VANGHELUWE-PYSSON: 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-PYSSON
Largest movements
- Cash -€52,880
down €52,880 (-27.0%), from €195,947 to €143,068
mainly Investment in fixed assets (net) (-€55,893) and Current investments (-€19,692)
- Tangible fixed assets +€44,271
up €44,271 (+308%), from €14,386 to €58,656
of which Furniture and vehicles: +€44,773
- Receivables within one year -€21,469
down €21,469 (-44.8%), from €47,876 to €26,407
of which Trade receivables: -€18,249
- Current investments +€19,692
up €19,692 (+26.4%), from €74,533 to €94,225
- Tax, wage and social debts -€6,955
down €6,955 (-85.1%), from €8,170 to €1,214
of which Taxes: -€6,955
- Gross operating margin -€28,133
down €28,133 (-78.9%), from €35,669 to €7,536
- Taxes -€7,318
down €7,318 (-97.3%), from €7,518 to €200
- Financial income +€5,669
up €5,669 (+677%), from €837 to €6,506
of which Financial income: +€4,016
- Depreciation +€4,445
up €4,445 (+61.9%), from €7,178 to €11,622
- Financial charges -€533
down €533 (-36.7%), from €1,452 to €919
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 | €361,724 | €354,395 | -€7,330 | -2.0% |
| Fixed assets | 21/28 | €14,386 | €58,656 | +€44,271 | +308% |
| Tangible fixed assets | 22/27 | €14,386 | €58,656 | +€44,271 | +308% |
| Plant, machinery and equipment | 23 | €10,327 | €9,825 | -€502 | -4.9% |
| Furniture and vehicles | 24 | €4,059 | €48,832 | +€44,773 | +1,103% |
| Current assets | 29/58 | €347,339 | €295,739 | -€51,600 | -14.9% |
| Stocks and contracts in progress | 3 | €27,385 | €30,259 | +€2,874 | +10.5% |
| Stocks | 30/36 | €27,385 | €30,259 | +€2,874 | +10.5% |
| Amounts receivable within one year | 40/41 | €47,876 | €26,407 | -€21,469 | -44.8% |
| Trade receivables | 40 | €40,401 | €22,152 | -€18,249 | -45.2% |
| Other amounts receivable | 41 | €7,475 | €4,255 | -€3,221 | -43.1% |
| Current investments | 50/53 | €74,533 | €94,225 | +€19,692 | +26.4% |
| Cash at bank and in hand | 54/58 | €195,947 | €143,068 | -€52,880 | -27.0% |
| Deferred charges and accrued income | 490/1 | €1,597 | €1,780 | +€183 | +11.4% |
| Total equity and liabilities | 10/49 | €361,724 | €354,395 | -€7,330 | -2.0% |
| Equity | 10/15 | €318,113 | €318,113 | -€0 | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €299,563 | €299,563 | -€0 | 0.0% |
| Distributable reserves | 133 | €299,563 | €299,563 | -€0 | 0.0% |
| Amounts payable | 17/49 | €43,612 | €36,282 | -€7,330 | -16.8% |
| Amounts payable within one year | 42/48 | €43,612 | €35,366 | -€8,246 | -18.9% |
| Trade debts | 44 | €30,858 | €28,270 | -€2,588 | -8.4% |
| Suppliers | 440/4 | €30,858 | €28,270 | -€2,588 | -8.4% |
| Taxes, remuneration and social security | 45 | €8,170 | €1,214 | -€6,955 | -85.1% |
| Taxes | 450/3 | €8,170 | €1,214 | -€6,955 | -85.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €4,584 | €5,882 | +€1,298 | +28.3% |
| Accrued charges and deferred income | 492/3 | - | €916 | +€916 | |
| Non-recurring operating income | 76A | - | €3,806 | +€3,806 | |
| Remuneration, social security and pensions | 62 | €305 | €0 | -€305 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,178 | €11,622 | +€4,445 | +61.9% |
| Other operating charges | 640/8 | €1,060 | €1,301 | +€241 | +22.7% |
| Gross operating margin | 9900 | €35,669 | €7,536 | -€28,133 | -78.9% |
| Operating profit (loss) | 9901 | €27,127 | -€5,386 | -€32,514 | |
| Financial income | 75/76B | €837 | €6,506 | +€5,669 | +677% |
| Recurring financial income | 75 | €837 | €4,853 | +€4,016 | +480% |
| Non-recurring financial income | 76B | - | €1,653 | +€1,653 | |
| Financial charges | 65/66B | €1,452 | €919 | -€533 | -36.7% |
| Recurring financial charges | 65 | €1,452 | €919 | -€533 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | €26,512 | €200 | -€26,312 | -99.2% |
| Income taxes | 67/77 | €7,518 | €200 | -€7,318 | -97.3% |
| Profit (loss) for the period | 9904 | €18,994 | -€0 | -€18,994 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,994 | -€0 | -€18,994 |
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 26 October 2026 via checked.be.