WIM VANDENBERGHE: 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.
WIM VANDENBERGHE
Largest movements
- Current investments +€152,651
up €152,651 (+58.5%), from €260,758 to €413,409
- Financial fixed assets +€52,000
new in 2025: €52,000
- Cash -€41,005
down €41,005 (-7.6%), from €538,943 to €497,938
mainly Current investments (-€152,651) and Investment in fixed assets (net) (-€58,909)
- Tangible fixed assets -€10,829
down €10,829 (-19.4%), from €55,683 to €44,854
of which Furniture and vehicles: -€6,484
- Reserves +€97,771
up €97,771 (+11.7%), from €836,997 to €934,767
of which Distributable reserves: +€97,771
- Debts after one year +€40,709
new in 2025: €40,709
- Tax, wage and social debts +€11,401
up €11,401 (+195%), from €5,841 to €17,243
- Financial income +€11,587
up €11,587 (+170%), from €6,823 to €18,411
of which Non-recurring financial income: +€6,317
- Gross operating margin -€5,688
down €5,688 (-2.5%), from €229,614 to €223,926
- Financial charges -€3,189
down €3,189 (-84.2%), from €3,787 to €599
- Depreciation -€2,990
down €2,990 (-14.4%), from €20,728 to €17,738
- Taxes +€2,440
up €2,440 (+3.7%), from €66,101 to €68,541
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 | €863,588 | €1,022,629 | +€159,041 | +18.4% |
| Fixed assets | 21/28 | €55,683 | €96,854 | +€41,171 | +73.9% |
| Tangible fixed assets | 22/27 | €55,683 | €44,854 | -€10,829 | -19.4% |
| Plant, machinery and equipment | 23 | €2,364 | €2,963 | +€599 | +25.3% |
| Furniture and vehicles | 24 | €27,764 | €21,280 | -€6,484 | -23.4% |
| Other tangible fixed assets | 26 | €25,556 | €20,612 | -€4,944 | -19.3% |
| Financial fixed assets | 28 | - | €52,000 | +€52,000 | |
| Current assets | 29/58 | €807,905 | €925,775 | +€117,869 | +14.6% |
| Amounts receivable within one year | 40/41 | €7,350 | €13,568 | +€6,218 | +84.6% |
| Trade receivables | 40 | - | €1,613 | +€1,613 | |
| Other amounts receivable | 41 | €7,350 | €11,955 | +€4,605 | +62.6% |
| Current investments | 50/53 | €260,758 | €413,409 | +€152,651 | +58.5% |
| Cash at bank and in hand | 54/58 | €538,943 | €497,938 | -€41,005 | -7.6% |
| Deferred charges and accrued income | 490/1 | €854 | €860 | +€6 | +0.7% |
| Total equity and liabilities | 10/49 | €863,588 | €1,022,629 | +€159,041 | +18.4% |
| Equity | 10/15 | €851,997 | €949,767 | +€97,771 | +11.5% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €836,997 | €934,767 | +€97,771 | +11.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €154 | €154 | = | 0.0% |
| Distributable reserves | 133 | €834,982 | €932,753 | +€97,771 | +11.7% |
| Amounts payable | 17/49 | €11,592 | €72,862 | +€61,270 | +529% |
| Amounts payable after more than one year | 17 | - | €40,709 | +€40,709 | |
| Financial debts | 170/4 | - | €40,709 | +€40,709 | |
| Amounts payable within one year | 42/48 | €8,472 | €26,950 | +€18,478 | +218% |
| Financial debts | 43 | - | €9,708 | +€9,708 | |
| Credit institutions | 430/8 | - | €9,708 | +€9,708 | |
| Trade debts | 44 | €2,631 | - | -€2,631 | |
| Suppliers | 440/4 | €2,631 | - | -€2,631 | |
| Taxes, remuneration and social security | 45 | €5,841 | €17,243 | +€11,401 | +195% |
| Taxes | 450/3 | €5,841 | €17,243 | +€11,401 | +195% |
| Accrued charges and deferred income | 492/3 | €3,120 | €5,202 | +€2,083 | +66.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,728 | €17,738 | -€2,990 | -14.4% |
| Other operating charges | 640/8 | €645 | €546 | -€99 | -15.4% |
| Gross operating margin | 9900 | €229,614 | €223,926 | -€5,688 | -2.5% |
| Operating profit (loss) | 9901 | €208,241 | €205,642 | -€2,599 | -1.2% |
| Financial income | 75/76B | €6,823 | €18,411 | +€11,587 | +170% |
| Recurring financial income | 75 | €6,823 | €12,094 | +€5,271 | +77.2% |
| Non-recurring financial income | 76B | - | €6,317 | +€6,317 | |
| Financial charges | 65/66B | €3,787 | €599 | -€3,189 | -84.2% |
| Recurring financial charges | 65 | €3,787 | €599 | -€3,189 | -84.2% |
| Profit (loss) for the period before taxes | 9903 | €211,277 | €223,454 | +€12,177 | +5.8% |
| Income taxes | 67/77 | €66,101 | €68,541 | +€2,440 | +3.7% |
| Profit (loss) for the period | 9904 | €145,176 | €154,914 | +€9,738 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €145,176 | €154,914 | +€9,738 | +6.7% |
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 25 October 2026 via checked.be.