VELDEMAN - MANNAERT: 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.
VELDEMAN - MANNAERT
Largest movements
- Tangible fixed assets -€43,347
down €43,347 (-24.5%), from €176,967 to €133,619
of which Land and buildings: -€41,461
- Cash +€7,461
up €7,461 (+6.2%), from €120,166 to €127,627
mainly Depreciation (+€43,347) and Net result for the year (+€9,709)
- Debts after one year -€43,333
down €43,333 (-31.6%), from €137,222 to €93,889
- Profit (loss) carried forward +€9,709
up €9,709 (+8.3%), from €116,705 to €126,414
- Trade debts -€7,294
down €7,294 (-70.3%), from €10,380 to €3,086
No income-statement line moved by more than 1% of the activity.
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 | €368,635 | €329,755 | -€38,880 | -10.5% |
| Fixed assets | 21/28 | €176,967 | €133,619 | -€43,347 | -24.5% |
| Tangible fixed assets | 22/27 | €176,967 | €133,619 | -€43,347 | -24.5% |
| Land and buildings | 22 | €166,443 | €124,982 | -€41,461 | -24.9% |
| Plant, machinery and equipment | 23 | €10,524 | €8,638 | -€1,886 | -17.9% |
| Current assets | 29/58 | €191,668 | €196,135 | +€4,467 | +2.3% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €21,502 | €18,508 | -€2,994 | -13.9% |
| Trade receivables | 40 | €5,865 | - | -€5,865 | |
| Other amounts receivable | 41 | €15,637 | €18,508 | +€2,871 | +18.4% |
| Cash at bank and in hand | 54/58 | €120,166 | €127,627 | +€7,461 | +6.2% |
| Total equity and liabilities | 10/49 | €368,635 | €329,755 | -€38,880 | -10.5% |
| Equity | 10/15 | €128,705 | €138,414 | +€9,709 | +7.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €116,705 | €126,414 | +€9,709 | +8.3% |
| Amounts payable | 17/49 | €239,930 | €191,340 | -€48,589 | -20.3% |
| Amounts payable after more than one year | 17 | €137,222 | €93,889 | -€43,333 | -31.6% |
| Financial debts | 170/4 | €137,222 | €93,889 | -€43,333 | -31.6% |
| Credit institutions | 173 | €137,222 | €93,889 | -€43,333 | -31.6% |
| Amounts payable within one year | 42/48 | €101,907 | €96,251 | -€5,656 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €43,333 | €43,333 | = | 0.0% |
| Trade debts | 44 | €10,380 | €3,086 | -€7,294 | -70.3% |
| Suppliers | 440/4 | €10,380 | €3,086 | -€7,294 | -70.3% |
| Taxes, remuneration and social security | 45 | €1 | €1 | = | 0.0% |
| Taxes | 450/3 | €1 | €1 | = | 0.0% |
| Other amounts payable | 47/48 | €48,193 | €49,832 | +€1,639 | +3.4% |
| Accrued charges and deferred income | 492/3 | €800 | €1,200 | +€400 | +50.0% |
| Operating income | 70/76A | €70,276 | €72,505 | +€2,229 | +3.2% |
| Other operating income | 74 | €70,276 | €72,505 | +€2,229 | +3.2% |
| Operating charges | 60/66A | €57,795 | €57,260 | -€536 | -0.9% |
| Services and other goods | 61 | €7,523 | €6,650 | -€873 | -11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,491 | €43,347 | -€143 | -0.3% |
| Other operating charges | 640/8 | €6,781 | €7,262 | +€481 | +7.1% |
| Operating profit (loss) | 9901 | €12,481 | €15,246 | +€2,765 | +22.2% |
| Financial income | 75/76B | €2,807 | €2,871 | +€64 | +2.3% |
| Recurring financial income | 75 | €2,807 | €2,871 | +€64 | +2.3% |
| Income from financial fixed assets | 750 | €2,807 | €2,871 | +€64 | +2.3% |
| Financial charges | 65/66B | €11,936 | €8,408 | -€3,529 | -29.6% |
| Recurring financial charges | 65 | €11,936 | €8,408 | -€3,529 | -29.6% |
| Debt charges | 650 | €11,832 | €8,147 | -€3,685 | -31.1% |
| Other financial charges | 652/9 | €104 | €261 | +€157 | +150% |
| Profit (loss) for the period before taxes | 9903 | €3,352 | €9,709 | +€6,358 | +190% |
| Profit (loss) for the period | 9904 | €3,352 | €9,709 | +€6,358 | +190% |
| Profit (loss) for the period to be appropriated | 9905 | €3,352 | €9,709 | +€6,358 | +190% |
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 20 October 2026 via checked.be.