J. VANHOVE: 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.
J. VANHOVE
Largest movements
- Receivables within one year +€13,111
up €13,111 (+4.6%), from €284,117 to €297,228
of which Other amounts receivable: +€17,150
- Other debts -€61,850
no longer reported in 2025 (was €61,850)
- Tax, wage and social debts +€44,139
up €44,139 (+232%), from €19,058 to €63,197
- Reserves +€25,819
up €25,819 (+5.4%), from €480,877 to €506,696
- Gross operating margin +€65,818
up €65,818, from -€5,720 to €60,098
- Financial income -€44,951
down €44,951 (-74.2%), from €60,581 to €15,630
of which Non-recurring financial income: -€30,889
- Taxes +€32,537
up €32,537 (+212%), from €15,330 to €47,867
- Other operating charges +€606
up €606 (+217%), from €279 to €885
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 | €689,301 | €697,389 | +€8,087 | +1.2% |
| Fixed assets | 21/28 | €1,293 | €179 | -€1,114 | -86.2% |
| Tangible fixed assets | 22/27 | €1,293 | €179 | -€1,114 | -86.2% |
| Plant, machinery and equipment | 23 | €1,293 | €179 | -€1,114 | -86.2% |
| Current assets | 29/58 | €688,009 | €697,210 | +€9,201 | +1.3% |
| Amounts receivable within one year | 40/41 | €284,117 | €297,228 | +€13,111 | +4.6% |
| Trade receivables | 40 | €4,055 | €16 | -€4,039 | -99.6% |
| Other amounts receivable | 41 | €280,062 | €297,213 | +€17,150 | +6.1% |
| Current investments | 50/53 | €715 | - | -€715 | |
| Cash at bank and in hand | 54/58 | €403,176 | €399,982 | -€3,195 | -0.8% |
| Total equity and liabilities | 10/49 | €689,301 | €697,389 | +€8,087 | +1.2% |
| Equity | 10/15 | €607,480 | €633,300 | +€25,820 | +4.3% |
| Contributions | 10/11 | €126,600 | €126,600 | = | 0.0% |
| Reserves | 13 | €480,877 | €506,696 | +€25,819 | +5.4% |
| Distributable reserves | 133 | €480,877 | €506,696 | +€25,819 | +5.4% |
| Profit (loss) carried forward | 14 | €3 | €4 | +€1 | +21.1% |
| Amounts payable | 17/49 | €81,821 | €64,089 | -€17,732 | -21.7% |
| Amounts payable within one year | 42/48 | €80,956 | €63,197 | -€17,759 | -21.9% |
| Trade debts | 44 | €47 | - | -€47 | |
| Suppliers | 440/4 | €47 | - | -€47 | |
| Taxes, remuneration and social security | 45 | €19,058 | €63,197 | +€44,139 | +232% |
| Taxes | 450/3 | €19,058 | €63,197 | +€44,139 | +232% |
| Other amounts payable | 47/48 | €61,850 | - | -€61,850 | |
| Accrued charges and deferred income | 492/3 | €866 | €892 | +€26 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,114 | €1,114 | = | 0.0% |
| Other operating charges | 640/8 | €279 | €885 | +€606 | +217% |
| Gross operating margin | 9900 | -€5,720 | €60,098 | +€65,818 | |
| Operating profit (loss) | 9901 | -€7,114 | €58,099 | +€65,212 | |
| Financial income | 75/76B | €60,581 | €15,630 | -€44,951 | -74.2% |
| Recurring financial income | 75 | €29,692 | €15,630 | -€14,062 | -47.4% |
| Non-recurring financial income | 76B | €30,889 | - | -€30,889 | |
| Financial charges | 65/66B | €44 | €42 | -€2 | -3.9% |
| Recurring financial charges | 65 | €44 | €42 | -€2 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | €53,424 | €73,687 | +€20,263 | +37.9% |
| Income taxes | 67/77 | €15,330 | €47,867 | +€32,537 | +212% |
| Profit (loss) for the period | 9904 | €38,094 | €25,820 | -€12,274 | -32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €38,094 | €25,820 | -€12,274 | -32.2% |
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.