Vandermeulen David: 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.
Vandermeulen David
Largest movements
- Tangible fixed assets -€14,063
down €14,063 (-2.8%), from €503,313 to €489,250
of which Land and buildings: -€14,063
- Receivables within one year +€11,194
up €11,194 (+54.7%), from €20,483 to €31,677
- Trade debts +€5,819
up €5,819 (+1,896%), from €307 to €6,125
- Gross operating margin -€5,881
down €5,881 (-24.0%), from €24,529 to €18,648
- Taxes -€4,707
down €4,707, from €3,134 to -€1,573
- Depreciation +€562
up €562 (+4.2%), from €13,501 to €14,063
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 | €524,441 | €525,310 | +€869 | +0.2% |
| Fixed assets | 21/28 | €503,685 | €489,622 | -€14,063 | -2.8% |
| Tangible fixed assets | 22/27 | €503,313 | €489,250 | -€14,063 | -2.8% |
| Land and buildings | 22 | €499,563 | €485,500 | -€14,063 | -2.8% |
| Furniture and vehicles | 24 | €3,750 | €3,750 | = | 0.0% |
| Financial fixed assets | 28 | €372 | €372 | = | 0.0% |
| Current assets | 29/58 | €20,757 | €35,688 | +€14,932 | +71.9% |
| Amounts receivable within one year | 40/41 | €20,483 | €31,677 | +€11,194 | +54.7% |
| Other amounts receivable | 41 | €20,483 | €31,677 | +€11,194 | +54.7% |
| Cash at bank and in hand | 54/58 | €274 | €1,012 | +€738 | +270% |
| Deferred charges and accrued income | 490/1 | - | €3,000 | +€3,000 | |
| Total equity and liabilities | 10/49 | €524,441 | €525,310 | +€869 | +0.2% |
| Equity | 10/15 | €271,900 | €267,688 | -€4,212 | -1.5% |
| Contributions | 10/11 | €139,989 | €139,989 | = | 0.0% |
| Reserves | 13 | €147,065 | €147,065 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,000 | €14,000 | = | 0.0% |
| Other | 1319 | €14,000 | €14,000 | = | 0.0% |
| Distributable reserves | 133 | €133,065 | €133,065 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,154 | -€19,367 | -€4,212 | -27.8% |
| Amounts payable | 17/49 | €252,541 | €257,622 | +€5,081 | +2.0% |
| Amounts payable after more than one year | 17 | €200,000 | €200,000 | = | 0.0% |
| Financial debts | 170/4 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,541 | €7,622 | +€5,081 | +200% |
| Trade debts | 44 | €307 | €6,125 | +€5,819 | +1,896% |
| Suppliers | 440/4 | €307 | €6,125 | +€5,819 | +1,896% |
| Taxes, remuneration and social security | 45 | €2,080 | - | -€2,080 | |
| Taxes | 450/3 | €2,080 | - | -€2,080 | |
| Other amounts payable | 47/48 | €155 | €1,497 | +€1,342 | +868% |
| Accrued charges and deferred income | 492/3 | €50,000 | €50,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,501 | €14,063 | +€562 | +4.2% |
| Other operating charges | 640/8 | €3,478 | €3,337 | -€141 | -4.1% |
| Gross operating margin | 9900 | €24,529 | €18,648 | -€5,881 | -24.0% |
| Operating profit (loss) | 9901 | €7,550 | €1,248 | -€6,301 | -83.5% |
| Financial income | 75/76B | €923 | €1,133 | +€210 | +22.7% |
| Recurring financial income | 75 | €923 | €1,133 | +€210 | +22.7% |
| Financial charges | 65/66B | €8,018 | €8,166 | +€149 | +1.9% |
| Recurring financial charges | 65 | €8,018 | €8,166 | +€149 | +1.9% |
| Profit (loss) for the period before taxes | 9903 | €455 | -€5,785 | -€6,240 | |
| Income taxes | 67/77 | €3,134 | -€1,573 | -€4,707 | |
| Profit (loss) for the period | 9904 | -€2,679 | -€4,212 | -€1,533 | -57.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,679 | -€4,212 | -€1,533 | -57.2% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.