LOUIS VANHOUDT: 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.
LOUIS VANHOUDT
Largest movements
- Current investments -€629,379
down €629,379 (-25.2%), from €2.5m to €1.9m
- Tangible fixed assets -€107,427
down €107,427 (-4.0%), from €2.7m to €2.6m
of which Land and buildings: -€146,723
- Other debts -€608,713
down €608,713 (-52.9%), from €1.2m to €542,578
- Reserves -€123,956
down €123,956 (-2.6%), from €4.8m to €4.7m
of which Distributable reserves: -€123,956
- Financial charges +€65,475
up €65,475 (+141%), from €46,397 to €111,872
- Financial income -€44,203
down €44,203 (-19.6%), from €225,014 to €180,811
- Depreciation +€12,478
up €12,478 (+8.2%), from €151,442 to €163,920
- Gross operating margin -€7,777
down €7,777, from €972 to -€6,806
- Taxes -€3,920
no longer reported in 2025 (was €3,920)
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 | €7,525,982 | €6,790,616 | -€735,366 | -9.8% |
| Fixed assets | 21/28 | €4,215,160 | €4,107,734 | -€107,427 | -2.5% |
| Tangible fixed assets | 22/27 | €2,711,545 | €2,604,119 | -€107,427 | -4.0% |
| Land and buildings | 22 | €2,673,604 | €2,526,881 | -€146,723 | -5.5% |
| Plant, machinery and equipment | 23 | €37,942 | €29,629 | -€8,313 | -21.9% |
| Furniture and vehicles | 24 | - | €47,609 | +€47,609 | |
| Financial fixed assets | 28 | €1,503,615 | €1,503,615 | = | 0.0% |
| Current assets | 29/58 | €3,310,821 | €2,682,882 | -€627,939 | -19.0% |
| Amounts receivable after more than one year | 29 | €512,430 | €491,720 | -€20,709 | -4.0% |
| Trade receivables | 290 | €512,430 | €491,720 | -€20,709 | -4.0% |
| Amounts receivable within one year | 40/41 | €254,007 | €271,575 | +€17,568 | +6.9% |
| Trade receivables | 40 | €250 | €250 | = | 0.0% |
| Other amounts receivable | 41 | €253,757 | €271,325 | +€17,568 | +6.9% |
| Current investments | 50/53 | €2,500,505 | €1,871,126 | -€629,379 | -25.2% |
| Cash at bank and in hand | 54/58 | €39,778 | €44,932 | +€5,155 | +13.0% |
| Deferred charges and accrued income | 490/1 | €4,102 | €3,529 | -€573 | -14.0% |
| Total equity and liabilities | 10/49 | €7,525,982 | €6,790,616 | -€735,366 | -9.8% |
| Equity | 10/15 | €6,355,123 | €6,231,167 | -€123,956 | -2.0% |
| Contributions | 10/11 | €1,512,400 | €1,512,400 | = | 0.0% |
| Capital | 10 | €1,512,400 | €1,512,400 | = | 0.0% |
| Issued capital | 100 | €1,512,400 | €1,512,400 | = | 0.0% |
| Reserves | 13 | €4,842,723 | €4,718,767 | -€123,956 | -2.6% |
| Non-distributable reserves | 130/1 | €349,240 | €349,240 | = | 0.0% |
| Legal reserve | 130 | €349,240 | €349,240 | = | 0.0% |
| Distributable reserves | 133 | €4,493,483 | €4,369,527 | -€123,956 | -2.8% |
| Amounts payable | 17/49 | €1,170,859 | €559,449 | -€611,410 | -52.2% |
| Amounts payable within one year | 42/48 | €1,170,859 | €559,449 | -€611,410 | -52.2% |
| Trade debts | 44 | €5,741 | €5,331 | -€409 | -7.1% |
| Suppliers | 440/4 | €5,741 | €5,331 | -€409 | -7.1% |
| Taxes, remuneration and social security | 45 | €13,827 | €11,540 | -€2,287 | -16.5% |
| Taxes | 450/3 | €13,827 | €11,540 | -€2,287 | -16.5% |
| Other amounts payable | 47/48 | €1,151,291 | €542,578 | -€608,713 | -52.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,442 | €163,920 | +€12,478 | +8.2% |
| Other operating charges | 640/8 | €25,379 | €22,170 | -€3,208 | -12.6% |
| Gross operating margin | 9900 | €972 | -€6,806 | -€7,777 | |
| Operating profit (loss) | 9901 | -€175,849 | -€192,896 | -€17,047 | -9.7% |
| Financial income | 75/76B | €225,014 | €180,811 | -€44,203 | -19.6% |
| Recurring financial income | 75 | €225,014 | €180,811 | -€44,203 | -19.6% |
| Financial charges | 65/66B | €46,397 | €111,872 | +€65,475 | +141% |
| Recurring financial charges | 65 | €46,397 | €111,872 | +€65,475 | +141% |
| Profit (loss) for the period before taxes | 9903 | €2,768 | -€123,956 | -€126,724 | |
| Income taxes | 67/77 | €3,920 | - | -€3,920 | |
| Profit (loss) for the period | 9904 | -€1,152 | -€123,956 | -€122,804 | -10,660% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,152 | -€123,956 | -€122,804 | -10,660% |
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 21 October 2026 via checked.be.