GERT VANHEES: 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.
GERT VANHEES
Largest movements
- Receivables within one year +€168,467
up €168,467 (+5.3%), from €3.2m to €3.3m
- Current investments +€166,682
up €166,682 (+14.8%), from €1.1m to €1.3m
- Tangible fixed assets -€74,278
down €74,278 (-51.2%), from €145,206 to €70,928
of which Furniture and vehicles: -€73,707
- Cash +€69,057
up €69,057 (+41.1%), from €168,098 to €237,155
mainly Net result for the year (+€696,074) and Investment in fixed assets (net) (+€55,839)
- Reserves +€696,074
up €696,074 (+18.9%), from €3.7m to €4.4m
- Accrued charges and deferred income -€422,878
down €422,878 (-93.4%), from €452,709 to €29,831
- Financial income +€53,434
up €53,434 (+39.5%), from €135,177 to €188,611
of which Non-recurring financial income: +€62,505
- Gross operating margin +€44,664
up €44,664 (+5.3%), from €839,324 to €883,989
- Taxes +€35,836
up €35,836 (+12.5%), from €286,938 to €322,774
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,647,231 | €5,975,441 | +€328,210 | +5.8% |
| Fixed assets | 21/28 | €145,206 | €70,928 | -€74,278 | -51.2% |
| Tangible fixed assets | 22/27 | €145,206 | €70,928 | -€74,278 | -51.2% |
| Plant, machinery and equipment | 23 | €1,575 | €1,004 | -€571 | -36.2% |
| Furniture and vehicles | 24 | €143,631 | €69,924 | -€73,707 | -51.3% |
| Current assets | 29/58 | €5,502,025 | €5,904,513 | +€402,488 | +7.3% |
| Amounts receivable after more than one year | 29 | €1,020,000 | €1,020,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,020,000 | €1,020,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,161,099 | €3,329,566 | +€168,467 | +5.3% |
| Other amounts receivable | 41 | €3,161,099 | €3,329,566 | +€168,467 | +5.3% |
| Current investments | 50/53 | €1,127,469 | €1,294,151 | +€166,682 | +14.8% |
| Cash at bank and in hand | 54/58 | €168,098 | €237,155 | +€69,057 | +41.1% |
| Deferred charges and accrued income | 490/1 | €25,359 | €23,642 | -€1,718 | -6.8% |
| Total equity and liabilities | 10/49 | €5,647,231 | €5,975,441 | +€328,210 | +5.8% |
| Equity | 10/15 | €4,524,666 | €5,220,741 | +€696,074 | +15.4% |
| Contributions | 10/11 | €33,000 | €33,000 | = | 0.0% |
| Reserves | 13 | €3,676,551 | €4,372,626 | +€696,074 | +18.9% |
| Distributable reserves | 133 | €3,676,551 | €4,372,626 | +€696,074 | +18.9% |
| Profit (loss) carried forward | 14 | €815,115 | €815,115 | = | 0.0% |
| Amounts payable | 17/49 | €1,122,564 | €754,700 | -€367,864 | -32.8% |
| Amounts payable within one year | 42/48 | €669,856 | €724,869 | +€55,014 | +8.2% |
| Trade debts | 44 | €11,502 | €7,118 | -€4,384 | -38.1% |
| Suppliers | 440/4 | €11,502 | €7,118 | -€4,384 | -38.1% |
| Taxes, remuneration and social security | 45 | €56,104 | €90,751 | +€34,647 | +61.8% |
| Taxes | 450/3 | €56,104 | €90,751 | +€34,647 | +61.8% |
| Other amounts payable | 47/48 | €602,250 | €627,000 | +€24,750 | +4.1% |
| Accrued charges and deferred income | 492/3 | €452,709 | €29,831 | -€422,878 | -93.4% |
| Non-recurring operating income | 76A | - | €722 | +€722 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,925 | €18,439 | -€1,486 | -7.5% |
| Other operating charges | 640/8 | €2,757 | €2,855 | +€98 | +3.6% |
| Gross operating margin | 9900 | €839,324 | €883,989 | +€44,664 | +5.3% |
| Operating profit (loss) | 9901 | €816,642 | €862,695 | +€46,053 | +5.6% |
| Financial income | 75/76B | €135,177 | €188,611 | +€53,434 | +39.5% |
| Recurring financial income | 75 | €135,177 | €126,106 | -€9,071 | -6.7% |
| Non-recurring financial income | 76B | - | €62,505 | +€62,505 | |
| Financial charges | 65/66B | €34,442 | €32,458 | -€1,984 | -5.8% |
| Recurring financial charges | 65 | €34,442 | €32,458 | -€1,984 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €917,378 | €1,018,848 | +€101,470 | +11.1% |
| Income taxes | 67/77 | €286,938 | €322,774 | +€35,836 | +12.5% |
| Profit (loss) for the period | 9904 | €630,440 | €696,074 | +€65,635 | +10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €630,440 | €696,074 | +€65,635 | +10.4% |
Source: filed annual accounts (NBB), financial years ended 30 April 2025 and 30 April 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.