Van der Mast: 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 der Mast
Largest movements
- Tangible fixed assets +€460,775
up €460,775 (+96.7%), from €476,315 to €937,089
of which Land and buildings: +€359,598
- Receivables within one year -€108,178
down €108,178 (-77.5%), from €139,644 to €31,466
of which Other amounts receivable: -€90,067
- Cash -€19,154
down €19,154 (-46.0%), from €41,605 to €22,450
mainly Contributions, distributions and other (-€516,750) and Investment in fixed assets (net) (-€506,276)
- Debts after one year +€390,581
up €390,581 (+91.7%), from €425,822 to €816,402
- Reserves -€338,350
down €338,350 (-66.6%), from €508,150 to €169,800
- Other debts +€143,635
new in 2025: €143,635
- Current portion of long-term debt +€121,089
up €121,089 (+250%), from €48,420 to €169,509
- Financial income +€57,865
up €57,865 (+92.8%), from €62,371 to €120,236
- Depreciation +€26,833
up €26,833 (+144%), from €18,669 to €45,502
- Gross operating margin +€14,614
up €14,614 (+12.4%), from €117,542 to €132,157
- Taxes -€11,216
down €11,216 (-63.2%), from €17,740 to €6,524
- Financial charges +€9,820
up €9,820 (+109%), from €9,040 to €18,861
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 | €1,002,080 | €1,330,019 | +€327,940 | +32.7% |
| Fixed assets | 21/28 | €812,315 | €1,273,089 | +€460,775 | +56.7% |
| Tangible fixed assets | 22/27 | €476,315 | €937,089 | +€460,775 | +96.7% |
| Land and buildings | 22 | €426,591 | €786,189 | +€359,598 | +84.3% |
| Plant, machinery and equipment | 23 | €45,178 | €79,383 | +€34,204 | +75.7% |
| Furniture and vehicles | 24 | €4,545 | €71,517 | +€66,972 | +1,474% |
| Financial fixed assets | 28 | €336,000 | €336,000 | = | 0.0% |
| Current assets | 29/58 | €189,765 | €56,930 | -€132,835 | -70.0% |
| Amounts receivable within one year | 40/41 | €139,644 | €31,466 | -€108,178 | -77.5% |
| Trade receivables | 40 | €36,054 | €17,943 | -€18,111 | -50.2% |
| Other amounts receivable | 41 | €103,590 | €13,524 | -€90,067 | -86.9% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €41,605 | €22,450 | -€19,154 | -46.0% |
| Deferred charges and accrued income | 490/1 | €8,516 | €3,013 | -€5,503 | -64.6% |
| Total equity and liabilities | 10/49 | €1,002,080 | €1,330,019 | +€327,940 | +32.7% |
| Equity | 10/15 | €509,156 | €170,819 | -€338,336 | -66.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €508,150 | €169,800 | -€338,350 | -66.6% |
| Distributable reserves | 133 | €508,150 | €169,800 | -€338,350 | -66.6% |
| Profit (loss) carried forward | 14 | €6 | €19 | +€14 | +251% |
| Amounts payable | 17/49 | €492,924 | €1,159,200 | +€666,276 | +135% |
| Amounts payable after more than one year | 17 | €425,822 | €816,402 | +€390,581 | +91.7% |
| Financial debts | 170/4 | €425,822 | €816,402 | +€390,581 | +91.7% |
| Amounts payable within one year | 42/48 | €67,102 | €342,798 | +€275,695 | +411% |
| Current portion of amounts payable after more than one year | 42 | €48,420 | €169,509 | +€121,089 | +250% |
| Trade debts | 44 | €6,987 | €18,841 | +€11,855 | +170% |
| Suppliers | 440/4 | €6,987 | €18,841 | +€11,855 | +170% |
| Taxes, remuneration and social security | 45 | €11,696 | €10,813 | -€883 | -7.6% |
| Taxes | 450/3 | €11,696 | €10,813 | -€883 | -7.6% |
| Other amounts payable | 47/48 | - | €143,635 | +€143,635 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,669 | €45,502 | +€26,833 | +144% |
| Other operating charges | 640/8 | €3,642 | €3,093 | -€549 | -15.1% |
| Non-recurring operating charges | 66A | €68 | €0 | -€68 | -100% |
| Gross operating margin | 9900 | €117,542 | €132,157 | +€14,614 | +12.4% |
| Operating profit (loss) | 9901 | €95,163 | €83,562 | -€11,601 | -12.2% |
| Financial income | 75/76B | €62,371 | €120,236 | +€57,865 | +92.8% |
| Recurring financial income | 75 | €62,371 | €120,236 | +€57,865 | +92.8% |
| Financial charges | 65/66B | €9,040 | €18,861 | +€9,820 | +109% |
| Recurring financial charges | 65 | €9,040 | €18,861 | +€9,820 | +109% |
| Profit (loss) for the period before taxes | 9903 | €148,494 | €184,938 | +€36,444 | +24.5% |
| Income taxes | 67/77 | €17,740 | €6,524 | -€11,216 | -63.2% |
| Profit (loss) for the period | 9904 | €130,754 | €178,414 | +€47,660 | +36.5% |
| Profit (loss) for the period to be appropriated | 9905 | €130,754 | €178,414 | +€47,660 | +36.5% |
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 23 October 2026 via checked.be.