RIK VANDECASTEELE: 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.
RIK VANDECASTEELE
Largest movements
- Current investments -€8.9m
down €8.9m (-100%), from €8.9m to €0
- Receivables after one year +€203,239
new in 2025: €203,239
- Cash -€125,811
down €125,811 (-76.3%), from €164,908 to €39,097
mainly Other debts (-€6.6m) and Debts after one year (-€2.0m)
- Other debts -€6.6m
down €6.6m (-98.3%), from €6.7m to €115,852
- Debts after one year -€2.0m
down €2.0m (-100%), from €2.0m to €0
- Trade debts -€156,683
down €156,683 (-99.1%), from €158,074 to €1,391
- Financial income -€6.5m
down €6.5m (-97.6%), from €6.7m to €156,997
of which Non-recurring financial income: -€6.5m
- Gross operating margin -€252,860
down €252,860 (-87.0%), from €290,479 to €37,619
- Financial charges -€102,689
down €102,689 (-83.2%), from €123,409 to €20,720
- Depreciation -€37,937
down €37,937 (-71.9%), from €52,790 to €14,853
- Staff costs -€25,238
down €25,238 (-99.9%), from €25,261 to €23
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 | €12,443,696 | €3,693,354 | -€8.8m | -70.3% |
| Fixed assets | 21/28 | €3,416,284 | €3,409,098 | -€7,186 | -0.2% |
| Tangible fixed assets | 22/27 | €944,780 | €937,594 | -€7,186 | -0.8% |
| Land and buildings | 22 | €671,661 | €656,808 | -€14,853 | -2.2% |
| Other tangible fixed assets | 26 | €273,118 | €280,786 | +€7,668 | +2.8% |
| Financial fixed assets | 28 | €2,471,504 | €2,471,504 | = | 0.0% |
| Current assets | 29/58 | €9,027,413 | €284,256 | -€8.7m | -96.9% |
| Amounts receivable after more than one year | 29 | - | €203,239 | +€203,239 | |
| Other amounts receivable | 291 | - | €203,239 | +€203,239 | |
| Amounts receivable within one year | 40/41 | €12,505 | €41,545 | +€29,040 | +232% |
| Trade receivables | 40 | €57 | €31,500 | +€31,443 | +55,134% |
| Other amounts receivable | 41 | €12,448 | €10,045 | -€2,403 | -19.3% |
| Current investments | 50/53 | €8,850,000 | €0 | -€8.9m | -100% |
| Cash at bank and in hand | 54/58 | €164,908 | €39,097 | -€125,811 | -76.3% |
| Deferred charges and accrued income | 490/1 | - | €375 | +€375 | |
| Total equity and liabilities | 10/49 | €12,443,696 | €3,693,354 | -€8.8m | -70.3% |
| Equity | 10/15 | €3,574,850 | €3,575,087 | +€237 | 0.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Revaluation surpluses | 12 | €16,492 | €16,492 | = | 0.0% |
| Reserves | 13 | €3,458,357 | €3,458,595 | +€237 | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €3,448,357 | €3,448,595 | +€237 | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €8,868,847 | €118,267 | -€8.8m | -98.7% |
| Amounts payable after more than one year | 17 | €2,009,387 | €0 | -€2.0m | -100% |
| Other amounts payable | 178/9 | €2,009,387 | €0 | -€2.0m | -100% |
| Amounts payable within one year | 42/48 | €6,858,247 | €117,391 | -€6.7m | -98.3% |
| Trade debts | 44 | €158,074 | €1,391 | -€156,683 | -99.1% |
| Suppliers | 440/4 | €158,074 | €1,391 | -€156,683 | -99.1% |
| Taxes, remuneration and social security | 45 | €8,662 | €148 | -€8,514 | -98.3% |
| Taxes | 450/3 | €8,662 | €148 | -€8,514 | -98.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €6,691,511 | €115,852 | -€6.6m | -98.3% |
| Accrued charges and deferred income | 492/3 | €1,212 | €876 | -€337 | -27.8% |
| Non-recurring operating income | 76A | €37,067 | €0 | -€37,067 | -100% |
| Remuneration, social security and pensions | 62 | €25,261 | €23 | -€25,238 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,790 | €14,853 | -€37,937 | -71.9% |
| Other operating charges | 640/8 | €3,853 | €3,987 | +€134 | +3.5% |
| Gross operating margin | 9900 | €290,479 | €37,619 | -€252,860 | -87.0% |
| Operating profit (loss) | 9901 | €208,575 | €18,755 | -€189,819 | -91.0% |
| Financial income | 75/76B | €6,671,056 | €156,997 | -€6.5m | -97.6% |
| Recurring financial income | 75 | €175,256 | €156,997 | -€18,259 | -10.4% |
| Non-recurring financial income | 76B | €6,495,800 | €0 | -€6.5m | -100% |
| Financial charges | 65/66B | €123,409 | €20,720 | -€102,689 | -83.2% |
| Recurring financial charges | 65 | €123,409 | €20,720 | -€102,689 | -83.2% |
| Profit (loss) for the period before taxes | 9903 | €6,756,221 | €155,032 | -€6.6m | -97.7% |
| Income taxes | 67/77 | €52,706 | €38,794 | -€13,911 | -26.4% |
| Profit (loss) for the period | 9904 | €6,703,516 | €116,237 | -€6.6m | -98.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,703,516 | €116,237 | -€6.6m | -98.3% |
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 22 October 2026 via checked.be.