Van de Voorde: 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 Voorde
Largest movements
- Tangible fixed assets -€33,266
down €33,266 (-13.6%), from €244,297 to €211,032
of which Land and buildings: -€17,175
- Cash +€31,931
up €31,931 (+268.3%), from €11,901 to €43,832
mainly Depreciation (+€30,976) and Net result for the year (+€26,376)
- Deferred charges and accrued income -€5,128
down €5,128 (-99.7%), from €5,142 to €14
- Debts after one year -€32,959
down €32,959 (-45.0%), from €73,220 to €40,261
- Reserves +€26,376
up €26,376 (+61.0%), from €43,238 to €69,614
- Other debts -€6,605
down €6,605 (-64.8%), from €10,193 to €3,588
- Staff costs -€4,591
down €4,591 (-17.4%), from €26,324 to €21,733
- Gross operating margin -€4,377
down €4,377 (-4.1%), from €107,132 to €102,755
- Depreciation -€3,268
down €3,268 (-9.5%), from €34,244 to €30,976
- Financial charges -€2,226
down €2,226 (-31.9%), from €6,972 to €4,746
- Taxes +€1,663
up €1,663 (+14.9%), from €11,150 to €12,813
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 | €268,673 | €261,473 | -€7,199 | -2.7% |
| Fixed assets | 21/28 | €244,447 | €211,032 | -€33,416 | -13.7% |
| Tangible fixed assets | 22/27 | €244,297 | €211,032 | -€33,266 | -13.6% |
| Land and buildings | 22 | €212,541 | €195,366 | -€17,175 | -8.1% |
| Plant, machinery and equipment | 23 | €31,757 | €15,666 | -€16,091 | -50.7% |
| Financial fixed assets | 28 | €150 | €0 | -€150 | -100.0% |
| Current assets | 29/58 | €24,225 | €50,441 | +€26,216 | +108.2% |
| Stocks and contracts in progress | 3 | €1,052 | €0 | -€1,052 | -100.0% |
| Stocks | 30/36 | €1,052 | €0 | -€1,052 | -100.0% |
| Amounts receivable within one year | 40/41 | €6,130 | €6,595 | +€465 | +7.6% |
| Trade receivables | 40 | €6,130 | €6,094 | -€36 | -0.6% |
| Other amounts receivable | 41 | €0 | €501 | +€501 | |
| Cash at bank and in hand | 54/58 | €11,901 | €43,832 | +€31,931 | +268.3% |
| Deferred charges and accrued income | 490/1 | €5,142 | €14 | -€5,128 | -99.7% |
| Total equity and liabilities | 10/49 | €268,673 | €261,473 | -€7,199 | -2.7% |
| Equity | 10/15 | €140,865 | €167,241 | +€26,376 | +18.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €43,238 | €69,614 | +€26,376 | +61.0% |
| Distributable reserves | 133 | €43,238 | €69,614 | +€26,376 | +61.0% |
| Profit (loss) carried forward | 14 | €47,627 | €47,627 | = | 0.0% |
| Amounts payable | 17/49 | €127,807 | €94,232 | -€33,575 | -26.3% |
| Amounts payable after more than one year | 17 | €73,220 | €40,261 | -€32,959 | -45.0% |
| Financial debts | 170/4 | €73,220 | €40,261 | -€32,959 | -45.0% |
| Amounts payable within one year | 42/48 | €54,587 | €51,471 | -€3,116 | -5.7% |
| Current portion of amounts payable after more than one year | 42 | €31,591 | €32,959 | +€1,368 | +4.3% |
| Trade debts | 44 | €3,295 | €3,722 | +€427 | +13.0% |
| Suppliers | 440/4 | €3,295 | €3,722 | +€427 | +13.0% |
| Taxes, remuneration and social security | 45 | €9,509 | €11,202 | +€1,693 | +17.8% |
| Taxes | 450/3 | €6,425 | €9,963 | +€3,537 | +55.1% |
| Remuneration and social security | 454/9 | €3,084 | €1,239 | -€1,844 | -59.8% |
| Other amounts payable | 47/48 | €10,193 | €3,588 | -€6,605 | -64.8% |
| Accrued charges and deferred income | 492/3 | - | €2,500 | +€2,500 | |
| Non-recurring operating income | 76A | - | €27,711 | +€27,711 | |
| Remuneration, social security and pensions | 62 | €26,324 | €21,733 | -€4,591 | -17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,244 | €30,976 | -€3,268 | -9.5% |
| Other operating charges | 640/8 | €5,938 | €6,111 | +€173 | +2.9% |
| Gross operating margin | 9900 | €107,132 | €102,755 | -€4,377 | -4.1% |
| Operating profit (loss) | 9901 | €40,626 | €43,935 | +€3,309 | +8.1% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €6,972 | €4,746 | -€2,226 | -31.9% |
| Recurring financial charges | 65 | €6,972 | €4,746 | -€2,226 | -31.9% |
| Profit (loss) for the period before taxes | 9903 | €33,654 | €39,189 | +€5,534 | +16.4% |
| Income taxes | 67/77 | €11,150 | €12,813 | +€1,663 | +14.9% |
| Profit (loss) for the period | 9904 | €22,505 | €26,376 | +€3,871 | +17.2% |
| Profit (loss) for the period to be appropriated | 9905 | €22,505 | €26,376 | +€3,871 | +17.2% |
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 11 October 2026 via checked.be.