Vanhaecke, Devriendt & Rosseel: 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.
Vanhaecke, Devriendt & Rosseel
Largest movements
- Receivables within one year +€13,764
up €13,764 (+10.2%), from €134,842 to €148,606
of which Trade receivables: +€9,173
- Cash -€11,446
down €11,446 (-47.3%), from €24,176 to €12,729
mainly Contributions, distributions and other (-€39,321) and Receivables within one year (-€13,764)
- Financial fixed assets -€4,725
down €4,725 (-100%), from €4,725 to €0
- Deferred charges and accrued income +€4,230
up €4,230 (+24.5%), from €17,296 to €21,526
- Tangible fixed assets +€2,375
up €2,375 (+8.8%), from €26,984 to €29,359
of which Other tangible fixed assets: +€2,335
- Trade debts +€15,257
up €15,257 (+12.9%), from €118,123 to €133,380
- Other debts -€7,980
down €7,980 (-16.9%), from €47,301 to €39,321
- Staff costs +€11,607
up €11,607 (+29.6%), from €39,168 to €50,775
- Depreciation -€5,563
down €5,563 (-29.7%), from €18,703 to €13,140
- Gross operating margin +€3,720
up €3,720 (+3.1%), from €118,930 to €122,649
- Taxes -€1,538
down €1,538 (-8.5%), from €18,106 to €16,569
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 | €208,022 | €212,220 | +€4,198 | +2.0% |
| Fixed assets | 21/28 | €31,709 | €29,359 | -€2,350 | -7.4% |
| Tangible fixed assets | 22/27 | €26,984 | €29,359 | +€2,375 | +8.8% |
| Plant, machinery and equipment | 23 | €8,633 | €9,500 | +€868 | +10.1% |
| Furniture and vehicles | 24 | €7,430 | €6,602 | -€827 | -11.1% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €10,921 | €13,256 | +€2,335 | +21.4% |
| Financial fixed assets | 28 | €4,725 | €0 | -€4,725 | -100% |
| Current assets | 29/58 | €176,314 | €182,861 | +€6,547 | +3.7% |
| Amounts receivable within one year | 40/41 | €134,842 | €148,606 | +€13,764 | +10.2% |
| Trade receivables | 40 | €106,807 | €115,980 | +€9,173 | +8.6% |
| Other amounts receivable | 41 | €28,034 | €32,625 | +€4,591 | +16.4% |
| Cash at bank and in hand | 54/58 | €24,176 | €12,729 | -€11,446 | -47.3% |
| Deferred charges and accrued income | 490/1 | €17,296 | €21,526 | +€4,230 | +24.5% |
| Total equity and liabilities | 10/49 | €208,022 | €212,220 | +€4,198 | +2.0% |
| Equity | 10/15 | €30,000 | €30,000 | = | 0.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €178,022 | €182,220 | +€4,198 | +2.4% |
| Amounts payable within one year | 42/48 | €176,437 | €182,220 | +€5,783 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | - | €148 | +€148 | |
| Credit institutions | 430/8 | - | €148 | +€148 | |
| Trade debts | 44 | €118,123 | €133,380 | +€15,257 | +12.9% |
| Suppliers | 440/4 | €118,123 | €133,380 | +€15,257 | +12.9% |
| Taxes, remuneration and social security | 45 | €11,013 | €9,370 | -€1,643 | -14.9% |
| Taxes | 450/3 | €5,835 | €2,055 | -€3,779 | -64.8% |
| Remuneration and social security | 454/9 | €5,178 | €7,314 | +€2,136 | +41.3% |
| Other amounts payable | 47/48 | €47,301 | €39,321 | -€7,980 | -16.9% |
| Accrued charges and deferred income | 492/3 | €1,585 | €0 | -€1,585 | -100% |
| Remuneration, social security and pensions | 62 | €39,168 | €50,775 | +€11,607 | +29.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,703 | €13,140 | -€5,563 | -29.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,092 | +€1,092 | |
| Other operating charges | 640/8 | €2,321 | €1,944 | -€377 | -16.2% |
| Gross operating margin | 9900 | €118,930 | €122,649 | +€3,720 | +3.1% |
| Operating profit (loss) | 9901 | €58,739 | €55,698 | -€3,040 | -5.2% |
| Financial income | 75/76B | €102 | €597 | +€495 | +483% |
| Recurring financial income | 75 | €102 | €597 | +€495 | +483% |
| Financial charges | 65/66B | €577 | €406 | -€171 | -29.7% |
| Recurring financial charges | 65 | €577 | €406 | -€171 | -29.7% |
| Profit (loss) for the period before taxes | 9903 | €58,264 | €55,890 | -€2,374 | -4.1% |
| Income taxes | 67/77 | €18,106 | €16,569 | -€1,538 | -8.5% |
| Profit (loss) for the period | 9904 | €40,158 | €39,321 | -€837 | -2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €40,158 | €39,321 | -€837 | -2.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.