VANDERSTEENE: 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.
VANDERSTEENE
Largest movements
- Tangible fixed assets +€65,567
up €65,567 (+1,310%), from €5,006 to €70,574
- Cash +€36,663
up €36,663 (+102%), from €36,111 to €72,774
mainly Net result for the year (+€43,421) and Debts after one year (+€29,945)
- Receivables within one year -€22,072
down €22,072 (-35.4%), from €62,306 to €40,234
of which Trade receivables: -€22,187
- Reserves +€43,421
up €43,421 (+79.2%), from €54,819 to €98,240
of which Distributable reserves: +€43,421
- Debts after one year +€29,945
new in 2025: €29,945
- Current portion of long-term debt +€7,581
up €7,581, from €0 to €7,581
- Accrued charges and deferred income -€3,441
down €3,441 (-8.5%), from €40,713 to €37,273
- Trade debts +€3,357
up €3,357 (+119%), from €2,819 to €6,176
- Gross operating margin +€26,884
up €26,884 (+59.5%), from €45,159 to €72,043
- Financial income -€4,898
down €4,898 (-100%), from €4,898 to €0
- Depreciation +€4,675
up €4,675 (+437%), from €1,070 to €5,746
- Taxes +€3,821
up €3,821 (+23.8%), from €16,046 to €19,867
- Financial charges +€1,441
up €1,441 (+244%), from €591 to €2,032
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 | €103,623 | €183,781 | +€80,158 | +77.4% |
| Fixed assets | 21/28 | €5,206 | €70,774 | +€65,567 | +1,259% |
| Tangible fixed assets | 22/27 | €5,006 | €70,574 | +€65,567 | +1,310% |
| Furniture and vehicles | 24 | €5,006 | €70,574 | +€65,567 | +1,310% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €98,417 | €113,008 | +€14,591 | +14.8% |
| Amounts receivable within one year | 40/41 | €62,306 | €40,234 | -€22,072 | -35.4% |
| Trade receivables | 40 | €61,725 | €39,538 | -€22,187 | -35.9% |
| Other amounts receivable | 41 | €581 | €696 | +€115 | +19.8% |
| Cash at bank and in hand | 54/58 | €36,111 | €72,774 | +€36,663 | +102% |
| Total equity and liabilities | 10/49 | €103,623 | €183,781 | +€80,158 | +77.4% |
| Equity | 10/15 | €54,819 | €98,240 | +€43,421 | +79.2% |
| Reserves | 13 | €54,819 | €98,240 | +€43,421 | +79.2% |
| Tax-exempt reserves | 132 | €4,078 | €4,078 | = | 0.0% |
| Distributable reserves | 133 | €50,741 | €94,162 | +€43,421 | +85.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €48,804 | €85,541 | +€36,737 | +75.3% |
| Amounts payable after more than one year | 17 | - | €29,945 | +€29,945 | |
| Financial debts | 170/4 | - | €29,945 | +€29,945 | |
| Amounts payable within one year | 42/48 | €8,091 | €18,324 | +€10,233 | +126% |
| Current portion of amounts payable after more than one year | 42 | €0 | €7,581 | +€7,581 | |
| Trade debts | 44 | €2,819 | €6,176 | +€3,357 | +119% |
| Suppliers | 440/4 | €2,819 | €6,176 | +€3,357 | +119% |
| Taxes, remuneration and social security | 45 | €2,749 | €1,765 | -€985 | -35.8% |
| Taxes | 450/3 | €1,046 | €60 | -€986 | -94.3% |
| Remuneration and social security | 454/9 | €1,704 | €1,705 | +€1 | +0.1% |
| Other amounts payable | 47/48 | €2,522 | €2,803 | +€280 | +11.1% |
| Accrued charges and deferred income | 492/3 | €40,713 | €37,273 | -€3,441 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,070 | €5,746 | +€4,675 | +437% |
| Other operating charges | 640/8 | €1,118 | €977 | -€140 | -12.6% |
| Gross operating margin | 9900 | €45,159 | €72,043 | +€26,884 | +59.5% |
| Operating profit (loss) | 9901 | €42,971 | €65,319 | +€22,348 | +52.0% |
| Financial income | 75/76B | €4,898 | €0 | -€4,898 | -100% |
| Recurring financial income | 75 | €4,898 | €0 | -€4,898 | -100% |
| Financial charges | 65/66B | €591 | €2,032 | +€1,441 | +244% |
| Recurring financial charges | 65 | €591 | €2,032 | +€1,441 | +244% |
| Profit (loss) for the period before taxes | 9903 | €47,278 | €63,288 | +€16,009 | +33.9% |
| Income taxes | 67/77 | €16,046 | €19,867 | +€3,821 | +23.8% |
| Profit (loss) for the period | 9904 | €31,233 | €43,421 | +€12,189 | +39.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,233 | €43,421 | +€12,189 | +39.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.