VANBELLE LAW: 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.
VANBELLE LAW
Largest movements
- Cash +€115,127
up €115,127 (+328%), from €35,124 to €150,252
mainly Trade debts (+€87,990) and Net result for the year (+€53,736)
- Receivables within one year +€67,392
up €67,392 (+17.3%), from €389,595 to €456,986
of which Trade receivables: +€66,742
- Current investments -€40,163
no longer reported in 2025 (was €40,163)
- Tangible fixed assets +€13,119
up €13,119 (+197%), from €6,674 to €19,794
of which Other tangible fixed assets: +€15,495
- Trade debts +€87,990
up €87,990 (+21.2%), from €415,688 to €503,677
- Reserves +€53,736
up €53,736 (+88.2%), from €60,925 to €114,661
of which Distributable reserves: +€53,736
- Tax, wage and social debts +€17,351
up €17,351 (+47.6%), from €36,435 to €53,786
- Gross operating margin +€55,537
up €55,537 (+91.9%), from €60,409 to €115,946
- Other operating charges +€17,225
up €17,225 (+116%), from €14,836 to €32,061
- Taxes +€7,771
up €7,771 (+41.0%), from €18,951 to €26,722
- Financial charges +€1,977
up €1,977 (+172%), from €1,149 to €3,126
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 | €577,159 | €736,177 | +€159,018 | +27.6% |
| Fixed assets | 21/28 | €12,169 | €25,289 | +€13,119 | +108% |
| Tangible fixed assets | 22/27 | €6,674 | €19,794 | +€13,119 | +197% |
| Furniture and vehicles | 24 | €6,308 | €3,933 | -€2,375 | -37.7% |
| Other tangible fixed assets | 26 | €366 | €15,861 | +€15,495 | +4,233% |
| Financial fixed assets | 28 | €5,495 | €5,495 | = | 0.0% |
| Current assets | 29/58 | €564,990 | €710,889 | +€145,899 | +25.8% |
| Amounts receivable after more than one year | 29 | €90,000 | €90,000 | = | 0.0% |
| Other amounts receivable | 291 | €90,000 | €90,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €389,595 | €456,986 | +€67,392 | +17.3% |
| Trade receivables | 40 | €361,618 | €428,360 | +€66,742 | +18.5% |
| Other amounts receivable | 41 | €27,976 | €28,626 | +€650 | +2.3% |
| Current investments | 50/53 | €40,163 | - | -€40,163 | |
| Cash at bank and in hand | 54/58 | €35,124 | €150,252 | +€115,127 | +328% |
| Deferred charges and accrued income | 490/1 | €10,108 | €13,651 | +€3,543 | +35.1% |
| Total equity and liabilities | 10/49 | €577,159 | €736,177 | +€159,018 | +27.6% |
| Equity | 10/15 | €108,598 | €162,333 | +€53,736 | +49.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €60,925 | €114,661 | +€53,736 | +88.2% |
| Non-distributable reserves | 130/1 | €3,715 | €3,715 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,715 | €3,715 | = | 0.0% |
| Distributable reserves | 133 | €57,210 | €110,946 | +€53,736 | +93.9% |
| Profit (loss) carried forward | 14 | €29,122 | €29,122 | = | 0.0% |
| Amounts payable | 17/49 | €468,561 | €573,844 | +€105,283 | +22.5% |
| Amounts payable after more than one year | 17 | €6,250 | €6,250 | = | 0.0% |
| Other amounts payable | 178/9 | €6,250 | €6,250 | = | 0.0% |
| Amounts payable within one year | 42/48 | €462,311 | €567,594 | +€105,283 | +22.8% |
| Financial debts | 43 | €4,483 | €5,380 | +€896 | +20.0% |
| Credit institutions | 430/8 | €4,483 | €5,380 | +€896 | +20.0% |
| Trade debts | 44 | €415,688 | €503,677 | +€87,990 | +21.2% |
| Suppliers | 440/4 | €415,688 | €503,677 | +€87,990 | +21.2% |
| Taxes, remuneration and social security | 45 | €36,435 | €53,786 | +€17,351 | +47.6% |
| Taxes | 450/3 | €36,435 | €53,786 | +€17,351 | +47.6% |
| Other amounts payable | 47/48 | €5,705 | €4,751 | -€954 | -16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,392 | €3,181 | -€211 | -6.2% |
| Other operating charges | 640/8 | €14,836 | €32,061 | +€17,225 | +116% |
| Gross operating margin | 9900 | €60,409 | €115,946 | +€55,537 | +91.9% |
| Operating profit (loss) | 9901 | €42,180 | €80,704 | +€38,524 | +91.3% |
| Financial income | 75/76B | €2,493 | €2,879 | +€386 | +15.5% |
| Recurring financial income | 75 | €2,493 | €2,879 | +€386 | +15.5% |
| Financial charges | 65/66B | €1,149 | €3,126 | +€1,977 | +172% |
| Recurring financial charges | 65 | €1,149 | €3,126 | +€1,977 | +172% |
| Profit (loss) for the period before taxes | 9903 | €43,525 | €80,458 | +€36,933 | +84.9% |
| Income taxes | 67/77 | €18,951 | €26,722 | +€7,771 | +41.0% |
| Profit (loss) for the period | 9904 | €24,574 | €53,736 | +€29,162 | +119% |
| Profit (loss) for the period to be appropriated | 9905 | €24,574 | €53,736 | +€29,162 | +119% |
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 30 October 2026 via checked.be.