VICTOR VANDEBEEK: 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.
VICTOR VANDEBEEK
Largest movements
- Tangible fixed assets -€35,340
down €35,340 (-32.8%), from €107,702 to €72,362
of which Land and buildings: -€32,977
- Receivables within one year -€17,666
down €17,666 (-8.6%), from €204,873 to €187,207
of which Other amounts receivable: -€16,867
- Cash +€9,837
up €9,837 (+52.4%), from €18,763 to €28,600
mainly Depreciation (+€26,852) and Receivables within one year (+€17,666)
- Current investments -€7,010
no longer reported in 2025 (was €7,010)
- Trade debts -€30,199
down €30,199 (-81.6%), from €37,023 to €6,824
- Tax, wage and social debts -€19,606
down €19,606 (-80.5%), from €24,357 to €4,750
- Reserves +€7,700
up €7,700 (+3.3%), from €234,500 to €242,200
of which Distributable reserves: +€10,800
- Current portion of long-term debt -€5,226
down €5,226 (-74.3%), from €7,033 to €1,807
- Gross operating margin -€88,523
down €88,523 (-68.8%), from €128,733 to €40,210
- Taxes -€18,456
down €18,456 (-73.9%), from €24,967 to €6,511
- Depreciation -€13,885
down €13,885 (-34.1%), from €40,737 to €26,852
- Financial income +€9,641
up €9,641 (+28,778%), from €34 to €9,674
- Staff costs -€2,796
down €2,796 (-100%), from €2,796 to €0
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 | €341,621 | €292,534 | -€49,086 | -14.4% |
| Fixed assets | 21/28 | €109,325 | €73,985 | -€35,340 | -32.3% |
| Tangible fixed assets | 22/27 | €107,702 | €72,362 | -€35,340 | -32.8% |
| Land and buildings | 22 | €80,781 | €47,805 | -€32,977 | -40.8% |
| Plant, machinery and equipment | 23 | €3,416 | - | -€3,416 | |
| Furniture and vehicles | 24 | €23,505 | €24,557 | +€1,052 | +4.5% |
| Financial fixed assets | 28 | €1,623 | €1,623 | = | 0.0% |
| Current assets | 29/58 | €232,296 | €218,550 | -€13,746 | -5.9% |
| Amounts receivable within one year | 40/41 | €204,873 | €187,207 | -€17,666 | -8.6% |
| Trade receivables | 40 | €13,624 | €12,825 | -€799 | -5.9% |
| Other amounts receivable | 41 | €191,248 | €174,381 | -€16,867 | -8.8% |
| Current investments | 50/53 | €7,010 | - | -€7,010 | |
| Cash at bank and in hand | 54/58 | €18,763 | €28,600 | +€9,837 | +52.4% |
| Deferred charges and accrued income | 490/1 | €1,650 | €2,743 | +€1,093 | +66.3% |
| Total equity and liabilities | 10/49 | €341,621 | €292,534 | -€49,086 | -14.4% |
| Equity | 10/15 | €265,801 | €273,554 | +€7,752 | +2.9% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €234,500 | €242,200 | +€7,700 | +3.3% |
| Non-distributable reserves | 130/1 | €3,100 | €0 | -€3,100 | -100% |
| Reserves not available under the articles | 1311 | €3,100 | €0 | -€3,100 | -100% |
| Distributable reserves | 133 | €231,400 | €242,200 | +€10,800 | +4.7% |
| Profit (loss) carried forward | 14 | €301 | €354 | +€52 | +17.4% |
| Amounts payable | 17/49 | €75,820 | €18,981 | -€56,839 | -75.0% |
| Amounts payable after more than one year | 17 | €1,807 | €0 | -€1,807 | -100% |
| Financial debts | 170/4 | €1,807 | €0 | -€1,807 | -100% |
| Amounts payable within one year | 42/48 | €68,413 | €13,381 | -€55,032 | -80.4% |
| Current portion of amounts payable after more than one year | 42 | €7,033 | €1,807 | -€5,226 | -74.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €37,023 | €6,824 | -€30,199 | -81.6% |
| Suppliers | 440/4 | €37,023 | €6,824 | -€30,199 | -81.6% |
| Taxes, remuneration and social security | 45 | €24,357 | €4,750 | -€19,606 | -80.5% |
| Taxes | 450/3 | €24,357 | €4,750 | -€19,606 | -80.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €5,600 | €5,600 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €2,796 | €0 | -€2,796 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,737 | €26,852 | -€13,885 | -34.1% |
| Other operating charges | 640/8 | €5,347 | €7,429 | +€2,082 | +38.9% |
| Gross operating margin | 9900 | €128,733 | €40,210 | -€88,523 | -68.8% |
| Operating profit (loss) | 9901 | €79,854 | €5,929 | -€73,925 | -92.6% |
| Financial income | 75/76B | €34 | €9,674 | +€9,641 | +28,778% |
| Recurring financial income | 75 | €34 | €9,674 | +€9,641 | +28,778% |
| Financial charges | 65/66B | €3,332 | €1,340 | -€1,992 | -59.8% |
| Recurring financial charges | 65 | €3,332 | €1,340 | -€1,992 | -59.8% |
| Profit (loss) for the period before taxes | 9903 | €76,555 | €14,264 | -€62,292 | -81.4% |
| Income taxes | 67/77 | €24,967 | €6,511 | -€18,456 | -73.9% |
| Profit (loss) for the period | 9904 | €51,588 | €7,752 | -€43,836 | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,588 | €7,752 | -€43,836 | -85.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.