Vandermeersch Els: 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.
Vandermeersch Els
Largest movements
- Cash +€158,576
up €158,576 (+32.5%), from €487,483 to €646,059
mainly Net result for the year (+€65,852) and Depreciation (+€61,572)
- Tangible fixed assets -€61,572
down €61,572 (-23.1%), from €265,999 to €204,427
of which Land and buildings: -€54,211
- Stocks and contracts -€34,475
down €34,475 (-17.7%), from €195,008 to €160,533
- Receivables within one year -€32,657
down €32,657 (-28.5%), from €114,663 to €82,006
of which Other amounts receivable: -€23,806
- Profit (loss) carried forward +€65,852
up €65,852 (+27.8%), from €236,544 to €302,396
- Other debts -€33,698
down €33,698 (-6.1%), from €555,605 to €521,907
- Debts after one year -€13,333
down €13,333 (-17.6%), from €75,555 to €62,221
- Tax, wage and social debts +€13,302
up €13,302 (+59.6%), from €22,301 to €35,603
of which Taxes: +€10,775
- Gross operating margin -€32,148
down €32,148 (-11.8%), from €273,093 to €240,945
- Taxes +€29,850
up €29,850 (+1,304%), from €2,289 to €32,139
- Financial income +€26,291
up €26,291 (+1,015%), from €2,591 to €28,882
- Depreciation -€8,386
down €8,386 (-12.0%), from €69,958 to €61,572
- Staff costs +€4,627
up €4,627 (+4.7%), from €98,838 to €103,466
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 | €1,068,709 | €1,098,581 | +€29,871 | +2.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €271,554 | €209,982 | -€61,572 | -22.7% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €265,999 | €204,427 | -€61,572 | -23.1% |
| Land and buildings | 22 | €252,814 | €198,603 | -€54,211 | -21.4% |
| Plant, machinery and equipment | 23 | €9,600 | €4,800 | -€4,800 | -50.0% |
| Furniture and vehicles | 24 | €3,585 | €1,024 | -€2,561 | -71.4% |
| Financial fixed assets | 28 | €5,556 | €5,556 | = | 0.0% |
| Current assets | 29/58 | €797,155 | €888,598 | +€91,443 | +11.5% |
| Stocks and contracts in progress | 3 | €195,008 | €160,533 | -€34,475 | -17.7% |
| Stocks | 30/36 | €195,008 | €160,533 | -€34,475 | -17.7% |
| Amounts receivable within one year | 40/41 | €114,663 | €82,006 | -€32,657 | -28.5% |
| Trade receivables | 40 | €90,858 | €82,006 | -€8,852 | -9.7% |
| Other amounts receivable | 41 | €23,806 | €0 | -€23,806 | -100% |
| Cash at bank and in hand | 54/58 | €487,483 | €646,059 | +€158,576 | +32.5% |
| Total equity and liabilities | 10/49 | €1,068,709 | €1,098,581 | +€29,871 | +2.8% |
| Equity | 10/15 | €305,549 | €371,400 | +€65,852 | +21.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €49,004 | €49,004 | = | 0.0% |
| Distributable reserves | 133 | €49,004 | €49,004 | = | 0.0% |
| Profit (loss) carried forward | 14 | €236,544 | €302,396 | +€65,852 | +27.8% |
| Amounts payable | 17/49 | €763,161 | €727,180 | -€35,980 | -4.7% |
| Amounts payable after more than one year | 17 | €75,555 | €62,221 | -€13,333 | -17.6% |
| Financial debts | 170/4 | €75,555 | €62,221 | -€13,333 | -17.6% |
| Amounts payable within one year | 42/48 | €685,054 | €662,393 | -€22,661 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €13,333 | €13,333 | = | 0.0% |
| Trade debts | 44 | €93,815 | €91,550 | -€2,265 | -2.4% |
| Suppliers | 440/4 | €93,815 | €91,550 | -€2,265 | -2.4% |
| Taxes, remuneration and social security | 45 | €22,301 | €35,603 | +€13,302 | +59.6% |
| Taxes | 450/3 | - | €10,775 | +€10,775 | |
| Remuneration and social security | 454/9 | €22,301 | €24,828 | +€2,527 | +11.3% |
| Other amounts payable | 47/48 | €555,605 | €521,907 | -€33,698 | -6.1% |
| Accrued charges and deferred income | 492/3 | €2,552 | €2,566 | +€15 | +0.6% |
| Remuneration, social security and pensions | 62 | €98,838 | €103,466 | +€4,627 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,958 | €61,572 | -€8,386 | -12.0% |
| Other operating charges | 640/8 | €4,668 | €4,701 | +€33 | +0.7% |
| Gross operating margin | 9900 | €273,093 | €240,945 | -€32,148 | -11.8% |
| Operating profit (loss) | 9901 | €99,630 | €71,207 | -€28,423 | -28.5% |
| Financial income | 75/76B | €2,591 | €28,882 | +€26,291 | +1,015% |
| Recurring financial income | 75 | €2,591 | €28,882 | +€26,291 | +1,015% |
| Financial charges | 65/66B | €3,167 | €2,099 | -€1,068 | -33.7% |
| Recurring financial charges | 65 | €3,167 | €2,099 | -€1,068 | -33.7% |
| Profit (loss) for the period before taxes | 9903 | €99,054 | €97,990 | -€1,063 | -1.1% |
| Income taxes | 67/77 | €2,289 | €32,139 | +€29,850 | +1,304% |
| Profit (loss) for the period | 9904 | €96,765 | €65,852 | -€30,914 | -31.9% |
| Profit (loss) for the period to be appropriated | 9905 | €96,765 | €65,852 | -€30,914 | -31.9% |
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.