VAN CALSTER: what changed
Two fiscal 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 CALSTER
Largest movements
- Tangible fixed assets -€66,136
down €66,136 (-5.5%), from €1.2m to €1.1m
of which Land and buildings: -€65,528
- Other debts -€585,966
down €585,966 (-85.1%), from €688,167 to €102,201
- Debts after one year +€532,333
up €532,333 (+926.1%), from €57,480 to €589,813
of which Other amounts payable: +€444,000
- Profit (loss) carried forward -€38,132
down €38,132 (-199.3%), from -€19,132 to -€57,263
- Current portion of long-term debt +€22,533
new in 2025: €22,533
- Reserves -€22,314
down €22,314 (-4.9%), from €454,127 to €431,812
of which Tax-exempt reserves: -€22,314
- Gross operating margin -€16,691
down €16,691 (-38.9%), from €42,915 to €26,224
- Financial charges +€2,828
up €2,828 (+14.1%), from €20,057 to €22,885
- Depreciation +€759
up €759 (+1.2%), from €65,377 to €66,136
- Taxes -€658
down €658 (-73.4%), from €897 to €239
- Financial income -€518
down €518 (-98.9%), from €524 to €6
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 | €1,538,078 | €1,463,940 | -€74,138 | -4.8% |
| Fixed assets | 21/28 | €1,203,204 | €1,137,068 | -€66,136 | -5.5% |
| Tangible fixed assets | 22/27 | €1,203,204 | €1,137,068 | -€66,136 | -5.5% |
| Land and buildings | 22 | €1,200,640 | €1,135,112 | -€65,528 | -5.5% |
| Plant, machinery and equipment | 23 | €2,563 | €1,956 | -€608 | -23.7% |
| Current assets | 29/58 | €334,874 | €326,872 | -€8,002 | -2.4% |
| Amounts receivable after more than one year | 29 | €300,000 | €300,000 | = | 0.0% |
| Other amounts receivable | 291 | €300,000 | €300,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €6,570 | €7,678 | +€1,108 | +16.9% |
| Trade receivables | 40 | €323 | - | -€323 | |
| Other amounts receivable | 41 | €6,247 | €7,678 | +€1,431 | +22.9% |
| Cash at bank and in hand | 54/58 | €8,009 | €6,818 | -€1,191 | -14.9% |
| Deferred charges and accrued income | 490/1 | €20,294 | €12,376 | -€7,919 | -39.0% |
| Total equity and liabilities | 10/49 | €1,538,078 | €1,463,940 | -€74,138 | -4.8% |
| Equity | 10/15 | €596,126 | €535,680 | -€60,446 | -10.1% |
| Contributions | 10/11 | €161,131 | €161,131 | = | 0.0% |
| Capital | 10 | €161,131 | €161,131 | = | 0.0% |
| Issued capital | 100 | €161,131 | €161,131 | = | 0.0% |
| Reserves | 13 | €454,127 | €431,812 | -€22,314 | -4.9% |
| Non-distributable reserves | 130/1 | €10,995 | €10,995 | = | 0.0% |
| Legal reserve | 130 | €10,995 | €10,995 | = | 0.0% |
| Tax-exempt reserves | 132 | €443,131 | €420,817 | -€22,314 | -5.0% |
| Profit (loss) carried forward | 14 | -€19,132 | -€57,263 | -€38,132 | -199.3% |
| Provisions and deferred taxes | 16 | €147,710 | €140,272 | -€7,438 | -5.0% |
| Deferred taxes | 168 | €147,710 | €140,272 | -€7,438 | -5.0% |
| Amounts payable | 17/49 | €794,242 | €787,988 | -€6,254 | -0.8% |
| Amounts payable after more than one year | 17 | €57,480 | €589,813 | +€532,333 | +926.1% |
| Financial debts | 170/4 | - | €88,333 | +€88,333 | |
| Other amounts payable | 178/9 | €57,480 | €501,480 | +€444,000 | +772.4% |
| Amounts payable within one year | 42/48 | €690,566 | €130,416 | -€560,150 | -81.1% |
| Current portion of amounts payable after more than one year | 42 | - | €22,533 | +€22,533 | |
| Trade debts | 44 | €2,400 | €5,682 | +€3,283 | +136.8% |
| Suppliers | 440/4 | €2,400 | €5,682 | +€3,283 | +136.8% |
| Other amounts payable | 47/48 | €688,167 | €102,201 | -€585,966 | -85.1% |
| Accrued charges and deferred income | 492/3 | €46,195 | €67,759 | +€21,563 | +46.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,377 | €66,136 | +€759 | +1.2% |
| Other operating charges | 640/8 | €4,869 | €4,854 | -€15 | -0.3% |
| Gross operating margin | 9900 | €42,915 | €26,224 | -€16,691 | -38.9% |
| Operating profit (loss) | 9901 | -€27,331 | -€44,766 | -€17,434 | -63.8% |
| Financial income | 75/76B | €524 | €6 | -€518 | -98.9% |
| Recurring financial income | 75 | €524 | €6 | -€518 | -98.9% |
| Financial charges | 65/66B | €20,057 | €22,885 | +€2,828 | +14.1% |
| Recurring financial charges | 65 | €20,057 | €22,885 | +€2,828 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | -€46,864 | -€67,645 | -€20,781 | -44.3% |
| Transfer from deferred taxes | 780 | €7,441 | €7,438 | -€3 | 0.0% |
| Income taxes | 67/77 | €897 | €239 | -€658 | -73.4% |
| Profit (loss) for the period | 9904 | -€40,321 | -€60,446 | -€20,125 | -49.9% |
| Transfer from tax-exempt reserves | 789 | €22,323 | €22,314 | -€9 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,998 | -€38,132 | -€20,134 | -111.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.