VAN IEPEN: 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 IEPEN
Largest movements
- Tangible fixed assets -€45,652
down €45,652 (-6.1%), from €749,150 to €703,498
of which Land and buildings: -€27,091
- Cash +€8,938
up €8,938 (+135%), from €6,620 to €15,559
mainly Depreciation (+€60,496) and Debts after one year (+€683)
- Other debts -€27,017
down €27,017 (-6.5%), from €413,403 to €386,385
- Reserves -€8,508
down €8,508 (-2.8%), from €303,291 to €294,783
of which Tax-exempt reserves: -€8,508
- Gross operating margin -€4,086
down €4,086 (-5.0%), from €81,779 to €77,693
- Financial charges -€2,297
down €2,297 (-14.4%), from €15,968 to €13,670
- Depreciation -€2,226
down €2,226 (-3.5%), from €62,722 to €60,496
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 | €761,055 | €724,836 | -€36,219 | -4.8% |
| Fixed assets | 21/28 | €751,915 | €706,263 | -€45,652 | -6.1% |
| Tangible fixed assets | 22/27 | €749,150 | €703,498 | -€45,652 | -6.1% |
| Land and buildings | 22 | €572,587 | €545,496 | -€27,091 | -4.7% |
| Furniture and vehicles | 24 | €11,543 | €14,929 | +€3,386 | +29.3% |
| Other tangible fixed assets | 26 | €165,020 | €143,073 | -€21,947 | -13.3% |
| Financial fixed assets | 28 | €2,765 | €2,765 | = | 0.0% |
| Current assets | 29/58 | €9,140 | €18,573 | +€9,433 | +103% |
| Amounts receivable within one year | 40/41 | €977 | €1,395 | +€418 | +42.8% |
| Trade receivables | 40 | €977 | €1,113 | +€136 | +14.0% |
| Other amounts receivable | 41 | - | €282 | +€282 | |
| Cash at bank and in hand | 54/58 | €6,620 | €15,559 | +€8,938 | +135% |
| Deferred charges and accrued income | 490/1 | €1,543 | €1,619 | +€77 | +5.0% |
| Total equity and liabilities | 10/49 | €761,055 | €724,836 | -€36,219 | -4.8% |
| Equity | 10/15 | €141,946 | €134,421 | -€7,525 | -5.3% |
| Contributions | 10/11 | €182,000 | €182,000 | = | 0.0% |
| Capital | 10 | €182,000 | €182,000 | = | 0.0% |
| Issued capital | 100 | €182,000 | €182,000 | = | 0.0% |
| Reserves | 13 | €303,291 | €294,783 | -€8,508 | -2.8% |
| Non-distributable reserves | 130/1 | €8,156 | €8,156 | = | 0.0% |
| Legal reserve | 130 | €8,156 | €8,156 | = | 0.0% |
| Tax-exempt reserves | 132 | €140,161 | €131,654 | -€8,508 | -6.1% |
| Distributable reserves | 133 | €154,973 | €154,973 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€343,345 | -€342,362 | +€983 | +0.3% |
| Amounts payable | 17/49 | €619,109 | €590,415 | -€28,694 | -4.6% |
| Amounts payable after more than one year | 17 | €188,509 | €189,192 | +€683 | +0.4% |
| Financial debts | 170/4 | €182,000 | €182,000 | = | 0.0% |
| Other amounts payable | 178/9 | €6,509 | €7,192 | +€683 | +10.5% |
| Amounts payable within one year | 42/48 | €413,403 | €386,446 | -€26,957 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €0 | €61 | +€61 | |
| Suppliers | 440/4 | €0 | €61 | +€61 | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €413,403 | €386,385 | -€27,017 | -6.5% |
| Accrued charges and deferred income | 492/3 | €17,197 | €14,777 | -€2,420 | -14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,722 | €60,496 | -€2,226 | -3.5% |
| Other operating charges | 640/8 | €10,716 | €11,051 | +€335 | +3.1% |
| Gross operating margin | 9900 | €81,779 | €77,693 | -€4,086 | -5.0% |
| Operating profit (loss) | 9901 | €8,341 | €6,146 | -€2,196 | -26.3% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €15,968 | €13,670 | -€2,297 | -14.4% |
| Recurring financial charges | 65 | €15,968 | €13,670 | -€2,297 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | -€7,626 | -€7,525 | +€101 | +1.3% |
| Profit (loss) for the period | 9904 | -€7,626 | -€7,525 | +€101 | +1.3% |
| Transfer from tax-exempt reserves | 789 | €8,508 | €8,508 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €882 | €983 | +€101 | +11.5% |
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 18 October 2026 via checked.be.