VINCENT DELEU: 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 DELEU
Largest movements
- Tangible fixed assets -€17,791
down €17,791 (-25.3%), from €70,188 to €52,396
of which Land and buildings: -€17,335
- Stocks and contracts -€6,250
down €6,250 (-8.1%), from €76,730 to €70,480
- Debts after one year -€14,501
down €14,501 (-11.9%), from €122,322 to €107,820
- Reserves -€5,877
down €5,877 (-18.3%), from €32,147 to €26,270
of which Distributable reserves: -€5,877
- Gross operating margin +€5,320
up €5,320 (+64.2%), from €8,293 to €13,613
- Financial charges -€2,344
down €2,344 (-67.0%), from €3,498 to €1,154
- Other operating charges -€994
down €994 (-64.6%), from €1,537 to €544
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 | €147,953 | €124,756 | -€23,197 | -15.7% |
| Fixed assets | 21/28 | €70,188 | €52,396 | -€17,791 | -25.3% |
| Tangible fixed assets | 22/27 | €70,188 | €52,396 | -€17,791 | -25.3% |
| Land and buildings | 22 | €69,341 | €52,006 | -€17,335 | -25.0% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | 0.0% |
| Furniture and vehicles | 24 | €846 | €390 | -€456 | -53.9% |
| Current assets | 29/58 | €77,765 | €72,360 | -€5,405 | -7.0% |
| Stocks and contracts in progress | 3 | €76,730 | €70,480 | -€6,250 | -8.1% |
| Stocks | 30/36 | €76,730 | €70,480 | -€6,250 | -8.1% |
| Amounts receivable within one year | 40/41 | €639 | €1,858 | +€1,219 | +191% |
| Trade receivables | 40 | €490 | €1,667 | +€1,177 | +240% |
| Other amounts receivable | 41 | €149 | €191 | +€42 | +28.5% |
| Cash at bank and in hand | 54/58 | €396 | €21 | -€375 | -94.6% |
| Total equity and liabilities | 10/49 | €147,953 | €124,756 | -€23,197 | -15.7% |
| Equity | 10/15 | €9,922 | €4,045 | -€5,877 | -59.2% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Reserves | 13 | €32,147 | €26,270 | -€5,877 | -18.3% |
| Tax-exempt reserves | 132 | €13,383 | €13,383 | = | 0.0% |
| Distributable reserves | 133 | €18,764 | €12,887 | -€5,877 | -31.3% |
| Profit (loss) carried forward | 14 | -€59,425 | -€59,425 | = | 0.0% |
| Amounts payable | 17/49 | €138,031 | €120,711 | -€17,320 | -12.5% |
| Amounts payable after more than one year | 17 | €122,322 | €107,820 | -€14,501 | -11.9% |
| Financial debts | 170/4 | €122,322 | €107,820 | -€14,501 | -11.9% |
| Amounts payable within one year | 42/48 | €15,709 | €12,891 | -€2,819 | -17.9% |
| Current portion of amounts payable after more than one year | 42 | €12,841 | €12,274 | -€567 | -4.4% |
| Financial debts | 43 | €1,724 | €405 | -€1,319 | -76.5% |
| Credit institutions | 430/8 | €1,724 | €405 | -€1,319 | -76.5% |
| Trade debts | 44 | - | €212 | +€212 | |
| Suppliers | 440/4 | - | €212 | +€212 | |
| Taxes, remuneration and social security | 45 | €8 | €0 | -€8 | -100% |
| Taxes | 450/3 | €8 | €0 | -€8 | -100% |
| Other amounts payable | 47/48 | €1,136 | €0 | -€1,136 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,791 | €17,791 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,537 | €544 | -€994 | -64.6% |
| Gross operating margin | 9900 | €8,293 | €13,613 | +€5,320 | +64.2% |
| Operating profit (loss) | 9901 | -€11,036 | -€4,723 | +€6,314 | +57.2% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €3,498 | €1,154 | -€2,344 | -67.0% |
| Recurring financial charges | 65 | €3,498 | €1,154 | -€2,344 | -67.0% |
| Profit (loss) for the period before taxes | 9903 | -€14,534 | -€5,877 | +€8,658 | +59.6% |
| Profit (loss) for the period | 9904 | -€14,534 | -€5,877 | +€8,658 | +59.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,534 | -€5,877 | +€8,658 | +59.6% |
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 15 October 2026 via checked.be.