Vander Elst Vastgoed: 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.
What changed
Vander Elst Vastgoed
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€221,204
2024 · €199,332+€21,872
Equity
€10.4m
2024 · €10.2m+€221,204
Cash
€371,563
2024 · €504,934-€133,372
Balance sheet total
€41.3m
2024 · €42.8m-€1.4m
Largest movements
Assets
- Tangible fixed assets -€1.6m
down €1.6m (-5.2%), from €31.8m to €30.1m
of which Land and buildings: -€1.7m
Equity and liabilities
- Debts after one year -€1.8m
down €1.8m (-7.8%), from €22.5m to €20.7m
- Other debts +€1.4m
up €1.4m (+58.0%), from €2.3m to €3.7m
- Trade debts -€587,892
down €587,892 (-49.0%), from €1.2m to €611,886
Income statement
- Taxes -€130,310
down €130,310 (-60.7%), from €214,562 to €84,252
- Gross operating margin -€54,439
down €54,439 (-1.5%), from €3.6m to €3.5m
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.
Result 2024
€199,332
Gross operating margin
-€54,439
Staff costs
-€19,618
Depreciation
+€11,682
Other operating charges
-€14,335
Financial income
+€7
Financial charges
-€31,735
Taxes
+€130,310
Result 2025
€221,204
raises the resultlowers the result
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.
From operations
+€2.1m
Investment
-€23,306
Financing
-€2.2m
Cash 2024
€504,934
From operations (derived)
+€2.1m
Net result for the year
+€221,204
Depreciation
+€1.7m
Receivables within one year
-€344,874
Trade debts
-€587,892
Tax, wage and social debts
-€7,599
Other debts
+€1.4m
Accrued charges and deferred income
-€204,332
Investment (derived)
-€23,306
Investment in fixed assets (net)
-€23,306
Financing
-€2.2m
Debts after one year
-€1.8m
Current portion of long-term debt
-€87,240
Short-term financial debts
-€370,148
Cash 2025
€371,563
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €42,774,776 | €41,341,898 | -€1.4m | -3.3% |
| Fixed assets | 21/28 | €33,110,570 | €31,466,191 | -€1.6m | -5.0% |
| Tangible fixed assets | 22/27 | €31,782,152 | €30,137,773 | -€1.6m | -5.2% |
| Land and buildings | 22 | €31,726,551 | €30,065,819 | -€1.7m | -5.2% |
| Plant, machinery and equipment | 23 | €55,601 | €71,954 | +€16,353 | +29.4% |
| Financial fixed assets | 28 | €1,328,418 | €1,328,418 | = | 0.0% |
| Current assets | 29/58 | €9,664,206 | €9,875,707 | +€211,502 | +2.2% |
| Amounts receivable within one year | 40/41 | €9,159,271 | €9,504,145 | +€344,874 | +3.8% |
| Trade receivables | 40 | €832,886 | €200,400 | -€632,486 | -75.9% |
| Other amounts receivable | 41 | €8,326,385 | €9,303,744 | +€977,359 | +11.7% |
| Cash at bank and in hand | 54/58 | €504,934 | €371,563 | -€133,372 | -26.4% |
| Total equity and liabilities | 10/49 | €42,774,776 | €41,341,898 | -€1.4m | -3.3% |
| Equity | 10/15 | €10,193,524 | €10,414,728 | +€221,204 | +2.2% |
| Contributions | 10/11 | €3,000,000 | €3,000,000 | = | 0.0% |
| Capital | 10 | €3,000,000 | €3,000,000 | = | 0.0% |
| Issued capital | 100 | €3,000,000 | €3,000,000 | = | 0.0% |
| Reserves | 13 | €300,000 | €300,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €300,000 | €300,000 | = | 0.0% |
| Legal reserve | 130 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,893,524 | €7,114,728 | +€221,204 | +3.2% |
| Amounts payable | 17/49 | €32,581,252 | €30,927,170 | -€1.7m | -5.1% |
| Amounts payable after more than one year | 17 | €22,464,773 | €20,707,311 | -€1.8m | -7.8% |
| Financial debts | 170/4 | €22,464,773 | €20,707,311 | -€1.8m | -7.8% |
| Amounts payable within one year | 42/48 | €9,754,743 | €10,062,455 | +€307,712 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €1,844,703 | €1,757,462 | -€87,240 | -4.7% |
| Financial debts | 43 | €4,230,148 | €3,860,000 | -€370,148 | -8.8% |
| Credit institutions | 430/8 | €4,230,148 | €3,860,000 | -€370,148 | -8.8% |
| Trade debts | 44 | €1,199,778 | €611,886 | -€587,892 | -49.0% |
| Suppliers | 440/4 | €1,199,778 | €611,886 | -€587,892 | -49.0% |
| Taxes, remuneration and social security | 45 | €135,197 | €127,599 | -€7,599 | -5.6% |
| Taxes | 450/3 | €114,797 | €116,711 | +€1,914 | +1.7% |
| Remuneration and social security | 454/9 | €20,400 | €10,888 | -€9,512 | -46.6% |
| Other amounts payable | 47/48 | €2,344,917 | €3,705,508 | +€1.4m | +58.0% |
| Accrued charges and deferred income | 492/3 | €361,736 | €157,404 | -€204,332 | -56.5% |
| Remuneration, social security and pensions | 62 | €119,534 | €139,152 | +€19,618 | +16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,679,367 | €1,667,685 | -€11,682 | -0.7% |
| Other operating charges | 640/8 | €259,266 | €273,601 | +€14,335 | +5.5% |
| Gross operating margin | 9900 | €3,561,753 | €3,507,314 | -€54,439 | -1.5% |
| Operating profit (loss) | 9901 | €1,503,586 | €1,426,876 | -€76,710 | -5.1% |
| Financial income | 75/76B | €10 | €17 | +€7 | +69.4% |
| Recurring financial income | 75 | €10 | €17 | +€7 | +69.4% |
| Financial charges | 65/66B | €1,089,701 | €1,121,436 | +€31,735 | +2.9% |
| Recurring financial charges | 65 | €1,089,701 | €1,121,436 | +€31,735 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €413,895 | €305,456 | -€108,438 | -26.2% |
| Income taxes | 67/77 | €214,562 | €84,252 | -€130,310 | -60.7% |
| Profit (loss) for the period | 9904 | €199,332 | €221,204 | +€21,872 | +11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €199,332 | €221,204 | +€21,872 | +11.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.