VAN DO: 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 DO
Largest movements
- Cash -€37,641
down €37,641 (-22.7%), from €166,163 to €128,521
mainly Trade debts (-€92,010) and Investment in fixed assets (net) (-€38,220)
- Receivables within one year -€18,144
down €18,144 (-49.4%), from €36,726 to €18,582
- Tangible fixed assets -€8,583
down €8,583 (-2.4%), from €364,842 to €356,259
of which Land and buildings: -€30,703
- Trade debts -€92,010
down €92,010 (-41.1%), from €223,634 to €131,623
- Profit (loss) carried forward +€19,788
up €19,788 (+8.8%), from €224,477 to €244,265
- Tax, wage and social debts +€6,255
up €6,255 (+19.5%), from €32,135 to €38,390
- Gross operating margin +€35,159
up €35,159 (+8.4%), from €417,531 to €452,690
- Taxes +€6,455
up €6,455 (+56.4%), from €11,439 to €17,894
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 | €579,246 | €513,278 | -€65,967 | -11.4% |
| Fixed assets | 21/28 | €364,842 | €356,259 | -€8,583 | -2.4% |
| Tangible fixed assets | 22/27 | €364,842 | €356,259 | -€8,583 | -2.4% |
| Land and buildings | 22 | €341,396 | €310,694 | -€30,703 | -9.0% |
| Plant, machinery and equipment | 23 | €17,676 | €35,747 | +€18,071 | +102.2% |
| Furniture and vehicles | 24 | €384 | €4,432 | +€4,048 | +1055.1% |
| Leasing and similar rights | 25 | €5,387 | €5,387 | = | 0.0% |
| Current assets | 29/58 | €214,403 | €157,019 | -€57,384 | -26.8% |
| Stocks and contracts in progress | 3 | €10,770 | €9,916 | -€854 | -7.9% |
| Stocks | 30/36 | €10,770 | €9,916 | -€854 | -7.9% |
| Amounts receivable within one year | 40/41 | €36,726 | €18,582 | -€18,144 | -49.4% |
| Other amounts receivable | 41 | €36,726 | €18,582 | -€18,144 | -49.4% |
| Cash at bank and in hand | 54/58 | €166,163 | €128,521 | -€37,641 | -22.7% |
| Deferred charges and accrued income | 490/1 | €744 | - | -€744 | |
| Total equity and liabilities | 10/49 | €579,246 | €513,278 | -€65,967 | -11.4% |
| Equity | 10/15 | €323,477 | €343,265 | +€19,788 | +6.1% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Capital | 10 | €90,000 | - | -€90,000 | |
| Issued capital | 100 | €90,000 | - | -€90,000 | |
| Reserves | 13 | €9,000 | €9,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,000 | €9,000 | = | 0.0% |
| Legal reserve | 130 | €9,000 | - | -€9,000 | |
| Reserves not available under the articles | 1311 | - | €9,000 | +€9,000 | |
| Profit (loss) carried forward | 14 | €224,477 | €244,265 | +€19,788 | +8.8% |
| Amounts payable | 17/49 | €255,768 | €170,013 | -€85,755 | -33.5% |
| Amounts payable within one year | 42/48 | €255,768 | €170,013 | -€85,755 | -33.5% |
| Trade debts | 44 | €223,634 | €131,623 | -€92,010 | -41.1% |
| Suppliers | 440/4 | €223,634 | €131,623 | -€92,010 | -41.1% |
| Taxes, remuneration and social security | 45 | €32,135 | €38,390 | +€6,255 | +19.5% |
| Taxes | 450/3 | €32,135 | €38,390 | +€6,255 | +19.5% |
| Remuneration, social security and pensions | 62 | €346,405 | €342,050 | -€4,355 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,109 | €46,803 | +€3,694 | +8.6% |
| Other operating charges | 640/8 | €10,298 | €8,565 | -€1,733 | -16.8% |
| Gross operating margin | 9900 | €417,531 | €452,690 | +€35,159 | +8.4% |
| Operating profit (loss) | 9901 | €17,720 | €55,272 | +€37,553 | +211.9% |
| Financial income | 75/76B | €3,045 | €1,496 | -€1,549 | -50.9% |
| Recurring financial income | 75 | €3,045 | €1,496 | -€1,549 | -50.9% |
| Financial charges | 65/66B | €18,160 | €19,086 | +€926 | +5.1% |
| Recurring financial charges | 65 | €18,160 | €19,086 | +€926 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | €2,605 | €37,682 | +€35,077 | +1346.7% |
| Income taxes | 67/77 | €11,439 | €17,894 | +€6,455 | +56.4% |
| Profit (loss) for the period | 9904 | -€8,834 | €19,788 | +€28,622 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,834 | €19,788 | +€28,622 |
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.