vanDen: 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.
vanDen
Largest movements
- Receivables within one year -€7,500
no longer reported in 2025 (was €7,500)
- Tax, wage and social debts -€25,546
no longer reported in 2025 (was €25,546)
- Other debts +€22,058
new in 2025: €22,058
- Reserves -€5,512
down €5,512 (-8.0%), from €69,178 to €63,666
of which Distributable reserves: -€5,512
- Taxes -€25,546
no longer reported in 2025 (was €25,546)
- Financial charges +€826
up €826 (+550%), from €150 to €976
- Gross operating margin -€557
down €557 (-59.0%), from -€944 to -€1,501
- Depreciation -€133
down €133 (-25.0%), from €530 to €398
- Other operating charges +€126
new in 2025: €126
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €156,724 | €147,788 | -€8,936 | -5.7% |
| Fixed assets | 21/28 | €148,666 | €147,738 | -€928 | -0.6% |
| Intangible fixed assets | 21 | €928 | - | -€928 | |
| Financial fixed assets | 28 | €147,738 | €147,738 | = | 0.0% |
| Current assets | 29/58 | €8,058 | €50 | -€8,008 | -99.4% |
| Amounts receivable within one year | 40/41 | €7,500 | - | -€7,500 | |
| Other amounts receivable | 41 | €7,500 | - | -€7,500 | |
| Cash at bank and in hand | 54/58 | €558 | €50 | -€508 | -91.1% |
| Total equity and liabilities | 10/49 | €156,724 | €147,788 | -€8,936 | -5.7% |
| Equity | 10/15 | €131,178 | €125,666 | -€5,512 | -4.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €69,178 | €63,666 | -€5,512 | -8.0% |
| Non-distributable reserves | 130/1 | €4,972 | €4,972 | = | 0.0% |
| Legal reserve | 130 | €4,972 | €4,972 | = | 0.0% |
| Distributable reserves | 133 | €64,207 | €58,694 | -€5,512 | -8.6% |
| Amounts payable | 17/49 | €25,546 | €22,122 | -€3,424 | -13.4% |
| Amounts payable within one year | 42/48 | €25,546 | €22,122 | -€3,424 | -13.4% |
| Trade debts | 44 | - | €64 | +€64 | |
| Suppliers | 440/4 | - | €64 | +€64 | |
| Taxes, remuneration and social security | 45 | €25,546 | - | -€25,546 | |
| Taxes | 450/3 | €25,546 | - | -€25,546 | |
| Other amounts payable | 47/48 | - | €22,058 | +€22,058 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €530 | €398 | -€133 | -25.0% |
| Other operating charges | 640/8 | - | €126 | +€126 | |
| Gross operating margin | 9900 | -€944 | -€1,501 | -€557 | -59.0% |
| Operating profit (loss) | 9901 | -€1,474 | -€2,024 | -€550 | -37.3% |
| Financial charges | 65/66B | €150 | €976 | +€826 | +550% |
| Recurring financial charges | 65 | €150 | €976 | +€826 | +550% |
| Profit (loss) for the period before taxes | 9903 | -€1,624 | -€3,000 | -€1,376 | -84.7% |
| Transfer from deferred taxes | 780 | €35,065 | - | -€35,065 | |
| Income taxes | 67/77 | €25,546 | - | -€25,546 | |
| Profit (loss) for the period | 9904 | €7,895 | -€3,000 | -€10,895 | |
| Transfer from tax-exempt reserves | 789 | €105,194 | - | -€105,194 | |
| Profit (loss) for the period to be appropriated | 9905 | €113,089 | -€3,000 | -€116,089 |
Source: filed annual accounts (NBB), financial years ended 31 March 2023 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.