VANPACHTENBEKE: 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.
VANPACHTENBEKE
Largest movements
- Cash -€927,524
down €927,524 (-36.0%), from €2.6m to €1.6m
mainly Other debts (-€1.2m) and Investment in fixed assets (net) (-€857,096)
- Receivables within one year +€468,882
up €468,882 (+23.0%), from €2.0m to €2.5m
of which Other amounts receivable: +€440,403
- Tangible fixed assets -€249,811
down €249,811 (-8.1%), from €3.1m to €2.8m
of which Plant, machinery and equipment: -€292,888
- Other debts -€1.2m
down €1.2m (-98.3%), from €1.2m to €20,062
- Profit (loss) carried forward +€849,595
up €849,595 (+35.5%), from €2.4m to €3.2m
- Trade debts -€205,143
down €205,143 (-21.7%), from €944,054 to €738,910
- Debts after one year -€116,555
down €116,555 (-18.7%), from €624,443 to €507,888
of which Financial debts: -€116,555
- Gross operating margin +€685,349
up €685,349 (+21.3%), from €3.2m to €3.9m
- Staff costs +€155,437
up €155,437 (+11.7%), from €1.3m to €1.5m
- Taxes +€126,502
up €126,502 (+66.9%), from €189,046 to €315,548
- Financial income +€56,707
up €56,707 (+131.6%), from €43,080 to €99,788
of which Non-recurring financial income: +€76,500
- Depreciation +€47,878
up €47,878 (+4.6%), from €1.0m to €1.1m
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 | €8,288,862 | €7,528,926 | -€759,936 | -9.2% |
| Fixed assets | 21/28 | €3,159,319 | €2,924,447 | -€234,872 | -7.4% |
| Intangible fixed assets | 21 | €37,118 | €52,057 | +€14,939 | +40.2% |
| Tangible fixed assets | 22/27 | €3,089,317 | €2,839,506 | -€249,811 | -8.1% |
| Land and buildings | 22 | €690,523 | €684,193 | -€6,331 | -0.9% |
| Plant, machinery and equipment | 23 | €1,117,587 | €824,699 | -€292,888 | -26.2% |
| Furniture and vehicles | 24 | €668,056 | €523,412 | -€144,645 | -21.7% |
| Leasing and similar rights | 25 | €537,023 | €609,098 | +€72,075 | +13.4% |
| Other tangible fixed assets | 26 | €76,128 | €198,105 | +€121,977 | +160.2% |
| Financial fixed assets | 28 | €32,884 | €32,884 | = | 0.0% |
| Current assets | 29/58 | €5,129,544 | €4,604,479 | -€525,064 | -10.2% |
| Amounts receivable after more than one year | 29 | €362,737 | €314,676 | -€48,061 | -13.2% |
| Other amounts receivable | 291 | €362,737 | €314,676 | -€48,061 | -13.2% |
| Stocks and contracts in progress | 3 | €46,406 | €55,120 | +€8,714 | +18.8% |
| Stocks | 30/36 | €46,406 | €55,120 | +€8,714 | +18.8% |
| Amounts receivable within one year | 40/41 | €2,038,576 | €2,507,458 | +€468,882 | +23.0% |
| Trade receivables | 40 | €1,804,026 | €1,832,505 | +€28,479 | +1.6% |
| Other amounts receivable | 41 | €234,550 | €674,953 | +€440,403 | +187.8% |
| Current investments | 50/53 | €53,084 | €53,362 | +€279 | +0.5% |
| Cash at bank and in hand | 54/58 | €2,573,304 | €1,645,780 | -€927,524 | -36.0% |
| Deferred charges and accrued income | 490/1 | €55,437 | €28,083 | -€27,354 | -49.3% |
| Total equity and liabilities | 10/49 | €8,288,862 | €7,528,926 | -€759,936 | -9.2% |
| Equity | 10/15 | €5,006,970 | €5,856,564 | +€849,595 | +17.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €2,512,088 | €2,512,088 | = | 0.0% |
| Non-distributable reserves | 130/1 | €74,368 | €74,368 | = | 0.0% |
| Legal reserve | 130 | €74,368 | €74,368 | = | 0.0% |
| Distributable reserves | 133 | €2,437,720 | €2,437,720 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,394,882 | €3,244,477 | +€849,595 | +35.5% |
| Amounts payable | 17/49 | €3,281,892 | €1,672,362 | -€1.6m | -49.0% |
| Amounts payable after more than one year | 17 | €624,443 | €507,888 | -€116,555 | -18.7% |
| Financial debts | 170/4 | €599,965 | €483,410 | -€116,555 | -19.4% |
| Other amounts payable | 178/9 | €24,478 | €24,478 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,609,920 | €1,160,130 | -€1.4m | -55.5% |
| Current portion of amounts payable after more than one year | 42 | €390,052 | €334,236 | -€55,816 | -14.3% |
| Trade debts | 44 | €944,054 | €738,910 | -€205,143 | -21.7% |
| Suppliers | 440/4 | €944,054 | €738,910 | -€205,143 | -21.7% |
| Taxes, remuneration and social security | 45 | €63,911 | €66,921 | +€3,010 | +4.7% |
| Taxes | 450/3 | €2,257 | €2,174 | -€84 | -3.7% |
| Remuneration and social security | 454/9 | €61,653 | €64,747 | +€3,094 | +5.0% |
| Other amounts payable | 47/48 | €1,211,904 | €20,062 | -€1.2m | -98.3% |
| Accrued charges and deferred income | 492/3 | €47,529 | €4,345 | -€43,185 | -90.9% |
| Non-recurring operating income | 76A | €24,141 | €22,503 | -€1,637 | -6.8% |
| Remuneration, social security and pensions | 62 | €1,334,050 | €1,489,487 | +€155,437 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,044,090 | €1,091,968 | +€47,878 | +4.6% |
| Other operating charges | 640/8 | €87,603 | €88,489 | +€886 | +1.0% |
| Non-recurring operating charges | 66A | €52,195 | €120,997 | +€68,802 | +131.8% |
| Gross operating margin | 9900 | €3,216,166 | €3,901,515 | +€685,349 | +21.3% |
| Operating profit (loss) | 9901 | €698,229 | €1,110,575 | +€412,346 | +59.1% |
| Financial income | 75/76B | €43,080 | €99,788 | +€56,707 | +131.6% |
| Recurring financial income | 75 | €43,080 | €23,288 | -€19,793 | -45.9% |
| Non-recurring financial income | 76B | - | €76,500 | +€76,500 | |
| Financial charges | 65/66B | €52,932 | €45,220 | -€7,712 | -14.6% |
| Recurring financial charges | 65 | €52,072 | €44,787 | -€7,286 | -14.0% |
| Non-recurring financial charges | 66B | €860 | €433 | -€426 | -49.6% |
| Profit (loss) for the period before taxes | 9903 | €688,377 | €1,165,143 | +€476,766 | +69.3% |
| Income taxes | 67/77 | €189,046 | €315,548 | +€126,502 | +66.9% |
| Profit (loss) for the period | 9904 | €499,331 | €849,595 | +€350,264 | +70.1% |
| Profit (loss) for the period to be appropriated | 9905 | €499,331 | €849,595 | +€350,264 | +70.1% |
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 8 October 2026 via checked.be.