VAN DE BOEL: 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 BOEL
Largest movements
- Receivables within one year -€40,021
down €40,021 (-25.9%), from €154,759 to €114,739
of which Trade receivables: -€43,704
- Cash +€24,779
up €24,779 (+25.1%), from €98,529 to €123,308
mainly Receivables within one year (+€40,021) and Accrued charges and deferred income (+€38,878)
- Tangible fixed assets -€8,360
down €8,360 (-4.6%), from €181,712 to €173,352
of which Land and buildings: -€4,231
- Profit (loss) carried forward -€51,055
new in 2025: -€51,055
- Accrued charges and deferred income +€38,878
up €38,878 (+3,704%), from €1,050 to €39,928
- Trade debts -€8,323
down €8,323 (-45.3%), from €18,372 to €10,049
- Staff costs +€46,630
up €46,630 (+16.9%), from €275,158 to €321,788
- Gross operating margin -€14,466
down €14,466 (-4.6%), from €311,312 to €296,846
- Taxes -€5,023
down €5,023 (-100%), from €5,023 to €0
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 | €707,913 | €687,606 | -€20,306 | -2.9% |
| Fixed assets | 21/28 | €191,702 | €180,818 | -€10,884 | -5.7% |
| Tangible fixed assets | 22/27 | €181,712 | €173,352 | -€8,360 | -4.6% |
| Land and buildings | 22 | €169,537 | €165,306 | -€4,231 | -2.5% |
| Plant, machinery and equipment | 23 | €6,392 | €3,970 | -€2,421 | -37.9% |
| Furniture and vehicles | 24 | €5,783 | €4,075 | -€1,708 | -29.5% |
| Financial fixed assets | 28 | €9,990 | €7,466 | -€2,524 | -25.3% |
| Current assets | 29/58 | €516,211 | €506,789 | -€9,422 | -1.8% |
| Stocks and contracts in progress | 3 | €207,092 | €211,820 | +€4,728 | +2.3% |
| Stocks | 30/36 | €207,092 | €181,300 | -€25,792 | -12.5% |
| Contracts in progress | 37 | €0 | €30,520 | +€30,520 | |
| Amounts receivable within one year | 40/41 | €154,759 | €114,739 | -€40,021 | -25.9% |
| Trade receivables | 40 | €141,075 | €97,371 | -€43,704 | -31.0% |
| Other amounts receivable | 41 | €13,685 | €17,368 | +€3,683 | +26.9% |
| Cash at bank and in hand | 54/58 | €98,529 | €123,308 | +€24,779 | +25.1% |
| Deferred charges and accrued income | 490/1 | €55,830 | €56,922 | +€1,092 | +2.0% |
| Total equity and liabilities | 10/49 | €707,913 | €687,606 | -€20,306 | -2.9% |
| Equity | 10/15 | €682,406 | €631,351 | -€51,055 | -7.5% |
| Contributions | 10/11 | €466,696 | €466,696 | = | 0.0% |
| Capital | 10 | €466,696 | €466,696 | = | 0.0% |
| Issued capital | 100 | €466,696 | €466,696 | = | 0.0% |
| Reserves | 13 | €215,710 | €215,710 | = | 0.0% |
| Non-distributable reserves | 130/1 | €36,690 | €36,690 | = | 0.0% |
| Legal reserve | 130 | €36,690 | €36,690 | = | 0.0% |
| Distributable reserves | 133 | €179,020 | €179,020 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€51,055 | -€51,055 | |
| Amounts payable | 17/49 | €25,507 | €56,256 | +€30,749 | +121% |
| Amounts payable within one year | 42/48 | €24,457 | €16,328 | -€8,129 | -33.2% |
| Trade debts | 44 | €18,372 | €10,049 | -€8,323 | -45.3% |
| Suppliers | 440/4 | €18,372 | €10,049 | -€8,323 | -45.3% |
| Taxes, remuneration and social security | 45 | €6,085 | €6,280 | +€194 | +3.2% |
| Taxes | 450/3 | €23 | €0 | -€23 | -100% |
| Remuneration and social security | 454/9 | €6,063 | €6,280 | +€217 | +3.6% |
| Accrued charges and deferred income | 492/3 | €1,050 | €39,928 | +€38,878 | +3,704% |
| Remuneration, social security and pensions | 62 | €275,158 | €321,788 | +€46,630 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,558 | €8,321 | -€236 | -2.8% |
| Other operating charges | 640/8 | €8,577 | €9,006 | +€429 | +5.0% |
| Gross operating margin | 9900 | €311,312 | €296,846 | -€14,466 | -4.6% |
| Operating profit (loss) | 9901 | €19,019 | -€42,269 | -€61,289 | |
| Financial income | 75/76B | €120 | €636 | +€516 | +432% |
| Recurring financial income | 75 | €120 | €636 | +€516 | +432% |
| Financial charges | 65/66B | €8,559 | €9,422 | +€862 | +10.1% |
| Recurring financial charges | 65 | €8,559 | €9,422 | +€862 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | €10,579 | -€51,055 | -€61,635 | |
| Income taxes | 67/77 | €5,023 | €0 | -€5,023 | -100% |
| Profit (loss) for the period | 9904 | €5,557 | -€51,055 | -€56,612 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,557 | -€51,055 | -€56,612 |
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 19 October 2026 via checked.be.