HUBERT VENCKEN: 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.
HUBERT VENCKEN
Largest movements
- Current investments -€980,671
down €980,671 (-46.5%), from €2.1m to €1.1m
- Financial fixed assets +€799,643
up €799,643 (+18.4%), from €4.4m to €5.2m
- Receivables within one year +€417,628
up €417,628 (+41.1%), from €1.0m to €1.4m
- Other debts -€491,767
down €491,767 (-12.1%), from €4.0m to €3.6m
- Short-term financial debts +€250,000
new in 2025: €250,000
- Debts after one year +€200,000
up €200,000 (+13.3%), from €1.5m to €1.7m
- Current portion of long-term debt +€180,000
new in 2025: €180,000
- Reserves +€101,603
up €101,603 (+5.7%), from €1.8m to €1.9m
of which Distributable reserves: +€101,603
- Financial charges -€149,226
down €149,226 (-46.2%), from €323,010 to €173,784
- Gross operating margin -€79,123
down €79,123, from €69,750 to -€9,372
- Taxes +€8,411
up €8,411, from €0 to €8,411
- Financial income +€5,358
up €5,358 (+1.9%), from €275,253 to €280,612
- Other operating charges +€2,317
up €2,317 (+65.1%), from €3,559 to €5,876
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,502,735 | €7,738,254 | +€235,520 | +3.1% |
| Fixed assets | 21/28 | €4,357,500 | €5,157,143 | +€799,643 | +18.4% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Land and buildings | 22 | €0 | - | = | |
| Financial fixed assets | 28 | €4,357,500 | €5,157,143 | +€799,643 | +18.4% |
| Current assets | 29/58 | €3,145,235 | €2,581,111 | -€564,124 | -17.9% |
| Amounts receivable within one year | 40/41 | €1,015,921 | €1,433,549 | +€417,628 | +41.1% |
| Other amounts receivable | 41 | €1,015,921 | €1,433,549 | +€417,628 | +41.1% |
| Current investments | 50/53 | €2,110,486 | €1,129,815 | -€980,671 | -46.5% |
| Cash at bank and in hand | 54/58 | €18,828 | €17,748 | -€1,080 | -5.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €7,502,735 | €7,738,254 | +€235,520 | +3.1% |
| Equity | 10/15 | €1,834,319 | €1,917,487 | +€83,168 | +4.5% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Reserves | 13 | €1,778,684 | €1,880,287 | +€101,603 | +5.7% |
| Non-distributable reserves | 130/1 | €3,720 | €3,720 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,720 | €3,720 | = | 0.0% |
| Distributable reserves | 133 | €1,774,964 | €1,876,567 | +€101,603 | +5.7% |
| Profit (loss) carried forward | 14 | €18,435 | €0 | -€18,435 | -100% |
| Amounts payable | 17/49 | €5,668,416 | €5,820,768 | +€152,351 | +2.7% |
| Amounts payable after more than one year | 17 | €1,500,000 | €1,700,000 | +€200,000 | +13.3% |
| Financial debts | 170/4 | €1,500,000 | €1,700,000 | +€200,000 | +13.3% |
| Amounts payable within one year | 42/48 | €4,053,543 | €3,986,886 | -€66,657 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | - | €180,000 | +€180,000 | |
| Financial debts | 43 | - | €250,000 | +€250,000 | |
| Credit institutions | 430/8 | - | €250,000 | +€250,000 | |
| Trade debts | 44 | €4,890 | €0 | -€4,890 | -100% |
| Suppliers | 440/4 | €4,890 | €0 | -€4,890 | -100% |
| Other amounts payable | 47/48 | €4,048,653 | €3,556,886 | -€491,767 | -12.1% |
| Accrued charges and deferred income | 492/3 | €114,873 | €133,882 | +€19,009 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €3,559 | €5,876 | +€2,317 | +65.1% |
| Gross operating margin | 9900 | €69,750 | -€9,372 | -€79,123 | |
| Operating profit (loss) | 9901 | €66,192 | -€15,248 | -€81,440 | |
| Financial income | 75/76B | €275,253 | €280,612 | +€5,358 | +1.9% |
| Recurring financial income | 75 | €275,253 | €280,612 | +€5,358 | +1.9% |
| Financial charges | 65/66B | €323,010 | €173,784 | -€149,226 | -46.2% |
| Recurring financial charges | 65 | €323,010 | €173,784 | -€149,226 | -46.2% |
| Profit (loss) for the period before taxes | 9903 | €18,435 | €91,580 | +€73,145 | +397% |
| Income taxes | 67/77 | €0 | €8,411 | +€8,411 | |
| Profit (loss) for the period | 9904 | €18,435 | €83,168 | +€64,733 | +351% |
| Profit (loss) for the period to be appropriated | 9905 | €18,435 | €83,168 | +€64,733 | +351% |
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 18 October 2026 via checked.be.