VAN GHELUWE: 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 GHELUWE
Largest movements
- Receivables within one year +€28,391
up €28,391 (+48.1%), from €59,014 to €87,404
of which Other amounts receivable: +€24,238
- Tangible fixed assets -€28,193
down €28,193 (-34.9%), from €80,734 to €52,541
of which Furniture and vehicles: -€21,982
- Cash +€21,781
up €21,781 (+8.6%), from €253,687 to €275,469
mainly Net result for the year (+€38,582) and Depreciation (+€31,329)
- Deferred charges and accrued income +€8,009
up €8,009 (+99.3%), from €8,066 to €16,075
- Stocks and contracts -€7,534
down €7,534 (-9.9%), from €75,786 to €68,252
- Reserves +€29,582
up €29,582 (+7.4%), from €397,399 to €426,981
- Gross operating margin -€98,212
down €98,212 (-15.9%), from €616,093 to €517,881
- Staff costs +€39,831
up €39,831 (+10.1%), from €394,432 to €434,263
- Taxes -€32,564
down €32,564 (-70.2%), from €46,384 to €13,820
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 | €477,572 | €505,731 | +€28,159 | +5.9% |
| Fixed assets | 21/28 | €81,020 | €58,531 | -€22,489 | -27.8% |
| Intangible fixed assets | 21 | - | €5,705 | +€5,705 | |
| Tangible fixed assets | 22/27 | €80,734 | €52,541 | -€28,193 | -34.9% |
| Plant, machinery and equipment | 23 | €3,961 | €3,353 | -€608 | -15.3% |
| Furniture and vehicles | 24 | €45,383 | €23,400 | -€21,982 | -48.4% |
| Other tangible fixed assets | 26 | €31,390 | €25,787 | -€5,603 | -17.8% |
| Financial fixed assets | 28 | €285 | €285 | = | 0.0% |
| Current assets | 29/58 | €396,552 | €447,200 | +€50,648 | +12.8% |
| Stocks and contracts in progress | 3 | €75,786 | €68,252 | -€7,534 | -9.9% |
| Stocks | 30/36 | €75,786 | €68,252 | -€7,534 | -9.9% |
| Amounts receivable within one year | 40/41 | €59,014 | €87,404 | +€28,391 | +48.1% |
| Trade receivables | 40 | €31,538 | €35,691 | +€4,153 | +13.2% |
| Other amounts receivable | 41 | €27,475 | €51,713 | +€24,238 | +88.2% |
| Cash at bank and in hand | 54/58 | €253,687 | €275,469 | +€21,781 | +8.6% |
| Deferred charges and accrued income | 490/1 | €8,066 | €16,075 | +€8,009 | +99.3% |
| Total equity and liabilities | 10/49 | €477,572 | €505,731 | +€28,159 | +5.9% |
| Equity | 10/15 | €415,999 | €445,581 | +€29,582 | +7.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €397,399 | €426,981 | +€29,582 | +7.4% |
| Distributable reserves | 133 | €397,399 | €426,981 | +€29,582 | +7.4% |
| Amounts payable | 17/49 | €61,573 | €60,150 | -€1,423 | -2.3% |
| Amounts payable within one year | 42/48 | €61,573 | €60,150 | -€1,423 | -2.3% |
| Financial debts | 43 | €1,723 | €1,470 | -€253 | -14.7% |
| Credit institutions | 430/8 | €1,723 | €1,470 | -€253 | -14.7% |
| Trade debts | 44 | €10,528 | €12,335 | +€1,807 | +17.2% |
| Suppliers | 440/4 | €10,528 | €12,335 | +€1,807 | +17.2% |
| Taxes, remuneration and social security | 45 | €46,615 | €46,345 | -€270 | -0.6% |
| Taxes | 450/3 | €22,104 | €14,713 | -€7,391 | -33.4% |
| Remuneration and social security | 454/9 | €24,512 | €31,632 | +€7,120 | +29.0% |
| Other amounts payable | 47/48 | €2,708 | - | -€2,708 | |
| Remuneration, social security and pensions | 62 | €394,432 | €434,263 | +€39,831 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,863 | €31,329 | +€466 | +1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€442 | -€442 | |
| Other operating charges | 640/8 | €3,406 | €2,066 | -€1,340 | -39.3% |
| Gross operating margin | 9900 | €616,093 | €517,881 | -€98,212 | -15.9% |
| Operating profit (loss) | 9901 | €187,393 | €50,665 | -€136,728 | -73.0% |
| Financial income | 75/76B | €1,155 | €2,261 | +€1,106 | +95.8% |
| Recurring financial income | 75 | €1,155 | €2,261 | +€1,106 | +95.8% |
| Financial charges | 65/66B | €381 | €524 | +€143 | +37.6% |
| Recurring financial charges | 65 | €381 | €524 | +€143 | +37.6% |
| Profit (loss) for the period before taxes | 9903 | €188,167 | €52,402 | -€135,765 | -72.2% |
| Income taxes | 67/77 | €46,384 | €13,820 | -€32,564 | -70.2% |
| Profit (loss) for the period | 9904 | €141,783 | €38,582 | -€103,201 | -72.8% |
| Profit (loss) for the period to be appropriated | 9905 | €141,783 | €38,582 | -€103,201 | -72.8% |
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 17 October 2026 via checked.be.