Steven Vrancken: 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 Vrancken
Largest movements
- Tangible fixed assets -€37,576
down €37,576 (-9.8%), from €383,085 to €345,509
of which Furniture and vehicles: -€22,833
- Deferred charges and accrued income -€10,333
down €10,333 (-95.5%), from €10,821 to €488
- Cash -€4,529
down €4,529 (-33.3%), from €13,598 to €9,069
mainly Debts after one year (-€41,301) and Other debts (-€31,958)
- Debts after one year -€41,301
down €41,301 (-29.3%), from €141,135 to €99,834
- Other debts -€31,958
down €31,958 (-56.0%), from €57,026 to €25,068
- Reserves +€27,168
up €27,168 (+26.0%), from €104,606 to €131,773
- Gross operating margin +€18,389
up €18,389 (+23.1%), from €79,535 to €97,924
- Taxes +€5,403
up €5,403 (+68.0%), from €7,944 to €13,347
- Financial charges -€2,880
down €2,880 (-35.3%), from €8,156 to €5,276
- Other operating charges +€2,871
up €2,871 (+55.4%), from €5,187 to €8,058
- Depreciation +€1,084
up €1,084 (+2.5%), from €43,011 to €44,096
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 | €411,177 | €357,771 | -€53,406 | -13.0% |
| Fixed assets | 21/28 | €383,175 | €345,599 | -€37,576 | -9.8% |
| Tangible fixed assets | 22/27 | €383,085 | €345,509 | -€37,576 | -9.8% |
| Land and buildings | 22 | €305,596 | €296,593 | -€9,003 | -2.9% |
| Plant, machinery and equipment | 23 | €19,282 | €13,541 | -€5,741 | -29.8% |
| Furniture and vehicles | 24 | €58,207 | €35,374 | -€22,833 | -39.2% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €28,002 | €12,173 | -€15,829 | -56.5% |
| Amounts receivable within one year | 40/41 | €3,582 | €2,615 | -€967 | -27.0% |
| Trade receivables | 40 | €2 | €2,615 | +€2,613 | +108,856% |
| Other amounts receivable | 41 | €3,580 | €0 | -€3,580 | -100% |
| Cash at bank and in hand | 54/58 | €13,598 | €9,069 | -€4,529 | -33.3% |
| Deferred charges and accrued income | 490/1 | €10,821 | €488 | -€10,333 | -95.5% |
| Total equity and liabilities | 10/49 | €411,177 | €357,771 | -€53,406 | -13.0% |
| Equity | 10/15 | €147,090 | €174,257 | +€27,168 | +18.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €104,606 | €131,773 | +€27,168 | +26.0% |
| Distributable reserves | 133 | €104,606 | €131,773 | +€27,168 | +26.0% |
| Profit (loss) carried forward | 14 | €23,884 | €23,884 | = | 0.0% |
| Amounts payable | 17/49 | €264,087 | €183,514 | -€80,573 | -30.5% |
| Amounts payable after more than one year | 17 | €141,135 | €99,834 | -€41,301 | -29.3% |
| Financial debts | 170/4 | €141,135 | €99,834 | -€41,301 | -29.3% |
| Amounts payable within one year | 42/48 | €112,437 | €77,249 | -€35,188 | -31.3% |
| Current portion of amounts payable after more than one year | 42 | €44,242 | €43,716 | -€526 | -1.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €2,634 | €0 | -€2,634 | -100% |
| Suppliers | 440/4 | €2,634 | €0 | -€2,634 | -100% |
| Taxes, remuneration and social security | 45 | €8,536 | €8,465 | -€70 | -0.8% |
| Taxes | 450/3 | €8,536 | €8,465 | -€70 | -0.8% |
| Other amounts payable | 47/48 | €57,026 | €25,068 | -€31,958 | -56.0% |
| Accrued charges and deferred income | 492/3 | €10,516 | €6,431 | -€4,085 | -38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,011 | €44,096 | +€1,084 | +2.5% |
| Other operating charges | 640/8 | €5,187 | €8,058 | +€2,871 | +55.4% |
| Gross operating margin | 9900 | €79,535 | €97,924 | +€18,389 | +23.1% |
| Operating profit (loss) | 9901 | €31,337 | €45,770 | +€14,434 | +46.1% |
| Financial income | 75/76B | €4 | €20 | +€16 | +373% |
| Recurring financial income | 75 | €4 | €20 | +€16 | +373% |
| Financial charges | 65/66B | €8,156 | €5,276 | -€2,880 | -35.3% |
| Recurring financial charges | 65 | €8,156 | €5,276 | -€2,880 | -35.3% |
| Profit (loss) for the period before taxes | 9903 | €23,185 | €40,515 | +€17,330 | +74.7% |
| Income taxes | 67/77 | €7,944 | €13,347 | +€5,403 | +68.0% |
| Profit (loss) for the period | 9904 | €15,241 | €27,168 | +€11,927 | +78.3% |
| Profit (loss) for the period to be appropriated | 9905 | €15,241 | €27,168 | +€11,927 | +78.3% |
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 31 October 2026 via checked.be.