VANMARCKE: 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.
VANMARCKE
Largest movements
- Cash +€92,576
up €92,576 (+235.9%), from €39,239 to €131,815
mainly Trade debts (+€190,778) and Net result for the year (+€119,858)
- Stocks and contracts +€78,988
up €78,988 (+16.8%), from €470,482 to €549,470
of which Contracts in progress: +€47,151
- Receivables within one year -€49,344
down €49,344 (-20.4%), from €241,683 to €192,339
of which Trade receivables: -€52,760
- Tangible fixed assets +€25,950
up €25,950 (+29.8%), from €87,061 to €113,011
of which Furniture and vehicles: +€37,557
- Trade debts +€190,778
up €190,778 (+137.9%), from €138,327 to €329,105
- Short-term financial debts -€155,090
down €155,090 (-100.0%), from €155,090 to €0
- Reserves +€119,858
up €119,858 (+39.6%), from €302,661 to €422,519
- Debts after one year +€23,788
up €23,788 (+123.0%), from €19,340 to €43,128
- Other debts -€13,579
down €13,579 (-35.2%), from €38,532 to €24,953
- Gross operating margin +€132,321
up €132,321 (+20.8%), from €635,170 to €767,491
- Staff costs +€72,032
up €72,032 (+15.7%), from €458,429 to €530,461
- Taxes +€19,347
up €19,347 (+47.1%), from €41,069 to €60,416
- Depreciation -€9,887
down €9,887 (-19.8%), from €49,887 to €40,001
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.
Cash bridge derived
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 | €843,244 | €987,649 | +€144,406 | +17.1% |
| Fixed assets | 21/28 | €87,395 | €113,345 | +€25,950 | +29.7% |
| Tangible fixed assets | 22/27 | €87,061 | €113,011 | +€25,950 | +29.8% |
| Plant, machinery and equipment | 23 | €20,366 | €18,897 | -€1,468 | -7.2% |
| Furniture and vehicles | 24 | €46,272 | €83,829 | +€37,557 | +81.2% |
| Leasing and similar rights | 25 | €355 | €0 | -€355 | -100.0% |
| Other tangible fixed assets | 26 | €20,068 | €10,285 | -€9,783 | -48.7% |
| Financial fixed assets | 28 | €334 | €334 | = | 0.0% |
| Current assets | 29/58 | €755,848 | €874,304 | +€118,455 | +15.7% |
| Stocks and contracts in progress | 3 | €470,482 | €549,470 | +€78,988 | +16.8% |
| Stocks | 30/36 | €360,587 | €392,424 | +€31,837 | +8.8% |
| Contracts in progress | 37 | €109,895 | €157,046 | +€47,151 | +42.9% |
| Amounts receivable within one year | 40/41 | €241,683 | €192,339 | -€49,344 | -20.4% |
| Trade receivables | 40 | €239,305 | €186,544 | -€52,760 | -22.0% |
| Other amounts receivable | 41 | €2,378 | €5,794 | +€3,416 | +143.7% |
| Cash at bank and in hand | 54/58 | €39,239 | €131,815 | +€92,576 | +235.9% |
| Deferred charges and accrued income | 490/1 | €4,445 | €680 | -€3,765 | -84.7% |
| Total equity and liabilities | 10/49 | €843,244 | €987,649 | +€144,406 | +17.1% |
| Equity | 10/15 | €315,061 | €434,919 | +€119,858 | +38.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €302,661 | €422,519 | +€119,858 | +39.6% |
| Distributable reserves | 133 | €302,661 | €422,519 | +€119,858 | +39.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €528,183 | €552,731 | +€24,548 | +4.6% |
| Amounts payable after more than one year | 17 | €19,340 | €43,128 | +€23,788 | +123.0% |
| Financial debts | 170/4 | €19,340 | €43,128 | +€23,788 | +123.0% |
| Amounts payable within one year | 42/48 | €508,843 | €509,603 | +€760 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €30,861 | €19,810 | -€11,051 | -35.8% |
| Financial debts | 43 | €155,090 | €0 | -€155,090 | -100.0% |
| Credit institutions | 430/8 | €155,090 | €0 | -€155,090 | -100.0% |
| Trade debts | 44 | €138,327 | €329,105 | +€190,778 | +137.9% |
| Suppliers | 440/4 | €138,327 | €329,105 | +€190,778 | +137.9% |
| Taxes, remuneration and social security | 45 | €146,032 | €135,735 | -€10,297 | -7.1% |
| Taxes | 450/3 | €82,437 | €29,423 | -€53,015 | -64.3% |
| Remuneration and social security | 454/9 | €63,595 | €106,312 | +€42,718 | +67.2% |
| Other amounts payable | 47/48 | €38,532 | €24,953 | -€13,579 | -35.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €458,429 | €530,461 | +€72,032 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,887 | €40,001 | -€9,887 | -19.8% |
| Other operating charges | 640/8 | €11,230 | €10,267 | -€963 | -8.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €635,170 | €767,491 | +€132,321 | +20.8% |
| Operating profit (loss) | 9901 | €115,623 | €186,763 | +€71,139 | +61.5% |
| Financial income | 75/76B | €7,452 | €4,865 | -€2,588 | -34.7% |
| Recurring financial income | 75 | €7,452 | €4,865 | -€2,588 | -34.7% |
| Financial charges | 65/66B | €10,782 | €11,353 | +€572 | +5.3% |
| Recurring financial charges | 65 | €10,782 | €11,353 | +€572 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €112,294 | €180,274 | +€67,980 | +60.5% |
| Income taxes | 67/77 | €41,069 | €60,416 | +€19,347 | +47.1% |
| Profit (loss) for the period | 9904 | €71,225 | €119,858 | +€48,633 | +68.3% |
| Profit (loss) for the period to be appropriated | 9905 | €71,225 | €119,858 | +€48,633 | +68.3% |
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 10 October 2026 via checked.be.