HENDRIK VANLERBERGHE: 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.
What changed
HENDRIK VANLERBERGHE
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €1.2m-€144,089
Equity
€4.9m
2024 · €4.6m+€287,969
Cash
€16,387
2024 · €136,541-€120,154
Balance sheet total
€7.1m
2024 · €7.4m-€367,790
Largest movements
Assets
- Financial fixed assets -€688,862
down €688,862 (-11.2%), from €6.1m to €5.5m
of which Companies linked by participating interests: -€809,091
- Receivables within one year +€617,813
up €617,813 (+346%), from €178,560 to €796,373
of which Other amounts receivable: +€400,533
- Current investments -€125,116
down €125,116 (-20.3%), from €616,986 to €491,870
- Cash -€120,154
down €120,154 (-88.0%), from €136,541 to €16,387
mainly Contributions, distributions and other (-€790,000) and Receivables within one year (-€617,813)
Equity and liabilities
- Debts after one year -€431,834
down €431,834 (-32.8%), from €1.3m to €885,614
- Reserves +€287,969
up €287,969 (+6.3%), from €4.5m to €4.8m
- Other debts -€119,382
down €119,382 (-13.1%), from €909,382 to €790,000
Income statement
- Write-downs -€349,823
down €349,823, from €197,614 to -€152,209
- Financial income -€333,993
down €333,993 (-26.3%), from €1.3m to €938,147
- Taxes +€103,827
up €103,827 (+10,214%), from €1,017 to €104,844
- Services and other goods +€71,608
up €71,608 (+41.2%), from €173,625 to €245,233
- Turnover +€32,149
up €32,149 (+4.4%), from €724,259 to €756,409
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.
Result 2024
€1.2m
Turnover
+€32,149
Other operating income
+€23,897
Services and other goods
-€71,608
Staff costs
-€8,908
Depreciation
-€1,805
Write-downs
+€349,823
Other operating charges
+€123
Financial income
-€333,993
Financial charges
-€29,941
Taxes
-€103,827
Result 2025
€1.1m
raises the resultlowers the result
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.
From operations
+€350,002
Investment
+€813,978
Financing
-€1.3m
Cash 2024
€136,541
From operations (derived)
+€350,002
Net result for the year
+€1.1m
Depreciation
+€50,611
Receivables within one year
-€617,813
Smaller working-capital items
+€210
Tax, wage and social debts
-€20,002
Other debts
-€119,382
Accrued charges and deferred income
-€21,591
Investment (derived)
+€813,978
Investment in fixed assets (net)
+€688,862
Current investments
+€125,116
Financing
-€1.3m
Debts after one year
-€431,834
Current portion of long-term debt
-€62,299
Contributions, distributions and other
-€790,000
Cash 2025
€16,387
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,421,762 | €7,053,972 | -€367,790 | -5.0% |
| Fixed assets | 21/28 | €6,470,368 | €5,730,895 | -€739,473 | -11.4% |
| Tangible fixed assets | 22/27 | €322,124 | €271,512 | -€50,611 | -15.7% |
| Furniture and vehicles | 24 | €322,124 | €271,512 | -€50,611 | -15.7% |
| Financial fixed assets | 28 | €6,148,245 | €5,459,382 | -€688,862 | -11.2% |
| Affiliated companies | 280/1 | €5,063,030 | €5,183,258 | +€120,229 | +2.4% |
| Participating interests | 280 | €4,303,310 | €5,112,402 | +€809,092 | +18.8% |
| Amounts receivable | 281 | €759,720 | €70,857 | -€688,863 | -90.7% |
| Companies linked by participating interests | 282/3 | €1,085,215 | €276,124 | -€809,091 | -74.6% |
| Participating interests | 282 | €170,500 | €158,000 | -€12,500 | -7.3% |
| Amounts receivable | 283 | €914,715 | €118,124 | -€796,591 | -87.1% |
| Current assets | 29/58 | €951,393 | €1,323,077 | +€371,683 | +39.1% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €178,560 | €796,373 | +€617,813 | +346% |
| Trade receivables | 40 | €121,343 | €338,622 | +€217,279 | +179% |
| Other amounts receivable | 41 | €57,217 | €457,750 | +€400,533 | +700% |
| Current investments | 50/53 | €616,986 | €491,870 | -€125,116 | -20.3% |
| Other investments | 51/53 | €616,986 | €491,870 | -€125,116 | -20.3% |
| Cash at bank and in hand | 54/58 | €136,541 | €16,387 | -€120,154 | -88.0% |
| Deferred charges and accrued income | 490/1 | €19,306 | €18,447 | -€860 | -4.5% |
| Total equity and liabilities | 10/49 | €7,421,762 | €7,053,972 | -€367,790 | -5.0% |
| Equity | 10/15 | €4,567,448 | €4,855,416 | +€287,969 | +6.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €4,547,448 | €4,835,416 | +€287,969 | +6.3% |
| Distributable reserves | 133 | €4,547,448 | €4,835,416 | +€287,969 | +6.3% |
| Amounts payable | 17/49 | €2,854,314 | €2,198,555 | -€655,759 | -23.0% |
| Amounts payable after more than one year | 17 | €1,317,448 | €885,614 | -€431,834 | -32.8% |
| Financial debts | 170/4 | €1,317,448 | €885,614 | -€431,834 | -32.8% |
| Credit institutions | 173 | €1,317,448 | €885,614 | -€431,834 | -32.8% |
| Amounts payable within one year | 42/48 | €1,510,064 | €1,307,731 | -€202,333 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €494,134 | €431,834 | -€62,299 | -12.6% |
| Trade debts | 44 | €13,402 | €12,752 | -€650 | -4.8% |
| Suppliers | 440/4 | €13,402 | €12,752 | -€650 | -4.8% |
| Taxes, remuneration and social security | 45 | €93,147 | €73,144 | -€20,002 | -21.5% |
| Taxes | 450/3 | €58,344 | €36,276 | -€22,068 | -37.8% |
| Remuneration and social security | 454/9 | €34,803 | €36,869 | +€2,066 | +5.9% |
| Other amounts payable | 47/48 | €909,382 | €790,000 | -€119,382 | -13.1% |
| Accrued charges and deferred income | 492/3 | €26,802 | €5,211 | -€21,591 | -80.6% |
| Operating income | 70/76A | €737,073 | €793,120 | +€56,047 | +7.6% |
| Turnover | 70 | €724,259 | €756,409 | +€32,149 | +4.4% |
| Other operating income | 74 | €12,814 | €36,712 | +€23,897 | +186% |
| Operating charges | 60/66A | €743,209 | €475,583 | -€267,626 | -36.0% |
| Services and other goods | 61 | €173,625 | €245,233 | +€71,608 | +41.2% |
| Remuneration, social security and pensions | 62 | €316,234 | €325,142 | +€8,908 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,807 | €50,611 | +€1,805 | +3.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €197,614 | -€152,209 | -€349,823 | |
| Other operating charges | 640/8 | €6,928 | €6,805 | -€123 | -1.8% |
| Operating profit (loss) | 9901 | -€6,135 | €317,538 | +€323,673 | |
| Financial income | 75/76B | €1,272,139 | €938,147 | -€333,993 | -26.3% |
| Recurring financial income | 75 | €1,272,139 | €938,147 | -€333,993 | -26.3% |
| Income from financial fixed assets | 750 | €1,259,720 | €795,471 | -€464,249 | -36.9% |
| Income from current assets | 751 | €11,641 | €9,551 | -€2,090 | -18.0% |
| Other financial income | 752/9 | €779 | €133,125 | +€132,347 | +16,996% |
| Financial charges | 65/66B | €42,930 | €72,872 | +€29,941 | +69.7% |
| Recurring financial charges | 65 | €42,930 | €72,872 | +€29,941 | +69.7% |
| Debt charges | 650 | €43,706 | €41,116 | -€2,589 | -5.9% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€6,710 | €28,622 | +€35,332 | |
| Other financial charges | 652/9 | €5,935 | €3,134 | -€2,801 | -47.2% |
| Profit (loss) for the period before taxes | 9903 | €1,223,074 | €1,182,813 | -€40,261 | -3.3% |
| Income taxes | 67/77 | €1,017 | €104,844 | +€103,827 | +10,214% |
| Taxes | 670/3 | €1,017 | €104,844 | +€103,827 | +10,214% |
| Profit (loss) for the period | 9904 | €1,222,057 | €1,077,969 | -€144,089 | -11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,222,057 | €1,077,969 | -€144,089 | -11.8% |
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 29 October 2026 via checked.be.