VAN GOGH: 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 GOGH
Largest movements
- Tangible fixed assets -€27,159
down €27,159 (-27.7%), from €98,163 to €71,004
of which Furniture and vehicles: -€20,739
- Deferred charges and accrued income -€13,641
down €13,641 (-42.3%), from €32,281 to €18,641
- Receivables within one year -€12,707
down €12,707 (-14.0%), from €90,608 to €77,901
of which Trade receivables: -€28,872
- Cash +€3,217
up €3,217 (+5.5%), from €58,963 to €62,180
mainly Other debts (+€42,781) and Depreciation (+€33,613)
- Reserves -€42,781
down €42,781 (-28.3%), from €151,020 to €108,239
- Other debts +€42,781
new in 2025: €42,781
- Trade debts -€37,142
down €37,142 (-54.9%), from €67,660 to €30,518
- Current portion of long-term debt -€9,085
down €9,085 (-91.4%), from €9,937 to €852
- Short-term financial debts -€5,922
down €5,922 (-100%), from €5,922 to €0
- Gross operating margin -€17,444
down €17,444 (-4.8%), from €363,580 to €346,136
- Write-downs +€9,921
new in 2025: €9,921
- Taxes -€5,588
down €5,588 (-76.2%), from €7,333 to €1,745
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 | €294,512 | €242,599 | -€51,913 | -17.6% |
| Fixed assets | 21/28 | €100,128 | €72,497 | -€27,631 | -27.6% |
| Intangible fixed assets | 21 | €1,965 | €1,493 | -€472 | -24.0% |
| Tangible fixed assets | 22/27 | €98,163 | €71,004 | -€27,159 | -27.7% |
| Plant, machinery and equipment | 23 | €28,833 | €19,490 | -€9,343 | -32.4% |
| Furniture and vehicles | 24 | €67,531 | €46,792 | -€20,739 | -30.7% |
| Other tangible fixed assets | 26 | €1,799 | €4,722 | +€2,923 | +162% |
| Current assets | 29/58 | €194,383 | €170,102 | -€24,281 | -12.5% |
| Stocks and contracts in progress | 3 | €12,531 | €11,380 | -€1,151 | -9.2% |
| Stocks | 30/36 | €12,531 | €11,380 | -€1,151 | -9.2% |
| Amounts receivable within one year | 40/41 | €90,608 | €77,901 | -€12,707 | -14.0% |
| Trade receivables | 40 | €61,941 | €33,069 | -€28,872 | -46.6% |
| Other amounts receivable | 41 | €28,667 | €44,832 | +€16,165 | +56.4% |
| Cash at bank and in hand | 54/58 | €58,963 | €62,180 | +€3,217 | +5.5% |
| Deferred charges and accrued income | 490/1 | €32,281 | €18,641 | -€13,641 | -42.3% |
| Total equity and liabilities | 10/49 | €294,512 | €242,599 | -€51,913 | -17.6% |
| Equity | 10/15 | €169,570 | €126,414 | -€43,156 | -25.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €151,020 | €108,239 | -€42,781 | -28.3% |
| Distributable reserves | 133 | €151,020 | €108,239 | -€42,781 | -28.3% |
| Profit (loss) carried forward | 14 | - | -€375 | -€375 | |
| Amounts payable | 17/49 | €124,942 | €116,185 | -€8,757 | -7.0% |
| Amounts payable after more than one year | 17 | €852 | €0 | -€852 | -100% |
| Financial debts | 170/4 | €852 | €0 | -€852 | -100% |
| Amounts payable within one year | 42/48 | €123,340 | €114,825 | -€8,515 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €9,937 | €852 | -€9,085 | -91.4% |
| Financial debts | 43 | €5,922 | €0 | -€5,922 | -100% |
| Credit institutions | 430/8 | €5,922 | €0 | -€5,922 | -100% |
| Trade debts | 44 | €67,660 | €30,518 | -€37,142 | -54.9% |
| Suppliers | 440/4 | €67,660 | €30,518 | -€37,142 | -54.9% |
| Taxes, remuneration and social security | 45 | €39,821 | €40,675 | +€854 | +2.1% |
| Taxes | 450/3 | €9,413 | €5,216 | -€4,198 | -44.6% |
| Remuneration and social security | 454/9 | €30,407 | €35,459 | +€5,051 | +16.6% |
| Other amounts payable | 47/48 | - | €42,781 | +€42,781 | |
| Accrued charges and deferred income | 492/3 | €750 | €1,360 | +€610 | +81.4% |
| Non-recurring operating income | 76A | €165 | €0 | -€165 | -100% |
| Remuneration, social security and pensions | 62 | €296,035 | €296,281 | +€246 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,736 | €33,613 | -€123 | -0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,921 | +€9,921 | |
| Other operating charges | 640/8 | €5,857 | €4,579 | -€1,279 | -21.8% |
| Non-recurring operating charges | 66A | €2,057 | €0 | -€2,057 | -100% |
| Gross operating margin | 9900 | €363,580 | €346,136 | -€17,444 | -4.8% |
| Operating profit (loss) | 9901 | €25,895 | €1,743 | -€24,152 | -93.3% |
| Financial income | 75/76B | €2,129 | €1,971 | -€158 | -7.4% |
| Recurring financial income | 75 | €2,129 | €1,971 | -€158 | -7.4% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €4,299 | €2,344 | -€1,955 | -45.5% |
| Recurring financial charges | 65 | €4,299 | €2,344 | -€1,955 | -45.5% |
| Profit (loss) for the period before taxes | 9903 | €23,724 | €1,369 | -€22,355 | -94.2% |
| Income taxes | 67/77 | €7,333 | €1,745 | -€5,588 | -76.2% |
| Profit (loss) for the period | 9904 | €16,391 | -€375 | -€16,767 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,391 | -€375 | -€16,767 |
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 19 October 2026 via checked.be.