VANDERSTAPPEN MANAGEMENT: 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.
VANDERSTAPPEN MANAGEMENT
Largest movements
- Receivables within one year +€5,782
up €5,782 (+2.6%), from €218,628 to €224,411
of which Trade receivables: +€36,330
- Tangible fixed assets -€5,676
down €5,676 (-35.9%), from €15,802 to €10,126
- Cash +€3,867
up €3,867 (+88.7%), from €4,362 to €8,230
mainly Net result for the year (+€24,807) and Tax, wage and social debts (+€14,982)
- Other debts -€36,268
down €36,268 (-98.6%), from €36,768 to €500
- Profit (loss) carried forward +€17,368
no longer reported in 2025 (was -€17,368)
- Tax, wage and social debts +€14,982
up €14,982 (+63.8%), from €23,483 to €38,465
- Reserves +€7,438
up €7,438 (+5.5%), from €134,475 to €141,913
of which Distributable reserves: +€7,438
- Trade debts -€5,874
down €5,874 (-70.2%), from €8,373 to €2,499
- Gross operating margin -€166,270
down €166,270 (-76.4%), from €217,575 to €51,305
- Taxes -€22,460
down €22,460 (-59.6%), from €37,661 to €15,201
- Depreciation +€4,396
up €4,396 (+344%), from €1,280 to €5,676
- Other operating charges +€2,243
up €2,243 (+273%), from €821 to €3,065
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 | €239,840 | €242,816 | +€2,976 | +1.2% |
| Fixed assets | 21/28 | €15,852 | €10,176 | -€5,676 | -35.8% |
| Tangible fixed assets | 22/27 | €15,802 | €10,126 | -€5,676 | -35.9% |
| Furniture and vehicles | 24 | €15,802 | €10,126 | -€5,676 | -35.9% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €223,988 | €232,640 | +€8,652 | +3.9% |
| Amounts receivable within one year | 40/41 | €218,628 | €224,411 | +€5,782 | +2.6% |
| Trade receivables | 40 | €8,443 | €44,773 | +€36,330 | +430% |
| Other amounts receivable | 41 | €210,185 | €179,638 | -€30,548 | -14.5% |
| Cash at bank and in hand | 54/58 | €4,362 | €8,230 | +€3,867 | +88.7% |
| Deferred charges and accrued income | 490/1 | €997 | - | -€997 | |
| Total equity and liabilities | 10/49 | €239,840 | €242,816 | +€2,976 | +1.2% |
| Equity | 10/15 | €123,307 | €148,113 | +€24,807 | +20.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €134,475 | €141,913 | +€7,438 | +5.5% |
| Tax-exempt reserves | 132 | €132,615 | €132,615 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €9,298 | +€7,438 | +400% |
| Profit (loss) carried forward | 14 | -€17,368 | - | +€17,368 | |
| Amounts payable | 17/49 | €116,533 | €94,703 | -€21,830 | -18.7% |
| Amounts payable within one year | 42/48 | €116,533 | €91,203 | -€25,330 | -21.7% |
| Financial debts | 43 | €47,909 | €49,739 | +€1,830 | +3.8% |
| Credit institutions | 430/8 | €47,909 | €49,739 | +€1,830 | +3.8% |
| Trade debts | 44 | €8,373 | €2,499 | -€5,874 | -70.2% |
| Suppliers | 440/4 | €8,373 | €2,499 | -€5,874 | -70.2% |
| Taxes, remuneration and social security | 45 | €23,483 | €38,465 | +€14,982 | +63.8% |
| Taxes | 450/3 | €23,483 | €38,465 | +€14,982 | +63.8% |
| Other amounts payable | 47/48 | €36,768 | €500 | -€36,268 | -98.6% |
| Accrued charges and deferred income | 492/3 | - | €3,500 | +€3,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,280 | €5,676 | +€4,396 | +344% |
| Other operating charges | 640/8 | €821 | €3,065 | +€2,243 | +273% |
| Non-recurring operating charges | 66A | €286 | - | -€286 | |
| Gross operating margin | 9900 | €217,575 | €51,305 | -€166,270 | -76.4% |
| Operating profit (loss) | 9901 | €215,188 | €42,565 | -€172,623 | -80.2% |
| Financial income | 75/76B | €1,266 | €750 | -€516 | -40.8% |
| Recurring financial income | 75 | €1,266 | €750 | -€516 | -40.8% |
| Financial charges | 65/66B | €1,883 | €3,307 | +€1,423 | +75.6% |
| Recurring financial charges | 65 | €1,883 | €3,307 | +€1,423 | +75.6% |
| Profit (loss) for the period before taxes | 9903 | €214,570 | €40,008 | -€174,562 | -81.4% |
| Income taxes | 67/77 | €37,661 | €15,201 | -€22,460 | -59.6% |
| Profit (loss) for the period | 9904 | €176,909 | €24,807 | -€152,102 | -86.0% |
| Transfer to tax-exempt reserves | 689 | €82,095 | - | -€82,095 | |
| Profit (loss) for the period to be appropriated | 9905 | €94,814 | €24,807 | -€70,007 | -73.8% |
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 16 October 2026 via checked.be.