VANDEKERCKHOVE&DEVOS: 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.
VANDEKERCKHOVE&DEVOS
Largest movements
- Cash -€58,004
down €58,004 (-13.2%), from €438,113 to €380,110
mainly Accrued charges and deferred income (-€113,060) and Tax, wage and social debts (-€13,704)
- Receivables within one year -€9,047
down €9,047 (-2.9%), from €308,670 to €299,624
of which Trade receivables: -€22,124
- Tangible fixed assets -€8,722
down €8,722 (-23.1%), from €37,720 to €28,998
of which Plant, machinery and equipment: -€8,081
- Accrued charges and deferred income -€113,060
down €113,060 (-100%), from €113,060 to €0
- Trade debts +€32,159
up €32,159 (+11.2%), from €286,116 to €318,275
- Advances received +€14,945
new in 2025: €14,945
- Tax, wage and social debts -€13,704
down €13,704 (-17.9%), from €76,733 to €63,029
of which Remuneration and social security: -€17,230
- Gross operating margin -€100,388
down €100,388 (-17.1%), from €586,523 to €486,135
- Staff costs -€50,419
down €50,419 (-9.8%), from €515,738 to €465,319
- Write-downs +€35,250
up €35,250, from -€35,130 to €120
- Taxes -€11,210
down €11,210 (-75.6%), from €14,823 to €3,613
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 | €784,504 | €708,731 | -€75,772 | -9.7% |
| Fixed assets | 21/28 | €37,720 | €28,998 | -€8,722 | -23.1% |
| Tangible fixed assets | 22/27 | €37,720 | €28,998 | -€8,722 | -23.1% |
| Plant, machinery and equipment | 23 | €37,079 | €28,998 | -€8,081 | -21.8% |
| Furniture and vehicles | 24 | €641 | €0 | -€641 | -100% |
| Current assets | 29/58 | €746,784 | €679,734 | -€67,050 | -9.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €308,670 | €299,624 | -€9,047 | -2.9% |
| Trade receivables | 40 | €287,315 | €265,191 | -€22,124 | -7.7% |
| Other amounts receivable | 41 | €21,355 | €34,433 | +€13,077 | +61.2% |
| Cash at bank and in hand | 54/58 | €438,113 | €380,110 | -€58,004 | -13.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €784,504 | €708,731 | -€75,772 | -9.7% |
| Equity | 10/15 | €308,595 | €312,483 | +€3,888 | +1.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €247,095 | €250,983 | +€3,888 | +1.6% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €240,945 | €244,833 | +€3,888 | +1.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €475,909 | €396,249 | -€79,660 | -16.7% |
| Amounts payable within one year | 42/48 | €362,849 | €396,249 | +€33,400 | +9.2% |
| Trade debts | 44 | €286,116 | €318,275 | +€32,159 | +11.2% |
| Suppliers | 440/4 | €286,116 | €318,275 | +€32,159 | +11.2% |
| Advances received on contracts in progress | 46 | - | €14,945 | +€14,945 | |
| Taxes, remuneration and social security | 45 | €76,733 | €63,029 | -€13,704 | -17.9% |
| Taxes | 450/3 | €104 | €3,630 | +€3,526 | +3,386% |
| Remuneration and social security | 454/9 | €76,629 | €59,398 | -€17,230 | -22.5% |
| Accrued charges and deferred income | 492/3 | €113,060 | €0 | -€113,060 | -100% |
| Remuneration, social security and pensions | 62 | €515,738 | €465,319 | -€50,419 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,772 | €15,780 | +€2,008 | +14.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€35,130 | €120 | +€35,250 | |
| Other operating charges | 640/8 | €1,726 | €531 | -€1,194 | -69.2% |
| Non-recurring operating charges | 66A | €43,879 | €0 | -€43,879 | -100% |
| Gross operating margin | 9900 | €586,523 | €486,135 | -€100,388 | -17.1% |
| Operating profit (loss) | 9901 | €46,538 | €4,385 | -€42,154 | -90.6% |
| Financial income | 75/76B | €2,840 | €5,444 | +€2,604 | +91.7% |
| Recurring financial income | 75 | €2,840 | €5,444 | +€2,604 | +91.7% |
| Financial charges | 65/66B | €1,529 | €2,328 | +€800 | +52.3% |
| Recurring financial charges | 65 | €1,529 | €2,328 | +€800 | +52.3% |
| Profit (loss) for the period before taxes | 9903 | €47,850 | €7,501 | -€40,349 | -84.3% |
| Income taxes | 67/77 | €14,823 | €3,613 | -€11,210 | -75.6% |
| Profit (loss) for the period | 9904 | €33,027 | €3,888 | -€29,140 | -88.2% |
| Profit (loss) for the period to be appropriated | 9905 | €33,027 | €3,888 | -€29,140 | -88.2% |
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 22 October 2026 via checked.be.