Sibren Vangraefschepe: 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.
Sibren Vangraefschepe
Largest movements
- Stocks and contracts +€14,837
new in 2025: €14,837
of which Contracts in progress: +€7,943
- Cash -€11,789
down €11,789 (-34.0%), from €34,667 to €22,879
mainly Stocks and contracts (-€14,837) and Receivables within one year (-€7,129)
- Tangible fixed assets -€10,776
down €10,776 (-27.3%), from €39,418 to €28,642
of which Furniture and vehicles: -€8,526
- Receivables within one year +€7,129
up €7,129 (+50.1%), from €14,222 to €21,350
of which Trade receivables: +€4,706
- Intangible fixed assets -€1,059
down €1,059 (-26.4%), from €4,006 to €2,947
- Debts after one year -€7,036
down €7,036 (-34.0%), from €20,708 to €13,672
- Tax, wage and social debts -€6,057
down €6,057 (-56.2%), from €10,781 to €4,724
of which Remuneration and social security: -€5,617
- Trade debts +€5,716
up €5,716 (+75.7%), from €7,554 to €13,270
- Reserves +€2,927
up €2,927 (+10.2%), from €28,750 to €31,677
- Other debts +€2,171
up €2,171 (+18.7%), from €11,641 to €13,812
- Gross operating margin -€31,926
down €31,926 (-62.7%), from €50,905 to €18,979
- Staff costs -€23,579
down €23,579 (-100%), from €23,579 to €0
- Taxes -€1,319
down €1,319 (-33.4%), from €3,951 to €2,632
- Depreciation +€532
up €532 (+4.7%), from €11,323 to €11,855
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 | €95,034 | €92,991 | -€2,043 | -2.2% |
| Fixed assets | 21/28 | €43,617 | €31,590 | -€12,027 | -27.6% |
| Intangible fixed assets | 21 | €4,006 | €2,947 | -€1,059 | -26.4% |
| Tangible fixed assets | 22/27 | €39,418 | €28,642 | -€10,776 | -27.3% |
| Plant, machinery and equipment | 23 | €6,744 | €4,494 | -€2,250 | -33.4% |
| Furniture and vehicles | 24 | €32,675 | €24,149 | -€8,526 | -26.1% |
| Financial fixed assets | 28 | €192 | €0 | -€192 | -100% |
| Current assets | 29/58 | €51,417 | €61,401 | +€9,984 | +19.4% |
| Stocks and contracts in progress | 3 | - | €14,837 | +€14,837 | |
| Stocks | 30/36 | - | €6,895 | +€6,895 | |
| Contracts in progress | 37 | - | €7,943 | +€7,943 | |
| Amounts receivable within one year | 40/41 | €14,222 | €21,350 | +€7,129 | +50.1% |
| Trade receivables | 40 | €10,664 | €15,370 | +€4,706 | +44.1% |
| Other amounts receivable | 41 | €3,558 | €5,981 | +€2,423 | +68.1% |
| Cash at bank and in hand | 54/58 | €34,667 | €22,879 | -€11,789 | -34.0% |
| Deferred charges and accrued income | 490/1 | €2,529 | €2,334 | -€194 | -7.7% |
| Total equity and liabilities | 10/49 | €95,034 | €92,991 | -€2,043 | -2.2% |
| Equity | 10/15 | €30,250 | €33,177 | +€2,927 | +9.7% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €28,750 | €31,677 | +€2,927 | +10.2% |
| Distributable reserves | 133 | €28,750 | €31,677 | +€2,927 | +10.2% |
| Amounts payable | 17/49 | €64,784 | €59,814 | -€4,970 | -7.7% |
| Amounts payable after more than one year | 17 | €20,708 | €13,672 | -€7,036 | -34.0% |
| Financial debts | 170/4 | €20,708 | €13,672 | -€7,036 | -34.0% |
| Amounts payable within one year | 42/48 | €44,029 | €46,142 | +€2,113 | +4.8% |
| Current portion of amounts payable after more than one year | 42 | €6,754 | €7,036 | +€282 | +4.2% |
| Trade debts | 44 | €7,554 | €13,270 | +€5,716 | +75.7% |
| Suppliers | 440/4 | €7,554 | €13,270 | +€5,716 | +75.7% |
| Advances received on contracts in progress | 46 | €7,299 | €7,299 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €10,781 | €4,724 | -€6,057 | -56.2% |
| Taxes | 450/3 | €5,164 | €4,724 | -€440 | -8.5% |
| Remuneration and social security | 454/9 | €5,617 | €0 | -€5,617 | -100% |
| Other amounts payable | 47/48 | €11,641 | €13,812 | +€2,171 | +18.7% |
| Accrued charges and deferred income | 492/3 | €47 | €0 | -€47 | -100% |
| Non-recurring operating income | 76A | - | €20 | +€20 | |
| Remuneration, social security and pensions | 62 | €23,579 | €0 | -€23,579 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,323 | €11,855 | +€532 | +4.7% |
| Other operating charges | 640/8 | €413 | €564 | +€152 | +36.8% |
| Gross operating margin | 9900 | €50,905 | €18,979 | -€31,926 | -62.7% |
| Operating profit (loss) | 9901 | €15,590 | €6,560 | -€9,030 | -57.9% |
| Financial income | 75/76B | €54 | €297 | +€244 | +455% |
| Recurring financial income | 75 | €54 | €297 | +€244 | +455% |
| Financial charges | 65/66B | €1,384 | €1,298 | -€86 | -6.2% |
| Recurring financial charges | 65 | €1,384 | €1,298 | -€86 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €14,260 | €5,559 | -€8,700 | -61.0% |
| Income taxes | 67/77 | €3,951 | €2,632 | -€1,319 | -33.4% |
| Profit (loss) for the period | 9904 | €10,309 | €2,927 | -€7,382 | -71.6% |
| Profit (loss) for the period to be appropriated | 9905 | €10,309 | €2,927 | -€7,382 | -71.6% |
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 23 October 2026 via checked.be.