Vanbael Projects: 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.
Vanbael Projects
Largest movements
- Tangible fixed assets +€48,347
up €48,347 (+116.8%), from €41,394 to €89,741
of which Leasing and similar rights: +€54,502
- Receivables within one year +€27,564
up €27,564 (+63.2%), from €43,634 to €71,197
of which Trade receivables: +€30,646
- Cash +€5,729
up €5,729 (+11.2%), from €51,003 to €56,732
mainly Net result for the year (+€39,736) and Depreciation (+€26,890)
- Reserves +€25,030
up €25,030 (+28.0%), from €89,355 to €114,385
- Debts after one year +€22,079
up €22,079 (+110.6%), from €19,962 to €42,040
- Trade debts +€17,700
up €17,700 (+4556.4%), from €388 to €18,089
- Current portion of long-term debt +€15,106
up €15,106 (+96.5%), from €15,650 to €30,757
- Tax, wage and social debts +€3,350
up €3,350 (+41.0%), from €8,176 to €11,526
- Gross operating margin +€29,924
up €29,924 (+57.3%), from €52,217 to €82,141
- Taxes +€3,547
up €3,547 (+41.1%), from €8,634 to €12,182
- Other operating charges -€1,024
down €1,024 (-48.3%), from €2,117 to €1,094
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 | €136,031 | €219,297 | +€83,265 | +61.2% |
| Fixed assets | 21/28 | €41,394 | €89,741 | +€48,347 | +116.8% |
| Tangible fixed assets | 22/27 | €41,394 | €89,741 | +€48,347 | +116.8% |
| Furniture and vehicles | 24 | €41,394 | €35,239 | -€6,155 | -14.9% |
| Leasing and similar rights | 25 | - | €54,502 | +€54,502 | |
| Current assets | 29/58 | €94,637 | €129,555 | +€34,918 | +36.9% |
| Amounts receivable within one year | 40/41 | €43,634 | €71,197 | +€27,564 | +63.2% |
| Trade receivables | 40 | €30,695 | €61,341 | +€30,646 | +99.8% |
| Other amounts receivable | 41 | €12,939 | €9,857 | -€3,082 | -23.8% |
| Cash at bank and in hand | 54/58 | €51,003 | €56,732 | +€5,729 | +11.2% |
| Deferred charges and accrued income | 490/1 | - | €1,625 | +€1,625 | |
| Total equity and liabilities | 10/49 | €136,031 | €219,297 | +€83,265 | +61.2% |
| Equity | 10/15 | €91,855 | €116,885 | +€25,030 | +27.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €89,355 | €114,385 | +€25,030 | +28.0% |
| Distributable reserves | 133 | €89,355 | €114,385 | +€25,030 | +28.0% |
| Amounts payable | 17/49 | €44,177 | €102,412 | +€58,235 | +131.8% |
| Amounts payable after more than one year | 17 | €19,962 | €42,040 | +€22,079 | +110.6% |
| Financial debts | 170/4 | €19,962 | €42,040 | +€22,079 | +110.6% |
| Amounts payable within one year | 42/48 | €24,215 | €60,372 | +€36,157 | +149.3% |
| Current portion of amounts payable after more than one year | 42 | €15,650 | €30,757 | +€15,106 | +96.5% |
| Trade debts | 44 | €388 | €18,089 | +€17,700 | +4556.4% |
| Suppliers | 440/4 | €388 | €18,089 | +€17,700 | +4556.4% |
| Taxes, remuneration and social security | 45 | €8,176 | €11,526 | +€3,350 | +41.0% |
| Taxes | 450/3 | €8,176 | €11,526 | +€3,350 | +41.0% |
| Non-recurring operating income | 76A | - | €6,111 | +€6,111 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,849 | €26,890 | +€41 | +0.2% |
| Other operating charges | 640/8 | €2,117 | €1,094 | -€1,024 | -48.3% |
| Gross operating margin | 9900 | €52,217 | €82,141 | +€29,924 | +57.3% |
| Operating profit (loss) | 9901 | €23,251 | €54,157 | +€30,907 | +132.9% |
| Financial income | 75/76B | €13 | €255 | +€242 | +1854.7% |
| Recurring financial income | 75 | €13 | €255 | +€242 | +1854.7% |
| Financial charges | 65/66B | €2,020 | €2,496 | +€475 | +23.5% |
| Recurring financial charges | 65 | €2,020 | €2,496 | +€475 | +23.5% |
| Profit (loss) for the period before taxes | 9903 | €21,243 | €51,917 | +€30,674 | +144.4% |
| Income taxes | 67/77 | €8,634 | €12,182 | +€3,547 | +41.1% |
| Profit (loss) for the period | 9904 | €12,609 | €39,736 | +€27,127 | +215.1% |
| Profit (loss) for the period to be appropriated | 9905 | €12,609 | €39,736 | +€27,127 | +215.1% |
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 10 October 2026 via checked.be.