VANDERWEE: what changed
Two fiscal 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.
What changed
VANDERWEE
NACE 01.430, Raising of horses and other equines
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€164,095
2023 · -€171,278+€335,373
Equity
-€977,485
2023 · -€1.1m+€164,095
Cash
€90
2023 · -+€90
Balance sheet total
€1.2m
2023 · €1.3m-€71,043
Largest movements
Assets
- Tangible fixed assets -€70,861
down €70,861 (-5.4%), from €1.3m to €1.2m
of which Assets under construction and advance payments: -€58,814
Equity and liabilities
- Short-term financial debts -€854,809
no longer reported in 2024 (was €854,809)
- Current portion of long-term debt +€710,719
up €710,719 (+2250.0%), from €31,587 to €742,306
- Profit (loss) carried forward +€164,095
up €164,095 (+10.7%), from -€1.5m to -€1.4m
- Trade debts -€137,891
down €137,891 (-79.8%), from €172,707 to €34,817
- Debts after one year +€70,511
up €70,511 (+5.2%), from €1.4m to €1.4m
Income statement
- Gross operating margin +€330,711
up €330,711 (+1706.2%), from €19,383 to €350,094
- Depreciation -€6,495
down €6,495 (-8.4%), from €77,116 to €70,621
From the 2023 result to the 2024 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.
Result 2023
-€171,278
Gross operating margin
+€330,711
Depreciation
+€6,495
Other operating charges
-€444
Financial income
+€3
Financial charges
-€1,376
Taxes
-€15
Result 2024
€164,095
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€73,428
Investment
+€240
Financing
-€73,578
Cash 2023
€0
From operations (derived)
+€73,428
Net result for the year
+€164,095
Depreciation
+€70,621
Smaller working-capital items
-€123
Trade debts
-€137,891
Tax, wage and social debts
-€4,961
Other debts
-€18,313
Investment (derived)
+€240
Investment in fixed assets (net)
+€240
Financing
-€73,578
Debts after one year
+€70,511
Current portion of long-term debt
+€710,719
Short-term financial debts
-€854,809
Cash 2024
€90
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,310,481 | €1,239,438 | -€71,043 | -5.4% |
| Fixed assets | 21/28 | €1,302,557 | €1,231,696 | -€70,861 | -5.4% |
| Tangible fixed assets | 22/27 | €1,302,557 | €1,231,696 | -€70,861 | -5.4% |
| Land and buildings | 22 | €290,607 | €287,979 | -€2,628 | -0.9% |
| Plant, machinery and equipment | 23 | €21,920 | €15,536 | -€6,384 | -29.1% |
| Furniture and vehicles | 24 | €6,694 | €5,028 | -€1,667 | -24.9% |
| Other tangible fixed assets | 26 | €3,099 | €1,731 | -€1,368 | -44.1% |
| Assets under construction and advance payments | 27 | €980,236 | €921,422 | -€58,814 | -6.0% |
| Current assets | 29/58 | €7,924 | €7,742 | -€182 | -2.3% |
| Stocks and contracts in progress | 3 | €936 | €750 | -€187 | -19.9% |
| Stocks | 30/36 | €936 | €750 | -€187 | -19.9% |
| Amounts receivable within one year | 40/41 | €3,865 | €3,853 | -€12 | -0.3% |
| Trade receivables | 40 | €3,043 | €2,768 | -€275 | -9.0% |
| Other amounts receivable | 41 | €823 | €1,085 | +€262 | +31.9% |
| Cash at bank and in hand | 54/58 | - | €90 | +€90 | |
| Deferred charges and accrued income | 490/1 | €3,122 | €3,049 | -€74 | -2.4% |
| Total equity and liabilities | 10/49 | €1,310,481 | €1,239,438 | -€71,043 | -5.4% |
| Equity | 10/15 | -€1,141,581 | -€977,485 | +€164,095 | +14.4% |
| Contributions | 10/11 | €306,500 | €306,500 | = | 0.0% |
| Outside capital | 11 | - | €306,500 | +€306,500 | |
| Other | 1109/19 | - | €306,500 | +€306,500 | |
| Revaluation surpluses | 12 | €6,617 | €5,790 | -€827 | -12.5% |
| Reserves | 13 | €75,163 | €75,990 | +€827 | +1.1% |
| Non-distributable reserves | 130/1 | €30,650 | €30,650 | = | 0.0% |
| Reserves not available under the articles | 1311 | €30,650 | €30,650 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €25,763 | €26,590 | +€827 | +3.2% |
| Profit (loss) carried forward | 14 | -€1,529,861 | -€1,365,766 | +€164,095 | +10.7% |
| Amounts payable | 17/49 | €2,452,061 | €2,216,923 | -€235,139 | -9.6% |
| Amounts payable after more than one year | 17 | €1,357,319 | €1,427,831 | +€70,511 | +5.2% |
| Financial debts | 170/4 | €1,357,319 | €1,427,831 | +€70,511 | +5.2% |
| Amounts payable within one year | 42/48 | €1,094,235 | €788,980 | -€305,255 | -27.9% |
| Current portion of amounts payable after more than one year | 42 | €31,587 | €742,306 | +€710,719 | +2250.0% |
| Financial debts | 43 | €854,809 | - | -€854,809 | |
| Credit institutions | 430/8 | €854,809 | - | -€854,809 | |
| Trade debts | 44 | €172,707 | €34,817 | -€137,891 | -79.8% |
| Suppliers | 440/4 | €172,707 | €34,817 | -€137,891 | -79.8% |
| Advances received on contracts in progress | 46 | €83 | €83 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €6,859 | €1,898 | -€4,961 | -72.3% |
| Taxes | 450/3 | €6,859 | €1,898 | -€4,961 | -72.3% |
| Other amounts payable | 47/48 | €28,191 | €9,877 | -€18,313 | -65.0% |
| Accrued charges and deferred income | 492/3 | €507 | €112 | -€395 | -77.9% |
| Non-recurring operating income | 76A | - | €337,500 | +€337,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,116 | €70,621 | -€6,495 | -8.4% |
| Other operating charges | 640/8 | €4,450 | €4,894 | +€444 | +10.0% |
| Gross operating margin | 9900 | €19,383 | €350,094 | +€330,711 | +1706.2% |
| Operating profit (loss) | 9901 | -€62,182 | €274,580 | +€336,762 | |
| Financial income | 75/76B | €3 | €5 | +€3 | +104.8% |
| Recurring financial income | 75 | €3 | €5 | +€3 | +104.8% |
| Financial charges | 65/66B | €108,677 | €110,054 | +€1,376 | +1.3% |
| Recurring financial charges | 65 | €108,677 | €110,054 | +€1,376 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | -€170,857 | €164,531 | +€335,388 | |
| Income taxes | 67/77 | €421 | €436 | +€15 | +3.5% |
| Profit (loss) for the period | 9904 | -€171,278 | €164,095 | +€335,373 | |
| Profit (loss) for the period to be appropriated | 9905 | -€171,278 | €164,095 | +€335,373 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.