Vuylsteke: 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.
Vuylsteke
Largest movements
- Current investments -€705,904
down €705,904 (-33.4%), from €2.1m to €1.4m
- Tangible fixed assets +€623,637
up €623,637 (+56.4%), from €1.1m to €1.7m
of which Land and buildings: +€420,858
- Cash +€160,743
up €160,743 (+38.8%), from €413,800 to €574,543
mainly Current investments (+€705,904) and Net result for the year (+€125,881)
- Receivables within one year -€70,132
down €70,132 (-55.1%), from €127,314 to €57,182
of which Trade receivables: -€88,952
- Trade debts -€133,046
down €133,046 (-98.0%), from €135,779 to €2,733
- Reserves +€125,881
up €125,881 (+4.2%), from €3.0m to €3.1m
of which Distributable reserves: +€128,902
- Financial income +€98,998
up €98,998 (+251.0%), from €39,445 to €138,442
- Gross operating margin -€62,958
down €62,958 (-29.1%), from €215,989 to €153,031
- Taxes +€9,503
up €9,503 (+21.0%), from €45,249 to €54,751
- Depreciation -€8,689
down €8,689 (-25.9%), from €33,545 to €24,855
- Financial charges +€7,605
up €7,605 (+25.9%), from €29,401 to €37,006
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 | €3,924,366 | €3,916,964 | -€7,402 | -0.2% |
| Fixed assets | 21/28 | €1,224,152 | €1,865,189 | +€641,037 | +52.4% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €1,106,203 | €1,729,840 | +€623,637 | +56.4% |
| Land and buildings | 22 | €918,527 | €1,339,385 | +€420,858 | +45.8% |
| Plant, machinery and equipment | 23 | €39,078 | €49,051 | +€9,973 | +25.5% |
| Furniture and vehicles | 24 | €1,171 | €468 | -€703 | -60.1% |
| Assets under construction and advance payments | 27 | €147,427 | €340,936 | +€193,509 | +131.3% |
| Financial fixed assets | 28 | €117,950 | €135,350 | +€17,400 | +14.8% |
| Current assets | 29/58 | €2,700,214 | €2,051,775 | -€648,439 | -24.0% |
| Stocks and contracts in progress | 3 | €38,903 | €2,043 | -€36,860 | -94.7% |
| Stocks | 30/36 | €38,903 | €2,043 | -€36,860 | -94.7% |
| Amounts receivable within one year | 40/41 | €127,314 | €57,182 | -€70,132 | -55.1% |
| Trade receivables | 40 | €103,476 | €14,524 | -€88,952 | -86.0% |
| Other amounts receivable | 41 | €23,838 | €42,658 | +€18,820 | +79.0% |
| Current investments | 50/53 | €2,116,648 | €1,410,744 | -€705,904 | -33.4% |
| Cash at bank and in hand | 54/58 | €413,800 | €574,543 | +€160,743 | +38.8% |
| Deferred charges and accrued income | 490/1 | €3,549 | €7,263 | +€3,714 | +104.6% |
| Total equity and liabilities | 10/49 | €3,924,366 | €3,916,964 | -€7,402 | -0.2% |
| Equity | 10/15 | €3,707,040 | €3,832,920 | +€125,881 | +3.4% |
| Contributions | 10/11 | €738,300 | €738,300 | = | 0.0% |
| Capital | 10 | €738,300 | €738,300 | = | 0.0% |
| Issued capital | 100 | €738,300 | €738,300 | = | 0.0% |
| Reserves | 13 | €2,968,740 | €3,094,620 | +€125,881 | +4.2% |
| Non-distributable reserves | 130/1 | €71,122 | €73,830 | +€2,708 | +3.8% |
| Legal reserve | 130 | €58,530 | €58,530 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,592 | €15,300 | +€2,708 | +21.5% |
| Tax-exempt reserves | 132 | €281,294 | €275,565 | -€5,730 | -2.0% |
| Distributable reserves | 133 | €2,616,324 | €2,745,226 | +€128,902 | +4.9% |
| Provisions and deferred taxes | 16 | €12,657 | €10,747 | -€1,910 | -15.1% |
| Deferred taxes | 168 | €12,657 | €10,747 | -€1,910 | -15.1% |
| Amounts payable | 17/49 | €204,669 | €73,297 | -€131,372 | -64.2% |
| Amounts payable within one year | 42/48 | €204,272 | €71,634 | -€132,638 | -64.9% |
| Trade debts | 44 | €135,779 | €2,733 | -€133,046 | -98.0% |
| Suppliers | 440/4 | €135,779 | €2,733 | -€133,046 | -98.0% |
| Taxes, remuneration and social security | 45 | €1,184 | €2,482 | +€1,298 | +109.6% |
| Taxes | 450/3 | €1,184 | €2,482 | +€1,298 | +109.6% |
| Other amounts payable | 47/48 | €67,309 | €66,419 | -€890 | -1.3% |
| Accrued charges and deferred income | 492/3 | €398 | €1,663 | +€1,265 | +318.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,545 | €24,855 | -€8,689 | -25.9% |
| Other operating charges | 640/8 | €9,835 | €11,430 | +€1,595 | +16.2% |
| Non-recurring operating charges | 66A | - | €39,460 | +€39,460 | |
| Gross operating margin | 9900 | €215,989 | €153,031 | -€62,958 | -29.1% |
| Operating profit (loss) | 9901 | €172,609 | €77,286 | -€95,324 | -55.2% |
| Financial income | 75/76B | €39,445 | €138,442 | +€98,998 | +251.0% |
| Recurring financial income | 75 | €39,445 | €138,442 | +€98,998 | +251.0% |
| Financial charges | 65/66B | €29,401 | €37,006 | +€7,605 | +25.9% |
| Recurring financial charges | 65 | €29,401 | €37,006 | +€7,605 | +25.9% |
| Profit (loss) for the period before taxes | 9903 | €182,653 | €178,722 | -€3,931 | -2.2% |
| Transfer from deferred taxes | 780 | €1,904 | €1,910 | +€6 | +0.3% |
| Income taxes | 67/77 | €45,249 | €54,751 | +€9,503 | +21.0% |
| Profit (loss) for the period | 9904 | €139,308 | €125,881 | -€13,428 | -9.6% |
| Transfer from tax-exempt reserves | 789 | €5,712 | €5,730 | +€18 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €145,020 | €131,610 | -€13,410 | -9.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.