BRECHT VANHOEF: what changed
BRECHT VANHOEF
Largest movements
- Receivables within one year -€37,711
down €37,711 (-73.9%), from €50,999 to €13,287
of which Other amounts receivable: -€26,231
- Tangible fixed assets -€14,398
down €14,398 (-26.6%), from €54,049 to €39,651
of which Leasing and similar rights: -€12,960
- Cash +€11,356
up €11,356 (+755%), from €1,503 to €12,859
mainly Receivables within one year (+€37,711) and Depreciation (+€16,492)
- Reserves -€30,527
down €30,527 (-89.2%), from €34,217 to €3,689
- Debts after one year -€13,237
down €13,237 (-25.8%), from €51,239 to €38,002
- Tax, wage and social debts +€9,895
up €9,895 (+110%), from €9,034 to €18,929
- Trade debts -€8,771
down €8,771 (-71.9%), from €12,197 to €3,426
- Gross operating margin +€6,423
up €6,423 (+22.0%), from €29,156 to €35,579
- Taxes +€2,109
up €2,109 (+49.8%), from €4,233 to €6,341
- Other operating charges -€1,140
down €1,140 (-30.2%), from €3,775 to €2,636
- Financial charges -€604
down €604 (-20.1%), from €3,007 to €2,403
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 | €124,528 | €83,305 | -€41,223 | -33.1% |
| Fixed assets | 21/28 | €70,999 | €56,601 | -€14,398 | -20.3% |
| Tangible fixed assets | 22/27 | €54,049 | €39,651 | -€14,398 | -26.6% |
| Plant, machinery and equipment | 23 | €1,757 | €1,120 | -€637 | -36.3% |
| Furniture and vehicles | 24 | €4,033 | €3,585 | -€448 | -11.1% |
| Leasing and similar rights | 25 | €46,362 | €33,402 | -€12,960 | -28.0% |
| Other tangible fixed assets | 26 | €1,897 | €1,544 | -€353 | -18.6% |
| Financial fixed assets | 28 | €16,950 | €16,950 | = | 0.0% |
| Current assets | 29/58 | €53,529 | €26,704 | -€26,825 | -50.1% |
| Amounts receivable within one year | 40/41 | €50,999 | €13,287 | -€37,711 | -73.9% |
| Trade receivables | 40 | €24,768 | €13,287 | -€11,480 | -46.4% |
| Other amounts receivable | 41 | €26,231 | - | -€26,231 | |
| Cash at bank and in hand | 54/58 | €1,503 | €12,859 | +€11,356 | +755% |
| Deferred charges and accrued income | 490/1 | €1,027 | €557 | -€470 | -45.8% |
| Total equity and liabilities | 10/49 | €124,528 | €83,305 | -€41,223 | -33.1% |
| Equity | 10/15 | €39,217 | €8,689 | -€30,527 | -77.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €34,217 | €3,689 | -€30,527 | -89.2% |
| Distributable reserves | 133 | €34,217 | €3,689 | -€30,527 | -89.2% |
| Amounts payable | 17/49 | €85,311 | €74,616 | -€10,696 | -12.5% |
| Amounts payable after more than one year | 17 | €51,239 | €38,002 | -€13,237 | -25.8% |
| Financial debts | 170/4 | €51,239 | €38,002 | -€13,237 | -25.8% |
| Amounts payable within one year | 42/48 | €34,072 | €36,614 | +€2,542 | +7.5% |
| Current portion of amounts payable after more than one year | 42 | €12,633 | €13,237 | +€604 | +4.8% |
| Trade debts | 44 | €12,197 | €3,426 | -€8,771 | -71.9% |
| Suppliers | 440/4 | €12,197 | €3,426 | -€8,771 | -71.9% |
| Taxes, remuneration and social security | 45 | €9,034 | €18,929 | +€9,895 | +110% |
| Taxes | 450/3 | €9,034 | €18,929 | +€9,895 | +110% |
| Other amounts payable | 47/48 | €208 | €1,021 | +€813 | +392% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,447 | €16,492 | +€45 | +0.3% |
| Other operating charges | 640/8 | €3,775 | €2,636 | -€1,140 | -30.2% |
| Gross operating margin | 9900 | €29,156 | €35,579 | +€6,423 | +22.0% |
| Operating profit (loss) | 9901 | €8,934 | €16,452 | +€7,518 | +84.2% |
| Financial income | 75/76B | €0 | €1 | +€1 | +1,650% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +1,650% |
| Financial charges | 65/66B | €3,007 | €2,403 | -€604 | -20.1% |
| Recurring financial charges | 65 | €3,007 | €2,403 | -€604 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €5,926 | €14,049 | +€8,123 | +137% |
| Income taxes | 67/77 | €4,233 | €6,341 | +€2,109 | +49.8% |
| Profit (loss) for the period | 9904 | €1,694 | €7,708 | +€6,014 | +355% |
| Profit (loss) for the period to be appropriated | 9905 | €1,694 | €7,708 | +€6,014 | +355% |
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 2 November 2026 via checked.be.