Ben Vanhecke: 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.
Ben Vanhecke
Largest movements
- Cash +€107,070
up €107,070 (+1,397%), from €7,662 to €114,732
mainly Net result for the year (+€225,800) and Depreciation (+€36,735)
- Receivables after one year +€89,847
up €89,847 (+25.9%), from €346,349 to €436,196
- Tangible fixed assets -€25,583
down €25,583 (-4.0%), from €635,200 to €609,618
of which Land and buildings: -€32,332
- Profit (loss) carried forward +€225,800
up €225,800 (+38.5%), from €587,200 to €813,001
- Debts after one year -€32,163
down €32,163 (-5.6%), from €578,697 to €546,534
- Other debts -€26,336
down €26,336 (-10.7%), from €246,325 to €219,989
- Depreciation -€23,120
down €23,120 (-38.6%), from €59,854 to €36,735
- Financial charges +€17,744
up €17,744 (+269%), from €6,588 to €24,333
- Gross operating margin -€14,951
down €14,951 (-4.2%), from €352,203 to €337,252
- Financial income +€6,540
up €6,540 (+37.5%), from €17,444 to €23,985
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 | €1,474,928 | €1,637,609 | +€162,681 | +11.0% |
| Fixed assets | 21/28 | €635,200 | €609,618 | -€25,583 | -4.0% |
| Tangible fixed assets | 22/27 | €635,200 | €609,618 | -€25,583 | -4.0% |
| Land and buildings | 22 | €618,419 | €586,087 | -€32,332 | -5.2% |
| Plant, machinery and equipment | 23 | €1,247 | €818 | -€429 | -34.4% |
| Furniture and vehicles | 24 | €190 | €9,316 | +€9,126 | +4,802% |
| Other tangible fixed assets | 26 | €15,345 | €13,398 | -€1,947 | -12.7% |
| Current assets | 29/58 | €839,727 | €1,027,991 | +€188,264 | +22.4% |
| Amounts receivable after more than one year | 29 | €346,349 | €436,196 | +€89,847 | +25.9% |
| Other amounts receivable | 291 | €346,349 | €436,196 | +€89,847 | +25.9% |
| Amounts receivable within one year | 40/41 | €467,334 | €452,572 | -€14,761 | -3.2% |
| Trade receivables | 40 | €442,175 | €423,163 | -€19,012 | -4.3% |
| Other amounts receivable | 41 | €25,159 | €29,410 | +€4,251 | +16.9% |
| Cash at bank and in hand | 54/58 | €7,662 | €114,732 | +€107,070 | +1,397% |
| Deferred charges and accrued income | 490/1 | €18,383 | €24,491 | +€6,108 | +33.2% |
| Total equity and liabilities | 10/49 | €1,474,928 | €1,637,609 | +€162,681 | +11.0% |
| Equity | 10/15 | €607,660 | €833,461 | +€225,800 | +37.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €587,200 | €813,001 | +€225,800 | +38.5% |
| Amounts payable | 17/49 | €867,267 | €804,148 | -€63,119 | -7.3% |
| Amounts payable after more than one year | 17 | €578,697 | €546,534 | -€32,163 | -5.6% |
| Financial debts | 170/4 | €578,697 | €546,534 | -€32,163 | -5.6% |
| Amounts payable within one year | 42/48 | €287,505 | €256,548 | -€30,957 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €34,028 | €32,163 | -€1,865 | -5.5% |
| Trade debts | 44 | €6,371 | €4,161 | -€2,210 | -34.7% |
| Suppliers | 440/4 | €6,371 | €4,161 | -€2,210 | -34.7% |
| Taxes, remuneration and social security | 45 | €781 | €235 | -€546 | -69.9% |
| Taxes | 450/3 | €781 | €235 | -€546 | -69.9% |
| Other amounts payable | 47/48 | €246,325 | €219,989 | -€26,336 | -10.7% |
| Accrued charges and deferred income | 492/3 | €1,066 | €1,067 | +€1 | +0.1% |
| Non-recurring operating income | 76A | - | €1,880 | +€1,880 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,854 | €36,735 | -€23,120 | -38.6% |
| Other operating charges | 640/8 | €4,305 | €3,997 | -€308 | -7.1% |
| Non-recurring operating charges | 66A | €7,500 | - | -€7,500 | |
| Gross operating margin | 9900 | €352,203 | €337,252 | -€14,951 | -4.2% |
| Operating profit (loss) | 9901 | €280,544 | €296,520 | +€15,976 | +5.7% |
| Financial income | 75/76B | €17,444 | €23,985 | +€6,540 | +37.5% |
| Recurring financial income | 75 | €17,444 | €23,985 | +€6,540 | +37.5% |
| Financial charges | 65/66B | €6,588 | €24,333 | +€17,744 | +269% |
| Recurring financial charges | 65 | €6,588 | €24,333 | +€17,744 | +269% |
| Profit (loss) for the period before taxes | 9903 | €291,400 | €296,172 | +€4,772 | +1.6% |
| Income taxes | 67/77 | €70,241 | €70,372 | +€130 | +0.2% |
| Profit (loss) for the period | 9904 | €221,159 | €225,800 | +€4,642 | +2.1% |
| Profit (loss) for the period to be appropriated | 9905 | €221,159 | €225,800 | +€4,642 | +2.1% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.