VANDOORNE MICHAEL: what changed
VANDOORNE MICHAEL
Largest movements
- Cash +€30,051
up €30,051 (+13.3%), from €226,180 to €256,231
mainly Net result for the year (+€69,367) and Depreciation (+€10,059)
- Tangible fixed assets +€21,681
up €21,681 (+257%), from €8,442 to €30,123
- Receivables within one year +€7,740
up €7,740 (+23.1%), from €33,549 to €41,289
of which Trade receivables: +€9,076
- Stocks and contracts +€5,000
up €5,000 (+50.0%), from €10,000 to €15,000
- Reserves +€69,367
up €69,367 (+29.7%), from €233,947 to €303,315
- Tax, wage and social debts -€4,714
down €4,714 (-38.3%), from €12,303 to €7,589
of which Remuneration and social security: -€2,400
- Trade debts +€4,620
up €4,620 (+176%), from €2,632 to €7,252
- Gross operating margin +€29,091
up €29,091 (+43.1%), from €67,461 to €96,553
- Depreciation +€5,861
up €5,861 (+140%), from €4,198 to €10,059
- Taxes +€5,226
up €5,226 (+41.1%), from €12,725 to €17,951
- Financial income +€4,425
up €4,425 (+2,481%), from €178 to €4,604
of which Non-recurring financial income: +€4,000
- Financial charges +€2,265
up €2,265 (+959%), from €236 to €2,501
of which Non-recurring financial charges: +€2,267
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €278,172 | €343,487 | +€65,315 | +23.5% |
| Fixed assets | 21/28 | €8,442 | €30,123 | +€21,681 | +257% |
| Tangible fixed assets | 22/27 | €8,442 | €30,123 | +€21,681 | +257% |
| Furniture and vehicles | 24 | €8,442 | €30,123 | +€21,681 | +257% |
| Current assets | 29/58 | €269,729 | €313,364 | +€43,635 | +16.2% |
| Stocks and contracts in progress | 3 | €10,000 | €15,000 | +€5,000 | +50.0% |
| Stocks | 30/36 | €10,000 | €15,000 | +€5,000 | +50.0% |
| Amounts receivable within one year | 40/41 | €33,549 | €41,289 | +€7,740 | +23.1% |
| Trade receivables | 40 | €29,802 | €38,878 | +€9,076 | +30.5% |
| Other amounts receivable | 41 | €3,747 | €2,411 | -€1,337 | -35.7% |
| Cash at bank and in hand | 54/58 | €226,180 | €256,231 | +€30,051 | +13.3% |
| Deferred charges and accrued income | 490/1 | - | €844 | +€844 | |
| Total equity and liabilities | 10/49 | €278,172 | €343,487 | +€65,315 | +23.5% |
| Equity | 10/15 | €235,947 | €305,315 | +€69,367 | +29.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €233,947 | €303,315 | +€69,367 | +29.7% |
| Distributable reserves | 133 | €233,947 | €303,315 | +€69,367 | +29.7% |
| Amounts payable | 17/49 | €42,224 | €38,172 | -€4,052 | -9.6% |
| Amounts payable after more than one year | 17 | €268 | €0 | -€268 | -100% |
| Financial debts | 170/4 | €268 | €0 | -€268 | -100% |
| Amounts payable within one year | 42/48 | €41,956 | €38,172 | -€3,784 | -9.0% |
| Current portion of amounts payable after more than one year | 42 | €3,191 | €268 | -€2,923 | -91.6% |
| Trade debts | 44 | €2,632 | €7,252 | +€4,620 | +176% |
| Suppliers | 440/4 | €2,632 | €7,252 | +€4,620 | +176% |
| Taxes, remuneration and social security | 45 | €12,303 | €7,589 | -€4,714 | -38.3% |
| Taxes | 450/3 | €5,103 | €2,789 | -€2,314 | -45.3% |
| Remuneration and social security | 454/9 | €7,200 | €4,800 | -€2,400 | -33.3% |
| Other amounts payable | 47/48 | €23,831 | €23,063 | -€767 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,198 | €10,059 | +€5,861 | +140% |
| Other operating charges | 640/8 | €1,312 | €1,278 | -€34 | -2.6% |
| Gross operating margin | 9900 | €67,461 | €96,553 | +€29,091 | +43.1% |
| Operating profit (loss) | 9901 | €61,951 | €85,215 | +€23,264 | +37.6% |
| Financial income | 75/76B | €178 | €4,604 | +€4,425 | +2,481% |
| Recurring financial income | 75 | €178 | €604 | +€425 | +238% |
| Non-recurring financial income | 76B | - | €4,000 | +€4,000 | |
| Financial charges | 65/66B | €236 | €2,501 | +€2,265 | +959% |
| Recurring financial charges | 65 | €236 | €234 | -€2 | -0.9% |
| Non-recurring financial charges | 66B | - | €2,267 | +€2,267 | |
| Profit (loss) for the period before taxes | 9903 | €61,893 | €87,318 | +€25,425 | +41.1% |
| Income taxes | 67/77 | €12,725 | €17,951 | +€5,226 | +41.1% |
| Profit (loss) for the period | 9904 | €49,169 | €69,367 | +€20,199 | +41.1% |
| Profit (loss) for the period to be appropriated | 9905 | €49,169 | €69,367 | +€20,199 | +41.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.