VanOudel: what changed
Two fiscal 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.
VanOudel
Largest movements
- Tangible fixed assets +€3.2m
up €3.2m (+2780.4%), from €114,640 to €3.3m
- Current investments -€1.4m
down €1.4m (-100.0%), from €1.4m to €0
- Financial fixed assets +€1.1m
up €1.1m (+9859.0%), from €11,580 to €1.2m
- Receivables within one year +€324,845
up €324,845 (+103.5%), from €313,883 to €638,727
of which Trade receivables: +€239,779
- Stocks and contracts +€157,860
up €157,860 (+18.7%), from €842,798 to €1.0m
- Debts after one year +€2.3m
new in 2025: €2.3m
- Reserves +€700,000
up €700,000 (+140.0%), from €500,000 to €1.2m
- Trade debts +€482,961
up €482,961 (+33.3%), from €1.5m to €1.9m
- Current portion of long-term debt +€229,853
new in 2025: €229,853
- Tax, wage and social debts -€213,784
down €213,784 (-30.2%), from €708,343 to €494,559
of which Remuneration and social security: -€177,280
- Staff costs -€349,064
down €349,064 (-16.4%), from €2.1m to €1.8m
- Depreciation +€330,211
up €330,211 (+1549.5%), from €21,311 to €351,523
- Gross operating margin +€95,383
up €95,383 (+3.3%), from €2.9m to €3.0m
- Taxes -€70,625
down €70,625 (-37.3%), from €189,184 to €118,559
- Financial charges +€43,766
up €43,766 (+352.2%), from €12,425 to €56,190
of which Financial charges: +€39,721
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 | €2,921,587 | €6,448,737 | +€3.5m | +120.7% |
| Fixed assets | 21/28 | €126,220 | €4,455,371 | +€4.3m | +3429.9% |
| Tangible fixed assets | 22/27 | €114,640 | €3,302,124 | +€3.2m | +2780.4% |
| Plant, machinery and equipment | 23 | €92,973 | €1,302,218 | +€1.2m | +1300.6% |
| Furniture and vehicles | 24 | €21,667 | €424,855 | +€403,189 | +1860.9% |
| Other tangible fixed assets | 26 | - | €1,575,051 | +€1.6m | |
| Financial fixed assets | 28 | €11,580 | €1,153,247 | +€1.1m | +9859.0% |
| Current assets | 29/58 | €2,795,367 | €1,993,366 | -€802,001 | -28.7% |
| Stocks and contracts in progress | 3 | €842,798 | €1,000,658 | +€157,860 | +18.7% |
| Stocks | 30/36 | €842,798 | €1,000,658 | +€157,860 | +18.7% |
| Amounts receivable within one year | 40/41 | €313,883 | €638,727 | +€324,845 | +103.5% |
| Trade receivables | 40 | €138,148 | €377,927 | +€239,779 | +173.6% |
| Other amounts receivable | 41 | €175,735 | €260,800 | +€85,066 | +48.4% |
| Current investments | 50/53 | €1,400,000 | €0 | -€1.4m | -100.0% |
| Cash at bank and in hand | 54/58 | €229,053 | €353,093 | +€124,041 | +54.2% |
| Deferred charges and accrued income | 490/1 | €9,634 | €888 | -€8,746 | -90.8% |
| Total equity and liabilities | 10/49 | €2,921,587 | €6,448,737 | +€3.5m | +120.7% |
| Equity | 10/15 | €759,374 | €1,432,370 | +€672,996 | +88.6% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €500,000 | €1,200,000 | +€700,000 | +140.0% |
| Distributable reserves | 133 | €500,000 | €1,200,000 | +€700,000 | +140.0% |
| Profit (loss) carried forward | 14 | €59,374 | €32,370 | -€27,004 | -45.5% |
| Amounts payable | 17/49 | €2,162,213 | €5,016,367 | +€2.9m | +132.0% |
| Amounts payable after more than one year | 17 | - | €2,294,987 | +€2.3m | |
| Financial debts | 170/4 | - | €2,294,987 | +€2.3m | |
| Amounts payable within one year | 42/48 | €2,158,915 | €2,718,715 | +€559,799 | +25.9% |
| Current portion of amounts payable after more than one year | 42 | - | €229,853 | +€229,853 | |
| Trade debts | 44 | €1,450,572 | €1,933,532 | +€482,961 | +33.3% |
| Suppliers | 440/4 | €1,450,572 | €1,933,532 | +€482,961 | +33.3% |
| Advances received on contracts in progress | 46 | - | €60,770 | +€60,770 | |
| Taxes, remuneration and social security | 45 | €708,343 | €494,559 | -€213,784 | -30.2% |
| Taxes | 450/3 | €258,017 | €221,513 | -€36,505 | -14.1% |
| Remuneration and social security | 454/9 | €450,326 | €273,046 | -€177,280 | -39.4% |
| Accrued charges and deferred income | 492/3 | €3,298 | €2,665 | -€633 | -19.2% |
| Non-recurring operating income | 76A | €130 | €334 | +€204 | +157.0% |
| Remuneration, social security and pensions | 62 | €2,127,294 | €1,778,230 | -€349,064 | -16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,311 | €351,523 | +€330,211 | +1549.5% |
| Other operating charges | 640/8 | €2,533 | €26,116 | +€23,583 | +931.0% |
| Gross operating margin | 9900 | €2,889,350 | €2,984,733 | +€95,383 | +3.3% |
| Operating profit (loss) | 9901 | €738,211 | €828,864 | +€90,653 | +12.3% |
| Financial income | 75/76B | €22,771 | €18,881 | -€3,890 | -17.1% |
| Recurring financial income | 75 | €22,771 | €18,881 | -€3,890 | -17.1% |
| Financial charges | 65/66B | €12,425 | €56,190 | +€43,766 | +352.2% |
| Recurring financial charges | 65 | €12,425 | €52,145 | +€39,721 | +319.7% |
| Non-recurring financial charges | 66B | - | €4,045 | +€4,045 | |
| Profit (loss) for the period before taxes | 9903 | €748,558 | €791,555 | +€42,997 | +5.7% |
| Income taxes | 67/77 | €189,184 | €118,559 | -€70,625 | -37.3% |
| Profit (loss) for the period | 9904 | €559,374 | €672,996 | +€113,622 | +20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €559,374 | €672,996 | +€113,622 | +20.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.