Van de Voorde Nick: 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 de Voorde Nick
Largest movements
- Tangible fixed assets +€195,614
up €195,614 (+182.1%), from €107,396 to €303,010
of which Land and buildings: +€225,336
- Receivables within one year +€69,768
up €69,768 (+32.9%), from €212,233 to €282,001
of which Other amounts receivable: +€40,359
- Stocks and contracts -€29,566
down €29,566 (-55.8%), from €53,028 to €23,462
- Cash +€19,047
up €19,047 (+11.5%), from €166,204 to €185,251
mainly Debts after one year (+€191,478) and Net result for the year (+€96,579)
- Debts after one year +€191,478
up €191,478 (+704.4%), from €27,183 to €218,661
- Trade debts +€77,650
up €77,650 (+140.4%), from €55,291 to €132,941
- Reserves -€20,874
down €20,874 (-4.9%), from €425,442 to €404,568
- Current portion of long-term debt +€11,055
up €11,055 (+147.7%), from €7,486 to €18,541
- Gross operating margin +€20,698
up €20,698 (+13.2%), from €156,626 to €177,324
- Depreciation +€10,265
up €10,265 (+35.9%), from €28,620 to €38,885
- Taxes +€4,446
up €4,446 (+12.0%), from €37,061 to €41,507
- Financial charges +€3,470
up €3,470 (+211.0%), from €1,644 to €5,114
- Financial income +€1,840
up €1,840 (+39.3%), from €4,677 to €6,517
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 | €541,774 | €796,418 | +€254,644 | +47.0% |
| Fixed assets | 21/28 | €108,537 | €303,751 | +€195,214 | +179.9% |
| Intangible fixed assets | 21 | €1,051 | €651 | -€400 | -38.1% |
| Tangible fixed assets | 22/27 | €107,396 | €303,010 | +€195,614 | +182.1% |
| Land and buildings | 22 | €2,000 | €227,336 | +€225,336 | +11266.8% |
| Plant, machinery and equipment | 23 | €25,011 | €20,043 | -€4,969 | -19.9% |
| Furniture and vehicles | 24 | €80,385 | €55,631 | -€24,753 | -30.8% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €433,237 | €492,667 | +€59,430 | +13.7% |
| Stocks and contracts in progress | 3 | €53,028 | €23,462 | -€29,566 | -55.8% |
| Stocks | 30/36 | €53,028 | €23,462 | -€29,566 | -55.8% |
| Amounts receivable within one year | 40/41 | €212,233 | €282,001 | +€69,768 | +32.9% |
| Trade receivables | 40 | €94,456 | €123,865 | +€29,409 | +31.1% |
| Other amounts receivable | 41 | €117,777 | €158,136 | +€40,359 | +34.3% |
| Cash at bank and in hand | 54/58 | €166,204 | €185,251 | +€19,047 | +11.5% |
| Deferred charges and accrued income | 490/1 | €1,773 | €1,954 | +€181 | +10.2% |
| Total equity and liabilities | 10/49 | €541,774 | €796,418 | +€254,644 | +47.0% |
| Equity | 10/15 | €437,842 | €416,968 | -€20,874 | -4.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €425,442 | €404,568 | -€20,874 | -4.9% |
| Distributable reserves | 133 | €425,442 | €404,568 | -€20,874 | -4.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €103,932 | €379,450 | +€275,518 | +265.1% |
| Amounts payable after more than one year | 17 | €27,183 | €218,661 | +€191,478 | +704.4% |
| Financial debts | 170/4 | €27,183 | €218,661 | +€191,478 | +704.4% |
| Amounts payable within one year | 42/48 | €76,749 | €160,789 | +€84,040 | +109.5% |
| Current portion of amounts payable after more than one year | 42 | €7,486 | €18,541 | +€11,055 | +147.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €55,291 | €132,941 | +€77,650 | +140.4% |
| Suppliers | 440/4 | €55,291 | €132,941 | +€77,650 | +140.4% |
| Taxes, remuneration and social security | 45 | €13,971 | €9,307 | -€4,664 | -33.4% |
| Taxes | 450/3 | €11,746 | €7,061 | -€4,685 | -39.9% |
| Remuneration and social security | 454/9 | €2,225 | €2,246 | +€21 | +0.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,620 | €38,885 | +€10,265 | +35.9% |
| Other operating charges | 640/8 | €1,406 | €1,755 | +€349 | +24.8% |
| Gross operating margin | 9900 | €156,626 | €177,324 | +€20,698 | +13.2% |
| Operating profit (loss) | 9901 | €126,600 | €136,683 | +€10,084 | +8.0% |
| Financial income | 75/76B | €4,677 | €6,517 | +€1,840 | +39.3% |
| Recurring financial income | 75 | €4,677 | €6,517 | +€1,840 | +39.3% |
| Financial charges | 65/66B | €1,644 | €5,114 | +€3,470 | +211.0% |
| Recurring financial charges | 65 | €1,644 | €5,114 | +€3,470 | +211.0% |
| Profit (loss) for the period before taxes | 9903 | €129,633 | €138,086 | +€8,453 | +6.5% |
| Income taxes | 67/77 | €37,061 | €41,507 | +€4,446 | +12.0% |
| Profit (loss) for the period | 9904 | €92,572 | €96,579 | +€4,007 | +4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €92,572 | €96,579 | +€4,007 | +4.3% |
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 5 October 2026 via checked.be.