VANDERDONCKT BART: what changed
Two fiscal 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.
VANDERDONCKT BART
Largest movements
- Stocks and contracts -€777,313
down €777,313 (-29.9%), from €2.6m to €1.8m
- Tangible fixed assets +€579,899
up €579,899 (+20.2%), from €2.9m to €3.4m
of which Land and buildings: +€421,849
- Receivables within one year +€333,888
up €333,888 (+65.9%), from €506,681 to €840,569
of which Other amounts receivable: +€282,401
- Cash -€172,770
down €172,770 (-35.2%), from €490,890 to €318,120
mainly Investment in fixed assets (net) (-€794,599) and Debts after one year (-€335,891)
- Reserves +€370,039
up €370,039 (+13.2%), from €2.8m to €3.2m
- Debts after one year -€335,891
down €335,891 (-13.5%), from €2.5m to €2.2m
- Other debts -€174,510
down €174,510 (-28.8%), from €605,447 to €430,936
- Tax, wage and social debts +€74,051
up €74,051 (+134.8%), from €54,942 to €128,994
- Gross operating margin +€182,141
up €182,141 (+26.6%), from €685,718 to €867,859
- Depreciation +€62,183
up €62,183 (+40.8%), from €152,517 to €214,700
- Financial charges -€60,502
down €60,502 (-35.9%), from €168,356 to €107,854
- Other operating charges -€34,982
down €34,982 (-69.6%), from €50,280 to €15,297
- Taxes +€30,493
up €30,493 (+20.3%), from €150,014 to €180,507
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.
Cash bridge derived
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 | €6,818,629 | €6,785,896 | -€32,733 | -0.5% |
| Fixed assets | 21/28 | €2,920,466 | €3,500,366 | +€579,899 | +19.9% |
| Tangible fixed assets | 22/27 | €2,865,687 | €3,445,587 | +€579,899 | +20.2% |
| Land and buildings | 22 | €2,559,112 | €2,980,960 | +€421,849 | +16.5% |
| Plant, machinery and equipment | 23 | €134,450 | €134,450 | = | 0.0% |
| Furniture and vehicles | 24 | €171,953 | €165,177 | -€6,776 | -3.9% |
| Other tangible fixed assets | 26 | €174 | €165,000 | +€164,826 | +94973.5% |
| Financial fixed assets | 28 | €54,779 | €54,779 | = | 0.0% |
| Current assets | 29/58 | €3,898,163 | €3,285,530 | -€612,633 | -15.7% |
| Stocks and contracts in progress | 3 | €2,601,935 | €1,824,622 | -€777,313 | -29.9% |
| Stocks | 30/36 | €2,601,935 | €1,824,622 | -€777,313 | -29.9% |
| Amounts receivable within one year | 40/41 | €506,681 | €840,569 | +€333,888 | +65.9% |
| Trade receivables | 40 | €51,957 | €103,444 | +€51,487 | +99.1% |
| Other amounts receivable | 41 | €454,724 | €737,125 | +€282,401 | +62.1% |
| Current investments | 50/53 | €294,776 | €294,776 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €490,890 | €318,120 | -€172,770 | -35.2% |
| Deferred charges and accrued income | 490/1 | €3,881 | €7,443 | +€3,562 | +91.8% |
| Total equity and liabilities | 10/49 | €6,818,629 | €6,785,896 | -€32,733 | -0.5% |
| Equity | 10/15 | €2,822,030 | €3,192,069 | +€370,039 | +13.1% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €2,809,530 | €3,179,569 | +€370,039 | +13.2% |
| Distributable reserves | 133 | €2,809,530 | €3,179,569 | +€370,039 | +13.2% |
| Amounts payable | 17/49 | €3,996,599 | €3,593,827 | -€402,772 | -10.1% |
| Amounts payable after more than one year | 17 | €2,488,058 | €2,152,167 | -€335,891 | -13.5% |
| Financial debts | 170/4 | €2,488,058 | €2,152,167 | -€335,891 | -13.5% |
| Amounts payable within one year | 42/48 | €1,428,342 | €1,329,085 | -€99,257 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €332,856 | €335,891 | +€3,035 | +0.9% |
| Financial debts | 43 | €375,000 | €375,000 | = | 0.0% |
| Credit institutions | 430/8 | €375,000 | €375,000 | = | 0.0% |
| Trade debts | 44 | €60,097 | €58,264 | -€1,833 | -3.0% |
| Suppliers | 440/4 | €60,097 | €58,264 | -€1,833 | -3.0% |
| Taxes, remuneration and social security | 45 | €54,942 | €128,994 | +€74,051 | +134.8% |
| Taxes | 450/3 | €54,942 | €128,994 | +€74,051 | +134.8% |
| Other amounts payable | 47/48 | €605,447 | €430,936 | -€174,510 | -28.8% |
| Accrued charges and deferred income | 492/3 | €80,199 | €112,574 | +€32,376 | +40.4% |
| Non-recurring operating income | 76A | €2,303 | €12,442 | +€10,139 | +440.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,517 | €214,700 | +€62,183 | +40.8% |
| Other operating charges | 640/8 | €50,280 | €15,297 | -€34,982 | -69.6% |
| Gross operating margin | 9900 | €685,718 | €867,859 | +€182,141 | +26.6% |
| Operating profit (loss) | 9901 | €482,921 | €637,862 | +€154,940 | +32.1% |
| Financial income | 75/76B | €25,481 | €20,537 | -€4,943 | -19.4% |
| Recurring financial income | 75 | €25,481 | €20,537 | -€4,943 | -19.4% |
| Financial charges | 65/66B | €168,356 | €107,854 | -€60,502 | -35.9% |
| Recurring financial charges | 65 | €168,356 | €107,854 | -€60,502 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | €340,046 | €550,546 | +€210,499 | +61.9% |
| Income taxes | 67/77 | €150,014 | €180,507 | +€30,493 | +20.3% |
| Profit (loss) for the period | 9904 | €190,033 | €370,039 | +€180,006 | +94.7% |
| Profit (loss) for the period to be appropriated | 9905 | €190,033 | €370,039 | +€180,006 | +94.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.