Vanderstukken: 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.
Vanderstukken
Largest movements
- Intangible fixed assets -€57,572
down €57,572 (-17.7%), from €324,860 to €267,288
- Receivables within one year -€28,163
down €28,163 (-13.1%), from €214,760 to €186,597
of which Trade receivables: -€56,829
- Tangible fixed assets -€24,198
down €24,198 (-28.8%), from €83,878 to €59,680
of which Furniture and vehicles: -€18,002
- Stocks and contracts +€21,422
up €21,422 (+33.1%), from €64,778 to €86,200
- Cash +€16,409
up €16,409 (+98.6%), from €16,642 to €33,051
mainly Depreciation (+€105,128) and Receivables within one year (+€28,163)
- Other debts -€34,110
down €34,110 (-14.9%), from €228,581 to €194,471
- Trade debts -€28,817
down €28,817 (-33.8%), from €85,336 to €56,519
- Current portion of long-term debt -€20,530
down €20,530 (-61.0%), from €33,666 to €13,136
- Debts after one year -€13,136
no longer reported in 2025 (was €13,136)
- Reserves +€10,472
up €10,472 (+3.0%), from €346,969 to €357,441
- Staff costs +€17,021
up €17,021 (+24.0%), from €71,003 to €88,024
- Depreciation -€12,112
down €12,112 (-10.3%), from €117,240 to €105,128
- Gross operating margin -€6,594
down €6,594 (-2.1%), from €310,711 to €304,116
- Other operating charges +€4,573
up €4,573 (+6.8%), from €67,628 to €72,201
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 | €795,093 | €718,970 | -€76,123 | -9.6% |
| Fixed assets | 21/28 | €410,211 | €328,441 | -€81,770 | -19.9% |
| Intangible fixed assets | 21 | €324,860 | €267,288 | -€57,572 | -17.7% |
| Tangible fixed assets | 22/27 | €83,878 | €59,680 | -€24,198 | -28.8% |
| Plant, machinery and equipment | 23 | €12,424 | €7,215 | -€5,209 | -41.9% |
| Furniture and vehicles | 24 | €70,467 | €52,465 | -€18,002 | -25.5% |
| Leasing and similar rights | 25 | €987 | - | -€987 | |
| Financial fixed assets | 28 | €1,473 | €1,473 | = | 0.0% |
| Current assets | 29/58 | €384,882 | €390,529 | +€5,646 | +1.5% |
| Amounts receivable after more than one year | 29 | €79,738 | €75,240 | -€4,499 | -5.6% |
| Other amounts receivable | 291 | €79,738 | €75,240 | -€4,499 | -5.6% |
| Stocks and contracts in progress | 3 | €64,778 | €86,200 | +€21,422 | +33.1% |
| Stocks | 30/36 | €64,778 | €86,200 | +€21,422 | +33.1% |
| Amounts receivable within one year | 40/41 | €214,760 | €186,597 | -€28,163 | -13.1% |
| Trade receivables | 40 | €211,620 | €154,791 | -€56,829 | -26.9% |
| Other amounts receivable | 41 | €3,140 | €31,806 | +€28,666 | +913% |
| Cash at bank and in hand | 54/58 | €16,642 | €33,051 | +€16,409 | +98.6% |
| Deferred charges and accrued income | 490/1 | €8,964 | €9,441 | +€477 | +5.3% |
| Total equity and liabilities | 10/49 | €795,093 | €718,970 | -€76,123 | -9.6% |
| Equity | 10/15 | €359,369 | €369,841 | +€10,472 | +2.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €346,969 | €357,441 | +€10,472 | +3.0% |
| Distributable reserves | 133 | €346,969 | €357,441 | +€10,472 | +3.0% |
| Amounts payable | 17/49 | €435,724 | €349,129 | -€86,595 | -19.9% |
| Amounts payable after more than one year | 17 | €13,136 | - | -€13,136 | |
| Financial debts | 170/4 | €13,136 | - | -€13,136 | |
| Amounts payable within one year | 42/48 | €421,188 | €347,729 | -€73,459 | -17.4% |
| Current portion of amounts payable after more than one year | 42 | €33,666 | €13,136 | -€20,530 | -61.0% |
| Financial debts | 43 | - | €5,072 | +€5,072 | |
| Credit institutions | 430/8 | - | €5,072 | +€5,072 | |
| Trade debts | 44 | €85,336 | €56,519 | -€28,817 | -33.8% |
| Suppliers | 440/4 | €85,336 | €56,519 | -€28,817 | -33.8% |
| Advances received on contracts in progress | 46 | €579 | €579 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €73,026 | €77,951 | +€4,925 | +6.7% |
| Taxes | 450/3 | €60,501 | €58,908 | -€1,594 | -2.6% |
| Remuneration and social security | 454/9 | €12,525 | €19,044 | +€6,519 | +52.1% |
| Other amounts payable | 47/48 | €228,581 | €194,471 | -€34,110 | -14.9% |
| Accrued charges and deferred income | 492/3 | €1,400 | €1,400 | = | 0.0% |
| Non-recurring operating income | 76A | - | €8,000 | +€8,000 | |
| Remuneration, social security and pensions | 62 | €71,003 | €88,024 | +€17,021 | +24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,240 | €105,128 | -€12,112 | -10.3% |
| Other operating charges | 640/8 | €67,628 | €72,201 | +€4,573 | +6.8% |
| Gross operating margin | 9900 | €310,711 | €304,116 | -€6,594 | -2.1% |
| Operating profit (loss) | 9901 | €54,840 | €38,763 | -€16,077 | -29.3% |
| Financial income | 75/76B | €9 | €38 | +€29 | +334% |
| Recurring financial income | 75 | €9 | €20 | +€11 | +127% |
| Non-recurring financial income | 76B | - | €18 | +€18 | |
| Financial charges | 65/66B | €5,009 | €3,088 | -€1,921 | -38.4% |
| Recurring financial charges | 65 | €5,009 | €3,088 | -€1,921 | -38.4% |
| Profit (loss) for the period before taxes | 9903 | €49,839 | €35,713 | -€14,126 | -28.3% |
| Income taxes | 67/77 | €28,214 | €25,241 | -€2,973 | -10.5% |
| Profit (loss) for the period | 9904 | €21,625 | €10,472 | -€11,153 | -51.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,625 | €10,472 | -€11,153 | -51.6% |
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.