VIJFHOEK: 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.
VIJFHOEK
Largest movements
- Cash -€103,587
down €103,587 (-51.9%), from €199,688 to €96,102
mainly Contributions, distributions and other (-€100,000) and Receivables within one year (-€87,962)
- Receivables within one year +€87,962
up €87,962 (+54.4%), from €161,564 to €249,527
of which Trade receivables: +€87,631
- Tangible fixed assets +€42,848
up €42,848 (+14.6%), from €293,394 to €336,242
of which Furniture and vehicles: +€41,576
- Profit (loss) carried forward +€40,743
up €40,743 (+37.4%), from €109,026 to €149,769
- Tax, wage and social debts -€32,707
down €32,707 (-24.1%), from €135,831 to €103,123
of which Taxes: -€30,542
- Current portion of long-term debt +€18,841
up €18,841 (+49.3%), from €38,252 to €57,093
- Advances received -€11,495
down €11,495 (-100%), from €11,495 to €0
- Short-term financial debts +€8,259
up €8,259 (+4,895%), from €169 to €8,428
of which Other loans: +€8,428
- Staff costs +€85,780
up €85,780 (+25.3%), from €338,759 to €424,539
- Gross operating margin +€40,495
up €40,495 (+6.2%), from €656,318 to €696,813
- Taxes -€28,681
down €28,681 (-36.9%), from €77,788 to €49,107
- Other operating charges -€14,043
down €14,043 (-65.5%), from €21,425 to €7,382
- Write-downs +€12,300
new in 2025: €12,300
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 | €746,918 | €774,464 | +€27,545 | +3.7% |
| Fixed assets | 21/28 | €300,754 | €343,602 | +€42,848 | +14.2% |
| Tangible fixed assets | 22/27 | €293,394 | €336,242 | +€42,848 | +14.6% |
| Land and buildings | 22 | €153,963 | €141,561 | -€12,401 | -8.1% |
| Plant, machinery and equipment | 23 | €259 | €18 | -€241 | -92.9% |
| Furniture and vehicles | 24 | €42,906 | €84,481 | +€41,576 | +96.9% |
| Other tangible fixed assets | 26 | €96,267 | €110,181 | +€13,915 | +14.5% |
| Financial fixed assets | 28 | €7,360 | €7,360 | = | 0.0% |
| Current assets | 29/58 | €446,164 | €430,861 | -€15,303 | -3.4% |
| Amounts receivable within one year | 40/41 | €161,564 | €249,527 | +€87,962 | +54.4% |
| Trade receivables | 40 | €160,564 | €248,196 | +€87,631 | +54.6% |
| Other amounts receivable | 41 | €1,000 | €1,331 | +€331 | +33.1% |
| Cash at bank and in hand | 54/58 | €199,688 | €96,102 | -€103,587 | -51.9% |
| Deferred charges and accrued income | 490/1 | €84,911 | €85,233 | +€322 | +0.4% |
| Total equity and liabilities | 10/49 | €746,918 | €774,464 | +€27,545 | +3.7% |
| Equity | 10/15 | €123,286 | €164,029 | +€40,743 | +33.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €109,026 | €149,769 | +€40,743 | +37.4% |
| Amounts payable | 17/49 | €623,633 | €610,435 | -€13,198 | -2.1% |
| Amounts payable after more than one year | 17 | €149,636 | €156,858 | +€7,222 | +4.8% |
| Financial debts | 170/4 | €149,636 | €156,858 | +€7,222 | +4.8% |
| Amounts payable within one year | 42/48 | €473,749 | €453,357 | -€20,392 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €38,252 | €57,093 | +€18,841 | +49.3% |
| Financial debts | 43 | €169 | €8,428 | +€8,259 | +4,895% |
| Credit institutions | 430/8 | €169 | €0 | -€169 | -100% |
| Other loans | 439 | - | €8,428 | +€8,428 | |
| Trade debts | 44 | €182,408 | €174,518 | -€7,891 | -4.3% |
| Suppliers | 440/4 | €182,408 | €174,518 | -€7,891 | -4.3% |
| Advances received on contracts in progress | 46 | €11,495 | €0 | -€11,495 | -100% |
| Taxes, remuneration and social security | 45 | €135,831 | €103,123 | -€32,707 | -24.1% |
| Taxes | 450/3 | €77,487 | €46,945 | -€30,542 | -39.4% |
| Remuneration and social security | 454/9 | €58,344 | €56,178 | -€2,166 | -3.7% |
| Other amounts payable | 47/48 | €105,595 | €110,195 | +€4,600 | +4.4% |
| Accrued charges and deferred income | 492/3 | €248 | €220 | -€28 | -11.1% |
| Remuneration, social security and pensions | 62 | €338,759 | €424,539 | +€85,780 | +25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,720 | €44,851 | +€3,131 | +7.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €12,300 | +€12,300 | |
| Other operating charges | 640/8 | €21,425 | €7,382 | -€14,043 | -65.5% |
| Gross operating margin | 9900 | €656,318 | €696,813 | +€40,495 | +6.2% |
| Operating profit (loss) | 9901 | €254,413 | €207,741 | -€46,673 | -18.3% |
| Financial income | 75/76B | €485 | €1,816 | +€1,331 | +274% |
| Recurring financial income | 75 | €485 | €1,816 | +€1,331 | +274% |
| Financial charges | 65/66B | €18,085 | €19,707 | +€1,622 | +9.0% |
| Recurring financial charges | 65 | €18,085 | €19,707 | +€1,622 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | €236,814 | €189,850 | -€46,964 | -19.8% |
| Income taxes | 67/77 | €77,788 | €49,107 | -€28,681 | -36.9% |
| Profit (loss) for the period | 9904 | €159,026 | €140,743 | -€18,283 | -11.5% |
| Profit (loss) for the period to be appropriated | 9905 | €159,026 | €140,743 | -€18,283 | -11.5% |
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 19 October 2026 via checked.be.