Walter VANDERHAEGEN: what changed
Walter VANDERHAEGEN
Largest movements
- Tangible fixed assets +€11,875
up €11,875 (+73.2%), from €16,232 to €28,108
of which Plant, machinery and equipment: +€12,081
- Stocks and contracts +€7,192
up €7,192 (+21.9%), from €32,846 to €40,038
- Cash +€2,902
up €2,902 (+48.9%), from €5,930 to €8,833
mainly Tax, wage and social debts (+€27,569) and Current portion of long-term debt (+€11,155)
- Receivables within one year -€2,491
down €2,491 (-5.5%), from €45,360 to €42,870
of which Trade receivables: -€1,732
- Tax, wage and social debts +€27,569
up €27,569 (+78.7%), from €35,014 to €62,583
of which Taxes: +€27,394
- Accrued charges and deferred income -€25,039
down €25,039 (-80.0%), from €31,302 to €6,263
- Current portion of long-term debt +€11,155
new in 2025: €11,155
- Debts after one year -€7,540
down €7,540 (-30.1%), from €25,026 to €17,485
of which Other amounts payable: -€10,955
- Reserves +€7,500
up €7,500 (+403%), from €1,859 to €9,359
of which Distributable reserves: +€7,500
- Taxes +€16,078
new in 2025: €16,078
- Gross operating margin +€12,038
up €12,038 (+23.7%), from €50,749 to €62,787
- Staff costs +€5,287
up €5,287 (+18.3%), from €28,904 to €34,191
- Financial charges -€4,329
down €4,329 (-42.0%), from €10,298 to €5,968
- Depreciation +€1,603
up €1,603 (+36.9%), from €4,343 to €5,946
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €126,102 | €145,581 | +€19,479 | +15.4% |
| Fixed assets | 21/28 | €17,126 | €29,001 | +€11,875 | +69.3% |
| Tangible fixed assets | 22/27 | €16,232 | €28,108 | +€11,875 | +73.2% |
| Land and buildings | 22 | €2,634 | €1,318 | -€1,316 | -50.0% |
| Plant, machinery and equipment | 23 | €12,405 | €24,486 | +€12,081 | +97.4% |
| Furniture and vehicles | 24 | €1,193 | €2,303 | +€1,110 | +93.0% |
| Financial fixed assets | 28 | €894 | €894 | = | 0.0% |
| Current assets | 29/58 | €108,976 | €116,580 | +€7,604 | +7.0% |
| Stocks and contracts in progress | 3 | €32,846 | €40,038 | +€7,192 | +21.9% |
| Stocks | 30/36 | €32,846 | €40,038 | +€7,192 | +21.9% |
| Amounts receivable within one year | 40/41 | €45,360 | €42,870 | -€2,491 | -5.5% |
| Trade receivables | 40 | €44,602 | €42,870 | -€1,732 | -3.9% |
| Other amounts receivable | 41 | €758 | - | -€758 | |
| Cash at bank and in hand | 54/58 | €5,930 | €8,833 | +€2,902 | +48.9% |
| Deferred charges and accrued income | 490/1 | €24,840 | €24,840 | = | 0.0% |
| Total equity and liabilities | 10/49 | €126,102 | €145,581 | +€19,479 | +15.4% |
| Equity | 10/15 | -€8,114 | €756 | +€8,870 | |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €9,359 | +€7,500 | +403% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | - | €7,500 | +€7,500 | |
| Profit (loss) carried forward | 14 | -€28,566 | -€27,195 | +€1,370 | +4.8% |
| Amounts payable | 17/49 | €134,217 | €144,825 | +€10,609 | +7.9% |
| Amounts payable after more than one year | 17 | €25,026 | €17,485 | -€7,540 | -30.1% |
| Financial debts | 170/4 | €14,071 | €17,485 | +€3,414 | +24.3% |
| Other amounts payable | 178/9 | €10,955 | - | -€10,955 | |
| Amounts payable within one year | 42/48 | €77,889 | €121,077 | +€43,188 | +55.4% |
| Current portion of amounts payable after more than one year | 42 | - | €11,155 | +€11,155 | |
| Trade debts | 44 | €42,875 | €47,338 | +€4,463 | +10.4% |
| Suppliers | 440/4 | €42,875 | €47,338 | +€4,463 | +10.4% |
| Taxes, remuneration and social security | 45 | €35,014 | €62,583 | +€27,569 | +78.7% |
| Taxes | 450/3 | €34,035 | €61,429 | +€27,394 | +80.5% |
| Remuneration and social security | 454/9 | €979 | €1,154 | +€175 | +17.9% |
| Accrued charges and deferred income | 492/3 | €31,302 | €6,263 | -€25,039 | -80.0% |
| Remuneration, social security and pensions | 62 | €28,904 | €34,191 | +€5,287 | +18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,343 | €5,946 | +€1,603 | +36.9% |
| Other operating charges | 640/8 | €710 | €507 | -€202 | -28.5% |
| Gross operating margin | 9900 | €50,749 | €62,787 | +€12,038 | +23.7% |
| Operating profit (loss) | 9901 | €16,792 | €22,143 | +€5,351 | +31.9% |
| Financial income | 75/76B | €1,129 | €1,274 | +€145 | +12.9% |
| Recurring financial income | 75 | €1,129 | €1,274 | +€145 | +12.9% |
| Financial charges | 65/66B | €10,298 | €5,968 | -€4,329 | -42.0% |
| Recurring financial charges | 65 | €10,298 | €5,968 | -€4,329 | -42.0% |
| Profit (loss) for the period before taxes | 9903 | €7,623 | €17,449 | +€9,826 | +129% |
| Income taxes | 67/77 | - | €16,078 | +€16,078 | |
| Profit (loss) for the period | 9904 | €7,623 | €1,370 | -€6,253 | -82.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,623 | €1,370 | -€6,253 | -82.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.