VAN BAEL: 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.
VAN BAEL
Largest movements
- Stocks and contracts -€13,700
down €13,700 (-20.0%), from €68,500 to €54,800
- Tangible fixed assets -€13,147
down €13,147 (-30.3%), from €43,323 to €30,176
- Other debts -€18,134
down €18,134 (-86.1%), from €21,072 to €2,938
- Reserves -€6,431
down €6,431 (-1.8%), from €359,275 to €352,843
- Current portion of long-term debt -€4,727
no longer reported in 2025 (was €4,727)
- Depreciation -€13,759
down €13,759 (-51.1%), from €26,906 to €13,147
- Financial charges -€2,173
down €2,173 (-79.3%), from €2,741 to €569
- Gross operating margin -€2,054
down €2,054 (-21.5%), from €9,559 to €7,505
- Financial income -€995
down €995 (-73.6%), from €1,352 to €356
- Other operating charges -€768
down €768 (-64.5%), from €1,192 to €423
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 | €408,043 | €375,279 | -€32,765 | -8.0% |
| Fixed assets | 21/28 | €43,323 | €30,176 | -€13,147 | -30.3% |
| Tangible fixed assets | 22/27 | €43,323 | €30,176 | -€13,147 | -30.3% |
| Furniture and vehicles | 24 | €43,323 | €30,176 | -€13,147 | -30.3% |
| Current assets | 29/58 | €364,720 | €345,103 | -€19,617 | -5.4% |
| Stocks and contracts in progress | 3 | €68,500 | €54,800 | -€13,700 | -20.0% |
| Stocks | 30/36 | €68,500 | €54,800 | -€13,700 | -20.0% |
| Amounts receivable within one year | 40/41 | €5,989 | €3,007 | -€2,982 | -49.8% |
| Trade receivables | 40 | €75 | €1,057 | +€982 | +1308.7% |
| Other amounts receivable | 41 | €5,914 | €1,951 | -€3,963 | -67.0% |
| Current investments | 50/53 | €22,428 | €22,428 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €267,539 | €264,868 | -€2,671 | -1.0% |
| Deferred charges and accrued income | 490/1 | €265 | - | -€265 | |
| Total equity and liabilities | 10/49 | €408,043 | €375,279 | -€32,765 | -8.0% |
| Equity | 10/15 | €377,875 | €371,443 | -€6,431 | -1.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €359,275 | €352,843 | -€6,431 | -1.8% |
| Distributable reserves | 133 | €359,275 | €352,843 | -€6,431 | -1.8% |
| Amounts payable | 17/49 | €30,169 | €3,836 | -€26,333 | -87.3% |
| Amounts payable within one year | 42/48 | €27,769 | €3,836 | -€23,933 | -86.2% |
| Current portion of amounts payable after more than one year | 42 | €4,727 | - | -€4,727 | |
| Trade debts | 44 | €1,970 | €188 | -€1,782 | -90.4% |
| Suppliers | 440/4 | €1,970 | €188 | -€1,782 | -90.4% |
| Taxes, remuneration and social security | 45 | - | €709 | +€709 | |
| Taxes | 450/3 | - | €709 | +€709 | |
| Other amounts payable | 47/48 | €21,072 | €2,938 | -€18,134 | -86.1% |
| Accrued charges and deferred income | 492/3 | €2,400 | - | -€2,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,906 | €13,147 | -€13,759 | -51.1% |
| Other operating charges | 640/8 | €1,192 | €423 | -€768 | -64.5% |
| Gross operating margin | 9900 | €9,559 | €7,505 | -€2,054 | -21.5% |
| Operating profit (loss) | 9901 | -€18,539 | -€6,066 | +€12,473 | +67.3% |
| Financial income | 75/76B | €1,352 | €356 | -€995 | -73.6% |
| Recurring financial income | 75 | €1,352 | €356 | -€995 | -73.6% |
| Financial charges | 65/66B | €2,741 | €569 | -€2,173 | -79.3% |
| Recurring financial charges | 65 | €2,741 | €569 | -€2,173 | -79.3% |
| Profit (loss) for the period before taxes | 9903 | -€19,928 | -€6,278 | +€13,650 | +68.5% |
| Income taxes | 67/77 | €164 | €153 | -€10 | -6.2% |
| Profit (loss) for the period | 9904 | -€20,092 | -€6,431 | +€13,661 | +68.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,092 | -€6,431 | +€13,661 | +68.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.