Van Tilborgh: 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 Tilborgh
Largest movements
- Receivables within one year -€99,376
down €99,376 (-45.0%), from €220,693 to €121,317
of which Other amounts receivable: -€72,068
- Cash -€53,071
down €53,071 (-69.4%), from €76,441 to €23,370
mainly Net result for the year (-€95,988) and Receivables after one year (-€35,700)
- Receivables after one year +€35,700
new in 2025: €35,700
- Tangible fixed assets +€15,771
up €15,771 (+25.0%), from €63,104 to €78,875
of which Plant, machinery and equipment: +€20,803
- Deferred charges and accrued income +€9,221
new in 2025: €9,221
- Profit (loss) carried forward -€95,988
down €95,988, from €2,314 to -€93,674
- Other debts +€14,657
new in 2025: €14,657
- Tax, wage and social debts -€5,800
down €5,800 (-44.4%), from €13,054 to €7,254
of which Taxes: -€7,250
- Trade debts -€4,624
down €4,624 (-4.3%), from €106,797 to €102,173
- Gross operating margin -€20,460
down €20,460, from €18,248 to -€2,211
- Staff costs +€16,743
up €16,743 (+31.0%), from €53,987 to €70,730
- Other operating charges +€11,607
up €11,607 (+1,679%), from €691 to €12,298
- Financial income -€5,354
down €5,354 (-88.4%), from €6,060 to €706
- Depreciation +€317
up €317 (+4.6%), from €6,951 to €7,268
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 | €360,863 | €269,107 | -€91,755 | -25.4% |
| Fixed assets | 21/28 | €63,729 | €79,500 | +€15,771 | +24.7% |
| Tangible fixed assets | 22/27 | €63,104 | €78,875 | +€15,771 | +25.0% |
| Land and buildings | 22 | €28,670 | €28,670 | = | 0.0% |
| Plant, machinery and equipment | 23 | €24,924 | €45,726 | +€20,803 | +83.5% |
| Furniture and vehicles | 24 | €4,049 | €4,479 | +€430 | +10.6% |
| Other tangible fixed assets | 26 | €5,462 | - | -€5,462 | |
| Financial fixed assets | 28 | €625 | €625 | = | 0.0% |
| Current assets | 29/58 | €297,133 | €189,608 | -€107,526 | -36.2% |
| Amounts receivable after more than one year | 29 | - | €35,700 | +€35,700 | |
| Other amounts receivable | 291 | - | €35,700 | +€35,700 | |
| Amounts receivable within one year | 40/41 | €220,693 | €121,317 | -€99,376 | -45.0% |
| Trade receivables | 40 | €141,154 | €113,846 | -€27,308 | -19.3% |
| Other amounts receivable | 41 | €79,539 | €7,471 | -€72,068 | -90.6% |
| Cash at bank and in hand | 54/58 | €76,441 | €23,370 | -€53,071 | -69.4% |
| Deferred charges and accrued income | 490/1 | - | €9,221 | +€9,221 | |
| Total equity and liabilities | 10/49 | €360,863 | €269,107 | -€91,755 | -25.4% |
| Equity | 10/15 | €241,012 | €145,023 | -€95,988 | -39.8% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €113,697 | €113,697 | = | 0.0% |
| Distributable reserves | 133 | €113,697 | €113,697 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,314 | -€93,674 | -€95,988 | |
| Amounts payable | 17/49 | €119,851 | €124,084 | +€4,233 | +3.5% |
| Amounts payable within one year | 42/48 | €119,851 | €124,084 | +€4,233 | +3.5% |
| Trade debts | 44 | €106,797 | €102,173 | -€4,624 | -4.3% |
| Suppliers | 440/4 | €106,797 | €102,173 | -€4,624 | -4.3% |
| Taxes, remuneration and social security | 45 | €13,054 | €7,254 | -€5,800 | -44.4% |
| Taxes | 450/3 | €7,250 | - | -€7,250 | |
| Remuneration and social security | 454/9 | €5,804 | €7,254 | +€1,450 | +25.0% |
| Other amounts payable | 47/48 | - | €14,657 | +€14,657 | |
| Remuneration, social security and pensions | 62 | €53,987 | €70,730 | +€16,743 | +31.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,951 | €7,268 | +€317 | +4.6% |
| Other operating charges | 640/8 | €691 | €12,298 | +€11,607 | +1,679% |
| Gross operating margin | 9900 | €18,248 | -€2,211 | -€20,460 | |
| Operating profit (loss) | 9901 | -€43,381 | -€92,507 | -€49,126 | -113% |
| Financial income | 75/76B | €6,060 | €706 | -€5,354 | -88.4% |
| Recurring financial income | 75 | €6,060 | €706 | -€5,354 | -88.4% |
| Financial charges | 65/66B | €4,137 | €4,187 | +€50 | +1.2% |
| Recurring financial charges | 65 | €4,137 | €4,187 | +€50 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | -€41,457 | -€95,988 | -€54,531 | -132% |
| Profit (loss) for the period | 9904 | -€41,457 | -€95,988 | -€54,531 | -132% |
| Profit (loss) for the period to be appropriated | 9905 | -€41,457 | -€95,988 | -€54,531 | -132% |
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 14 October 2026 via checked.be.