VAN CONVERSION: 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 CONVERSION
Largest movements
- Current investments -€165,000
down €165,000 (-100.0%), from €165,000 to €0
- Stocks and contracts +€155,912
up €155,912 (+700.7%), from €22,252 to €178,164
of which Stocks: +€155,912
- Receivables within one year -€142,407
down €142,407 (-77.6%), from €183,512 to €41,105
of which Trade receivables: -€164,900
- Cash +€109,617
up €109,617 (+1939.9%), from €5,651 to €115,268
mainly Current investments (+€165,000) and Receivables within one year (+€142,407)
- Financial fixed assets -€10,500
down €10,500 (-61.0%), from €17,200 to €6,700
- Tax, wage and social debts -€27,211
down €27,211 (-100.0%), from €27,211 to €0
of which Taxes: -€23,670
- Trade debts -€19,918
down €19,918 (-68.6%), from €29,048 to €9,129
- Other debts -€6,755
down €6,755 (-100.0%), from €6,755 to €0
- Reserves +€5,000
up €5,000 (+33.3%), from €15,000 to €20,000
- Gross operating margin -€97,405
down €97,405 (-97.1%), from €100,283 to €2,877
- Staff costs -€59,770
down €59,770 (-100.0%), from €59,770 to €0
- Taxes -€7,753
down €7,753 (-87.7%), from €8,843 to €1,090
- Depreciation -€3,750
no longer reported in 2025 (was €3,750)
- Financial charges -€2,318
down €2,318 (-83.3%), from €2,784 to €466
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 | €393,615 | €342,418 | -€51,197 | -13.0% |
| Fixed assets | 21/28 | €17,200 | €6,700 | -€10,500 | -61.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Financial fixed assets | 28 | €17,200 | €6,700 | -€10,500 | -61.0% |
| Current assets | 29/58 | €376,415 | €335,718 | -€40,697 | -10.8% |
| Stocks and contracts in progress | 3 | €22,252 | €178,164 | +€155,912 | +700.7% |
| Stocks | 30/36 | €22,252 | €178,164 | +€155,912 | +700.7% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €183,512 | €41,105 | -€142,407 | -77.6% |
| Trade receivables | 40 | €169,706 | €4,806 | -€164,900 | -97.2% |
| Other amounts receivable | 41 | €13,806 | €36,299 | +€22,493 | +162.9% |
| Current investments | 50/53 | €165,000 | €0 | -€165,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €5,651 | €115,268 | +€109,617 | +1939.9% |
| Deferred charges and accrued income | 490/1 | €0 | €1,181 | +€1,181 | |
| Total equity and liabilities | 10/49 | €393,615 | €342,418 | -€51,197 | -13.0% |
| Equity | 10/15 | €79,504 | €82,192 | +€2,688 | +3.4% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €15,000 | €20,000 | +€5,000 | +33.3% |
| Distributable reserves | 133 | €15,000 | €20,000 | +€5,000 | +33.3% |
| Profit (loss) carried forward | 14 | €4,504 | €2,192 | -€2,312 | -51.3% |
| Amounts payable | 17/49 | €314,111 | €260,226 | -€53,885 | -17.2% |
| Amounts payable within one year | 42/48 | €314,111 | €260,226 | -€53,885 | -17.2% |
| Trade debts | 44 | €29,048 | €9,129 | -€19,918 | -68.6% |
| Suppliers | 440/4 | €29,048 | €9,129 | -€19,918 | -68.6% |
| Advances received on contracts in progress | 46 | €251,097 | €251,097 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €27,211 | €0 | -€27,211 | -100.0% |
| Taxes | 450/3 | €23,670 | €0 | -€23,670 | -100.0% |
| Remuneration and social security | 454/9 | €3,542 | €0 | -€3,542 | -100.0% |
| Other amounts payable | 47/48 | €6,755 | €0 | -€6,755 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €59,770 | €0 | -€59,770 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,750 | - | -€3,750 | |
| Other operating charges | 640/8 | €1,194 | €1,236 | +€42 | +3.5% |
| Gross operating margin | 9900 | €100,283 | €2,877 | -€97,405 | -97.1% |
| Operating profit (loss) | 9901 | €35,569 | €1,642 | -€33,927 | -95.4% |
| Financial income | 75/76B | €498 | €2,602 | +€2,104 | +422.6% |
| Recurring financial income | 75 | €498 | €2,602 | +€2,104 | +422.6% |
| Financial charges | 65/66B | €2,784 | €466 | -€2,318 | -83.3% |
| Recurring financial charges | 65 | €2,784 | €466 | -€2,318 | -83.3% |
| Profit (loss) for the period before taxes | 9903 | €33,283 | €3,779 | -€29,504 | -88.6% |
| Income taxes | 67/77 | €8,843 | €1,090 | -€7,753 | -87.7% |
| Profit (loss) for the period | 9904 | €24,440 | €2,688 | -€21,751 | -89.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,440 | €2,688 | -€21,751 | -89.0% |
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 9 October 2026 via checked.be.