Van de Belder: 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 de Belder
Largest movements
- Tangible fixed assets -€23,465
down €23,465 (-26.7%), from €87,748 to €64,283
of which Plant, machinery and equipment: -€12,335
- Receivables within one year -€10,488
down €10,488 (-51.4%), from €20,390 to €9,902
of which Trade receivables: -€9,136
- Stocks and contracts +€7,700
up €7,700 (+94.8%), from €8,121 to €15,821
- Cash +€2,723
up €2,723 (+9.8%), from €27,828 to €30,551
mainly Depreciation (+€24,551) and Receivables within one year (+€10,488)
- Profit (loss) carried forward -€11,436
down €11,436 (-22.4%), from €51,051 to €39,615
- Debts after one year -€10,591
down €10,591 (-29.3%), from €36,193 to €25,602
- Trade debts -€4,427
down €4,427 (-76.2%), from €5,806 to €1,379
- Other debts +€1,718
up €1,718 (+12.3%), from €14,000 to €15,718
- Gross operating margin -€4,099
down €4,099 (-9.7%), from €42,136 to €38,036
- Depreciation +€1,331
up €1,331 (+5.7%), from €23,220 to €24,551
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 | €145,924 | €122,323 | -€23,601 | -16.2% |
| Fixed assets | 21/28 | €87,883 | €64,418 | -€23,465 | -26.7% |
| Tangible fixed assets | 22/27 | €87,748 | €64,283 | -€23,465 | -26.7% |
| Plant, machinery and equipment | 23 | €31,217 | €18,882 | -€12,335 | -39.5% |
| Furniture and vehicles | 24 | €54,263 | €43,534 | -€10,729 | -19.8% |
| Other tangible fixed assets | 26 | €2,269 | €1,868 | -€401 | -17.7% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €58,041 | €57,905 | -€136 | -0.2% |
| Stocks and contracts in progress | 3 | €8,121 | €15,821 | +€7,700 | +94.8% |
| Stocks | 30/36 | €8,121 | €15,821 | +€7,700 | +94.8% |
| Amounts receivable within one year | 40/41 | €20,390 | €9,902 | -€10,488 | -51.4% |
| Trade receivables | 40 | €17,747 | €8,611 | -€9,136 | -51.5% |
| Other amounts receivable | 41 | €2,643 | €1,292 | -€1,351 | -51.1% |
| Cash at bank and in hand | 54/58 | €27,828 | €30,551 | +€2,723 | +9.8% |
| Deferred charges and accrued income | 490/1 | €1,702 | €1,631 | -€71 | -4.2% |
| Total equity and liabilities | 10/49 | €145,924 | €122,323 | -€23,601 | -16.2% |
| Equity | 10/15 | €71,511 | €60,075 | -€11,436 | -16.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,051 | €39,615 | -€11,436 | -22.4% |
| Amounts payable | 17/49 | €74,414 | €62,248 | -€12,166 | -16.3% |
| Amounts payable after more than one year | 17 | €36,193 | €25,602 | -€10,591 | -29.3% |
| Financial debts | 170/4 | €36,193 | €25,602 | -€10,591 | -29.3% |
| Amounts payable within one year | 42/48 | €38,220 | €36,426 | -€1,794 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €10,136 | €10,591 | +€455 | +4.5% |
| Trade debts | 44 | €5,806 | €1,379 | -€4,427 | -76.2% |
| Suppliers | 440/4 | €5,806 | €1,379 | -€4,427 | -76.2% |
| Taxes, remuneration and social security | 45 | €8,278 | €8,738 | +€460 | +5.6% |
| Taxes | 450/3 | €8,278 | €8,738 | +€460 | +5.6% |
| Other amounts payable | 47/48 | €14,000 | €15,718 | +€1,718 | +12.3% |
| Accrued charges and deferred income | 492/3 | - | €220 | +€220 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,220 | €24,551 | +€1,331 | +5.7% |
| Other operating charges | 640/8 | €937 | €706 | -€230 | -24.6% |
| Gross operating margin | 9900 | €42,136 | €38,036 | -€4,099 | -9.7% |
| Operating profit (loss) | 9901 | €17,979 | €12,779 | -€5,200 | -28.9% |
| Financial income | 75/76B | €203 | €28 | -€175 | -86.4% |
| Recurring financial income | 75 | €203 | €28 | -€175 | -86.4% |
| Financial charges | 65/66B | €1,975 | €2,026 | +€51 | +2.6% |
| Recurring financial charges | 65 | €1,975 | €2,026 | +€51 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €16,207 | €10,780 | -€5,427 | -33.5% |
| Income taxes | 67/77 | €2,458 | €2,216 | -€242 | -9.8% |
| Profit (loss) for the period | 9904 | €13,749 | €8,564 | -€5,185 | -37.7% |
| Profit (loss) for the period to be appropriated | 9905 | €13,749 | €8,564 | -€5,185 | -37.7% |
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 17 October 2026 via checked.be.