Thijs Vanhaverbeke: 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.
Thijs Vanhaverbeke
Largest movements
- Cash +€38,117
up €38,117 (+154%), from €24,775 to €62,892
mainly Net result for the year (+€17,513) and Receivables within one year (+€14,537)
- Receivables within one year -€14,537
down €14,537 (-32.8%), from €44,323 to €29,786
of which Trade receivables: -€17,786
- Stocks and contracts -€3,473
down €3,473 (-9.6%), from €36,020 to €32,546
- Tangible fixed assets -€1,876
down €1,876 (-8.6%), from €21,812 to €19,936
of which Plant, machinery and equipment: -€1,401
- Reserves +€17,513
up €17,513 (+62.8%), from €27,906 to €45,419
- Tax, wage and social debts -€11,671
down €11,671 (-71.4%), from €16,341 to €4,671
of which Taxes: -€8,634
- Debts after one year +€10,234
up €10,234 (+22.8%), from €44,919 to €55,153
of which Other amounts payable: +€10,761
- Trade debts +€9,381
up €9,381 (+61.5%), from €15,248 to €24,629
- Accrued charges and deferred income -€8,955
down €8,955 (-76.1%), from €11,773 to €2,818
- Gross operating margin -€23,479
down €23,479 (-19.5%), from €120,113 to €96,634
- Taxes -€6,213
down €6,213 (-48.2%), from €12,902 to €6,690
- Financial charges -€5,800
down €5,800 (-86.9%), from €6,672 to €872
- Financial income +€1,727
up €1,727 (+120%), from €1,436 to €3,163
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 | €128,189 | €146,467 | +€18,279 | +14.3% |
| Fixed assets | 21/28 | €21,820 | €19,936 | -€1,884 | -8.6% |
| Intangible fixed assets | 21 | €8 | - | -€8 | |
| Tangible fixed assets | 22/27 | €21,812 | €19,936 | -€1,876 | -8.6% |
| Land and buildings | 22 | €6,353 | €5,103 | -€1,250 | -19.7% |
| Plant, machinery and equipment | 23 | €4,357 | €2,956 | -€1,401 | -32.2% |
| Furniture and vehicles | 24 | €5,791 | €7,103 | +€1,312 | +22.7% |
| Other tangible fixed assets | 26 | €5,311 | €4,775 | -€536 | -10.1% |
| Current assets | 29/58 | €106,369 | €126,531 | +€20,163 | +19.0% |
| Stocks and contracts in progress | 3 | €36,020 | €32,546 | -€3,473 | -9.6% |
| Stocks | 30/36 | €36,020 | €32,546 | -€3,473 | -9.6% |
| Amounts receivable within one year | 40/41 | €44,323 | €29,786 | -€14,537 | -32.8% |
| Trade receivables | 40 | €21,054 | €3,268 | -€17,786 | -84.5% |
| Other amounts receivable | 41 | €23,269 | €26,518 | +€3,249 | +14.0% |
| Cash at bank and in hand | 54/58 | €24,775 | €62,892 | +€38,117 | +154% |
| Deferred charges and accrued income | 490/1 | €1,251 | €1,307 | +€56 | +4.5% |
| Total equity and liabilities | 10/49 | €128,189 | €146,467 | +€18,279 | +14.3% |
| Equity | 10/15 | €29,406 | €46,919 | +€17,513 | +59.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €27,906 | €45,419 | +€17,513 | +62.8% |
| Distributable reserves | 133 | €27,906 | €45,419 | +€17,513 | +62.8% |
| Amounts payable | 17/49 | €98,782 | €99,548 | +€766 | +0.8% |
| Amounts payable after more than one year | 17 | €44,919 | €55,153 | +€10,234 | +22.8% |
| Financial debts | 170/4 | €527 | - | -€527 | |
| Other amounts payable | 178/9 | €44,391 | €55,153 | +€10,761 | +24.2% |
| Amounts payable within one year | 42/48 | €42,090 | €41,577 | -€513 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €3,148 | €527 | -€2,621 | -83.2% |
| Financial debts | 43 | €5,892 | €11,750 | +€5,858 | +99.4% |
| Credit institutions | 430/8 | €5,892 | €11,750 | +€5,858 | +99.4% |
| Trade debts | 44 | €15,248 | €24,629 | +€9,381 | +61.5% |
| Suppliers | 440/4 | €15,248 | €24,629 | +€9,381 | +61.5% |
| Taxes, remuneration and social security | 45 | €16,341 | €4,671 | -€11,671 | -71.4% |
| Taxes | 450/3 | €8,634 | - | -€8,634 | |
| Remuneration and social security | 454/9 | €7,707 | €4,671 | -€3,036 | -39.4% |
| Other amounts payable | 47/48 | €1,460 | - | -€1,460 | |
| Accrued charges and deferred income | 492/3 | €11,773 | €2,818 | -€8,955 | -76.1% |
| Remuneration, social security and pensions | 62 | €63,487 | €64,475 | +€988 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,957 | €8,219 | -€739 | -8.2% |
| Other operating charges | 640/8 | €1,326 | €2,029 | +€703 | +53.0% |
| Non-recurring operating charges | 66A | €2,112 | - | -€2,112 | |
| Gross operating margin | 9900 | €120,113 | €96,634 | -€23,479 | -19.5% |
| Operating profit (loss) | 9901 | €44,232 | €21,912 | -€22,320 | -50.5% |
| Financial income | 75/76B | €1,436 | €3,163 | +€1,727 | +120% |
| Recurring financial income | 75 | €1,436 | €3,163 | +€1,727 | +120% |
| Financial charges | 65/66B | €6,672 | €872 | -€5,800 | -86.9% |
| Recurring financial charges | 65 | €6,672 | €872 | -€5,800 | -86.9% |
| Profit (loss) for the period before taxes | 9903 | €38,996 | €24,203 | -€14,793 | -37.9% |
| Income taxes | 67/77 | €12,902 | €6,690 | -€6,213 | -48.2% |
| Profit (loss) for the period | 9904 | €26,094 | €17,513 | -€8,581 | -32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,094 | €17,513 | -€8,581 | -32.9% |
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.