DR. FRANK VANHOVE: what changed
What changed
DR. FRANK VANHOVE
filed annual accounts (NBB)
Net result for the year
€458,501
2024 · €420,109+€38,392
Equity
€1.3m
2024 · €1.7m-€458,581
Cash
€705,915
2024 · €576,570+€129,345
Balance sheet total
€2.4m
2024 · €2.3m+€179,063
Largest movements
Assets
- Current investments +€136,671
up €136,671 (+23.3%), from €586,742 to €723,413
- Cash +€129,345
up €129,345 (+22.4%), from €576,570 to €705,915
mainly Other debts (+€588,218) and Net result for the year (+€458,501)
- Receivables within one year -€53,036
down €53,036 (-7.2%), from €741,443 to €688,408
of which Trade receivables: -€48,213
- Tangible fixed assets -€33,925
down €33,925 (-11.2%), from €302,535 to €268,610
Equity and liabilities
- Other debts +€588,218
up €588,218 (+163%), from €361,446 to €949,663
- Reserves -€458,581
down €458,581 (-26.7%), from €1.7m to €1.3m
- Current portion of long-term debt +€29,752
up €29,752 (+42.5%), from €70,000 to €99,752
Income statement
- Gross operating margin +€54,911
up €54,911 (+8.4%), from €655,405 to €710,317
- Taxes +€18,555
up €18,555 (+9.7%), from €191,017 to €209,571
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.
Result 2024
€420,109
Gross operating margin
+€54,911
Depreciation
-€1,916
Other operating charges
+€954
Financial income
+€3,935
Financial charges
-€938
Taxes
-€18,555
Result 2025
€458,501
raises the resultlowers the result
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.
From operations
+€1.2m
Investment
-€139,591
Financing
-€887,330
Cash 2024
€576,570
From operations (derived)
+€1.2m
Net result for the year
+€458,501
Depreciation
+€36,845
Receivables within one year
+€53,036
Deferred charges and accrued income
-€7
Trade debts
+€10,124
Tax, wage and social debts
+€9,550
Other debts
+€588,218
Investment (derived)
-€139,591
Investment in fixed assets (net)
-€2,920
Current investments
-€136,671
Financing
-€887,330
Current portion of long-term debt
+€29,752
Contributions, distributions and other
-€917,082
Cash 2025
€705,915
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,259,317 | €2,438,380 | +€179,063 | +7.9% |
| Fixed assets | 21/28 | €352,535 | €318,610 | -€33,925 | -9.6% |
| Tangible fixed assets | 22/27 | €302,535 | €268,610 | -€33,925 | -11.2% |
| Land and buildings | 22 | €252,911 | €239,203 | -€13,708 | -5.4% |
| Plant, machinery and equipment | 23 | €9,169 | €6,929 | -€2,240 | -24.4% |
| Furniture and vehicles | 24 | €30,355 | €15,745 | -€14,610 | -48.1% |
| Other tangible fixed assets | 26 | €10,099 | €6,733 | -€3,366 | -33.3% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €1,906,782 | €2,119,770 | +€212,988 | +11.2% |
| Amounts receivable within one year | 40/41 | €741,443 | €688,408 | -€53,036 | -7.2% |
| Trade receivables | 40 | €150,578 | €102,365 | -€48,213 | -32.0% |
| Other amounts receivable | 41 | €590,866 | €586,043 | -€4,823 | -0.8% |
| Current investments | 50/53 | €586,742 | €723,413 | +€136,671 | +23.3% |
| Cash at bank and in hand | 54/58 | €576,570 | €705,915 | +€129,345 | +22.4% |
| Deferred charges and accrued income | 490/1 | €2,027 | €2,035 | +€7 | +0.4% |
| Total equity and liabilities | 10/49 | €2,259,317 | €2,438,380 | +€179,063 | +7.9% |
| Equity | 10/15 | €1,734,662 | €1,276,080 | -€458,581 | -26.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,716,062 | €1,257,480 | -€458,581 | -26.7% |
| Distributable reserves | 133 | €1,716,062 | €1,257,480 | -€458,581 | -26.7% |
| Amounts payable | 17/49 | €524,655 | €1,162,299 | +€637,644 | +122% |
| Amounts payable within one year | 42/48 | €524,655 | €1,162,299 | +€637,644 | +122% |
| Current portion of amounts payable after more than one year | 42 | €70,000 | €99,752 | +€29,752 | +42.5% |
| Trade debts | 44 | €1,395 | €11,519 | +€10,124 | +726% |
| Suppliers | 440/4 | €1,395 | €11,519 | +€10,124 | +726% |
| Taxes, remuneration and social security | 45 | €91,815 | €101,365 | +€9,550 | +10.4% |
| Taxes | 450/3 | €91,815 | €101,365 | +€9,550 | +10.4% |
| Other amounts payable | 47/48 | €361,446 | €949,663 | +€588,218 | +163% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,929 | €36,845 | +€1,916 | +5.5% |
| Other operating charges | 640/8 | €6,351 | €5,397 | -€954 | -15.0% |
| Gross operating margin | 9900 | €655,405 | €710,317 | +€54,911 | +8.4% |
| Operating profit (loss) | 9901 | €614,125 | €668,075 | +€53,949 | +8.8% |
| Financial income | 75/76B | €259 | €4,194 | +€3,935 | +1,519% |
| Recurring financial income | 75 | €259 | €4,194 | +€3,935 | +1,519% |
| Financial charges | 65/66B | €3,259 | €4,196 | +€938 | +28.8% |
| Recurring financial charges | 65 | €3,259 | €4,196 | +€938 | +28.8% |
| Profit (loss) for the period before taxes | 9903 | €611,126 | €668,072 | +€56,946 | +9.3% |
| Income taxes | 67/77 | €191,017 | €209,571 | +€18,555 | +9.7% |
| Profit (loss) for the period | 9904 | €420,109 | €458,501 | +€38,392 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €420,109 | €458,501 | +€38,392 | +9.1% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.