KOEN VANHERCK: 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.
KOEN VANHERCK
Largest movements
- Receivables within one year -€1.3m
down €1.3m (-30.8%), from €4.2m to €2.9m
of which Trade receivables: -€1.3m
- Tangible fixed assets +€259,564
up €259,564 (+69.2%), from €375,131 to €634,695
of which Plant, machinery and equipment: +€243,241
- Cash +€170,706
up €170,706 (+60.3%), from €283,040 to €453,746
mainly Receivables within one year (+€1.3m) and Debts after one year (+€177,646)
- Accrued charges and deferred income -€1.2m
no longer reported in 2025 (was €1.2m)
- Debts after one year +€177,646
up €177,646 (+164%), from €108,298 to €285,944
- Trade debts +€84,728
up €84,728 (+2.8%), from €3.0m to €3.1m
- Tax, wage and social debts -€65,830
down €65,830 (-52.3%), from €125,861 to €60,031
of which Taxes: -€67,280
- Taxes -€57,917
down €57,917 (-54.9%), from €105,462 to €47,546
- Staff costs +€56,758
up €56,758 (+34.0%), from €166,777 to €223,536
- Depreciation +€46,587
up €46,587 (+80.5%), from €57,890 to €104,477
- Gross operating margin +€39,044
up €39,044 (+7.8%), from €503,674 to €542,718
- Financial income +€27,300
up €27,300 (+171%), from €15,967 to €43,267
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 | €5,146,227 | €4,241,094 | -€905,133 | -17.6% |
| Fixed assets | 21/28 | €377,053 | €636,617 | +€259,564 | +68.8% |
| Tangible fixed assets | 22/27 | €375,131 | €634,695 | +€259,564 | +69.2% |
| Land and buildings | 22 | €194,955 | €214,948 | +€19,993 | +10.3% |
| Plant, machinery and equipment | 23 | €154,040 | €397,281 | +€243,241 | +158% |
| Furniture and vehicles | 24 | €26,136 | €22,466 | -€3,671 | -14.0% |
| Financial fixed assets | 28 | €1,922 | €1,922 | = | 0.0% |
| Current assets | 29/58 | €4,769,174 | €3,604,478 | -€1.2m | -24.4% |
| Stocks and contracts in progress | 3 | €298,362 | €259,048 | -€39,314 | -13.2% |
| Stocks | 30/36 | €298,362 | €259,048 | -€39,314 | -13.2% |
| Amounts receivable within one year | 40/41 | €4,159,959 | €2,880,558 | -€1.3m | -30.8% |
| Trade receivables | 40 | €3,301,084 | €2,012,249 | -€1.3m | -39.0% |
| Other amounts receivable | 41 | €858,876 | €868,309 | +€9,433 | +1.1% |
| Cash at bank and in hand | 54/58 | €283,040 | €453,746 | +€170,706 | +60.3% |
| Deferred charges and accrued income | 490/1 | €27,812 | €11,125 | -€16,687 | -60.0% |
| Total equity and liabilities | 10/49 | €5,146,227 | €4,241,094 | -€905,133 | -17.6% |
| Equity | 10/15 | €637,495 | €688,521 | +€51,026 | +8.0% |
| Contributions | 10/11 | €91,500 | €91,500 | = | 0.0% |
| Reserves | 13 | €479,310 | €530,336 | +€51,026 | +10.6% |
| Non-distributable reserves | 130/1 | €9,150 | €9,150 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,150 | €9,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,677 | €21,677 | = | 0.0% |
| Distributable reserves | 133 | €448,483 | €499,510 | +€51,026 | +11.4% |
| Profit (loss) carried forward | 14 | €66,685 | €66,685 | = | 0.0% |
| Amounts payable | 17/49 | €4,508,732 | €3,552,573 | -€956,159 | -21.2% |
| Amounts payable after more than one year | 17 | €108,298 | €285,944 | +€177,646 | +164% |
| Financial debts | 170/4 | €108,298 | €285,944 | +€177,646 | +164% |
| Amounts payable within one year | 42/48 | €3,210,576 | €3,266,629 | +€56,053 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €46,482 | €87,358 | +€40,876 | +87.9% |
| Trade debts | 44 | €3,034,512 | €3,119,240 | +€84,728 | +2.8% |
| Suppliers | 440/4 | €3,034,512 | €3,119,240 | +€84,728 | +2.8% |
| Taxes, remuneration and social security | 45 | €125,861 | €60,031 | -€65,830 | -52.3% |
| Taxes | 450/3 | €117,719 | €50,439 | -€67,280 | -57.2% |
| Remuneration and social security | 454/9 | €8,142 | €9,591 | +€1,450 | +17.8% |
| Other amounts payable | 47/48 | €3,721 | - | -€3,721 | |
| Accrued charges and deferred income | 492/3 | €1,189,859 | - | -€1.2m | |
| Non-recurring operating income | 76A | - | €5,579 | +€5,579 | |
| Remuneration, social security and pensions | 62 | €166,777 | €223,536 | +€56,758 | +34.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,890 | €104,477 | +€46,587 | +80.5% |
| Other operating charges | 640/8 | €3,634 | €1,474 | -€2,160 | -59.4% |
| Gross operating margin | 9900 | €503,674 | €542,718 | +€39,044 | +7.8% |
| Operating profit (loss) | 9901 | €275,373 | €213,231 | -€62,142 | -22.6% |
| Financial income | 75/76B | €15,967 | €43,267 | +€27,300 | +171% |
| Recurring financial income | 75 | €15,967 | €43,267 | +€27,300 | +171% |
| Financial charges | 65/66B | €78,188 | €92,926 | +€14,738 | +18.8% |
| Recurring financial charges | 65 | €78,188 | €92,926 | +€14,738 | +18.8% |
| Profit (loss) for the period before taxes | 9903 | €213,152 | €163,572 | -€49,580 | -23.3% |
| Income taxes | 67/77 | €105,462 | €47,546 | -€57,917 | -54.9% |
| Profit (loss) for the period | 9904 | €107,689 | €116,026 | +€8,337 | +7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €107,689 | €116,026 | +€8,337 | +7.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.