VANDERMERSCH: 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.
VANDERMERSCH
Largest movements
- Cash +€283,294
up €283,294 (+5,095%), from €5,560 to €288,855
mainly Net result for the year (+€266,303) and Current investments (+€100,000)
- Current investments -€100,000
down €100,000 (-97.1%), from €103,029 to €3,029
- Receivables within one year -€68,899
down €68,899 (-67.8%), from €101,588 to €32,689
of which Trade receivables: -€49,005
- Reserves +€77,389
up €77,389 (+4.7%), from €1.6m to €1.7m
of which Distributable reserves: +€77,389
- Tax, wage and social debts +€44,426
up €44,426 (+231%), from €19,266 to €63,692
- Gross operating margin +€170,756
up €170,756 (+54.7%), from €312,434 to €483,190
- Taxes +€52,646
up €52,646 (+78.1%), from €67,374 to €120,020
- Financial charges -€11,392
down €11,392 (-19.3%), from €58,915 to €47,523
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 | €3,344,401 | €3,434,705 | +€90,304 | +2.7% |
| Fixed assets | 21/28 | €3,127,885 | €3,105,950 | -€21,934 | -0.7% |
| Tangible fixed assets | 22/27 | €625,385 | €603,450 | -€21,934 | -3.5% |
| Land and buildings | 22 | €620,220 | €599,596 | -€20,624 | -3.3% |
| Plant, machinery and equipment | 23 | €5,165 | €3,855 | -€1,310 | -25.4% |
| Financial fixed assets | 28 | €2,502,500 | €2,502,500 | = | 0.0% |
| Current assets | 29/58 | €216,516 | €328,755 | +€112,238 | +51.8% |
| Stocks and contracts in progress | 3 | €4,182 | €4,182 | = | 0.0% |
| Stocks | 30/36 | €4,182 | €4,182 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €101,588 | €32,689 | -€68,899 | -67.8% |
| Trade receivables | 40 | €81,675 | €32,670 | -€49,005 | -60.0% |
| Other amounts receivable | 41 | €19,913 | €19 | -€19,894 | -99.9% |
| Current investments | 50/53 | €103,029 | €3,029 | -€100,000 | -97.1% |
| Cash at bank and in hand | 54/58 | €5,560 | €288,855 | +€283,294 | +5,095% |
| Deferred charges and accrued income | 490/1 | €2,157 | - | -€2,157 | |
| Total equity and liabilities | 10/49 | €3,344,401 | €3,434,705 | +€90,304 | +2.7% |
| Equity | 10/15 | €2,569,567 | €2,646,956 | +€77,389 | +3.0% |
| Contributions | 10/11 | €938,750 | €938,750 | = | 0.0% |
| Reserves | 13 | €1,630,817 | €1,708,206 | +€77,389 | +4.7% |
| Non-distributable reserves | 130/1 | €12,089 | €12,089 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,089 | €12,089 | = | 0.0% |
| Tax-exempt reserves | 132 | €92,620 | €92,620 | = | 0.0% |
| Distributable reserves | 133 | €1,526,108 | €1,603,497 | +€77,389 | +5.1% |
| Amounts payable | 17/49 | €774,834 | €787,749 | +€12,915 | +1.7% |
| Amounts payable after more than one year | 17 | €650,000 | €650,000 | = | 0.0% |
| Financial debts | 170/4 | €650,000 | €650,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €66,064 | €90,529 | +€24,466 | +37.0% |
| Trade debts | 44 | €5,548 | €725 | -€4,823 | -86.9% |
| Suppliers | 440/4 | €5,548 | €725 | -€4,823 | -86.9% |
| Taxes, remuneration and social security | 45 | €19,266 | €63,692 | +€44,426 | +231% |
| Taxes | 450/3 | €19,266 | €63,692 | +€44,426 | +231% |
| Other amounts payable | 47/48 | €41,250 | €26,112 | -€15,138 | -36.7% |
| Accrued charges and deferred income | 492/3 | €58,771 | €47,220 | -€11,551 | -19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,201 | €49,993 | +€2,793 | +5.9% |
| Other operating charges | 640/8 | €1,398 | €1,302 | -€96 | -6.9% |
| Gross operating margin | 9900 | €312,434 | €483,190 | +€170,756 | +54.7% |
| Operating profit (loss) | 9901 | €263,835 | €431,895 | +€168,059 | +63.7% |
| Financial income | 75/76B | €1,211 | €1,951 | +€740 | +61.1% |
| Recurring financial income | 75 | €1,211 | €1,951 | +€740 | +61.1% |
| Financial charges | 65/66B | €58,915 | €47,523 | -€11,392 | -19.3% |
| Recurring financial charges | 65 | €58,915 | €47,523 | -€11,392 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €206,131 | €386,323 | +€180,192 | +87.4% |
| Income taxes | 67/77 | €67,374 | €120,020 | +€52,646 | +78.1% |
| Profit (loss) for the period | 9904 | €138,757 | €266,303 | +€127,546 | +91.9% |
| Transfer to tax-exempt reserves | 689 | €92,620 | - | -€92,620 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,137 | €266,303 | +€220,166 | +477% |
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 14 October 2026 via checked.be.