VAN BEL MANAGEMENT: 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 BEL MANAGEMENT
Largest movements
- Current investments -€18,820
down €18,820 (-17.1%), from €110,335 to €91,515
- Tangible fixed assets -€18,498
down €18,498 (-2.8%), from €669,208 to €650,710
of which Land and buildings: -€16,732
- Receivables within one year -€11,308
down €11,308 (-32.6%), from €34,686 to €23,378
of which Trade receivables: -€9,508
- Debts after one year -€80,000
down €80,000 (-15.1%), from €530,833 to €450,833
- Reserves +€25,378
up €25,378 (+9.7%), from €262,728 to €288,106
of which Distributable reserves: +€25,378
- Gross operating margin +€48,528
up €48,528 (+37.9%), from €128,100 to €176,628
- Depreciation +€19,386
up €19,386 (+43.1%), from €45,025 to €64,410
- Taxes +€8,161
up €8,161 (+39.8%), from €20,490 to €28,651
- Financial income +€8,059
up €8,059 (+94.0%), from €8,577 to €16,636
- Other operating charges +€4,212
up €4,212 (+432%), from €974 to €5,187
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 | €838,533 | €786,955 | -€51,577 | -6.2% |
| Fixed assets | 21/28 | €669,458 | €650,960 | -€18,498 | -2.8% |
| Tangible fixed assets | 22/27 | €669,208 | €650,710 | -€18,498 | -2.8% |
| Land and buildings | 22 | €638,464 | €621,732 | -€16,732 | -2.6% |
| Plant, machinery and equipment | 23 | €7,501 | €9,575 | +€2,074 | +27.7% |
| Furniture and vehicles | 24 | €16,452 | €12,699 | -€3,753 | -22.8% |
| Other tangible fixed assets | 26 | €6,791 | €6,704 | -€87 | -1.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €169,075 | €135,995 | -€33,079 | -19.6% |
| Amounts receivable within one year | 40/41 | €34,686 | €23,378 | -€11,308 | -32.6% |
| Trade receivables | 40 | €32,387 | €22,879 | -€9,508 | -29.4% |
| Other amounts receivable | 41 | €2,299 | €499 | -€1,800 | -78.3% |
| Current investments | 50/53 | €110,335 | €91,515 | -€18,820 | -17.1% |
| Cash at bank and in hand | 54/58 | €19,655 | €15,440 | -€4,215 | -21.4% |
| Deferred charges and accrued income | 490/1 | €4,399 | €5,662 | +€1,263 | +28.7% |
| Total equity and liabilities | 10/49 | €838,533 | €786,955 | -€51,577 | -6.2% |
| Equity | 10/15 | €262,728 | €288,106 | +€25,378 | +9.7% |
| Reserves | 13 | €262,728 | €288,106 | +€25,378 | +9.7% |
| Tax-exempt reserves | 132 | €746 | €746 | = | 0.0% |
| Distributable reserves | 133 | €261,982 | €287,360 | +€25,378 | +9.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €575,805 | €498,849 | -€76,955 | -13.4% |
| Amounts payable after more than one year | 17 | €530,833 | €450,833 | -€80,000 | -15.1% |
| Financial debts | 170/4 | €530,833 | €450,833 | -€80,000 | -15.1% |
| Amounts payable within one year | 42/48 | €39,792 | €43,922 | +€4,130 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €3,255 | €270 | -€2,984 | -91.7% |
| Suppliers | 440/4 | €3,255 | €270 | -€2,984 | -91.7% |
| Taxes, remuneration and social security | 45 | €9,545 | €11,731 | +€2,187 | +22.9% |
| Taxes | 450/3 | €7,859 | €10,057 | +€2,199 | +28.0% |
| Remuneration and social security | 454/9 | €1,686 | €1,674 | -€12 | -0.7% |
| Other amounts payable | 47/48 | €1,993 | €6,920 | +€4,927 | +247% |
| Accrued charges and deferred income | 492/3 | €5,179 | €4,095 | -€1,085 | -20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,025 | €64,410 | +€19,386 | +43.1% |
| Other operating charges | 640/8 | €974 | €5,187 | +€4,212 | +432% |
| Non-recurring operating charges | 66A | - | €490 | +€490 | |
| Gross operating margin | 9900 | €128,100 | €176,628 | +€48,528 | +37.9% |
| Operating profit (loss) | 9901 | €82,101 | €106,542 | +€24,441 | +29.8% |
| Financial income | 75/76B | €8,577 | €16,636 | +€8,059 | +94.0% |
| Recurring financial income | 75 | €8,577 | €16,636 | +€8,059 | +94.0% |
| Financial charges | 65/66B | €22,855 | €21,507 | -€1,348 | -5.9% |
| Recurring financial charges | 65 | €22,855 | €21,194 | -€1,661 | -7.3% |
| Non-recurring financial charges | 66B | - | €312 | +€312 | |
| Profit (loss) for the period before taxes | 9903 | €67,823 | €101,671 | +€33,848 | +49.9% |
| Income taxes | 67/77 | €20,490 | €28,651 | +€8,161 | +39.8% |
| Profit (loss) for the period | 9904 | €47,333 | €73,020 | +€25,687 | +54.3% |
| Profit (loss) for the period to be appropriated | 9905 | €47,333 | €73,020 | +€25,687 | +54.3% |
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 20 October 2026 via checked.be.