VANDENBROUCKE: 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.
VANDENBROUCKE
Largest movements
- Cash +€1.2m
up €1.2m (+313%), from €370,601 to €1.5m
mainly Net result for the year (+€999,105) and Tax, wage and social debts (+€363,536)
- Current investments +€247,624
up €247,624 (+41.8%), from €593,081 to €840,706
- Receivables within one year -€34,305
down €34,305 (-56.8%), from €60,354 to €26,049
- Reserves +€999,105
up €999,105 (+103%), from €968,596 to €2.0m
of which Distributable reserves: +€999,105
- Tax, wage and social debts +€363,536
up €363,536 (+400%), from €90,975 to €454,511
of which Taxes: +€389,901
- Gross operating margin +€1.2m
up €1.2m (+190%), from €624,363 to €1.8m
- Taxes +€394,550
up €394,550 (+440%), from €89,636 to €484,187
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 | €1,137,441 | €2,485,005 | +€1.3m | +118% |
| Fixed assets | 21/28 | €108,765 | €84,211 | -€24,554 | -22.6% |
| Intangible fixed assets | 21 | €2,047 | €0 | -€2,047 | -100% |
| Tangible fixed assets | 22/27 | €106,717 | €84,211 | -€22,507 | -21.1% |
| Land and buildings | 22 | €30,013 | €25,414 | -€4,599 | -15.3% |
| Plant, machinery and equipment | 23 | €8,197 | €6,261 | -€1,937 | -23.6% |
| Furniture and vehicles | 24 | €8,339 | €5,914 | -€2,424 | -29.1% |
| Leasing and similar rights | 25 | €60,169 | €46,622 | -€13,548 | -22.5% |
| Current assets | 29/58 | €1,028,676 | €2,400,794 | +€1.4m | +133% |
| Amounts receivable within one year | 40/41 | €60,354 | €26,049 | -€34,305 | -56.8% |
| Trade receivables | 40 | €60,354 | €26,049 | -€34,305 | -56.8% |
| Current investments | 50/53 | €593,081 | €840,706 | +€247,624 | +41.8% |
| Cash at bank and in hand | 54/58 | €370,601 | €1,531,061 | +€1.2m | +313% |
| Deferred charges and accrued income | 490/1 | €4,640 | €2,978 | -€1,662 | -35.8% |
| Total equity and liabilities | 10/49 | €1,137,441 | €2,485,005 | +€1.3m | +118% |
| Equity | 10/15 | €987,196 | €1,986,301 | +€999,105 | +101% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €968,596 | €1,967,701 | +€999,105 | +103% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €264 | €264 | = | 0.0% |
| Distributable reserves | 133 | €966,473 | €1,965,578 | +€999,105 | +103% |
| Amounts payable | 17/49 | €150,245 | €498,703 | +€348,459 | +232% |
| Amounts payable after more than one year | 17 | €23,310 | €6,981 | -€16,329 | -70.1% |
| Financial debts | 170/4 | €23,310 | €6,981 | -€16,329 | -70.1% |
| Amounts payable within one year | 42/48 | €126,806 | €491,723 | +€364,916 | +288% |
| Current portion of amounts payable after more than one year | 42 | €15,747 | €16,329 | +€582 | +3.7% |
| Trade debts | 44 | €8,134 | €6,063 | -€2,071 | -25.5% |
| Suppliers | 440/4 | €8,134 | €6,063 | -€2,071 | -25.5% |
| Taxes, remuneration and social security | 45 | €90,975 | €454,511 | +€363,536 | +400% |
| Taxes | 450/3 | €50,786 | €440,687 | +€389,901 | +768% |
| Remuneration and social security | 454/9 | €40,189 | €13,824 | -€26,365 | -65.6% |
| Other amounts payable | 47/48 | €11,949 | €14,819 | +€2,870 | +24.0% |
| Accrued charges and deferred income | 492/3 | €128 | €0 | -€128 | -100% |
| Non-recurring operating income | 76A | - | €1,198,798 | +€1.2m | |
| Remuneration, social security and pensions | 62 | €309,170 | €318,699 | +€9,529 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,609 | €22,507 | -€16,102 | -41.7% |
| Other operating charges | 640/8 | €1,039 | €462 | -€577 | -55.5% |
| Gross operating margin | 9900 | €624,363 | €1,808,463 | +€1.2m | +190% |
| Operating profit (loss) | 9901 | €275,544 | €1,466,795 | +€1.2m | +432% |
| Financial income | 75/76B | €14,465 | €19,942 | +€5,477 | +37.9% |
| Recurring financial income | 75 | €14,465 | €19,942 | +€5,477 | +37.9% |
| Financial charges | 65/66B | €1,516 | €3,445 | +€1,929 | +127% |
| Recurring financial charges | 65 | €1,516 | €3,445 | +€1,929 | +127% |
| Profit (loss) for the period before taxes | 9903 | €288,494 | €1,483,292 | +€1.2m | +414% |
| Income taxes | 67/77 | €89,636 | €484,187 | +€394,550 | +440% |
| Profit (loss) for the period | 9904 | €198,857 | €999,105 | +€800,248 | +402% |
| Profit (loss) for the period to be appropriated | 9905 | €198,857 | €999,105 | +€800,248 | +402% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.