VAN ROY: 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 ROY
Largest movements
- Receivables within one year +€1.7m
new in 2025: €1.7m
of which Trade receivables: +€1.6m
- Stocks and contracts +€227,848
up €227,848 (+12.2%), from €1.9m to €2.1m
- Accrued charges and deferred income +€1.8m
up €1.8m (+3516.0%), from €50,125 to €1.8m
- Trade debts +€251,103
up €251,103 (+20.5%), from €1.2m to €1.5m
- Profit (loss) carried forward -€51,626
down €51,626 (-10.8%), from -€479,202 to -€530,828
- Gross operating margin -€51,885
down €51,885, from €33,574 to -€18,310
- Financial charges +€7,043
up €7,043 (+46.3%), from €15,208 to €22,251
- Write-downs -€4,684
no longer reported in 2025 (was €4,684)
- Other operating charges +€3,400
up €3,400 (+146.3%), from €2,324 to €5,724
- Depreciation +€2,742
up €2,742 (+105.5%), from €2,599 to €5,341
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 | €1,920,592 | €3,886,549 | +€2.0m | +102.4% |
| Fixed assets | 21/28 | €47,928 | €42,587 | -€5,341 | -11.1% |
| Tangible fixed assets | 22/27 | €47,928 | €42,587 | -€5,341 | -11.1% |
| Land and buildings | 22 | €8,480 | €7,309 | -€1,171 | -13.8% |
| Other tangible fixed assets | 26 | €39,448 | €35,278 | -€4,170 | -10.6% |
| Current assets | 29/58 | €1,872,664 | €3,843,962 | +€2.0m | +105.3% |
| Stocks and contracts in progress | 3 | €1,861,059 | €2,088,907 | +€227,848 | +12.2% |
| Stocks | 30/36 | €1,861,059 | €2,088,907 | +€227,848 | +12.2% |
| Amounts receivable within one year | 40/41 | - | €1,736,746 | +€1.7m | |
| Trade receivables | 40 | - | €1,643,118 | +€1.6m | |
| Other amounts receivable | 41 | - | €93,628 | +€93,628 | |
| Cash at bank and in hand | 54/58 | €11,277 | €17,804 | +€6,527 | +57.9% |
| Deferred charges and accrued income | 490/1 | €328 | €506 | +€177 | +54.0% |
| Total equity and liabilities | 10/49 | €1,920,592 | €3,886,549 | +€2.0m | +102.4% |
| Equity | 10/15 | -€47,422 | -€99,048 | -€51,626 | -108.9% |
| Contributions | 10/11 | €369,800 | €369,800 | = | 0.0% |
| Capital | 10 | €369,800 | €369,800 | = | 0.0% |
| Issued capital | 100 | €369,800 | €369,800 | = | 0.0% |
| Reserves | 13 | €61,980 | €61,980 | = | 0.0% |
| Non-distributable reserves | 130/1 | €61,980 | €61,980 | = | 0.0% |
| Legal reserve | 130 | €61,980 | €61,980 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€479,202 | -€530,828 | -€51,626 | -10.8% |
| Amounts payable | 17/49 | €1,968,014 | €3,985,597 | +€2.0m | +102.5% |
| Amounts payable after more than one year | 17 | €646,497 | €646,497 | = | 0.0% |
| Financial debts | 170/4 | €646,497 | €646,497 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,271,392 | €1,526,566 | +€255,174 | +20.1% |
| Trade debts | 44 | €1,224,626 | €1,475,729 | +€251,103 | +20.5% |
| Suppliers | 440/4 | €1,224,626 | €1,475,729 | +€251,103 | +20.5% |
| Taxes, remuneration and social security | 45 | - | €22,338 | +€22,338 | |
| Taxes | 450/3 | - | €22,338 | +€22,338 | |
| Other amounts payable | 47/48 | €46,767 | €28,499 | -€18,267 | -39.1% |
| Accrued charges and deferred income | 492/3 | €50,125 | €1,812,534 | +€1.8m | +3516.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,599 | €5,341 | +€2,742 | +105.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,684 | - | -€4,684 | |
| Other operating charges | 640/8 | €2,324 | €5,724 | +€3,400 | +146.3% |
| Gross operating margin | 9900 | €33,574 | -€18,310 | -€51,885 | |
| Operating profit (loss) | 9901 | €23,967 | -€29,376 | -€53,343 | |
| Financial income | 75/76B | €1,664 | €0 | -€1,664 | -100.0% |
| Recurring financial income | 75 | €1,664 | €0 | -€1,664 | -100.0% |
| Financial charges | 65/66B | €15,208 | €22,251 | +€7,043 | +46.3% |
| Recurring financial charges | 65 | €15,208 | €22,251 | +€7,043 | +46.3% |
| Profit (loss) for the period before taxes | 9903 | €10,424 | -€51,626 | -€62,050 | |
| Profit (loss) for the period | 9904 | €10,424 | -€51,626 | -€62,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,424 | -€51,626 | -€62,050 |
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 2 October 2026 via checked.be.