VANROBAEYS PANELS: 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.
VANROBAEYS PANELS
Largest movements
- Current investments -€500,000
down €500,000 (-100.0%), from €500,000 to €0
- Receivables within one year +€313,517
up €313,517 (+33.9%), from €923,665 to €1.2m
of which Trade receivables: +€241,802
- Stocks and contracts +€125,804
up €125,804 (+63.2%), from €198,938 to €324,742
of which Stocks: +€134,142
- Cash -€63,995
down €63,995 (-8.2%), from €776,362 to €712,367
mainly Contributions, distributions and other (-€1.3m) and Receivables within one year (-€313,517)
- Deferred charges and accrued income +€47,477
up €47,477 (+2280.6%), from €2,082 to €49,559
- Reserves -€495,381
down €495,381 (-38.8%), from €1.3m to €781,717
of which Distributable reserves: -€495,381
- Other debts +€305,245
up €305,245 (+59.4%), from €514,000 to €819,245
- Trade debts +€74,854
up €74,854 (+18.4%), from €406,541 to €481,395
- Advances received +€71,144
up €71,144 (+95.8%), from €74,254 to €145,398
- Gross operating margin +€268,410
up €268,410 (+16.6%), from €1.6m to €1.9m
- Staff costs +€163,436
up €163,436 (+22.7%), from €720,227 to €883,663
- Taxes +€144,268
up €144,268 (+128.1%), from €112,665 to €256,933
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 | €2,404,780 | €2,367,976 | -€36,803 | -1.5% |
| Fixed assets | 21/28 | €3,733 | €44,127 | +€40,393 | +1082.0% |
| Intangible fixed assets | 21 | - | €3,994 | +€3,994 | |
| Tangible fixed assets | 22/27 | €3,733 | €31,132 | +€27,399 | +733.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €3,733 | €31,132 | +€27,399 | +733.9% |
| Financial fixed assets | 28 | - | €9,000 | +€9,000 | |
| Current assets | 29/58 | €2,401,046 | €2,323,850 | -€77,197 | -3.2% |
| Stocks and contracts in progress | 3 | €198,938 | €324,742 | +€125,804 | +63.2% |
| Stocks | 30/36 | €171,751 | €305,893 | +€134,142 | +78.1% |
| Contracts in progress | 37 | €27,187 | €18,849 | -€8,338 | -30.7% |
| Amounts receivable within one year | 40/41 | €923,665 | €1,237,182 | +€313,517 | +33.9% |
| Trade receivables | 40 | €676,368 | €918,170 | +€241,802 | +35.7% |
| Other amounts receivable | 41 | €247,296 | €319,012 | +€71,715 | +29.0% |
| Current investments | 50/53 | €500,000 | €0 | -€500,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €776,362 | €712,367 | -€63,995 | -8.2% |
| Deferred charges and accrued income | 490/1 | €2,082 | €49,559 | +€47,477 | +2280.6% |
| Total equity and liabilities | 10/49 | €2,404,780 | €2,367,976 | -€36,803 | -1.5% |
| Equity | 10/15 | €1,295,698 | €800,317 | -€495,381 | -38.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,277,098 | €781,717 | -€495,381 | -38.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €109 | €109 | = | 0.0% |
| Distributable reserves | 133 | €1,276,989 | €781,608 | -€495,381 | -38.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,109,082 | €1,567,659 | +€458,578 | +41.3% |
| Amounts payable within one year | 42/48 | €1,109,082 | €1,567,659 | +€458,578 | +41.3% |
| Trade debts | 44 | €406,541 | €481,395 | +€74,854 | +18.4% |
| Suppliers | 440/4 | €406,541 | €481,395 | +€74,854 | +18.4% |
| Advances received on contracts in progress | 46 | €74,254 | €145,398 | +€71,144 | +95.8% |
| Taxes, remuneration and social security | 45 | €114,287 | €121,622 | +€7,335 | +6.4% |
| Taxes | 450/3 | €3,160 | €1,916 | -€1,244 | -39.4% |
| Remuneration and social security | 454/9 | €111,127 | €119,705 | +€8,578 | +7.7% |
| Other amounts payable | 47/48 | €514,000 | €819,245 | +€305,245 | +59.4% |
| Remuneration, social security and pensions | 62 | €720,227 | €883,663 | +€163,436 | +22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €660 | €2,999 | +€2,339 | +354.1% |
| Other operating charges | 640/8 | €115 | €126 | +€11 | +9.6% |
| Gross operating margin | 9900 | €1,619,219 | €1,887,629 | +€268,410 | +16.6% |
| Operating profit (loss) | 9901 | €898,217 | €1,000,841 | +€102,624 | +11.4% |
| Financial income | 75/76B | €83,503 | €80,278 | -€3,224 | -3.9% |
| Recurring financial income | 75 | €83,503 | €80,278 | -€3,224 | -3.9% |
| Financial charges | 65/66B | €123 | €322 | +€199 | +161.3% |
| Recurring financial charges | 65 | €123 | €322 | +€199 | +161.3% |
| Profit (loss) for the period before taxes | 9903 | €981,596 | €1,080,796 | +€99,200 | +10.1% |
| Income taxes | 67/77 | €112,665 | €256,933 | +€144,268 | +128.1% |
| Profit (loss) for the period | 9904 | €868,931 | €823,864 | -€45,068 | -5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €868,931 | €823,864 | -€45,068 | -5.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.