,200 | +€423,200 | |
| Trade debts | 44 | €2,004 | €9,242 | +€7,239 | +361% |
| Suppliers | 440/4 | €2,004 | €9,242 | +€7,239 | +361% |
| Taxes, remuneration and social security | 45 | €32,053 | €24,659 | -€7,395 | -23.1% |
| Taxes | 450/3 | €28,654 | €22,112 | -€6,542 | -22.8% |
| Remuneration and social security | 454/9 | €3,399 | €2,546 | -€853 | -25.1% |
| Other amounts payable | 47/48 | €53,371 | €371,114 | +€317,742 | +595% |
| Remuneration, social security and pensions | 62 | €25,460 | €13,759 | -€11,700 | -46.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,732 | €78,305 | +€19,573 | +33.3% |
| Other operating charges | 640/8 | €8,641 | €5,415 | -€3,226 | -37.3% |
| Gross operating margin | 9900 | €387,241 | €243,717 | -€143,524 | -37.1% |
| Operating profit (loss) | 9901 | €294,408 | €146,238 | -€148,171 | -50.3% |
| Financial income | 75/76B | €51,120 | €1,608 | -€49,512 | -96.9% |
| Recurring financial income | 75 | €51,120 | €1,608 | -€49,512 | -96.9% |
| Financial charges | 65/66B | €388 | €12,670 | +€12,281 | +3,163% |
| Recurring financial charges | 65 | €388 | €12,670 | +€12,281 | +3,163% |
| Profit (loss) for the period before taxes | 9903 | €345,140 | €135,176 | -€209,964 | -60.8% |
| Transfer from deferred taxes | 780 | €2,108 | €914 | -€1,193 | -56.6% |
| Income taxes | 67/77 | €67,031 | €53,010 | -€14,021 | -20.9% |
| Profit (loss) for the period | 9904 | €280,218 | €83,081 | -€197,137 | -70.4% |
| Transfer from tax-exempt reserves | 789 | €6,323 | €2,743 | -€3,580 | -56.6% |
| Profit (loss) for the period to be appropriated | 9905 | €286,541 | €85,824 | -€200,717 | -70.0% |
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.