VANDERLINDEN ETANCHEITE: what changed
What changed
VANDERLINDEN ETANCHEITE
NACE 43.230, Insulation installation
filed annual accounts (NBB)
Net result for the year
€81,736
2024 · €341,480-€259,743
Equity
€1.2m
2024 · €1.1m+€81,736
Cash
€567,345
2024 · €752,461-€185,116
Balance sheet total
€2.0m
2024 · €2.0m+€42,427
Largest movements
Assets
- Cash -€185,116
down €185,116 (-24.6%), from €752,461 to €567,345
mainly Investment in fixed assets (net) (-€185,044) and Stocks and contracts (-€105,257)
- Stocks and contracts +€105,257
up €105,257 (+492%), from €21,376 to €126,633
- Receivables within one year +€101,482
up €101,482 (+24.5%), from €415,036 to €516,518
of which Trade receivables: +€122,820
Equity and liabilities
- Profit (loss) carried forward +€81,736
up €81,736 (+7.3%), from €1.1m to €1.2m
- Current portion of long-term debt +€51,281
up €51,281 (+61.9%), from €82,902 to €134,183
- Trade debts -€45,926
down €45,926 (-36.6%), from €125,630 to €79,704
- Tax, wage and social debts -€25,789
down €25,789 (-54.7%), from €47,148 to €21,359
of which Taxes: -€31,797
- Debts after one year -€24,167
down €24,167 (-4.3%), from €561,324 to €537,156
Income statement
- Staff costs +€287,506
up €287,506 (+38.3%), from €751,426 to €1.0m
- Taxes -€104,646
down €104,646 (-85.9%), from €121,855 to €17,209
- Depreciation +€61,101
up €61,101 (+57.9%), from €105,495 to €166,596
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€341,480
Gross operating margin
-€5,630
Staff costs
-€287,506
Depreciation
-€61,101
Other operating charges
-€103
Financial income
-€2,878
Financial charges
-€7,171
Taxes
+€104,646
Result 2025
€81,736
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€27,185
Investment
-€185,044
Financing
+€27,113
Cash 2024
€752,461
From operations (derived)
-€27,185
Net result for the year
+€81,736
Depreciation
+€166,596
Stocks and contracts
-€105,257
Receivables within one year
-€101,482
Deferred charges and accrued income
-€2,356
Trade debts
-€45,926
Tax, wage and social debts
-€25,789
Other debts
+€5,293
Accrued charges and deferred income
-€1
Investment (derived)
-€185,044
Investment in fixed assets (net)
-€185,044
Financing
+€27,113
Debts after one year
-€24,167
Current portion of long-term debt
+€51,281
Cash 2025
€567,345
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,980,744 | €2,023,172 | +€42,427 | +2.1% |
| Fixed assets | 21/28 | €791,302 | €809,750 | +€18,448 | +2.3% |
| Tangible fixed assets | 22/27 | €782,070 | €793,568 | +€11,498 | +1.5% |
| Plant, machinery and equipment | 23 | €185,032 | €151,588 | -€33,443 | -18.1% |
| Furniture and vehicles | 24 | €164,693 | €245,174 | +€80,481 | +48.9% |
| Leasing and similar rights | 25 | €358,642 | €304,356 | -€54,286 | -15.1% |
| Other tangible fixed assets | 26 | €73,703 | €92,449 | +€18,746 | +25.4% |
| Financial fixed assets | 28 | €9,232 | €16,182 | +€6,950 | +75.3% |
| Current assets | 29/58 | €1,189,443 | €1,213,422 | +€23,980 | +2.0% |
| Stocks and contracts in progress | 3 | €21,376 | €126,633 | +€105,257 | +492% |
| Stocks | 30/36 | €21,376 | €126,633 | +€105,257 | +492% |
| Amounts receivable within one year | 40/41 | €415,036 | €516,518 | +€101,482 | +24.5% |
| Trade receivables | 40 | €335,201 | €458,021 | +€122,820 | +36.6% |
| Other amounts receivable | 41 | €79,835 | €58,497 | -€21,338 | -26.7% |
| Current investments | 50/53 | €570 | €570 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €752,461 | €567,345 | -€185,116 | -24.6% |
| Deferred charges and accrued income | 490/1 | - | €2,356 | +€2,356 | |
| Total equity and liabilities | 10/49 | €1,980,744 | €2,023,172 | +€42,427 | +2.1% |
| Equity | 10/15 | €1,146,098 | €1,227,835 | +€81,736 | +7.1% |
| Contributions | 10/11 | €26,100 | €26,100 | = | 0.0% |
| Reserves | 13 | €3,599 | €3,599 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,599 | €3,599 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,599 | €3,599 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,116,399 | €1,198,136 | +€81,736 | +7.3% |
| Amounts payable | 17/49 | €834,646 | €795,337 | -€39,309 | -4.7% |
| Amounts payable after more than one year | 17 | €561,324 | €537,156 | -€24,167 | -4.3% |
| Financial debts | 170/4 | €561,324 | €537,156 | -€24,167 | -4.3% |
| Amounts payable within one year | 42/48 | €273,322 | €258,181 | -€15,141 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €82,902 | €134,183 | +€51,281 | +61.9% |
| Trade debts | 44 | €125,630 | €79,704 | -€45,926 | -36.6% |
| Suppliers | 440/4 | €125,630 | €79,704 | -€45,926 | -36.6% |
| Taxes, remuneration and social security | 45 | €47,148 | €21,359 | -€25,789 | -54.7% |
| Taxes | 450/3 | €31,797 | - | -€31,797 | |
| Remuneration and social security | 454/9 | €15,351 | €21,359 | +€6,008 | +39.1% |
| Other amounts payable | 47/48 | €17,642 | €22,935 | +€5,293 | +30.0% |
| Accrued charges and deferred income | 492/3 | €1 | - | -€1 | |
| Remuneration, social security and pensions | 62 | €751,426 | €1,038,932 | +€287,506 | +38.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,495 | €166,596 | +€61,101 | +57.9% |
| Other operating charges | 640/8 | €9,242 | €9,345 | +€103 | +1.1% |
| Gross operating margin | 9900 | €1,336,490 | €1,330,860 | -€5,630 | -0.4% |
| Operating profit (loss) | 9901 | €470,327 | €115,987 | -€354,340 | -75.3% |
| Financial income | 75/76B | €10,712 | €7,834 | -€2,878 | -26.9% |
| Recurring financial income | 75 | €10,712 | €7,834 | -€2,878 | -26.9% |
| Financial charges | 65/66B | €17,705 | €24,876 | +€7,171 | +40.5% |
| Recurring financial charges | 65 | €17,705 | €24,876 | +€7,171 | +40.5% |
| Profit (loss) for the period before taxes | 9903 | €463,334 | €98,946 | -€364,389 | -78.6% |
| Income taxes | 67/77 | €121,855 | €17,209 | -€104,646 | -85.9% |
| Profit (loss) for the period | 9904 | €341,480 | €81,736 | -€259,743 | -76.1% |
| Profit (loss) for the period to be appropriated | 9905 | €341,480 | €81,736 | -€259,743 | -76.1% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.