Michael Vanhauter: what changed
Michael Vanhauter
Largest movements
- Cash -€34,458
down €34,458 (-41.2%), from €83,546 to €49,088
mainly Contributions, distributions and other (-€60,000) and Investment in fixed assets (net) (-€51,304)
- Receivables within one year -€26,519
down €26,519 (-24.0%), from €110,417 to €83,898
of which Trade receivables: -€31,661
- Advances received -€37,682
no longer reported in 2025 (was €37,682)
- Debts after one year +€30,808
up €30,808 (+9.3%), from €331,490 to €362,298
- Profit (loss) carried forward -€29,752
down €29,752 (-13.9%), from €213,384 to €183,632
- Trade debts -€15,442
down €15,442 (-31.5%), from €49,067 to €33,625
- Other debts -€9,530
no longer reported in 2025 (was €9,530)
- Gross operating margin -€20,520
down €20,520 (-10.8%), from €189,598 to €169,077
- Depreciation +€14,244
up €14,244 (+35.0%), from €40,704 to €54,948
- Taxes -€8,563
down €8,563 (-54.7%), from €15,642 to €7,078
- Staff costs +€2,873
up €2,873 (+4.9%), from €58,430 to €61,303
- Other operating charges +€2,457
up €2,457 (+163%), from €1,511 to €3,968
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €673,732 | €611,417 | -€62,315 | -9.2% |
| Fixed assets | 21/28 | €454,134 | €450,491 | -€3,643 | -0.8% |
| Tangible fixed assets | 22/27 | €453,849 | €450,206 | -€3,643 | -0.8% |
| Land and buildings | 22 | €361,509 | €356,176 | -€5,333 | -1.5% |
| Plant, machinery and equipment | 23 | €17,668 | €17,796 | +€128 | +0.7% |
| Furniture and vehicles | 24 | €74,673 | €76,234 | +€1,561 | +2.1% |
| Financial fixed assets | 28 | €285 | €285 | = | 0.0% |
| Current assets | 29/58 | €219,598 | €160,926 | -€58,672 | -26.7% |
| Stocks and contracts in progress | 3 | €25,635 | €27,940 | +€2,305 | +9.0% |
| Stocks | 30/36 | €25,635 | €27,940 | +€2,305 | +9.0% |
| Amounts receivable within one year | 40/41 | €110,417 | €83,898 | -€26,519 | -24.0% |
| Trade receivables | 40 | €99,653 | €67,991 | -€31,661 | -31.8% |
| Other amounts receivable | 41 | €10,764 | €15,907 | +€5,142 | +47.8% |
| Cash at bank and in hand | 54/58 | €83,546 | €49,088 | -€34,458 | -41.2% |
| Total equity and liabilities | 10/49 | €673,732 | €611,417 | -€62,315 | -9.2% |
| Equity | 10/15 | €216,384 | €186,632 | -€29,752 | -13.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €213,384 | €183,632 | -€29,752 | -13.9% |
| Amounts payable | 17/49 | €457,348 | €424,785 | -€32,563 | -7.1% |
| Amounts payable after more than one year | 17 | €331,490 | €362,298 | +€30,808 | +9.3% |
| Financial debts | 170/4 | €331,490 | €362,298 | +€30,808 | +9.3% |
| Amounts payable within one year | 42/48 | €125,858 | €62,487 | -€63,371 | -50.4% |
| Current portion of amounts payable after more than one year | 42 | €28,769 | €26,411 | -€2,358 | -8.2% |
| Trade debts | 44 | €49,067 | €33,625 | -€15,442 | -31.5% |
| Suppliers | 440/4 | €49,067 | €33,625 | -€15,442 | -31.5% |
| Advances received on contracts in progress | 46 | €37,682 | - | -€37,682 | |
| Taxes, remuneration and social security | 45 | €810 | €2,451 | +€1,641 | +203% |
| Taxes | 450/3 | €810 | €552 | -€258 | -31.8% |
| Remuneration and social security | 454/9 | - | €1,898 | +€1,898 | |
| Other amounts payable | 47/48 | €9,530 | - | -€9,530 | |
| Non-recurring operating income | 76A | €8,860 | - | -€8,860 | |
| Remuneration, social security and pensions | 62 | €58,430 | €61,303 | +€2,873 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,704 | €54,948 | +€14,244 | +35.0% |
| Other operating charges | 640/8 | €1,511 | €3,968 | +€2,457 | +163% |
| Gross operating margin | 9900 | €189,598 | €169,077 | -€20,520 | -10.8% |
| Operating profit (loss) | 9901 | €88,952 | €48,858 | -€40,094 | -45.1% |
| Financial income | 75/76B | €38 | €83 | +€45 | +117% |
| Recurring financial income | 75 | €38 | €83 | +€45 | +117% |
| Financial charges | 65/66B | €11,835 | €11,615 | -€220 | -1.9% |
| Recurring financial charges | 65 | €11,835 | €11,615 | -€220 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | €77,155 | €37,326 | -€39,829 | -51.6% |
| Income taxes | 67/77 | €15,642 | €7,078 | -€8,563 | -54.7% |
| Profit (loss) for the period | 9904 | €61,514 | €30,248 | -€31,266 | -50.8% |
| Profit (loss) for the period to be appropriated | 9905 | €61,514 | €30,248 | -€31,266 | -50.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.