Vandecaveye-Masschelein: 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.
Vandecaveye-Masschelein
Largest movements
- Tangible fixed assets +€283,675
up €283,675 (+48.4%), from €586,693 to €870,367
of which Land and buildings: +€303,369
- Cash -€94,301
down €94,301 (-55.4%), from €170,345 to €76,044
mainly Investment in fixed assets (net) (-€407,243) and Contributions, distributions and other (-€54,000)
- Receivables within one year -€45,917
down €45,917 (-90.0%), from €51,000 to €5,083
of which Trade receivables: -€51,000
- Stocks and contracts +€17,487
up €17,487 (+4.2%), from €415,557 to €433,044
- Debts after one year +€68,348
up €68,348 (+7.5%), from €906,342 to €974,690
of which Financial debts: +€243,348
- Other debts +€60,945
up €60,945 (+188%), from €32,480 to €93,425
- Current portion of long-term debt +€27,179
up €27,179 (+40.4%), from €67,222 to €94,401
- Depreciation +€63,757
up €63,757 (+107%), from €59,812 to €123,569
- Gross operating margin +€4,162
up €4,162 (+1.9%), from €224,172 to €228,334
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 | €1,224,891 | €1,386,094 | +€161,203 | +13.2% |
| Fixed assets | 21/28 | €586,693 | €870,367 | +€283,675 | +48.4% |
| Tangible fixed assets | 22/27 | €586,693 | €870,367 | +€283,675 | +48.4% |
| Land and buildings | 22 | €497,117 | €800,486 | +€303,369 | +61.0% |
| Plant, machinery and equipment | 23 | €89,576 | €69,882 | -€19,694 | -22.0% |
| Current assets | 29/58 | €638,198 | €515,727 | -€122,472 | -19.2% |
| Stocks and contracts in progress | 3 | €415,557 | €433,044 | +€17,487 | +4.2% |
| Stocks | 30/36 | €415,557 | €433,044 | +€17,487 | +4.2% |
| Amounts receivable within one year | 40/41 | €51,000 | €5,083 | -€45,917 | -90.0% |
| Trade receivables | 40 | €51,000 | €0 | -€51,000 | -100% |
| Other amounts receivable | 41 | - | €5,083 | +€5,083 | |
| Cash at bank and in hand | 54/58 | €170,345 | €76,044 | -€94,301 | -55.4% |
| Deferred charges and accrued income | 490/1 | €1,297 | €1,557 | +€260 | +20.1% |
| Total equity and liabilities | 10/49 | €1,224,891 | €1,386,094 | +€161,203 | +13.2% |
| Equity | 10/15 | €193,184 | €195,421 | +€2,237 | +1.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €143,184 | €143,184 | = | 0.0% |
| Distributable reserves | 133 | €143,184 | €143,184 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €2,237 | +€2,237 | |
| Amounts payable | 17/49 | €1,031,708 | €1,190,674 | +€158,966 | +15.4% |
| Amounts payable after more than one year | 17 | €906,342 | €974,690 | +€68,348 | +7.5% |
| Financial debts | 170/4 | €471,342 | €714,690 | +€243,348 | +51.6% |
| Other amounts payable | 178/9 | €435,000 | €260,000 | -€175,000 | -40.2% |
| Amounts payable within one year | 42/48 | €125,366 | €215,984 | +€90,618 | +72.3% |
| Current portion of amounts payable after more than one year | 42 | €67,222 | €94,401 | +€27,179 | +40.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €6,599 | €16,731 | +€10,132 | +154% |
| Suppliers | 440/4 | €6,599 | €16,731 | +€10,132 | +154% |
| Taxes, remuneration and social security | 45 | €19,064 | €11,427 | -€7,638 | -40.1% |
| Taxes | 450/3 | €19,064 | €11,427 | -€7,638 | -40.1% |
| Other amounts payable | 47/48 | €32,480 | €93,425 | +€60,945 | +188% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,812 | €123,569 | +€63,757 | +107% |
| Other operating charges | 640/8 | €436 | €1,805 | +€1,369 | +314% |
| Gross operating margin | 9900 | €224,172 | €228,334 | +€4,162 | +1.9% |
| Operating profit (loss) | 9901 | €163,925 | €102,961 | -€60,964 | -37.2% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €32,193 | €31,806 | -€387 | -1.2% |
| Recurring financial charges | 65 | €32,193 | €31,806 | -€387 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | €131,732 | €71,155 | -€60,577 | -46.0% |
| Income taxes | 67/77 | €14,639 | €14,917 | +€279 | +1.9% |
| Profit (loss) for the period | 9904 | €117,093 | €56,237 | -€60,856 | -52.0% |
| Profit (loss) for the period to be appropriated | 9905 | €117,093 | €56,237 | -€60,856 | -52.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.