VAN GELUWE: 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 GELUWE
Largest movements
- Receivables within one year +€51,005
new in 2025: €51,005
- Tangible fixed assets +€18,597
up €18,597 (+3.0%), from €619,623 to €638,221
- Cash +€9,801
up €9,801 (+42,412%), from €23 to €9,825
mainly Net result for the year (+€158,950) and Tax, wage and social debts (+€64,015)
- Reserves +€158,950
up €158,950 (+38.9%), from €408,527 to €567,477
of which Distributable reserves: +€158,950
- Debts after one year -€146,091
down €146,091 (-100%), from €146,091 to €0
- Tax, wage and social debts +€64,015
new in 2025: €64,015
- Gross operating margin +€238,496
up €238,496 (+2,735%), from €8,720 to €247,216
- Taxes +€64,015
new in 2025: €64,015
- Financial charges +€12,009
up €12,009 (+2,178%), from €551 to €12,560
of which Non-recurring financial charges: +€8,196
- Staff costs +€5,523
up €5,523 (+181%), from €3,045 to €8,567
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 | €620,753 | €699,060 | +€78,307 | +12.6% |
| Fixed assets | 21/28 | €620,024 | €638,221 | +€18,197 | +2.9% |
| Tangible fixed assets | 22/27 | €619,623 | €638,221 | +€18,597 | +3.0% |
| Land and buildings | 22 | €619,623 | €638,221 | +€18,597 | +3.0% |
| Financial fixed assets | 28 | €401 | €0 | -€401 | -100% |
| Current assets | 29/58 | €729 | €60,839 | +€60,110 | +8,247% |
| Amounts receivable within one year | 40/41 | - | €51,005 | +€51,005 | |
| Other amounts receivable | 41 | - | €51,005 | +€51,005 | |
| Cash at bank and in hand | 54/58 | €23 | €9,825 | +€9,801 | +42,412% |
| Deferred charges and accrued income | 490/1 | €706 | €10 | -€696 | -98.6% |
| Total equity and liabilities | 10/49 | €620,753 | €699,060 | +€78,307 | +12.6% |
| Equity | 10/15 | €470,027 | €628,977 | +€158,950 | +33.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €408,527 | €567,477 | +€158,950 | +38.9% |
| Non-distributable reserves | 130/1 | €42,965 | €42,965 | = | 0.0% |
| Legal reserve | 130 | €42,965 | €42,965 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,113 | €1,113 | = | 0.0% |
| Distributable reserves | 133 | €364,449 | €523,399 | +€158,950 | +43.6% |
| Amounts payable | 17/49 | €150,726 | €70,083 | -€80,643 | -53.5% |
| Amounts payable after more than one year | 17 | €146,091 | €0 | -€146,091 | -100% |
| Other amounts payable | 178/9 | €146,091 | €0 | -€146,091 | -100% |
| Amounts payable within one year | 42/48 | €4,635 | €70,083 | +€65,448 | +1,412% |
| Trade debts | 44 | €4,635 | €6,068 | +€1,433 | +30.9% |
| Suppliers | 440/4 | €4,635 | €6,068 | +€1,433 | +30.9% |
| Taxes, remuneration and social security | 45 | - | €64,015 | +€64,015 | |
| Taxes | 450/3 | - | €64,015 | +€64,015 | |
| Non-recurring operating income | 76A | €7,163 | €254,843 | +€247,680 | +3,458% |
| Remuneration, social security and pensions | 62 | €3,045 | €8,567 | +€5,523 | +181% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,670 | €2,835 | -€835 | -22.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,137 | €1,670 | -€467 | -21.9% |
| Gross operating margin | 9900 | €8,720 | €247,216 | +€238,496 | +2,735% |
| Operating profit (loss) | 9901 | -€132 | €234,143 | +€234,275 | |
| Financial income | 75/76B | €6 | €1,382 | +€1,376 | +23,605% |
| Recurring financial income | 75 | €6 | €1,382 | +€1,376 | +23,605% |
| Financial charges | 65/66B | €551 | €12,560 | +€12,009 | +2,178% |
| Recurring financial charges | 65 | €551 | €4,364 | +€3,812 | +691% |
| Non-recurring financial charges | 66B | - | €8,196 | +€8,196 | |
| Profit (loss) for the period before taxes | 9903 | -€678 | €222,965 | +€223,643 | |
| Income taxes | 67/77 | - | €64,015 | +€64,015 | |
| Profit (loss) for the period | 9904 | -€678 | €158,950 | +€159,628 | |
| Profit (loss) for the period to be appropriated | 9905 | -€678 | €158,950 | +€159,628 |
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 16 October 2026 via checked.be.