Firma Vanhoorde: 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.
Firma Vanhoorde
Largest movements
- Cash -€42,175
down €42,175 (-41.8%), from €100,998 to €58,823
mainly Stocks and contracts (-€40,791) and Trade debts (-€17,835)
- Stocks and contracts +€40,791
up €40,791 (+20.9%), from €194,807 to €235,598
- Receivables within one year -€15,426
down €15,426 (-16.4%), from €94,037 to €78,611
of which Trade receivables: -€20,361
- Trade debts -€17,835
down €17,835 (-32.6%), from €54,745 to €36,910
- Gross operating margin -€42,163
down €42,163 (-77.9%), from €54,092 to €11,929
- Financial charges +€24,286
up €24,286 (+351%), from €6,912 to €31,198
- Financial income +€12,310
up €12,310 (+155%), from €7,921 to €20,231
- Depreciation -€9,992
no longer reported in 2025 (was €9,992)
- Other operating charges -€5,446
down €5,446 (-58.4%), from €9,328 to €3,881
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 | €484,141 | €467,234 | -€16,907 | -3.5% |
| Fixed assets | 21/28 | €46,635 | €46,635 | = | 0.0% |
| Tangible fixed assets | 22/27 | €46,500 | €46,500 | = | 0.0% |
| Land and buildings | 22 | €46,500 | €46,500 | = | 0.0% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €437,506 | €420,599 | -€16,907 | -3.9% |
| Stocks and contracts in progress | 3 | €194,807 | €235,598 | +€40,791 | +20.9% |
| Stocks | 30/36 | €194,807 | €235,598 | +€40,791 | +20.9% |
| Amounts receivable within one year | 40/41 | €94,037 | €78,611 | -€15,426 | -16.4% |
| Trade receivables | 40 | €94,025 | €73,664 | -€20,361 | -21.7% |
| Other amounts receivable | 41 | €12 | €4,946 | +€4,935 | +42,320% |
| Current investments | 50/53 | €47,568 | €47,568 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €100,998 | €58,823 | -€42,175 | -41.8% |
| Deferred charges and accrued income | 490/1 | €96 | - | -€96 | |
| Total equity and liabilities | 10/49 | €484,141 | €467,234 | -€16,907 | -3.5% |
| Equity | 10/15 | €426,930 | €423,901 | -€3,028 | -0.7% |
| Contributions | 10/11 | €530,000 | €530,000 | = | 0.0% |
| Contributions outside capital | 11 | €530,000 | €530,000 | = | 0.0% |
| Other | 1109/19 | €530,000 | €530,000 | = | 0.0% |
| Reserves | 13 | €16,687 | €16,687 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,292 | €4,292 | = | 0.0% |
| Distributable reserves | 133 | €12,395 | €12,395 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€119,758 | -€122,786 | -€3,028 | -2.5% |
| Amounts payable | 17/49 | €57,212 | €43,333 | -€13,879 | -24.3% |
| Amounts payable within one year | 42/48 | €57,212 | €43,333 | -€13,879 | -24.3% |
| Trade debts | 44 | €54,745 | €36,910 | -€17,835 | -32.6% |
| Suppliers | 440/4 | €54,745 | €36,910 | -€17,835 | -32.6% |
| Taxes, remuneration and social security | 45 | €1,962 | €6,423 | +€4,461 | +227% |
| Taxes | 450/3 | €1,962 | €2,560 | +€598 | +30.5% |
| Remuneration and social security | 454/9 | - | €3,863 | +€3,863 | |
| Other amounts payable | 47/48 | €505 | - | -€505 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,992 | - | -€9,992 | |
| Other operating charges | 640/8 | €9,328 | €3,881 | -€5,446 | -58.4% |
| Gross operating margin | 9900 | €54,092 | €11,929 | -€42,163 | -77.9% |
| Operating profit (loss) | 9901 | €34,772 | €8,048 | -€26,725 | -76.9% |
| Financial income | 75/76B | €7,921 | €20,231 | +€12,310 | +155% |
| Recurring financial income | 75 | €7,921 | €20,231 | +€12,310 | +155% |
| Financial charges | 65/66B | €6,912 | €31,198 | +€24,286 | +351% |
| Recurring financial charges | 65 | €6,912 | €31,198 | +€24,286 | +351% |
| Profit (loss) for the period before taxes | 9903 | €35,782 | -€2,919 | -€38,701 | |
| Income taxes | 67/77 | €683 | €109 | -€574 | -84.0% |
| Profit (loss) for the period | 9904 | €35,099 | -€3,028 | -€38,127 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,099 | -€3,028 | -€38,127 |
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 27 October 2026 via checked.be.