VANDERSTEENE PATRICK: 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 PATRICK
Largest movements
- Cash +€250,033
up €250,033 (+48,176%), from €519 to €250,552
- Receivables within one year +€163,257
up €163,257 (+163%), from €99,896 to €263,153
of which Other amounts receivable: +€138,905
- Tangible fixed assets -€72,856
no longer reported in 2025 (was €72,856)
- Reserves +€614,000
up €614,000 (+60.7%), from €1.0m to €1.6m
of which Tax-exempt reserves: +€614,000
- Short-term financial debts -€368,970
no longer reported in 2025 (was €368,970)
of which Credit institutions: -€350,000
- Provisions +€273,754
new in 2025: €273,754
of which Deferred taxes: +€263,144
- Profit (loss) carried forward -€138,209
down €138,209 (-9.5%), from -€1.5m to -€1.6m
- Advances received -€41,348
no longer reported in 2025 (was €41,348)
- Other operating charges -€147,174
down €147,174 (-99.3%), from €148,179 to €1,005
- Financial charges +€104,163
up €104,163 (+378%), from €27,542 to €131,705
- Gross operating margin -€22,548
down €22,548, from €17,047 to -€5,501
- Write-downs +€11,025
new in 2025: €11,025
- Depreciation +€2,462
new in 2025: €2,462
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €173,271 | €514,404 | +€341,133 | +197% |
| Fixed assets | 21/28 | €72,856 | - | -€72,856 | |
| Tangible fixed assets | 22/27 | €72,856 | - | -€72,856 | |
| Land and buildings | 22 | €72,856 | - | -€72,856 | |
| Current assets | 29/58 | €100,415 | €514,404 | +€413,989 | +412% |
| Amounts receivable within one year | 40/41 | €99,896 | €263,153 | +€163,257 | +163% |
| Trade receivables | 40 | €963 | €25,315 | +€24,352 | +2,529% |
| Other amounts receivable | 41 | €98,933 | €237,838 | +€138,905 | +140% |
| Cash at bank and in hand | 54/58 | €519 | €250,552 | +€250,033 | +48,176% |
| Deferred charges and accrued income | 490/1 | - | €699 | +€699 | |
| Total equity and liabilities | 10/49 | €173,271 | €514,404 | +€341,133 | +197% |
| Equity | 10/15 | -€416,982 | €58,809 | +€475,791 | |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Capital | 10 | - | €25,000 | +€25,000 | |
| Issued capital | 100 | - | €25,000 | +€25,000 | |
| Reserves | 13 | €1,012,000 | €1,626,000 | +€614,000 | +60.7% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Legal reserve | 130 | - | €2,500 | +€2,500 | |
| Reserves not available under the articles | 1311 | €2,500 | - | -€2,500 | |
| Tax-exempt reserves | 132 | €51,500 | €665,500 | +€614,000 | +1,192% |
| Distributable reserves | 133 | €958,000 | €958,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,453,982 | -€1,592,191 | -€138,209 | -9.5% |
| Provisions and deferred taxes | 16 | - | €273,754 | +€273,754 | |
| Provisions for liabilities and charges | 160/5 | - | €10,610 | +€10,610 | |
| Other liabilities and charges | 164/5 | - | €10,610 | +€10,610 | |
| Deferred taxes | 168 | - | €263,144 | +€263,144 | |
| Amounts payable | 17/49 | €590,253 | €181,841 | -€408,412 | -69.2% |
| Amounts payable within one year | 42/48 | €590,253 | €181,841 | -€408,412 | -69.2% |
| Financial debts | 43 | €368,970 | - | -€368,970 | |
| Credit institutions | 430/8 | €350,000 | - | -€350,000 | |
| Other loans | 439 | €18,970 | - | -€18,970 | |
| Trade debts | 44 | - | €12,401 | +€12,401 | |
| Suppliers | 440/4 | - | €12,401 | +€12,401 | |
| Advances received on contracts in progress | 46 | €41,348 | - | -€41,348 | |
| Taxes, remuneration and social security | 45 | €163,423 | €161,069 | -€2,354 | -1.4% |
| Taxes | 450/3 | €154,323 | €161,069 | +€6,746 | +4.4% |
| Remuneration and social security | 454/9 | €9,100 | - | -€9,100 | |
| Other amounts payable | 47/48 | €16,512 | €8,371 | -€8,141 | -49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,462 | +€2,462 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €11,025 | +€11,025 | |
| Other operating charges | 640/8 | €148,179 | €1,005 | -€147,174 | -99.3% |
| Non-recurring operating charges | 66A | €1,265 | - | -€1,265 | |
| Gross operating margin | 9900 | €17,047 | -€5,501 | -€22,548 | |
| Operating profit (loss) | 9901 | -€132,397 | -€19,993 | +€112,404 | +84.9% |
| Financial income | 75/76B | - | €1,512 | +€1,512 | |
| Recurring financial income | 75 | - | €1,512 | +€1,512 | |
| Financial charges | 65/66B | €27,542 | €131,705 | +€104,163 | +378% |
| Recurring financial charges | 65 | €27,542 | €131,705 | +€104,163 | +378% |
| Profit (loss) for the period before taxes | 9903 | -€159,939 | -€150,186 | +€9,753 | +6.1% |
| Profit (loss) for the period | 9904 | -€159,939 | -€150,186 | +€9,753 | +6.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€159,939 | -€150,186 | +€9,753 | +6.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.