VINCENT DUCHATEAU: 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 DUCHATEAU
Largest movements
- Stocks and contracts +€70,292
up €70,292 (+24.3%), from €289,469 to €359,760
- Tangible fixed assets -€58,794
down €58,794 (-7.7%), from €766,051 to €707,257
of which Other tangible fixed assets: -€41,757
- Cash -€38,553
down €38,553 (-22.3%), from €173,257 to €134,704
mainly Debts after one year (-€138,831) and Investment in fixed assets (net) (-€98,701)
- Other debts +€210,000
up €210,000 (+23.9%), from €880,000 to €1.1m
- Debts after one year -€138,831
down €138,831 (-42.0%), from €330,856 to €192,024
- Profit (loss) carried forward -€67,866
down €67,866 (-8.3%), from -€813,754 to -€881,621
- Trade debts -€19,484
down €19,484 (-3.2%), from €616,377 to €596,893
- Gross operating margin +€49,338
up €49,338 (+17.3%), from €285,020 to €334,358
- Depreciation +€12,015
up €12,015 (+8.3%), from €145,481 to €157,495
- Staff costs +€7,415
up €7,415 (+3.7%), from €201,575 to €208,990
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 | €1,302,623 | €1,287,174 | -€15,449 | -1.2% |
| Fixed assets | 21/28 | €766,414 | €707,620 | -€58,794 | -7.7% |
| Tangible fixed assets | 22/27 | €766,051 | €707,257 | -€58,794 | -7.7% |
| Plant, machinery and equipment | 23 | €380,569 | €378,005 | -€2,564 | -0.7% |
| Furniture and vehicles | 24 | €20,093 | €5,620 | -€14,473 | -72.0% |
| Other tangible fixed assets | 26 | €365,389 | €323,632 | -€41,757 | -11.4% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €536,210 | €579,554 | +€43,345 | +8.1% |
| Stocks and contracts in progress | 3 | €289,469 | €359,760 | +€70,292 | +24.3% |
| Stocks | 30/36 | €289,469 | €359,760 | +€70,292 | +24.3% |
| Amounts receivable within one year | 40/41 | €64,146 | €72,860 | +€8,715 | +13.6% |
| Trade receivables | 40 | €46,108 | €64,677 | +€18,569 | +40.3% |
| Other amounts receivable | 41 | €18,038 | €8,183 | -€9,855 | -54.6% |
| Cash at bank and in hand | 54/58 | €173,257 | €134,704 | -€38,553 | -22.3% |
| Deferred charges and accrued income | 490/1 | €9,339 | €12,230 | +€2,891 | +31.0% |
| Total equity and liabilities | 10/49 | €1,302,623 | €1,287,174 | -€15,449 | -1.2% |
| Equity | 10/15 | -€698,100 | -€765,967 | -€67,866 | -9.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €15,654 | €15,654 | = | 0.0% |
| Distributable reserves | 133 | €15,654 | €15,654 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€813,754 | -€881,621 | -€67,866 | -8.3% |
| Amounts payable | 17/49 | €2,000,723 | €2,053,140 | +€52,417 | +2.6% |
| Amounts payable after more than one year | 17 | €330,856 | €192,024 | -€138,831 | -42.0% |
| Financial debts | 170/4 | €330,856 | €192,024 | -€138,831 | -42.0% |
| Amounts payable within one year | 42/48 | €1,668,944 | €1,860,603 | +€191,659 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €146,573 | €147,760 | +€1,187 | +0.8% |
| Trade debts | 44 | €616,377 | €596,893 | -€19,484 | -3.2% |
| Suppliers | 440/4 | €616,377 | €596,893 | -€19,484 | -3.2% |
| Taxes, remuneration and social security | 45 | €25,994 | €25,950 | -€44 | -0.2% |
| Remuneration and social security | 454/9 | €25,994 | €25,950 | -€44 | -0.2% |
| Other amounts payable | 47/48 | €880,000 | €1,090,000 | +€210,000 | +23.9% |
| Accrued charges and deferred income | 492/3 | €924 | €513 | -€411 | -44.5% |
| Remuneration, social security and pensions | 62 | €201,575 | €208,990 | +€7,415 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145,481 | €157,495 | +€12,015 | +8.3% |
| Other operating charges | 640/8 | €16,719 | €17,656 | +€937 | +5.6% |
| Gross operating margin | 9900 | €285,020 | €334,358 | +€49,338 | +17.3% |
| Operating profit (loss) | 9901 | -€78,754 | -€49,783 | +€28,971 | +36.8% |
| Financial income | 75/76B | €899 | €819 | -€80 | -8.9% |
| Recurring financial income | 75 | €899 | €819 | -€80 | -8.9% |
| Financial charges | 65/66B | €22,069 | €18,902 | -€3,167 | -14.4% |
| Recurring financial charges | 65 | €22,069 | €18,902 | -€3,167 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | -€99,924 | -€67,866 | +€32,057 | +32.1% |
| Profit (loss) for the period | 9904 | -€99,924 | -€67,866 | +€32,057 | +32.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€99,924 | -€67,866 | +€32,057 | +32.1% |
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 26 October 2026 via checked.be.