VANDEVELDE LUC: 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.
VANDEVELDE LUC
Largest movements
- Current investments +€439,219
up €439,219 (+140%), from €313,817 to €753,036
- Cash -€295,969
down €295,969 (-51.5%), from €575,065 to €279,096
mainly Current investments (-€439,219) and Debts after one year (-€105,506)
- Tangible fixed assets -€145,288
down €145,288 (-8.7%), from €1.7m to €1.5m
- Receivables within one year -€84,987
down €84,987 (-83.9%), from €101,291 to €16,303
of which Trade receivables: -€84,987
- Reserves +€193,023
up €193,023 (+13.8%), from €1.4m to €1.6m
of which Distributable reserves: +€201,708
- Debts after one year -€105,506
down €105,506 (-20.9%), from €504,912 to €399,406
- Other debts -€102,063
down €102,063 (-62.0%), from €164,676 to €62,613
- Trade debts -€32,404
down €32,404 (-91.4%), from €35,446 to €3,042
- Tax, wage and social debts -€30,268
down €30,268 (-63.9%), from €47,378 to €17,110
of which Remuneration and social security: -€47,378
- Gross operating margin -€437,268
down €437,268 (-43.1%), from €1.0m to €577,115
- Staff costs -€387,574
down €387,574 (-77.7%), from €499,119 to €111,545
- Depreciation -€17,506
down €17,506 (-11.1%), from €157,690 to €140,184
- Financial income +€16,095
up €16,095 (+953%), from €1,689 to €17,784
- Financial charges -€10,641
down €10,641 (-40.9%), from €26,036 to €15,396
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 | €2,673,941 | €2,583,248 | -€90,693 | -3.4% |
| Fixed assets | 21/28 | €1,672,418 | €1,527,130 | -€145,288 | -8.7% |
| Tangible fixed assets | 22/27 | €1,672,168 | €1,526,880 | -€145,288 | -8.7% |
| Land and buildings | 22 | €1,471,187 | €1,416,190 | -€54,997 | -3.7% |
| Plant, machinery and equipment | 23 | €4,259 | €3,164 | -€1,096 | -25.7% |
| Furniture and vehicles | 24 | €150,466 | €106,726 | -€43,739 | -29.1% |
| Other tangible fixed assets | 26 | €46,256 | €800 | -€45,456 | -98.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €1,001,523 | €1,056,118 | +€54,595 | +5.5% |
| Amounts receivable within one year | 40/41 | €101,291 | €16,303 | -€84,987 | -83.9% |
| Trade receivables | 40 | €85,688 | €700 | -€84,987 | -99.2% |
| Other amounts receivable | 41 | €15,603 | €15,603 | = | 0.0% |
| Current investments | 50/53 | €313,817 | €753,036 | +€439,219 | +140% |
| Cash at bank and in hand | 54/58 | €575,065 | €279,096 | -€295,969 | -51.5% |
| Deferred charges and accrued income | 490/1 | €11,351 | €7,682 | -€3,668 | -32.3% |
| Total equity and liabilities | 10/49 | €2,673,941 | €2,583,248 | -€90,693 | -3.4% |
| Equity | 10/15 | €1,717,151 | €1,910,174 | +€193,023 | +11.2% |
| Contributions | 10/11 | €319,894 | €319,894 | = | 0.0% |
| Reserves | 13 | €1,397,257 | €1,590,280 | +€193,023 | +13.8% |
| Tax-exempt reserves | 132 | €247,999 | €239,314 | -€8,685 | -3.5% |
| Distributable reserves | 133 | €1,149,258 | €1,350,966 | +€201,708 | +17.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €82,666 | €79,771 | -€2,895 | -3.5% |
| Deferred taxes | 168 | €82,666 | €79,771 | -€2,895 | -3.5% |
| Amounts payable | 17/49 | €874,124 | €593,303 | -€280,821 | -32.1% |
| Amounts payable after more than one year | 17 | €504,912 | €399,406 | -€105,506 | -20.9% |
| Financial debts | 170/4 | €504,912 | €399,406 | -€105,506 | -20.9% |
| Amounts payable within one year | 42/48 | €358,717 | €188,271 | -€170,446 | -47.5% |
| Current portion of amounts payable after more than one year | 42 | €111,216 | €105,506 | -€5,710 | -5.1% |
| Trade debts | 44 | €35,446 | €3,042 | -€32,404 | -91.4% |
| Suppliers | 440/4 | €35,446 | €3,042 | -€32,404 | -91.4% |
| Taxes, remuneration and social security | 45 | €47,378 | €17,110 | -€30,268 | -63.9% |
| Taxes | 450/3 | €0 | €17,110 | +€17,110 | |
| Remuneration and social security | 454/9 | €47,378 | €0 | -€47,378 | -100% |
| Other amounts payable | 47/48 | €164,676 | €62,613 | -€102,063 | -62.0% |
| Accrued charges and deferred income | 492/3 | €10,495 | €5,626 | -€4,869 | -46.4% |
| Non-recurring operating income | 76A | €0 | €1,613 | +€1,613 | |
| Remuneration, social security and pensions | 62 | €499,119 | €111,545 | -€387,574 | -77.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,690 | €140,184 | -€17,506 | -11.1% |
| Other operating charges | 640/8 | €9,864 | €10,000 | +€137 | +1.4% |
| Non-recurring operating charges | 66A | €0 | €30,284 | +€30,284 | |
| Gross operating margin | 9900 | €1,014,384 | €577,115 | -€437,268 | -43.1% |
| Operating profit (loss) | 9901 | €347,711 | €285,102 | -€62,609 | -18.0% |
| Financial income | 75/76B | €1,689 | €17,784 | +€16,095 | +953% |
| Recurring financial income | 75 | €1,689 | €17,784 | +€16,095 | +953% |
| Financial charges | 65/66B | €26,036 | €15,396 | -€10,641 | -40.9% |
| Recurring financial charges | 65 | €26,036 | €15,396 | -€10,641 | -40.9% |
| Profit (loss) for the period before taxes | 9903 | €323,364 | €287,490 | -€35,874 | -11.1% |
| Transfer from deferred taxes | 780 | €2,895 | €2,895 | +€0 | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €103,401 | €97,363 | -€6,039 | -5.8% |
| Profit (loss) for the period | 9904 | €222,858 | €193,023 | -€29,835 | -13.4% |
| Transfer from tax-exempt reserves | 789 | €8,685 | €8,685 | +€0 | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €231,543 | €201,708 | -€29,835 | -12.9% |
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 30 October 2026 via checked.be.