GERT VANDENHOUT: what changed
GERT VANDENHOUT
Largest movements
- Cash +€74,495
up €74,495 (+126%), from €59,194 to €133,689
mainly Investment in fixed assets (net) (+€43,477) and Depreciation (+€27,525)
- Tangible fixed assets -€71,002
down €71,002 (-70.7%), from €100,470 to €29,468
of which Furniture and vehicles: -€45,216
- Current investments +€12,000
up €12,000 (+5.7%), from €210,663 to €222,663
- Reserves +€21,281
up €21,281 (+5.8%), from €369,132 to €390,413
of which Distributable reserves: +€21,281
- Gross operating margin -€15,422
down €15,422 (-18.6%), from €82,877 to €67,455
- Depreciation -€13,055
down €13,055 (-32.2%), from €40,580 to €27,525
- Financial charges +€5,644
up €5,644, from -€4,168 to €1,476
- Taxes -€4,309
down €4,309 (-27.8%), from €15,520 to €11,211
- Financial income +€1,917
up €1,917 (+57.6%), from €3,326 to €5,243
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 | €495,459 | €515,536 | +€20,077 | +4.1% |
| Fixed assets | 21/28 | €224,750 | €153,748 | -€71,002 | -31.6% |
| Tangible fixed assets | 22/27 | €100,470 | €29,468 | -€71,002 | -70.7% |
| Land and buildings | 22 | €52,069 | €25,725 | -€26,344 | -50.6% |
| Plant, machinery and equipment | 23 | €1,863 | €2,421 | +€558 | +29.9% |
| Furniture and vehicles | 24 | €46,538 | €1,322 | -€45,216 | -97.2% |
| Financial fixed assets | 28 | €124,280 | €124,280 | = | 0.0% |
| Current assets | 29/58 | €270,708 | €361,788 | +€91,079 | +33.6% |
| Amounts receivable within one year | 40/41 | €777 | €5,362 | +€4,585 | +590% |
| Other amounts receivable | 41 | €777 | €5,362 | +€4,585 | +590% |
| Current investments | 50/53 | €210,663 | €222,663 | +€12,000 | +5.7% |
| Cash at bank and in hand | 54/58 | €59,194 | €133,689 | +€74,495 | +126% |
| Deferred charges and accrued income | 490/1 | €75 | €75 | = | 0.0% |
| Total equity and liabilities | 10/49 | €495,459 | €515,536 | +€20,077 | +4.1% |
| Equity | 10/15 | €387,682 | €408,963 | +€21,281 | +5.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €369,132 | €390,413 | +€21,281 | +5.8% |
| Tax-exempt reserves | 132 | €13,703 | €13,703 | = | 0.0% |
| Distributable reserves | 133 | €355,430 | €376,710 | +€21,281 | +6.0% |
| Amounts payable | 17/49 | €107,776 | €106,573 | -€1,203 | -1.1% |
| Amounts payable within one year | 42/48 | €107,776 | €106,573 | -€1,203 | -1.1% |
| Trade debts | 44 | €104 | €135 | +€31 | +29.7% |
| Suppliers | 440/4 | €104 | €135 | +€31 | +29.7% |
| Taxes, remuneration and social security | 45 | €4,722 | €3,423 | -€1,299 | -27.5% |
| Taxes | 450/3 | €4,722 | €3,400 | -€1,322 | -28.0% |
| Remuneration and social security | 454/9 | - | €23 | +€23 | |
| Other amounts payable | 47/48 | €102,950 | €103,015 | +€65 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,580 | €27,525 | -€13,055 | -32.2% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | - | €10,806 | +€10,806 | |
| Gross operating margin | 9900 | €82,877 | €67,455 | -€15,422 | -18.6% |
| Operating profit (loss) | 9901 | €41,910 | €28,724 | -€13,186 | -31.5% |
| Financial income | 75/76B | €3,326 | €5,243 | +€1,917 | +57.6% |
| Recurring financial income | 75 | €3,326 | €5,243 | +€1,917 | +57.6% |
| Financial charges | 65/66B | -€4,168 | €1,476 | +€5,644 | |
| Recurring financial charges | 65 | -€4,168 | €1,476 | +€5,644 | |
| Profit (loss) for the period before taxes | 9903 | €49,405 | €32,491 | -€16,913 | -34.2% |
| Income taxes | 67/77 | €15,520 | €11,211 | -€4,309 | -27.8% |
| Profit (loss) for the period | 9904 | €33,885 | €21,281 | -€12,604 | -37.2% |
| Profit (loss) for the period to be appropriated | 9905 | €33,885 | €21,281 | -€12,604 | -37.2% |
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 3 November 2026 via checked.be.