Vincent De Boeck: 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.
Vincent De Boeck
Largest movements
- Cash +€57,606
up €57,606 (+115%), from €50,051 to €107,657
mainly Receivables within one year (+€18,326) and Net result for the year (+€11,870)
- Receivables within one year -€18,326
down €18,326 (-68.7%), from €26,693 to €8,368
- Tangible fixed assets -€1,887
down €1,887 (-44.0%), from €4,293 to €2,406
- Reserves +€11,870
up €11,870 (+24.0%), from €49,506 to €61,376
- Accrued charges and deferred income +€10,573
new in 2025: €10,573
- Tax, wage and social debts +€6,357
up €6,357 (+21.2%), from €29,951 to €36,308
- Other debts +€5,506
new in 2025: €5,506
- Advances received +€3,630
new in 2025: €3,630
- Gross operating margin -€55,583
down €55,583 (-74.1%), from €75,003 to €19,420
- Taxes -€18,381
down €18,381 (-76.9%), from €23,892 to €5,511
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 | €81,145 | €118,509 | +€37,364 | +46.0% |
| Fixed assets | 21/28 | €4,293 | €2,406 | -€1,887 | -44.0% |
| Tangible fixed assets | 22/27 | €4,293 | €2,406 | -€1,887 | -44.0% |
| Plant, machinery and equipment | 23 | €4,293 | €2,406 | -€1,887 | -44.0% |
| Current assets | 29/58 | €76,852 | €116,104 | +€39,251 | +51.1% |
| Amounts receivable within one year | 40/41 | €26,693 | €8,368 | -€18,326 | -68.7% |
| Trade receivables | 40 | €26,693 | €8,368 | -€18,326 | -68.7% |
| Cash at bank and in hand | 54/58 | €50,051 | €107,657 | +€57,606 | +115% |
| Deferred charges and accrued income | 490/1 | €108 | €79 | -€29 | -26.9% |
| Total equity and liabilities | 10/49 | €81,145 | €118,509 | +€37,364 | +46.0% |
| Equity | 10/15 | €50,506 | €62,376 | +€11,870 | +23.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €49,506 | €61,376 | +€11,870 | +24.0% |
| Distributable reserves | 133 | €49,506 | €61,376 | +€11,870 | +24.0% |
| Amounts payable | 17/49 | €30,640 | €56,133 | +€25,494 | +83.2% |
| Amounts payable within one year | 42/48 | €30,640 | €45,560 | +€14,920 | +48.7% |
| Trade debts | 44 | €688 | €115 | -€573 | -83.3% |
| Suppliers | 440/4 | €688 | €115 | -€573 | -83.3% |
| Advances received on contracts in progress | 46 | - | €3,630 | +€3,630 | |
| Taxes, remuneration and social security | 45 | €29,951 | €36,308 | +€6,357 | +21.2% |
| Taxes | 450/3 | €29,951 | €36,308 | +€6,357 | +21.2% |
| Other amounts payable | 47/48 | - | €5,506 | +€5,506 | |
| Accrued charges and deferred income | 492/3 | - | €10,573 | +€10,573 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,369 | €1,887 | +€518 | +37.9% |
| Other operating charges | 640/8 | €125 | €0 | -€125 | -100% |
| Gross operating margin | 9900 | €75,003 | €19,420 | -€55,583 | -74.1% |
| Operating profit (loss) | 9901 | €73,509 | €17,532 | -€55,977 | -76.1% |
| Financial charges | 65/66B | €111 | €151 | +€39 | +35.4% |
| Recurring financial charges | 65 | €111 | €151 | +€39 | +35.4% |
| Profit (loss) for the period before taxes | 9903 | €73,398 | €17,382 | -€56,016 | -76.3% |
| Income taxes | 67/77 | €23,892 | €5,511 | -€18,381 | -76.9% |
| Profit (loss) for the period | 9904 | €49,506 | €11,870 | -€37,635 | -76.0% |
| Profit (loss) for the period to be appropriated | 9905 | €49,506 | €11,870 | -€37,635 | -76.0% |
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 25 October 2026 via checked.be.