VANDER ELST: 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.
VANDER ELST
Largest movements
- Cash +€11,032
up €11,032 (+34.8%), from €31,667 to €42,699
mainly Tax, wage and social debts (+€16,151) and Depreciation (+€11,056)
- Tangible fixed assets +€1,572
up €1,572 (+2.9%), from €54,322 to €55,894
of which Furniture and vehicles: +€3,397
- Tax, wage and social debts +€16,151
up €16,151 (+196%), from €8,221 to €24,373
- Trade debts +€7,394
new in 2025: €7,394
- Profit (loss) carried forward -€6,446
down €6,446 (-10.8%), from €59,895 to €53,448
- Debts after one year -€5,236
down €5,236 (-15.2%), from €34,480 to €29,244
- Other debts -€1,784
down €1,784 (-26.3%), from €6,784 to €5,000
- Gross operating margin -€9,512
down €9,512 (-49.0%), from €19,393 to €9,881
- Taxes -€1,770
down €1,770 (-51.3%), from €3,448 to €1,678
- Depreciation -€1,069
down €1,069 (-8.8%), from €12,126 to €11,056
- Other operating charges -€834
down €834 (-51.8%), from €1,609 to €775
- Financial charges +€586
up €586 (+33.1%), from €1,771 to €2,357
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 | €115,102 | €125,718 | +€10,616 | +9.2% |
| Fixed assets | 21/28 | €54,822 | €55,894 | +€1,072 | +2.0% |
| Tangible fixed assets | 22/27 | €54,322 | €55,894 | +€1,572 | +2.9% |
| Plant, machinery and equipment | 23 | €47,844 | €46,019 | -€1,825 | -3.8% |
| Furniture and vehicles | 24 | €5,818 | €9,215 | +€3,397 | +58.4% |
| Other tangible fixed assets | 26 | €660 | €660 | = | 0.0% |
| Financial fixed assets | 28 | €500 | - | -€500 | |
| Current assets | 29/58 | €60,280 | €69,824 | +€9,544 | +15.8% |
| Amounts receivable within one year | 40/41 | €27,641 | €26,437 | -€1,204 | -4.4% |
| Trade receivables | 40 | €58 | €6,942 | +€6,884 | +11,812% |
| Other amounts receivable | 41 | €27,583 | €19,494 | -€8,089 | -29.3% |
| Cash at bank and in hand | 54/58 | €31,667 | €42,699 | +€11,032 | +34.8% |
| Deferred charges and accrued income | 490/1 | €973 | €689 | -€284 | -29.2% |
| Total equity and liabilities | 10/49 | €115,102 | €125,718 | +€10,616 | +9.2% |
| Equity | 10/15 | €60,918 | €54,472 | -€6,446 | -10.6% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €523 | €523 | = | 0.0% |
| Non-distributable reserves | 130/1 | €50 | €50 | = | 0.0% |
| Reserves not available under the articles | 1311 | €50 | €50 | = | 0.0% |
| Tax-exempt reserves | 132 | €473 | €473 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,895 | €53,448 | -€6,446 | -10.8% |
| Amounts payable | 17/49 | €54,184 | €71,247 | +€17,063 | +31.5% |
| Amounts payable after more than one year | 17 | €34,480 | €29,244 | -€5,236 | -15.2% |
| Financial debts | 170/4 | €34,480 | €29,244 | -€5,236 | -15.2% |
| Amounts payable within one year | 42/48 | €19,704 | €42,003 | +€22,298 | +113% |
| Current portion of amounts payable after more than one year | 42 | €4,699 | €5,236 | +€537 | +11.4% |
| Trade debts | 44 | - | €7,394 | +€7,394 | |
| Suppliers | 440/4 | - | €7,394 | +€7,394 | |
| Taxes, remuneration and social security | 45 | €8,221 | €24,373 | +€16,151 | +196% |
| Taxes | 450/3 | €8,221 | €24,373 | +€16,151 | +196% |
| Other amounts payable | 47/48 | €6,784 | €5,000 | -€1,784 | -26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,126 | €11,056 | -€1,069 | -8.8% |
| Other operating charges | 640/8 | €1,609 | €775 | -€834 | -51.8% |
| Non-recurring operating charges | 66A | - | €500 | +€500 | |
| Gross operating margin | 9900 | €19,393 | €9,881 | -€9,512 | -49.0% |
| Operating profit (loss) | 9901 | €5,658 | -€2,451 | -€8,109 | |
| Financial income | 75/76B | €6 | €39 | +€33 | +595% |
| Recurring financial income | 75 | €6 | €39 | +€33 | +595% |
| Financial charges | 65/66B | €1,771 | €2,357 | +€586 | +33.1% |
| Recurring financial charges | 65 | €1,771 | €2,357 | +€586 | +33.1% |
| Profit (loss) for the period before taxes | 9903 | €3,892 | -€4,769 | -€8,661 | |
| Income taxes | 67/77 | €3,448 | €1,678 | -€1,770 | -51.3% |
| Profit (loss) for the period | 9904 | €445 | -€6,446 | -€6,891 | |
| Profit (loss) for the period to be appropriated | 9905 | €445 | -€6,446 | -€6,891 |
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 19 October 2026 via checked.be.