STEVEN VANDEVOORDE: 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.
STEVEN VANDEVOORDE
Largest movements
- Cash -€8,053
no longer reported in 2025 (was €8,053)
mainly Net result for the year (-€39,041) and Receivables within one year (-€6,247)
- Receivables within one year +€6,247
up €6,247 (+17.4%), from €35,947 to €42,194
of which Trade receivables: +€4,433
- Profit (loss) carried forward -€39,041
down €39,041 (-71.8%), from -€54,346 to -€93,387
- Other debts +€32,201
up €32,201 (+39.9%), from €80,736 to €112,936
- Short-term financial debts +€2,903
new in 2025: €2,903
- Trade debts +€1,639
up €1,639 (+26.1%), from €6,286 to €7,925
- Gross operating margin -€19,343
down €19,343 (-109%), from -€17,719 to -€37,062
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 | €50,500 | €48,553 | -€1,947 | -3.9% |
| Current assets | 29/58 | €50,500 | €48,553 | -€1,947 | -3.9% |
| Stocks and contracts in progress | 3 | €6,500 | €6,358 | -€142 | -2.2% |
| Contracts in progress | 37 | €6,500 | €6,358 | -€142 | -2.2% |
| Amounts receivable within one year | 40/41 | €35,947 | €42,194 | +€6,247 | +17.4% |
| Trade receivables | 40 | €34,727 | €39,160 | +€4,433 | +12.8% |
| Other amounts receivable | 41 | €1,221 | €3,034 | +€1,814 | +149% |
| Cash at bank and in hand | 54/58 | €8,053 | - | -€8,053 | |
| Total equity and liabilities | 10/49 | €50,500 | €48,553 | -€1,947 | -3.9% |
| Equity | 10/15 | -€36,664 | -€75,705 | -€39,041 | -106% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €11,482 | €11,482 | = | 0.0% |
| Distributable reserves | 133 | €11,482 | €11,482 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€54,346 | -€93,387 | -€39,041 | -71.8% |
| Amounts payable | 17/49 | €87,164 | €124,258 | +€37,094 | +42.6% |
| Amounts payable within one year | 42/48 | €87,164 | €124,049 | +€36,885 | +42.3% |
| Financial debts | 43 | - | €2,903 | +€2,903 | |
| Credit institutions | 430/8 | - | €2,903 | +€2,903 | |
| Trade debts | 44 | €6,286 | €7,925 | +€1,639 | +26.1% |
| Suppliers | 440/4 | €6,286 | €7,925 | +€1,639 | +26.1% |
| Taxes, remuneration and social security | 45 | €142 | €285 | +€143 | +101% |
| Taxes | 450/3 | €142 | €285 | +€143 | +101% |
| Other amounts payable | 47/48 | €80,736 | €112,936 | +€32,201 | +39.9% |
| Accrued charges and deferred income | 492/3 | - | €209 | +€209 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €239 | - | -€239 | |
| Other operating charges | 640/8 | €874 | €843 | -€32 | -3.6% |
| Gross operating margin | 9900 | -€17,719 | -€37,062 | -€19,343 | -109% |
| Operating profit (loss) | 9901 | -€18,833 | -€37,905 | -€19,072 | -101% |
| Financial income | 75/76B | €4 | €20 | +€16 | +409% |
| Recurring financial income | 75 | €4 | €20 | +€16 | +409% |
| Financial charges | 65/66B | €1,325 | €1,003 | -€322 | -24.3% |
| Recurring financial charges | 65 | €1,325 | €1,003 | -€322 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | -€20,154 | -€38,888 | -€18,734 | -93.0% |
| Income taxes | 67/77 | €142 | €153 | +€11 | +8.0% |
| Profit (loss) for the period | 9904 | -€20,296 | -€39,041 | -€18,745 | -92.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,296 | -€39,041 | -€18,745 | -92.4% |
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 25 October 2026 via checked.be.