VANDEGINSTE: what changed
VANDEGINSTE
Largest movements
- Stocks and contracts +€71,806
up €71,806 (+28.2%), from €254,361 to €326,167
- Receivables within one year -€39,604
down €39,604 (-40.8%), from €96,952 to €57,347
of which Trade receivables: -€43,000
- Cash -€10,910
down €10,910 (-5.8%), from €187,100 to €176,190
mainly Stocks and contracts (-€71,806) and Tax, wage and social debts (-€26,065)
- Profit (loss) carried forward +€47,529
up €47,529, from -€47,529 to €0
- Tax, wage and social debts -€26,065
down €26,065 (-44.6%), from €58,428 to €32,363
of which Taxes: -€23,720
- Trade debts -€20,142
down €20,142 (-48.7%), from €41,400 to €21,258
- Reserves +€17,977
up €17,977 (+14.1%), from €127,265 to €145,242
of which Distributable reserves: +€17,078
- Depreciation -€135,556
down €135,556 (-99.4%), from €136,310 to €754
- Gross operating margin +€45,062
up €45,062 (+24.0%), from €187,726 to €232,788
- Staff costs +€10,263
up €10,263 (+6.9%), from €149,427 to €159,689
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €697,610 | €717,076 | +€19,466 | +2.8% |
| Fixed assets | 21/28 | €53,532 | €52,778 | -€754 | -1.4% |
| Tangible fixed assets | 22/27 | €53,532 | €52,778 | -€754 | -1.4% |
| Land and buildings | 22 | €52,500 | €52,500 | = | 0.0% |
| Plant, machinery and equipment | 23 | €449 | €0 | -€449 | -100% |
| Furniture and vehicles | 24 | €583 | €278 | -€305 | -52.3% |
| Current assets | 29/58 | €644,078 | €664,298 | +€20,220 | +3.1% |
| Stocks and contracts in progress | 3 | €254,361 | €326,167 | +€71,806 | +28.2% |
| Stocks | 30/36 | €254,361 | €326,167 | +€71,806 | +28.2% |
| Amounts receivable within one year | 40/41 | €96,952 | €57,347 | -€39,604 | -40.8% |
| Trade receivables | 40 | €87,208 | €44,208 | -€43,000 | -49.3% |
| Other amounts receivable | 41 | €9,744 | €13,139 | +€3,395 | +34.8% |
| Current investments | 50/53 | €102,529 | €102,529 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €187,100 | €176,190 | -€10,910 | -5.8% |
| Deferred charges and accrued income | 490/1 | €3,137 | €2,064 | -€1,072 | -34.2% |
| Total equity and liabilities | 10/49 | €697,610 | €717,076 | +€19,466 | +2.8% |
| Equity | 10/15 | €591,737 | €657,242 | +€65,506 | +11.1% |
| Contributions | 10/11 | €512,000 | €512,000 | = | 0.0% |
| Capital | 10 | €512,000 | €512,000 | = | 0.0% |
| Issued capital | 100 | €512,000 | €512,000 | = | 0.0% |
| Reserves | 13 | €127,265 | €145,242 | +€17,977 | +14.1% |
| Non-distributable reserves | 130/1 | €23,719 | €24,618 | +€899 | +3.8% |
| Legal reserve | 130 | €11,325 | €12,224 | +€899 | +7.9% |
| Reserves not available under the articles | 1311 | €12,395 | €12,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,382 | €4,382 | = | 0.0% |
| Distributable reserves | 133 | €99,164 | €116,242 | +€17,078 | +17.2% |
| Profit (loss) carried forward | 14 | -€47,529 | €0 | +€47,529 | |
| Amounts payable | 17/49 | €105,873 | €59,833 | -€46,040 | -43.5% |
| Amounts payable within one year | 42/48 | €105,873 | €59,833 | -€46,040 | -43.5% |
| Trade debts | 44 | €41,400 | €21,258 | -€20,142 | -48.7% |
| Suppliers | 440/4 | €41,400 | €21,258 | -€20,142 | -48.7% |
| Advances received on contracts in progress | 46 | €6,045 | €6,213 | +€168 | +2.8% |
| Taxes, remuneration and social security | 45 | €58,428 | €32,363 | -€26,065 | -44.6% |
| Taxes | 450/3 | €28,352 | €4,633 | -€23,720 | -83.7% |
| Remuneration and social security | 454/9 | €30,076 | €27,730 | -€2,346 | -7.8% |
| Remuneration, social security and pensions | 62 | €149,427 | €159,689 | +€10,263 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,310 | €754 | -€135,556 | -99.4% |
| Other operating charges | 640/8 | €3,999 | €5,383 | +€1,384 | +34.6% |
| Gross operating margin | 9900 | €187,726 | €232,788 | +€45,062 | +24.0% |
| Operating profit (loss) | 9901 | -€102,010 | €66,962 | +€168,972 | |
| Financial income | 75/76B | €1,571 | €223 | -€1,348 | -85.8% |
| Recurring financial income | 75 | €1,571 | €223 | -€1,348 | -85.8% |
| Financial charges | 65/66B | €1,182 | €1,424 | +€242 | +20.4% |
| Recurring financial charges | 65 | €1,182 | €1,424 | +€242 | +20.4% |
| Profit (loss) for the period before taxes | 9903 | -€101,621 | €65,762 | +€167,382 | |
| Income taxes | 67/77 | €256 | €256 | -€0 | 0.0% |
| Profit (loss) for the period | 9904 | -€101,877 | €65,506 | +€167,382 | |
| Profit (loss) for the period to be appropriated | 9905 | -€101,877 | €65,506 | +€167,382 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.