Vincent Debusschere: what changed
Two fiscal 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 Debusschere
Largest movements
- Cash +€757,149
up €757,149 (+314.9%), from €240,466 to €997,616
mainly Net result for the year (+€965,896) and Receivables after one year (+€606,000)
- Receivables after one year -€606,000
down €606,000 (-79.0%), from €767,000 to €161,000
- Deferred charges and accrued income -€25,373
down €25,373 (-64.7%), from €39,214 to €13,841
- Reserves +€965,896
up €965,896 (+238.5%), from €405,062 to €1.4m
of which Distributable reserves: +€544,896
- Short-term financial debts -€534,922
down €534,922 (-92.5%), from €578,183 to €43,261
of which Other loans: -€570,867
- Other debts -€179,309
down €179,309 (-99.6%), from €180,000 to €691
- Debts after one year -€116,000
down €116,000 (-58.0%), from €200,000 to €84,000
- Accrued charges and deferred income -€30,417
down €30,417 (-100.0%), from €30,417 to €0
- Gross operating margin +€815,377
up €815,377 (+158.6%), from €514,170 to €1.3m
- Taxes +€205,487
up €205,487 (+181.7%), from €113,081 to €318,568
- Other operating charges +€13,408
up €13,408 (+775.3%), from €1,729 to €15,137
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 | €1,434,672 | €1,555,379 | +€120,707 | +8.4% |
| Fixed assets | 21/28 | €253,463 | €254,569 | +€1,106 | +0.4% |
| Tangible fixed assets | 22/27 | €253,463 | €254,569 | +€1,106 | +0.4% |
| Land and buildings | 22 | €155,838 | €143,107 | -€12,731 | -8.2% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €28,486 | €40,439 | +€11,953 | +42.0% |
| Other tangible fixed assets | 26 | €69,139 | €71,022 | +€1,883 | +2.7% |
| Current assets | 29/58 | €1,181,209 | €1,300,810 | +€119,601 | +10.1% |
| Amounts receivable after more than one year | 29 | €767,000 | €161,000 | -€606,000 | -79.0% |
| Other amounts receivable | 291 | €767,000 | €161,000 | -€606,000 | -79.0% |
| Amounts receivable within one year | 40/41 | €22,113 | €8,183 | -€13,930 | -63.0% |
| Trade receivables | 40 | €4,536 | €2,000 | -€2,536 | -55.9% |
| Other amounts receivable | 41 | €17,576 | €6,183 | -€11,394 | -64.8% |
| Current investments | 50/53 | €112,415 | €120,170 | +€7,756 | +6.9% |
| Cash at bank and in hand | 54/58 | €240,466 | €997,616 | +€757,149 | +314.9% |
| Deferred charges and accrued income | 490/1 | €39,214 | €13,841 | -€25,373 | -64.7% |
| Total equity and liabilities | 10/49 | €1,434,672 | €1,555,379 | +€120,707 | +8.4% |
| Equity | 10/15 | €423,612 | €1,389,507 | +€965,896 | +228.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €405,062 | €1,370,957 | +€965,896 | +238.5% |
| Tax-exempt reserves | 132 | - | €421,000 | +€421,000 | |
| Distributable reserves | 133 | €405,062 | €949,957 | +€544,896 | +134.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,011,060 | €165,871 | -€845,188 | -83.6% |
| Amounts payable after more than one year | 17 | €200,000 | €84,000 | -€116,000 | -58.0% |
| Financial debts | 170/4 | €200,000 | €84,000 | -€116,000 | -58.0% |
| Amounts payable within one year | 42/48 | €780,643 | €81,871 | -€698,772 | -89.5% |
| Current portion of amounts payable after more than one year | 42 | €16,000 | €16,000 | = | 0.0% |
| Financial debts | 43 | €578,183 | €43,261 | -€534,922 | -92.5% |
| Credit institutions | 430/8 | €7,316 | €43,261 | +€35,945 | +491.3% |
| Other loans | 439 | €570,867 | €0 | -€570,867 | -100.0% |
| Trade debts | 44 | €3,141 | €12,950 | +€9,809 | +312.3% |
| Suppliers | 440/4 | €3,141 | €12,950 | +€9,809 | +312.3% |
| Taxes, remuneration and social security | 45 | €3,319 | €8,969 | +€5,650 | +170.2% |
| Taxes | 450/3 | €3,319 | €8,969 | +€5,650 | +170.2% |
| Other amounts payable | 47/48 | €180,000 | €691 | -€179,309 | -99.6% |
| Accrued charges and deferred income | 492/3 | €30,417 | €0 | -€30,417 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,162 | €28,862 | +€699 | +2.5% |
| Other operating charges | 640/8 | €1,729 | €15,137 | +€13,408 | +775.3% |
| Gross operating margin | 9900 | €514,170 | €1,329,547 | +€815,377 | +158.6% |
| Operating profit (loss) | 9901 | €484,278 | €1,285,548 | +€801,270 | +165.5% |
| Financial income | 75/76B | €23,105 | €25,927 | +€2,821 | +12.2% |
| Recurring financial income | 75 | €23,105 | €25,927 | +€2,821 | +12.2% |
| Financial charges | 65/66B | €39,109 | €27,010 | -€12,098 | -30.9% |
| Recurring financial charges | 65 | €39,109 | €27,010 | -€12,098 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €468,274 | €1,284,464 | +€816,189 | +174.3% |
| Income taxes | 67/77 | €113,081 | €318,568 | +€205,487 | +181.7% |
| Profit (loss) for the period | 9904 | €355,193 | €965,896 | +€610,702 | +171.9% |
| Transfer to tax-exempt reserves | 689 | - | €421,000 | +€421,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €355,193 | €544,896 | +€189,702 | +53.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.