Pieter Vantieghem: 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.
Pieter Vantieghem
Largest movements
- Cash +€30,837
up €30,837 (+22.8%), from €135,165 to €166,002
mainly Net result for the year (+€44,773) and Receivables within one year (+€30,745)
- Receivables within one year -€30,745
down €30,745 (-52.7%), from €58,357 to €27,612
of which Trade receivables: -€24,178
- Debts after one year -€13,231
down €13,231 (-22.0%), from €60,217 to €46,986
- Tax, wage and social debts +€12,813
up €12,813 (+213%), from €6,020 to €18,833
- Reserves +€9,680
up €9,680 (+4.9%), from €196,486 to €206,166
- Other debts -€8,282
down €8,282 (-19.1%), from €43,375 to €35,093
- Gross operating margin +€18,932
up €18,932 (+35.1%), from €53,892 to €72,824
- Other operating charges -€13,717
down €13,717 (-89.7%), from €15,284 to €1,568
- Taxes +€8,899
up €8,899 (+93.1%), from €9,560 to €18,459
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 | €336,549 | €337,142 | +€593 | +0.2% |
| Fixed assets | 21/28 | €137,241 | €137,541 | +€300 | +0.2% |
| Tangible fixed assets | 22/27 | €137,241 | €137,541 | +€300 | +0.2% |
| Land and buildings | 22 | €133,030 | €126,632 | -€6,399 | -4.8% |
| Furniture and vehicles | 24 | €211 | €6,909 | +€6,698 | +3,175% |
| Other tangible fixed assets | 26 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €199,308 | €199,601 | +€293 | +0.1% |
| Amounts receivable within one year | 40/41 | €58,357 | €27,612 | -€30,745 | -52.7% |
| Trade receivables | 40 | €51,403 | €27,225 | -€24,178 | -47.0% |
| Other amounts receivable | 41 | €6,954 | €387 | -€6,567 | -94.4% |
| Cash at bank and in hand | 54/58 | €135,165 | €166,002 | +€30,837 | +22.8% |
| Deferred charges and accrued income | 490/1 | €5,786 | €5,986 | +€200 | +3.5% |
| Total equity and liabilities | 10/49 | €336,549 | €337,142 | +€593 | +0.2% |
| Equity | 10/15 | €203,986 | €213,666 | +€9,680 | +4.7% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €196,486 | €206,166 | +€9,680 | +4.9% |
| Distributable reserves | 133 | €196,486 | €206,166 | +€9,680 | +4.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €132,563 | €123,476 | -€9,087 | -6.9% |
| Amounts payable after more than one year | 17 | €60,217 | €46,986 | -€13,231 | -22.0% |
| Financial debts | 170/4 | €60,217 | €46,986 | -€13,231 | -22.0% |
| Amounts payable within one year | 42/48 | €72,346 | €76,489 | +€4,144 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €13,003 | €13,231 | +€229 | +1.8% |
| Trade debts | 44 | €9,948 | €9,333 | -€616 | -6.2% |
| Suppliers | 440/4 | €9,948 | €9,333 | -€616 | -6.2% |
| Taxes, remuneration and social security | 45 | €6,020 | €18,833 | +€12,813 | +213% |
| Taxes | 450/3 | €6,020 | €18,833 | +€12,813 | +213% |
| Other amounts payable | 47/48 | €43,375 | €35,093 | -€8,282 | -19.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,572 | €6,985 | +€413 | +6.3% |
| Other operating charges | 640/8 | €15,284 | €1,568 | -€13,717 | -89.7% |
| Gross operating margin | 9900 | €53,892 | €72,824 | +€18,932 | +35.1% |
| Operating profit (loss) | 9901 | €32,035 | €64,271 | +€32,236 | +101% |
| Financial income | 75/76B | €804 | €597 | -€206 | -25.7% |
| Recurring financial income | 75 | €804 | €597 | -€206 | -25.7% |
| Financial charges | 65/66B | €1,793 | €1,637 | -€157 | -8.7% |
| Recurring financial charges | 65 | €1,793 | €1,637 | -€157 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €31,046 | €63,231 | +€32,186 | +104% |
| Income taxes | 67/77 | €9,560 | €18,459 | +€8,899 | +93.1% |
| Profit (loss) for the period | 9904 | €21,486 | €44,773 | +€23,287 | +108% |
| Profit (loss) for the period to be appropriated | 9905 | €21,486 | €44,773 | +€23,287 | +108% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.