VANDENBERGHE GEERT: 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.
VANDENBERGHE GEERT
Largest movements
- Current investments +€1.2m
up €1.2m (+33.3%), from €3.7m to €5.0m
- Receivables after one year -€500,000
no longer reported in 2025 (was €500,000)
- Cash +€208,126
up €208,126 (+65.5%), from €317,938 to €526,065
mainly Net result for the year (+€843,835) and Receivables after one year (+€500,000)
- Receivables within one year -€170,733
down €170,733 (-55.3%), from €308,525 to €137,792
of which Trade receivables: -€221,564
- Deferred charges and accrued income +€147,687
up €147,687 (+273%), from €54,088 to €201,776
- Reserves +€806,001
up €806,001 (+14.8%), from €5.4m to €6.2m
of which Distributable reserves: +€577,500
- Financial income +€311,563
up €311,563 (+288%), from €108,347 to €419,911
of which Non-recurring financial income: +€165,000
- Gross operating margin -€104,189
down €104,189 (-11.7%), from €887,858 to €783,669
- Taxes +€32,096
up €32,096 (+11.5%), from €278,672 to €310,768
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 | €5,696,526 | €6,550,058 | +€853,532 | +15.0% |
| Fixed assets | 21/28 | €226,614 | €210,443 | -€16,171 | -7.1% |
| Tangible fixed assets | 22/27 | €226,614 | €210,443 | -€16,171 | -7.1% |
| Land and buildings | 22 | €45,241 | €45,241 | = | 0.0% |
| Plant, machinery and equipment | 23 | €5,882 | €11,730 | +€5,847 | +99.4% |
| Furniture and vehicles | 24 | €6,448 | €5,976 | -€472 | -7.3% |
| Other tangible fixed assets | 26 | €169,043 | €147,496 | -€21,547 | -12.7% |
| Current assets | 29/58 | €5,469,912 | €6,339,615 | +€869,704 | +15.9% |
| Amounts receivable after more than one year | 29 | €500,000 | - | -€500,000 | |
| Other amounts receivable | 291 | €500,000 | - | -€500,000 | |
| Stocks and contracts in progress | 3 | €558,309 | €501,833 | -€56,476 | -10.1% |
| Stocks | 30/36 | €558,309 | €501,833 | -€56,476 | -10.1% |
| Amounts receivable within one year | 40/41 | €308,525 | €137,792 | -€170,733 | -55.3% |
| Trade receivables | 40 | €259,850 | €38,286 | -€221,564 | -85.3% |
| Other amounts receivable | 41 | €48,675 | €99,506 | +€50,831 | +104% |
| Current investments | 50/53 | €3,731,051 | €4,972,150 | +€1.2m | +33.3% |
| Cash at bank and in hand | 54/58 | €317,938 | €526,065 | +€208,126 | +65.5% |
| Deferred charges and accrued income | 490/1 | €54,088 | €201,776 | +€147,687 | +273% |
| Total equity and liabilities | 10/49 | €5,696,526 | €6,550,058 | +€853,532 | +15.0% |
| Equity | 10/15 | €5,475,309 | €6,296,645 | +€821,335 | +15.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €5,441,874 | €6,247,875 | +€806,001 | +14.8% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €737,435 | €965,936 | +€228,501 | +31.0% |
| Distributable reserves | 133 | €4,702,539 | €5,280,039 | +€577,500 | +12.3% |
| Profit (loss) carried forward | 14 | €14,843 | €30,177 | +€15,334 | +103% |
| Amounts payable | 17/49 | €221,216 | €253,413 | +€32,197 | +14.6% |
| Amounts payable within one year | 42/48 | €221,216 | €253,413 | +€32,197 | +14.6% |
| Trade debts | 44 | €70,911 | €39,665 | -€31,246 | -44.1% |
| Suppliers | 440/4 | €70,911 | €39,665 | -€31,246 | -44.1% |
| Taxes, remuneration and social security | 45 | €50,000 | €62,175 | +€12,175 | +24.4% |
| Taxes | 450/3 | €50,000 | €62,175 | +€12,175 | +24.4% |
| Other amounts payable | 47/48 | €100,305 | €151,574 | +€51,268 | +51.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,547 | €27,452 | +€1,905 | +7.5% |
| Other operating charges | 640/8 | €11,777 | €11,721 | -€56 | -0.5% |
| Non-recurring operating charges | 66A | €117 | €273 | +€156 | +133% |
| Gross operating margin | 9900 | €887,858 | €783,669 | -€104,189 | -11.7% |
| Operating profit (loss) | 9901 | €850,417 | €744,222 | -€106,195 | -12.5% |
| Financial income | 75/76B | €108,347 | €419,911 | +€311,563 | +288% |
| Recurring financial income | 75 | €108,347 | €254,911 | +€146,563 | +135% |
| Non-recurring financial income | 76B | - | €165,000 | +€165,000 | |
| Financial charges | 65/66B | €18,049 | €9,529 | -€8,520 | -47.2% |
| Recurring financial charges | 65 | €18,049 | €9,529 | -€8,520 | -47.2% |
| Profit (loss) for the period before taxes | 9903 | €940,715 | €1,154,603 | +€213,888 | +22.7% |
| Income taxes | 67/77 | €278,672 | €310,768 | +€32,096 | +11.5% |
| Profit (loss) for the period | 9904 | €662,043 | €843,835 | +€181,792 | +27.5% |
| Transfer from tax-exempt reserves | 789 | €622,277 | €192,499 | -€429,778 | -69.1% |
| Transfer to tax-exempt reserves | 689 | €421,000 | €421,000 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €863,320 | €615,334 | -€247,986 | -28.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.