VANGHELUWE L.: 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.
VANGHELUWE L.
Largest movements
- Tangible fixed assets -€11,008
down €11,008 (-84.0%), from €13,104 to €2,096
of which Furniture and vehicles: -€10,619
- Cash +€4,338
up €4,338 (+43,382,400%), from €0 to €4,338
mainly Net result for the year (+€29,372) and Depreciation (+€11,628)
- Receivables within one year +€2,160
up €2,160 (+9.0%), from €23,990 to €26,150
of which Other amounts receivable: +€8,086
- Current investments +€1,738
up €1,738 (+6.5%), from €26,777 to €28,515
- Reserves +€29,372
up €29,372 (+476%), from €6,165 to €35,537
- Other debts -€15,126
no longer reported in 2025 (was €15,126)
- Current portion of long-term debt -€9,843
no longer reported in 2025 (was €9,843)
- Tax, wage and social debts -€3,982
down €3,982 (-42.3%), from €9,421 to €5,439
- Short-term financial debts -€2,384
no longer reported in 2025 (was €2,384)
- Gross operating margin +€39,120
up €39,120 (+275%), from €14,214 to €53,334
- Taxes +€10,322
up €10,322 (+6,452%), from €160 to €10,482
- Financial income -€2,197
down €2,197 (-85.7%), from €2,564 to €368
- Depreciation -€751
down €751 (-6.1%), from €12,378 to €11,628
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 | €67,573 | €65,040 | -€2,534 | -3.7% |
| Fixed assets | 21/28 | €13,104 | €2,096 | -€11,008 | -84.0% |
| Tangible fixed assets | 22/27 | €13,104 | €2,096 | -€11,008 | -84.0% |
| Plant, machinery and equipment | 23 | €649 | €291 | -€358 | -55.1% |
| Furniture and vehicles | 24 | €12,424 | €1,805 | -€10,619 | -85.5% |
| Other tangible fixed assets | 26 | €31 | - | -€31 | |
| Current assets | 29/58 | €54,469 | €62,944 | +€8,474 | +15.6% |
| Amounts receivable within one year | 40/41 | €23,990 | €26,150 | +€2,160 | +9.0% |
| Trade receivables | 40 | €16,285 | €10,359 | -€5,925 | -36.4% |
| Other amounts receivable | 41 | €7,705 | €15,791 | +€8,086 | +105% |
| Current investments | 50/53 | €26,777 | €28,515 | +€1,738 | +6.5% |
| Cash at bank and in hand | 54/58 | €0 | €4,338 | +€4,338 | +43,382,400% |
| Deferred charges and accrued income | 490/1 | €3,703 | €3,940 | +€238 | +6.4% |
| Total equity and liabilities | 10/49 | €67,573 | €65,040 | -€2,534 | -3.7% |
| Equity | 10/15 | €24,715 | €54,087 | +€29,372 | +119% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €6,165 | €35,537 | +€29,372 | +476% |
| Distributable reserves | 133 | €6,165 | €35,537 | +€29,372 | +476% |
| Amounts payable | 17/49 | €42,859 | €10,953 | -€31,906 | -74.4% |
| Amounts payable within one year | 42/48 | €42,035 | €10,217 | -€31,818 | -75.7% |
| Current portion of amounts payable after more than one year | 42 | €9,843 | - | -€9,843 | |
| Financial debts | 43 | €2,384 | - | -€2,384 | |
| Credit institutions | 430/8 | €2,384 | - | -€2,384 | |
| Trade debts | 44 | €5,260 | €4,778 | -€482 | -9.2% |
| Suppliers | 440/4 | €5,260 | €4,778 | -€482 | -9.2% |
| Taxes, remuneration and social security | 45 | €9,421 | €5,439 | -€3,982 | -42.3% |
| Taxes | 450/3 | €9,421 | €5,439 | -€3,982 | -42.3% |
| Other amounts payable | 47/48 | €15,126 | - | -€15,126 | |
| Accrued charges and deferred income | 492/3 | €824 | €736 | -€88 | -10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,378 | €11,628 | -€751 | -6.1% |
| Other operating charges | 640/8 | €924 | €939 | +€15 | +1.7% |
| Gross operating margin | 9900 | €14,214 | €53,334 | +€39,120 | +275% |
| Operating profit (loss) | 9901 | €912 | €40,767 | +€39,856 | +4,372% |
| Financial income | 75/76B | €2,564 | €368 | -€2,197 | -85.7% |
| Recurring financial income | 75 | €2,564 | €368 | -€2,197 | -85.7% |
| Financial charges | 65/66B | €1,435 | €1,280 | -€154 | -10.8% |
| Recurring financial charges | 65 | €1,435 | €1,280 | -€154 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €2,041 | €39,855 | +€37,813 | +1,852% |
| Income taxes | 67/77 | €160 | €10,482 | +€10,322 | +6,452% |
| Profit (loss) for the period | 9904 | €1,881 | €29,372 | +€27,491 | +1,461% |
| Profit (loss) for the period to be appropriated | 9905 | €1,881 | €29,372 | +€27,491 | +1,461% |
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 23 October 2026 via checked.be.