Vanderheyden Marc: 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.
Vanderheyden Marc
Largest movements
- Current investments +€97,561
new in 2025: €97,561
- Receivables within one year -€47,980
down €47,980 (-26.8%), from €179,119 to €131,138
of which Trade receivables: -€42,094
- Tangible fixed assets -€31,296
down €31,296 (-16.3%), from €192,114 to €160,818
of which Furniture and vehicles: -€17,950
- Cash -€13,752
down €13,752 (-5.9%), from €232,613 to €218,861
mainly Current investments (-€97,561) and Contributions, distributions and other (-€78,000)
- Other debts +€80,674
up €80,674 (+690%), from €11,686 to €92,361
- Reserves -€51,000
down €51,000 (-9.7%), from €523,860 to €472,860
of which Distributable reserves: -€51,000
- Current portion of long-term debt -€21,156
down €21,156 (-79.5%), from €26,613 to €5,457
- Trade debts +€7,046
up €7,046 (+744%), from €947 to €7,993
- Profit (loss) carried forward -€6,775
down €6,775 (-94.6%), from €7,158 to €384
- Staff costs -€21,348
down €21,348 (-38.8%), from €55,017 to €33,669
- Taxes +€6,268
up €6,268 (+254%), from €2,465 to €8,733
- Other operating charges -€3,983
down €3,983 (-78.8%), from €5,056 to €1,073
- Gross operating margin -€2,794
down €2,794 (-2.8%), from €101,189 to €98,395
- Financial charges +€1,934
up €1,934 (+77.3%), from €2,502 to €4,436
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 | €608,299 | €618,110 | +€9,812 | +1.6% |
| Fixed assets | 21/28 | €193,984 | €167,818 | -€26,166 | -13.5% |
| Tangible fixed assets | 22/27 | €192,114 | €160,818 | -€31,296 | -16.3% |
| Land and buildings | 22 | €140,183 | €126,836 | -€13,347 | -9.5% |
| Furniture and vehicles | 24 | €51,932 | €33,982 | -€17,950 | -34.6% |
| Financial fixed assets | 28 | €1,869 | €6,999 | +€5,130 | +274% |
| Current assets | 29/58 | €414,315 | €450,293 | +€35,978 | +8.7% |
| Stocks and contracts in progress | 3 | €1,827 | €1,827 | = | 0.0% |
| Stocks | 30/36 | €1,827 | €1,827 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €179,119 | €131,138 | -€47,980 | -26.8% |
| Trade receivables | 40 | €173,232 | €131,138 | -€42,094 | -24.3% |
| Other amounts receivable | 41 | €5,887 | €0 | -€5,887 | -100% |
| Current investments | 50/53 | - | €97,561 | +€97,561 | |
| Cash at bank and in hand | 54/58 | €232,613 | €218,861 | -€13,752 | -5.9% |
| Deferred charges and accrued income | 490/1 | €757 | €906 | +€150 | +19.8% |
| Total equity and liabilities | 10/49 | €608,299 | €618,110 | +€9,812 | +1.6% |
| Equity | 10/15 | €543,418 | €485,644 | -€57,775 | -10.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €523,860 | €472,860 | -€51,000 | -9.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €522,000 | €471,000 | -€51,000 | -9.8% |
| Profit (loss) carried forward | 14 | €7,158 | €384 | -€6,775 | -94.6% |
| Amounts payable | 17/49 | €64,880 | €132,467 | +€67,587 | +104% |
| Amounts payable after more than one year | 17 | €5,457 | €0 | -€5,457 | -100% |
| Financial debts | 170/4 | €5,457 | €0 | -€5,457 | -100% |
| Amounts payable within one year | 42/48 | €59,057 | €131,545 | +€72,488 | +123% |
| Current portion of amounts payable after more than one year | 42 | €26,613 | €5,457 | -€21,156 | -79.5% |
| Trade debts | 44 | €947 | €7,993 | +€7,046 | +744% |
| Suppliers | 440/4 | €947 | €7,993 | +€7,046 | +744% |
| Taxes, remuneration and social security | 45 | €19,810 | €25,733 | +€5,923 | +29.9% |
| Taxes | 450/3 | €9,739 | €14,446 | +€4,708 | +48.3% |
| Remuneration and social security | 454/9 | €10,072 | €11,287 | +€1,215 | +12.1% |
| Other amounts payable | 47/48 | €11,686 | €92,361 | +€80,674 | +690% |
| Accrued charges and deferred income | 492/3 | €366 | €922 | +€556 | +152% |
| Remuneration, social security and pensions | 62 | €55,017 | €33,669 | -€21,348 | -38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,737 | €31,296 | -€441 | -1.4% |
| Other operating charges | 640/8 | €5,056 | €1,073 | -€3,983 | -78.8% |
| Gross operating margin | 9900 | €101,189 | €98,395 | -€2,794 | -2.8% |
| Operating profit (loss) | 9901 | €9,379 | €32,357 | +€22,977 | +245% |
| Financial income | 75/76B | €1,503 | €1,037 | -€466 | -31.0% |
| Recurring financial income | 75 | €1,503 | €1,037 | -€466 | -31.0% |
| Financial charges | 65/66B | €2,502 | €4,436 | +€1,934 | +77.3% |
| Recurring financial charges | 65 | €2,502 | €4,436 | +€1,934 | +77.3% |
| Profit (loss) for the period before taxes | 9903 | €8,381 | €28,958 | +€20,577 | +246% |
| Income taxes | 67/77 | €2,465 | €8,733 | +€6,268 | +254% |
| Profit (loss) for the period | 9904 | €5,916 | €20,225 | +€14,309 | +242% |
| Profit (loss) for the period to be appropriated | 9905 | €5,916 | €20,225 | +€14,309 | +242% |
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.