VAARTDIJK: 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.
VAARTDIJK
Largest movements
- Stocks and contracts +€7.3m
up €7.3m (+16,754%), from €43,675 to €7.4m
- Tangible fixed assets -€6.1m
down €6.1m (-70.5%), from €8.6m to €2.5m
of which Land and buildings: -€6.1m
- Current investments -€2.5m
no longer reported in 2025 (was €2.5m)
- Cash +€720,404
up €720,404 (+329%), from €219,221 to €939,626
mainly Investment in fixed assets (net) (+€6.0m) and Current investments (+€2.5m)
- Debts after one year -€309,000
down €309,000 (-5.3%), from €5.9m to €5.5m
- Profit (loss) carried forward -€251,837
down €251,837, from €3,394 to -€248,443
- Other debts +€197,903
up €197,903 (+7.9%), from €2.5m to €2.7m
- Trade debts -€119,628
down €119,628 (-73.2%), from €163,359 to €43,732
- Gross operating margin -€946,997
down €946,997, from €945,531 to -€1,466
- Taxes -€148,164
down €148,164 (-99.1%), from €149,524 to €1,361
- Financial charges -€143,162
down €143,162 (-50.4%), from €283,939 to €140,776
- Other operating charges -€94,418
down €94,418 (-66.6%), from €141,854 to €47,436
- Financial income +€23,061
up €23,061 (+442%), from €5,215 to €28,276
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 | €11,582,338 | €11,091,804 | -€490,534 | -4.2% |
| Fixed assets | 21/28 | €8,619,789 | €2,541,432 | -€6.1m | -70.5% |
| Tangible fixed assets | 22/27 | €8,619,789 | €2,541,432 | -€6.1m | -70.5% |
| Land and buildings | 22 | €8,474,115 | €2,402,468 | -€6.1m | -71.6% |
| Furniture and vehicles | 24 | €119,260 | €113,127 | -€6,133 | -5.1% |
| Other tangible fixed assets | 26 | €26,414 | €25,837 | -€577 | -2.2% |
| Current assets | 29/58 | €2,962,549 | €8,550,372 | +€5.6m | +189% |
| Stocks and contracts in progress | 3 | €43,675 | €7,360,774 | +€7.3m | +16,754% |
| Stocks | 30/36 | €43,675 | €7,360,774 | +€7.3m | +16,754% |
| Amounts receivable within one year | 40/41 | €199,653 | €249,972 | +€50,319 | +25.2% |
| Trade receivables | 40 | €174,653 | €224,972 | +€50,319 | +28.8% |
| Other amounts receivable | 41 | €25,000 | €25,000 | = | 0.0% |
| Current investments | 50/53 | €2,500,000 | - | -€2.5m | |
| Cash at bank and in hand | 54/58 | €219,221 | €939,626 | +€720,404 | +329% |
| Total equity and liabilities | 10/49 | €11,582,338 | €11,091,804 | -€490,534 | -4.2% |
| Equity | 10/15 | €2,731,477 | €2,467,967 | -€263,510 | -9.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €2,678,084 | €2,666,411 | -€11,673 | -0.4% |
| Tax-exempt reserves | 132 | €731,173 | €719,500 | -€11,673 | -1.6% |
| Distributable reserves | 133 | €1,946,910 | €1,946,910 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,394 | -€248,443 | -€251,837 | |
| Provisions and deferred taxes | 16 | €243,724 | €239,833 | -€3,891 | -1.6% |
| Deferred taxes | 168 | €243,724 | €239,833 | -€3,891 | -1.6% |
| Amounts payable | 17/49 | €8,607,136 | €8,384,004 | -€223,133 | -2.6% |
| Amounts payable after more than one year | 17 | €5,856,616 | €5,547,616 | -€309,000 | -5.3% |
| Financial debts | 170/4 | €5,856,616 | €5,547,616 | -€309,000 | -5.3% |
| Amounts payable within one year | 42/48 | €2,750,520 | €2,836,388 | +€85,867 | +3.1% |
| Trade debts | 44 | €163,359 | €43,732 | -€119,628 | -73.2% |
| Suppliers | 440/4 | €163,359 | €43,732 | -€119,628 | -73.2% |
| Taxes, remuneration and social security | 45 | €70,766 | €78,358 | +€7,591 | +10.7% |
| Taxes | 450/3 | €70,766 | €78,358 | +€7,591 | +10.7% |
| Other amounts payable | 47/48 | €2,516,395 | €2,714,298 | +€197,903 | +7.9% |
| Non-recurring operating income | 76A | €1,128,357 | - | -€1.1m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,883 | €104,638 | +€5,755 | +5.8% |
| Other operating charges | 640/8 | €141,854 | €47,436 | -€94,418 | -66.6% |
| Gross operating margin | 9900 | €945,531 | -€1,466 | -€946,997 | |
| Operating profit (loss) | 9901 | €704,795 | -€153,540 | -€858,334 | |
| Financial income | 75/76B | €5,215 | €28,276 | +€23,061 | +442% |
| Recurring financial income | 75 | €5,215 | €28,276 | +€23,061 | +442% |
| Financial charges | 65/66B | €283,939 | €140,776 | -€143,162 | -50.4% |
| Recurring financial charges | 65 | €283,939 | €140,776 | -€143,162 | -50.4% |
| Profit (loss) for the period before taxes | 9903 | €426,071 | -€266,040 | -€692,111 | |
| Transfer from deferred taxes | 780 | €3,891 | €3,891 | = | 0.0% |
| Income taxes | 67/77 | €149,524 | €1,361 | -€148,164 | -99.1% |
| Profit (loss) for the period | 9904 | €280,438 | -€263,510 | -€543,948 | |
| Transfer from tax-exempt reserves | 789 | €11,673 | €11,673 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €292,111 | -€251,837 | -€543,948 |
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 14 October 2026 via checked.be.