PETER VRANCKX: 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.
PETER VRANCKX
Largest movements
- Receivables within one year -€14,513
down €14,513 (-8.7%), from €167,430 to €152,917
of which Trade receivables: -€18,446
- Cash +€10,295
up €10,295 (+69.6%), from €14,799 to €25,094
mainly Receivables within one year (+€14,513) and Other debts (+€9,759)
- Tangible fixed assets +€3,995
up €3,995 (+54.0%), from €7,401 to €11,396
of which Plant, machinery and equipment: +€4,467
- Trade debts -€10,009
down €10,009 (-44.3%), from €22,606 to €12,598
- Other debts +€9,759
up €9,759 (+110.3%), from €8,847 to €18,605
- Reserves -€5,350
down €5,350 (-3.9%), from €137,098 to €131,748
of which Distributable reserves: -€5,350
- Accrued charges and deferred income +€2,416
new in 2025: €2,416
- Gross operating margin -€15,270
down €15,270 (-28.8%), from €52,939 to €37,670
- Staff costs -€5,939
down €5,939 (-22.0%), from €27,005 to €21,065
- Financial income +€2,178
up €2,178 (+248.9%), from €875 to €3,054
- Taxes -€2,101
down €2,101 (-32.5%), from €6,458 to €4,357
- Depreciation +€1,130
up €1,130 (+81.1%), from €1,394 to €2,524
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 | €199,495 | €198,140 | -€1,355 | -0.7% |
| Fixed assets | 21/28 | €7,401 | €11,396 | +€3,995 | +54.0% |
| Tangible fixed assets | 22/27 | €7,401 | €11,396 | +€3,995 | +54.0% |
| Land and buildings | 22 | €4,311 | €3,840 | -€472 | -10.9% |
| Plant, machinery and equipment | 23 | €3,090 | €7,556 | +€4,467 | +144.6% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €192,093 | €186,744 | -€5,350 | -2.8% |
| Stocks and contracts in progress | 3 | €1,992 | €1,369 | -€623 | -31.3% |
| Stocks | 30/36 | €1,992 | €1,369 | -€623 | -31.3% |
| Amounts receivable within one year | 40/41 | €167,430 | €152,917 | -€14,513 | -8.7% |
| Trade receivables | 40 | €66,442 | €47,996 | -€18,446 | -27.8% |
| Other amounts receivable | 41 | €100,988 | €104,922 | +€3,933 | +3.9% |
| Cash at bank and in hand | 54/58 | €14,799 | €25,094 | +€10,295 | +69.6% |
| Deferred charges and accrued income | 490/1 | €7,872 | €7,363 | -€509 | -6.5% |
| Total equity and liabilities | 10/49 | €199,495 | €198,140 | -€1,355 | -0.7% |
| Equity | 10/15 | €155,698 | €150,348 | -€5,350 | -3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €137,098 | €131,748 | -€5,350 | -3.9% |
| Tax-exempt reserves | 132 | €6,431 | €6,431 | = | 0.0% |
| Distributable reserves | 133 | €130,667 | €125,317 | -€5,350 | -4.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €43,797 | €47,792 | +€3,995 | +9.1% |
| Amounts payable within one year | 42/48 | €43,797 | €45,377 | +€1,580 | +3.6% |
| Trade debts | 44 | €22,606 | €12,598 | -€10,009 | -44.3% |
| Suppliers | 440/4 | €22,606 | €12,598 | -€10,009 | -44.3% |
| Taxes, remuneration and social security | 45 | €12,344 | €14,174 | +€1,830 | +14.8% |
| Taxes | 450/3 | €8,683 | €8,720 | +€37 | +0.4% |
| Remuneration and social security | 454/9 | €3,661 | €5,454 | +€1,793 | +49.0% |
| Other amounts payable | 47/48 | €8,847 | €18,605 | +€9,759 | +110.3% |
| Accrued charges and deferred income | 492/3 | - | €2,416 | +€2,416 | |
| Remuneration, social security and pensions | 62 | €27,005 | €21,065 | -€5,939 | -22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,394 | €2,524 | +€1,130 | +81.1% |
| Other operating charges | 640/8 | €3,596 | €3,176 | -€420 | -11.7% |
| Gross operating margin | 9900 | €52,939 | €37,670 | -€15,270 | -28.8% |
| Operating profit (loss) | 9901 | €20,945 | €10,904 | -€10,041 | -47.9% |
| Financial income | 75/76B | €875 | €3,054 | +€2,178 | +248.9% |
| Recurring financial income | 75 | €875 | €3,054 | +€2,178 | +248.9% |
| Financial charges | 65/66B | €166 | €150 | -€16 | -9.5% |
| Recurring financial charges | 65 | €166 | €150 | -€16 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €21,654 | €13,807 | -€7,846 | -36.2% |
| Income taxes | 67/77 | €6,458 | €4,357 | -€2,101 | -32.5% |
| Profit (loss) for the period | 9904 | €15,196 | €9,450 | -€5,746 | -37.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,196 | €9,450 | -€5,746 | -37.8% |
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 7 October 2026 via checked.be.