VANDERVELPEN 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.
VANDERVELPEN MANAGEMENT
Largest movements
- Receivables within one year -€40,730
down €40,730 (-9.4%), from €432,614 to €391,883
of which Other amounts receivable: -€65,762
- Stocks and contracts -€35,717
no longer reported in 2025 (was €35,717)
- Cash -€19,916
down €19,916 (-100.0%), from €19,922 to €6
mainly Other debts (-€88,409) and Net result for the year (-€20,833)
- Other debts -€88,409
down €88,409 (-57.1%), from €154,755 to €66,346
- Profit (loss) carried forward -€20,833
down €20,833 (-6.3%), from €329,063 to €308,231
- Trade debts +€7,949
up €7,949 (+211%), from €3,767 to €11,717
- Write-downs -€63,892
no longer reported in 2025 (was €63,892)
- Gross operating margin -€2,006
down €2,006 (-12.1%), from -€16,611 to -€18,617
- Financial income +€476
up €476 (+297%), from €160 to €636
- Other operating charges +€401
up €401 (+85.5%), from €468 to €869
- Depreciation -€336
down €336 (-17.5%), from €1,918 to €1,582
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 | €495,765 | €397,349 | -€98,416 | -19.9% |
| Fixed assets | 21/28 | €5,750 | €4,168 | -€1,582 | -27.5% |
| Tangible fixed assets | 22/27 | €4,925 | €3,343 | -€1,582 | -32.1% |
| Furniture and vehicles | 24 | €4,925 | €3,343 | -€1,582 | -32.1% |
| Financial fixed assets | 28 | €825 | €825 | = | 0.0% |
| Current assets | 29/58 | €490,015 | €393,180 | -€96,835 | -19.8% |
| Stocks and contracts in progress | 3 | €35,717 | - | -€35,717 | |
| Stocks | 30/36 | €35,717 | - | -€35,717 | |
| Amounts receivable within one year | 40/41 | €432,614 | €391,883 | -€40,730 | -9.4% |
| Trade receivables | 40 | €341,553 | €366,585 | +€25,031 | +7.3% |
| Other amounts receivable | 41 | €91,060 | €25,299 | -€65,762 | -72.2% |
| Cash at bank and in hand | 54/58 | €19,922 | €6 | -€19,916 | -100.0% |
| Deferred charges and accrued income | 490/1 | €1,762 | €1,291 | -€471 | -26.7% |
| Total equity and liabilities | 10/49 | €495,765 | €397,349 | -€98,416 | -19.9% |
| Equity | 10/15 | €337,123 | €316,291 | -€20,833 | -6.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €329,063 | €308,231 | -€20,833 | -6.3% |
| Amounts payable | 17/49 | €158,642 | €81,058 | -€77,584 | -48.9% |
| Amounts payable within one year | 42/48 | €158,642 | €81,058 | -€77,584 | -48.9% |
| Trade debts | 44 | €3,767 | €11,717 | +€7,949 | +211% |
| Suppliers | 440/4 | €3,767 | €11,717 | +€7,949 | +211% |
| Taxes, remuneration and social security | 45 | €119 | €2,995 | +€2,876 | +2,407% |
| Taxes | 450/3 | €119 | €2,995 | +€2,876 | +2,407% |
| Other amounts payable | 47/48 | €154,755 | €66,346 | -€88,409 | -57.1% |
| Non-recurring operating income | 76A | €41 | - | -€41 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,918 | €1,582 | -€336 | -17.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €63,892 | - | -€63,892 | |
| Other operating charges | 640/8 | €468 | €869 | +€401 | +85.5% |
| Gross operating margin | 9900 | -€16,611 | -€18,617 | -€2,006 | -12.1% |
| Operating profit (loss) | 9901 | -€82,889 | -€21,067 | +€61,822 | +74.6% |
| Financial income | 75/76B | €160 | €636 | +€476 | +297% |
| Recurring financial income | 75 | €160 | €636 | +€476 | +297% |
| Financial charges | 65/66B | €305 | €272 | -€33 | -10.7% |
| Recurring financial charges | 65 | €305 | €272 | -€33 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | -€83,034 | -€20,704 | +€62,330 | +75.1% |
| Income taxes | 67/77 | €119 | €129 | +€9 | +7.8% |
| Profit (loss) for the period | 9904 | -€83,154 | -€20,833 | +€62,321 | +74.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€83,154 | -€20,833 | +€62,321 | +74.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.