PIERRE VANHOEF: 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.
PIERRE VANHOEF
Largest movements
- Receivables within one year +€11,071
up €11,071 (+187%), from €5,916 to €16,987
of which Trade receivables: +€9,764
- Reserves +€16,046
up €16,046 (+9.5%), from €168,782 to €184,828
of which Distributable reserves: +€16,046
- Financial income -€64,559
down €64,559 (-92.4%), from €69,848 to €5,289
of which Non-recurring financial income: -€68,180
- Taxes -€33,857
down €33,857 (-76.4%), from €44,330 to €10,473
- Gross operating margin +€1,993
up €1,993 (+5.7%), from €35,137 to €37,130
- Other operating charges -€1,315
down €1,315 (-36.6%), from €3,590 to €2,275
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 | €495,050 | €507,336 | +€12,286 | +2.5% |
| Fixed assets | 21/28 | €170,360 | €170,017 | -€343 | -0.2% |
| Tangible fixed assets | 22/27 | €170,360 | €170,017 | -€343 | -0.2% |
| Land and buildings | 22 | €170,017 | €170,017 | = | 0.0% |
| Furniture and vehicles | 24 | €343 | - | -€343 | |
| Current assets | 29/58 | €324,690 | €337,319 | +€12,629 | +3.9% |
| Amounts receivable after more than one year | 29 | €215,600 | €215,600 | = | 0.0% |
| Other amounts receivable | 291 | €215,600 | €215,600 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €5,916 | €16,987 | +€11,071 | +187% |
| Trade receivables | 40 | €2,196 | €11,960 | +€9,764 | +445% |
| Other amounts receivable | 41 | €3,720 | €5,027 | +€1,307 | +35.1% |
| Cash at bank and in hand | 54/58 | €100,911 | €104,528 | +€3,617 | +3.6% |
| Deferred charges and accrued income | 490/1 | €2,263 | €204 | -€2,059 | -91.0% |
| Total equity and liabilities | 10/49 | €495,050 | €507,336 | +€12,286 | +2.5% |
| Equity | 10/15 | €474,982 | €491,028 | +€16,046 | +3.4% |
| Contributions | 10/11 | €155,000 | €155,000 | = | 0.0% |
| Revaluation surpluses | 12 | €151,200 | €151,200 | = | 0.0% |
| Reserves | 13 | €168,782 | €184,828 | +€16,046 | +9.5% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €165,782 | €181,828 | +€16,046 | +9.7% |
| Amounts payable | 17/49 | €20,068 | €16,308 | -€3,760 | -18.7% |
| Amounts payable within one year | 42/48 | €20,068 | €16,308 | -€3,760 | -18.7% |
| Financial debts | 43 | €10,000 | €10,000 | = | 0.0% |
| Credit institutions | 430/8 | €10,000 | €10,000 | = | 0.0% |
| Trade debts | 44 | €1,579 | €621 | -€958 | -60.7% |
| Suppliers | 440/4 | €1,579 | €621 | -€958 | -60.7% |
| Taxes, remuneration and social security | 45 | €6,222 | €2,755 | -€3,467 | -55.7% |
| Taxes | 450/3 | €6,222 | €2,755 | -€3,467 | -55.7% |
| Other amounts payable | 47/48 | €2,267 | €2,932 | +€665 | +29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €510 | €343 | -€167 | -32.7% |
| Other operating charges | 640/8 | €3,590 | €2,275 | -€1,315 | -36.6% |
| Gross operating margin | 9900 | €35,137 | €37,130 | +€1,993 | +5.7% |
| Operating profit (loss) | 9901 | €31,037 | €34,512 | +€3,475 | +11.2% |
| Financial income | 75/76B | €69,848 | €5,289 | -€64,559 | -92.4% |
| Recurring financial income | 75 | €1,668 | €5,289 | +€3,621 | +217% |
| Non-recurring financial income | 76B | €68,180 | - | -€68,180 | |
| Financial charges | 65/66B | €346 | €432 | +€86 | +24.9% |
| Recurring financial charges | 65 | €346 | €432 | +€86 | +24.9% |
| Profit (loss) for the period before taxes | 9903 | €100,539 | €39,369 | -€61,170 | -60.8% |
| Income taxes | 67/77 | €44,330 | €10,473 | -€33,857 | -76.4% |
| Profit (loss) for the period | 9904 | €56,209 | €28,896 | -€27,313 | -48.6% |
| Transfer from tax-exempt reserves | 789 | €21,046 | - | -€21,046 | |
| Profit (loss) for the period to be appropriated | 9905 | €77,255 | €28,896 | -€48,359 | -62.6% |
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.