Roy Vanbelleghem: 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.
Roy Vanbelleghem
Largest movements
- Tangible fixed assets +€113,680
up €113,680 (+370%), from €30,705 to €144,385
of which Land and buildings: +€107,146
- Receivables within one year +€51,394
up €51,394 (+207%), from €24,807 to €76,200
of which Trade receivables: +€50,946
- Debts after one year +€96,810
up €96,810 (+389%), from €24,857 to €121,666
- Trade debts +€52,967
up €52,967 (+1,136%), from €4,662 to €57,630
- Reserves +€9,720
up €9,720 (+153%), from €6,352 to €16,073
- Current portion of long-term debt +€3,091
up €3,091 (+84.2%), from €3,670 to €6,761
- Gross operating margin +€13,646
up €13,646 (+74.5%), from €18,317 to €31,962
- Depreciation +€9,587
up €9,587 (+191%), from €5,007 to €14,594
- Financial charges +€1,603
up €1,603 (+97.8%), from €1,640 to €3,243
- Taxes -€565
down €565 (-13.9%), from €4,082 to €3,517
- Other operating charges -€347
down €347 (-28.1%), from €1,235 to €889
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 | €59,417 | €224,145 | +€164,728 | +277% |
| Fixed assets | 21/28 | €30,798 | €144,468 | +€113,670 | +369% |
| Intangible fixed assets | 21 | €93 | €83 | -€10 | -10.8% |
| Tangible fixed assets | 22/27 | €30,705 | €144,385 | +€113,680 | +370% |
| Land and buildings | 22 | - | €107,146 | +€107,146 | |
| Plant, machinery and equipment | 23 | €12,509 | €10,327 | -€2,181 | -17.4% |
| Furniture and vehicles | 24 | €18,197 | €14,829 | -€3,368 | -18.5% |
| Assets under construction and advance payments | 27 | - | €12,083 | +€12,083 | |
| Current assets | 29/58 | €28,620 | €79,677 | +€51,058 | +178% |
| Amounts receivable within one year | 40/41 | €24,807 | €76,200 | +€51,394 | +207% |
| Trade receivables | 40 | €23,757 | €74,704 | +€50,946 | +214% |
| Other amounts receivable | 41 | €1,049 | €1,497 | +€448 | +42.7% |
| Cash at bank and in hand | 54/58 | €3,757 | €3,111 | -€646 | -17.2% |
| Deferred charges and accrued income | 490/1 | €56 | €366 | +€310 | +549% |
| Total equity and liabilities | 10/49 | €59,417 | €224,145 | +€164,728 | +277% |
| Equity | 10/15 | €8,852 | €18,573 | +€9,720 | +110% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €6,352 | €16,073 | +€9,720 | +153% |
| Distributable reserves | 133 | €6,352 | €16,073 | +€9,720 | +153% |
| Amounts payable | 17/49 | €50,565 | €205,572 | +€155,007 | +307% |
| Amounts payable after more than one year | 17 | €24,857 | €121,666 | +€96,810 | +389% |
| Financial debts | 170/4 | €24,857 | €121,666 | +€96,810 | +389% |
| Amounts payable within one year | 42/48 | €25,243 | €81,645 | +€56,402 | +223% |
| Current portion of amounts payable after more than one year | 42 | €3,670 | €6,761 | +€3,091 | +84.2% |
| Trade debts | 44 | €4,662 | €57,630 | +€52,967 | +1,136% |
| Suppliers | 440/4 | €4,662 | €57,630 | +€52,967 | +1,136% |
| Taxes, remuneration and social security | 45 | €6,764 | €5,847 | -€916 | -13.5% |
| Taxes | 450/3 | €4,868 | €3,806 | -€1,062 | -21.8% |
| Remuneration and social security | 454/9 | €1,895 | €2,041 | +€145 | +7.7% |
| Other amounts payable | 47/48 | €10,147 | €11,407 | +€1,260 | +12.4% |
| Accrued charges and deferred income | 492/3 | €465 | €2,261 | +€1,796 | +386% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,007 | €14,594 | +€9,587 | +191% |
| Other operating charges | 640/8 | €1,235 | €889 | -€347 | -28.1% |
| Gross operating margin | 9900 | €18,317 | €31,962 | +€13,646 | +74.5% |
| Operating profit (loss) | 9901 | €12,074 | €16,480 | +€4,406 | +36.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,640 | €3,243 | +€1,603 | +97.8% |
| Recurring financial charges | 65 | €1,640 | €3,243 | +€1,603 | +97.8% |
| Profit (loss) for the period before taxes | 9903 | €10,434 | €13,237 | +€2,802 | +26.9% |
| Income taxes | 67/77 | €4,082 | €3,517 | -€565 | -13.9% |
| Profit (loss) for the period | 9904 | €6,352 | €9,720 | +€3,368 | +53.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,352 | €9,720 | +€3,368 | +53.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.