Pieter Vanacker: 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.
Pieter Vanacker
Largest movements
- Receivables within one year +€290,940
up €290,940 (+2032.8%), from €14,312 to €305,252
of which Trade receivables: +€285,211
- Tangible fixed assets -€248,928
down €248,928 (-80.1%), from €310,703 to €61,775
of which Land and buildings: -€242,713
- Debts after one year -€73,223
down €73,223 (-39.7%), from €184,239 to €111,016
- Reserves +€40,800
up €40,800 (+147.0%), from €27,750 to €68,550
- Current portion of long-term debt +€40,412
up €40,412 (+106.2%), from €38,062 to €78,473
- Other debts +€19,905
up €19,905 (+42.3%), from €47,112 to €67,017
- Trade debts +€13,277
up €13,277 (+528.7%), from €2,511 to €15,788
- Gross operating margin +€77,133
up €77,133 (+271.3%), from €28,429 to €105,562
- Taxes +€21,092
up €21,092 (+1021.5%), from €2,065 to €23,156
- Financial income -€12,019
down €12,019 (-99.8%), from €12,038 to €19
- Depreciation -€7,532
down €7,532 (-29.6%), from €25,460 to €17,928
- Other operating charges +€1,386
up €1,386 (+56.2%), from €2,467 to €3,853
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 | €330,014 | €374,091 | +€44,077 | +13.4% |
| Fixed assets | 21/28 | €310,703 | €61,775 | -€248,928 | -80.1% |
| Tangible fixed assets | 22/27 | €310,703 | €61,775 | -€248,928 | -80.1% |
| Land and buildings | 22 | €289,680 | €46,967 | -€242,713 | -83.8% |
| Plant, machinery and equipment | 23 | €4,168 | €2,662 | -€1,507 | -36.1% |
| Furniture and vehicles | 24 | €3,242 | €1,953 | -€1,289 | -39.8% |
| Other tangible fixed assets | 26 | €13,613 | €10,194 | -€3,419 | -25.1% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €19,311 | €312,315 | +€293,004 | +1517.3% |
| Amounts receivable within one year | 40/41 | €14,312 | €305,252 | +€290,940 | +2032.8% |
| Trade receivables | 40 | €12,631 | €297,842 | +€285,211 | +2258.0% |
| Other amounts receivable | 41 | €1,681 | €7,410 | +€5,729 | +340.8% |
| Cash at bank and in hand | 54/58 | €2,027 | €1,998 | -€29 | -1.4% |
| Deferred charges and accrued income | 490/1 | €2,972 | €5,065 | +€2,093 | +70.4% |
| Total equity and liabilities | 10/49 | €330,014 | €374,091 | +€44,077 | +13.4% |
| Equity | 10/15 | €47,725 | €88,535 | +€40,810 | +85.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €27,750 | €68,550 | +€40,800 | +147.0% |
| Distributable reserves | 133 | €27,750 | €68,550 | +€40,800 | +147.0% |
| Profit (loss) carried forward | 14 | €1,375 | €1,385 | +€10 | +0.7% |
| Amounts payable | 17/49 | €282,289 | €285,556 | +€3,267 | +1.2% |
| Amounts payable after more than one year | 17 | €184,239 | €111,016 | -€73,223 | -39.7% |
| Financial debts | 170/4 | €184,239 | €111,016 | -€73,223 | -39.7% |
| Amounts payable within one year | 42/48 | €97,037 | €174,328 | +€77,291 | +79.7% |
| Current portion of amounts payable after more than one year | 42 | €38,062 | €78,473 | +€40,412 | +106.2% |
| Financial debts | 43 | - | €41 | +€41 | |
| Credit institutions | 430/8 | - | €41 | +€41 | |
| Trade debts | 44 | €2,511 | €15,788 | +€13,277 | +528.7% |
| Suppliers | 440/4 | €2,511 | €15,788 | +€13,277 | +528.7% |
| Taxes, remuneration and social security | 45 | €9,352 | €13,008 | +€3,656 | +39.1% |
| Taxes | 450/3 | €5,352 | €9,808 | +€4,456 | +83.3% |
| Remuneration and social security | 454/9 | €4,000 | €3,200 | -€800 | -20.0% |
| Other amounts payable | 47/48 | €47,112 | €67,017 | +€19,905 | +42.3% |
| Accrued charges and deferred income | 492/3 | €1,013 | €212 | -€801 | -79.0% |
| Non-recurring operating income | 76A | - | €54,000 | +€54,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,460 | €17,928 | -€7,532 | -29.6% |
| Other operating charges | 640/8 | €2,467 | €3,853 | +€1,386 | +56.2% |
| Gross operating margin | 9900 | €28,429 | €105,562 | +€77,133 | +271.3% |
| Operating profit (loss) | 9901 | €502 | €83,781 | +€83,279 | +16583.9% |
| Financial income | 75/76B | €12,038 | €19 | -€12,019 | -99.8% |
| Recurring financial income | 75 | €12,038 | €19 | -€12,019 | -99.8% |
| Financial charges | 65/66B | €9,361 | €8,835 | -€526 | -5.6% |
| Recurring financial charges | 65 | €9,361 | €8,835 | -€526 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | €3,179 | €74,966 | +€71,787 | +2258.1% |
| Income taxes | 67/77 | €2,065 | €23,156 | +€21,092 | +1021.5% |
| Profit (loss) for the period | 9904 | €1,114 | €51,810 | +€50,695 | +4549.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,114 | €51,810 | +€50,695 | +4549.3% |
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 2 October 2026 via checked.be.