VAN REETH: what changed
Two fiscal 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 REETH
Largest movements
- Receivables within one year +€74,568
up €74,568 (+57.5%), from €129,719 to €204,287
of which Trade receivables: +€73,328
- Cash -€74,104
down €74,104 (-53.6%), from €138,341 to €64,237
mainly Receivables within one year (-€74,568) and Trade debts (-€5,389)
- Tangible fixed assets -€4,676
down €4,676 (-58.8%), from €7,948 to €3,272
of which Other tangible fixed assets: -€3,949
- Trade debts -€5,389
down €5,389 (-11.8%), from €45,599 to €40,209
- Tax, wage and social debts +€5,027
up €5,027 (+15.8%), from €31,772 to €36,799
of which Remuneration and social security: +€11,397
- Other debts -€3,115
no longer reported in 2025 (was €3,115)
- Gross operating margin +€73,914
up €73,914 (+43.7%), from €169,313 to €243,227
- Staff costs +€42,812
up €42,812 (+21.8%), from €196,050 to €238,862
- Financial income -€7,778
down €7,778 (-100.0%), from €7,778 to €0
- Depreciation -€4,728
down €4,728 (-50.3%), from €9,404 to €4,676
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 | €302,236 | €297,787 | -€4,449 | -1.5% |
| Fixed assets | 21/28 | €7,948 | €3,272 | -€4,676 | -58.8% |
| Tangible fixed assets | 22/27 | €7,948 | €3,272 | -€4,676 | -58.8% |
| Furniture and vehicles | 24 | €1,325 | €598 | -€727 | -54.9% |
| Other tangible fixed assets | 26 | €6,623 | €2,674 | -€3,949 | -59.6% |
| Current assets | 29/58 | €294,288 | €294,515 | +€227 | +0.1% |
| Amounts receivable within one year | 40/41 | €129,719 | €204,287 | +€74,568 | +57.5% |
| Trade receivables | 40 | €123,874 | €197,202 | +€73,328 | +59.2% |
| Other amounts receivable | 41 | €5,845 | €7,085 | +€1,240 | +21.2% |
| Cash at bank and in hand | 54/58 | €138,341 | €64,237 | -€74,104 | -53.6% |
| Deferred charges and accrued income | 490/1 | €26,228 | €25,991 | -€236 | -0.9% |
| Total equity and liabilities | 10/49 | €302,236 | €297,787 | -€4,449 | -1.5% |
| Equity | 10/15 | €219,751 | €218,778 | -€972 | -0.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €213,551 | €212,578 | -€972 | -0.5% |
| Distributable reserves | 133 | €213,551 | €212,578 | -€972 | -0.5% |
| Amounts payable | 17/49 | €82,485 | €79,008 | -€3,477 | -4.2% |
| Amounts payable after more than one year | 17 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 178/9 | €2,000 | €2,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €80,485 | €77,008 | -€3,477 | -4.3% |
| Trade debts | 44 | €45,599 | €40,209 | -€5,389 | -11.8% |
| Suppliers | 440/4 | €45,599 | €40,209 | -€5,389 | -11.8% |
| Taxes, remuneration and social security | 45 | €31,772 | €36,799 | +€5,027 | +15.8% |
| Taxes | 450/3 | €8,469 | €2,099 | -€6,370 | -75.2% |
| Remuneration and social security | 454/9 | €23,303 | €34,701 | +€11,397 | +48.9% |
| Other amounts payable | 47/48 | €3,115 | - | -€3,115 | |
| Remuneration, social security and pensions | 62 | €196,050 | €238,862 | +€42,812 | +21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,404 | €4,676 | -€4,728 | -50.3% |
| Other operating charges | 640/8 | €1,842 | €621 | -€1,221 | -66.3% |
| Gross operating margin | 9900 | €169,313 | €243,227 | +€73,914 | +43.7% |
| Operating profit (loss) | 9901 | -€37,983 | -€932 | +€37,051 | +97.5% |
| Financial income | 75/76B | €7,778 | €0 | -€7,778 | -100.0% |
| Recurring financial income | 75 | €7,778 | €0 | -€7,778 | -100.0% |
| Financial charges | 65/66B | €40 | €40 | -€0 | -0.1% |
| Recurring financial charges | 65 | €40 | €40 | -€0 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | -€30,246 | -€972 | +€29,274 | +96.8% |
| Profit (loss) for the period | 9904 | -€30,246 | -€972 | +€29,274 | +96.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,246 | -€972 | +€29,274 | +96.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.