Roger VANDEPUTTE: 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.
Roger VANDEPUTTE
Largest movements
- Cash +€70,662
up €70,662 (+37.7%), from €187,367 to €258,029
mainly Net result for the year (+€58,937) and Stocks and contracts (+€17,764)
- Stocks and contracts -€17,764
down €17,764 (-22.7%), from €78,151 to €60,387
of which Stocks: -€10,011
- Receivables within one year -€4,247
down €4,247 (-8.5%), from €49,886 to €45,639
of which Other amounts receivable: -€2,828
- Reserves +€58,937
up €58,937 (+30.7%), from €191,958 to €250,894
- Trade debts -€13,017
down €13,017 (-56.7%), from €22,972 to €9,955
- Gross operating margin +€17,745
up €17,745 (+12.6%), from €140,819 to €158,564
- Taxes +€6,482
up €6,482 (+30.4%), from €21,355 to €27,836
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 | €317,997 | €366,108 | +€48,112 | +15.1% |
| Fixed assets | 21/28 | €633 | €47 | -€586 | -92.5% |
| Tangible fixed assets | 22/27 | €633 | €47 | -€586 | -92.5% |
| Land and buildings | 22 | €444 | €47 | -€397 | -89.3% |
| Plant, machinery and equipment | 23 | €189 | - | -€189 | |
| Current assets | 29/58 | €317,364 | €366,061 | +€48,697 | +15.3% |
| Stocks and contracts in progress | 3 | €78,151 | €60,387 | -€17,764 | -22.7% |
| Stocks | 30/36 | €61,398 | €51,387 | -€10,011 | -16.3% |
| Contracts in progress | 37 | €16,753 | €9,000 | -€7,753 | -46.3% |
| Amounts receivable within one year | 40/41 | €49,886 | €45,639 | -€4,247 | -8.5% |
| Trade receivables | 40 | €47,058 | €45,639 | -€1,419 | -3.0% |
| Other amounts receivable | 41 | €2,828 | - | -€2,828 | |
| Cash at bank and in hand | 54/58 | €187,367 | €258,029 | +€70,662 | +37.7% |
| Deferred charges and accrued income | 490/1 | €1,960 | €2,007 | +€46 | +2.4% |
| Total equity and liabilities | 10/49 | €317,997 | €366,108 | +€48,112 | +15.1% |
| Equity | 10/15 | €222,944 | €281,881 | +€58,937 | +26.4% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €191,958 | €250,894 | +€58,937 | +30.7% |
| Distributable reserves | 133 | €191,958 | €250,894 | +€58,937 | +30.7% |
| Amounts payable | 17/49 | €95,053 | €84,228 | -€10,825 | -11.4% |
| Amounts payable within one year | 42/48 | €95,053 | €84,228 | -€10,825 | -11.4% |
| Trade debts | 44 | €22,972 | €9,955 | -€13,017 | -56.7% |
| Suppliers | 440/4 | €22,972 | €9,955 | -€13,017 | -56.7% |
| Taxes, remuneration and social security | 45 | €14,148 | €16,987 | +€2,839 | +20.1% |
| Taxes | 450/3 | €6,896 | €15,947 | +€9,051 | +131% |
| Remuneration and social security | 454/9 | €7,252 | €1,040 | -€6,212 | -85.7% |
| Other amounts payable | 47/48 | €57,932 | €57,285 | -€647 | -1.1% |
| Remuneration, social security and pensions | 62 | €65,297 | €66,537 | +€1,241 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €847 | €586 | -€261 | -30.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€625 | - | +€625 | |
| Other operating charges | 640/8 | €640 | €674 | +€35 | +5.4% |
| Gross operating margin | 9900 | €140,819 | €158,564 | +€17,745 | +12.6% |
| Operating profit (loss) | 9901 | €74,662 | €90,767 | +€16,105 | +21.6% |
| Financial income | 75/76B | €40 | €81 | +€41 | +102% |
| Recurring financial income | 75 | €40 | €81 | +€41 | +102% |
| Financial charges | 65/66B | €4,664 | €4,075 | -€589 | -12.6% |
| Recurring financial charges | 65 | €4,664 | €4,075 | -€589 | -12.6% |
| Profit (loss) for the period before taxes | 9903 | €70,038 | €86,773 | +€16,735 | +23.9% |
| Income taxes | 67/77 | €21,355 | €27,836 | +€6,482 | +30.4% |
| Profit (loss) for the period | 9904 | €48,683 | €58,937 | +€10,253 | +21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €48,683 | €58,937 | +€10,253 | +21.1% |
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.