TIM & GUY VANHEE - CANDAELE: 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.
TIM & GUY VANHEE - CANDAELE
Largest movements
- Cash +€443,116
up €443,116 (+44.6%), from €992,605 to €1.4m
mainly Net result for the year (+€808,244) and Other debts (+€497,255)
- Current investments -€364,421
down €364,421 (-20.0%), from €1.8m to €1.5m
- Other debts +€497,255
up €497,255 (+8565.5%), from €5,805 to €503,061
- Reserves -€441,756
down €441,756 (-14.1%), from €3.1m to €2.7m
of which Tax-exempt reserves: -€252,600
- Tax, wage and social debts +€60,451
up €60,451 (+171.6%), from €35,233 to €95,683
of which Taxes: +€54,348
- Gross operating margin +€181,704
up €181,704 (+16.6%), from €1.1m to €1.3m
- Financial income +€116,563
up €116,563 (+522.8%), from €22,294 to €138,857
- Financial charges +€96,673
up €96,673, from -€43,262 to €53,411
- Taxes +€71,999
up €71,999 (+32.2%), from €223,528 to €295,527
- Staff costs +€24,228
up €24,228 (+13.0%), from €186,723 to €210,950
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.
Cash bridge derived
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 | €3,209,919 | €3,323,292 | +€113,374 | +3.5% |
| Fixed assets | 21/28 | €129,944 | €130,408 | +€464 | +0.4% |
| Tangible fixed assets | 22/27 | €129,944 | €130,408 | +€464 | +0.4% |
| Plant, machinery and equipment | 23 | €20,311 | €14,828 | -€5,482 | -27.0% |
| Furniture and vehicles | 24 | €109,633 | €115,580 | +€5,946 | +5.4% |
| Current assets | 29/58 | €3,079,974 | €3,192,884 | +€112,910 | +3.7% |
| Amounts receivable within one year | 40/41 | €124,920 | €152,338 | +€27,418 | +21.9% |
| Trade receivables | 40 | €99,569 | €128,017 | +€28,448 | +28.6% |
| Other amounts receivable | 41 | €25,351 | €24,321 | -€1,030 | -4.1% |
| Current investments | 50/53 | €1,821,445 | €1,457,024 | -€364,421 | -20.0% |
| Cash at bank and in hand | 54/58 | €992,605 | €1,435,722 | +€443,116 | +44.6% |
| Deferred charges and accrued income | 490/1 | €141,004 | €147,801 | +€6,797 | +4.8% |
| Total equity and liabilities | 10/49 | €3,209,919 | €3,323,292 | +€113,374 | +3.5% |
| Equity | 10/15 | €3,158,103 | €2,716,347 | -€441,756 | -14.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €3,138,103 | €2,696,347 | -€441,756 | -14.1% |
| Tax-exempt reserves | 132 | €597,820 | €345,220 | -€252,600 | -42.3% |
| Distributable reserves | 133 | €2,540,283 | €2,351,127 | -€189,156 | -7.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €51,816 | €606,946 | +€555,130 | +1071.4% |
| Amounts payable within one year | 42/48 | €51,816 | €606,946 | +€555,130 | +1071.4% |
| Trade debts | 44 | €10,778 | €8,202 | -€2,576 | -23.9% |
| Suppliers | 440/4 | €10,778 | €8,202 | -€2,576 | -23.9% |
| Taxes, remuneration and social security | 45 | €35,233 | €95,683 | +€60,451 | +171.6% |
| Taxes | 450/3 | €11,571 | €65,920 | +€54,348 | +469.7% |
| Remuneration and social security | 454/9 | €23,661 | €29,764 | +€6,102 | +25.8% |
| Other amounts payable | 47/48 | €5,805 | €503,061 | +€497,255 | +8565.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €186,723 | €210,950 | +€24,228 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,792 | €41,376 | +€4,584 | +12.5% |
| Other operating charges | 640/8 | €3,196 | €2,703 | -€493 | -15.4% |
| Gross operating margin | 9900 | €1,091,651 | €1,273,354 | +€181,704 | +16.6% |
| Operating profit (loss) | 9901 | €864,941 | €1,018,325 | +€153,384 | +17.7% |
| Financial income | 75/76B | €22,294 | €138,857 | +€116,563 | +522.8% |
| Recurring financial income | 75 | €22,294 | €138,857 | +€116,563 | +522.8% |
| Financial charges | 65/66B | -€43,262 | €53,411 | +€96,673 | |
| Recurring financial charges | 65 | -€43,262 | €53,411 | +€96,673 | |
| Profit (loss) for the period before taxes | 9903 | €930,497 | €1,103,770 | +€173,274 | +18.6% |
| Income taxes | 67/77 | €223,528 | €295,527 | +€71,999 | +32.2% |
| Profit (loss) for the period | 9904 | €706,969 | €808,244 | +€101,275 | +14.3% |
| Transfer from tax-exempt reserves | 789 | - | €252,600 | +€252,600 | |
| Transfer to tax-exempt reserves | 689 | €345,220 | €0 | -€345,220 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €361,749 | €1,060,844 | +€699,095 | +193.3% |
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 12 October 2026 via checked.be.