Vander Massen: 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 Massen
Largest movements
- Current investments +€89,151
up €89,151 (+17.7%), from €504,918 to €594,069
- Cash -€31,998
down €31,998 (-26.1%), from €122,594 to €90,596
mainly Current investments (-€89,151) and Receivables within one year (-€13,731)
- Receivables within one year +€13,731
up €13,731 (+65.9%), from €20,844 to €34,575
of which Trade receivables: +€14,801
- Reserves +€68,162
up €68,162 (+10.9%), from €622,797 to €690,959
- Financial income -€4,577
down €4,577 (-28.7%), from €15,936 to €11,359
- Taxes -€1,288
down €1,288 (-4.7%), from €27,686 to €26,398
- Gross operating margin -€1,172
down €1,172 (-1.4%), from €86,680 to €85,508
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 | €654,536 | €719,382 | +€64,846 | +9.9% |
| Fixed assets | 21/28 | €461 | €0 | -€461 | -100% |
| Tangible fixed assets | 22/27 | €461 | €0 | -€461 | -100% |
| Furniture and vehicles | 24 | €461 | €0 | -€461 | -100% |
| Current assets | 29/58 | €654,075 | €719,382 | +€65,307 | +10.0% |
| Amounts receivable within one year | 40/41 | €20,844 | €34,575 | +€13,731 | +65.9% |
| Trade receivables | 40 | €19,284 | €34,085 | +€14,801 | +76.8% |
| Other amounts receivable | 41 | €1,560 | €490 | -€1,070 | -68.6% |
| Current investments | 50/53 | €504,918 | €594,069 | +€89,151 | +17.7% |
| Cash at bank and in hand | 54/58 | €122,594 | €90,596 | -€31,998 | -26.1% |
| Deferred charges and accrued income | 490/1 | €5,719 | €142 | -€5,577 | -97.5% |
| Total equity and liabilities | 10/49 | €654,536 | €719,382 | +€64,846 | +9.9% |
| Equity | 10/15 | €641,397 | €709,559 | +€68,162 | +10.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €622,797 | €690,959 | +€68,162 | +10.9% |
| Distributable reserves | 133 | €622,797 | €690,959 | +€68,162 | +10.9% |
| Amounts payable | 17/49 | €13,139 | €9,823 | -€3,316 | -25.2% |
| Amounts payable within one year | 42/48 | €13,139 | €9,823 | -€3,316 | -25.2% |
| Trade debts | 44 | €3,932 | €188 | -€3,744 | -95.2% |
| Suppliers | 440/4 | €3,932 | €188 | -€3,744 | -95.2% |
| Taxes, remuneration and social security | 45 | €9,206 | €9,635 | +€429 | +4.7% |
| Taxes | 450/3 | €9,206 | €7,135 | -€2,071 | -22.5% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €688 | €461 | -€227 | -33.0% |
| Other operating charges | 640/8 | €770 | €995 | +€225 | +29.2% |
| Gross operating margin | 9900 | €86,680 | €85,508 | -€1,172 | -1.4% |
| Operating profit (loss) | 9901 | €85,221 | €84,052 | -€1,169 | -1.4% |
| Financial income | 75/76B | €15,936 | €11,359 | -€4,577 | -28.7% |
| Recurring financial income | 75 | €15,936 | €11,359 | -€4,577 | -28.7% |
| Financial charges | 65/66B | €836 | €851 | +€15 | +1.7% |
| Recurring financial charges | 65 | €836 | €851 | +€15 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €100,320 | €94,560 | -€5,760 | -5.7% |
| Income taxes | 67/77 | €27,686 | €26,398 | -€1,288 | -4.7% |
| Profit (loss) for the period | 9904 | €72,635 | €68,162 | -€4,473 | -6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €72,635 | €68,162 | -€4,473 | -6.2% |
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 18 October 2026 via checked.be.