STEVEN VANHECKE: 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.
STEVEN VANHECKE
Largest movements
- Receivables within one year +€27,662
up €27,662 (+190%), from €14,536 to €42,198
of which Trade receivables: +€21,198
- Cash -€22,328
down €22,328 (-24.1%), from €92,830 to €70,503
mainly Receivables within one year (-€27,662) and Trade debts (-€13,398)
- Tangible fixed assets -€14,236
down €14,236 (-7.3%), from €195,401 to €181,166
- Stocks and contracts -€10,197
down €10,197 (-63.1%), from €16,173 to €5,976
- Trade debts -€13,398
down €13,398 (-56.9%), from €23,532 to €10,134
- Debts after one year -€11,963
down €11,963 (-39.1%), from €30,561 to €18,598
- Reserves +€4,543
up €4,543 (+3.8%), from €120,435 to €124,978
- Other debts +€4,265
up €4,265 (+4.1%), from €104,377 to €108,642
- Gross operating margin -€20,501
down €20,501 (-36.1%), from €56,719 to €36,218
- Depreciation -€6,689
down €6,689 (-27.1%), from €24,725 to €18,036
- Taxes -€3,732
down €3,732 (-62.5%), from €5,972 to €2,239
- Financial charges +€1,097
up €1,097 (+12.1%), from €9,077 to €10,174
- Financial income -€879
down €879 (-45.0%), from €1,953 to €1,075
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 | €323,435 | €304,379 | -€19,056 | -5.9% |
| Fixed assets | 21/28 | €195,401 | €181,166 | -€14,236 | -7.3% |
| Tangible fixed assets | 22/27 | €195,401 | €181,166 | -€14,236 | -7.3% |
| Land and buildings | 22 | €148,675 | €144,100 | -€4,575 | -3.1% |
| Plant, machinery and equipment | 23 | €21,081 | €18,488 | -€2,594 | -12.3% |
| Furniture and vehicles | 24 | €25,645 | €18,578 | -€7,067 | -27.6% |
| Current assets | 29/58 | €128,034 | €123,213 | -€4,821 | -3.8% |
| Stocks and contracts in progress | 3 | €16,173 | €5,976 | -€10,197 | -63.1% |
| Stocks | 30/36 | €16,173 | €5,976 | -€10,197 | -63.1% |
| Amounts receivable within one year | 40/41 | €14,536 | €42,198 | +€27,662 | +190% |
| Trade receivables | 40 | €8,815 | €30,013 | +€21,198 | +240% |
| Other amounts receivable | 41 | €5,721 | €12,185 | +€6,464 | +113% |
| Cash at bank and in hand | 54/58 | €92,830 | €70,503 | -€22,328 | -24.1% |
| Deferred charges and accrued income | 490/1 | €4,494 | €4,537 | +€42 | +0.9% |
| Total equity and liabilities | 10/49 | €323,435 | €304,379 | -€19,056 | -5.9% |
| Equity | 10/15 | €138,985 | €143,528 | +€4,543 | +3.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €120,435 | €124,978 | +€4,543 | +3.8% |
| Distributable reserves | 133 | €120,435 | €124,978 | +€4,543 | +3.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €184,450 | €160,851 | -€23,599 | -12.8% |
| Amounts payable after more than one year | 17 | €30,561 | €18,598 | -€11,963 | -39.1% |
| Financial debts | 170/4 | €30,561 | €18,598 | -€11,963 | -39.1% |
| Amounts payable within one year | 42/48 | €149,266 | €136,252 | -€13,014 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €12,886 | €11,963 | -€923 | -7.2% |
| Trade debts | 44 | €23,532 | €10,134 | -€13,398 | -56.9% |
| Suppliers | 440/4 | €23,532 | €10,134 | -€13,398 | -56.9% |
| Taxes, remuneration and social security | 45 | €8,471 | €5,513 | -€2,958 | -34.9% |
| Taxes | 450/3 | €6,383 | €3,406 | -€2,977 | -46.6% |
| Remuneration and social security | 454/9 | €2,088 | €2,106 | +€19 | +0.9% |
| Other amounts payable | 47/48 | €104,377 | €108,642 | +€4,265 | +4.1% |
| Accrued charges and deferred income | 492/3 | €4,624 | €6,001 | +€1,377 | +29.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,725 | €18,036 | -€6,689 | -27.1% |
| Other operating charges | 640/8 | €2,691 | €2,301 | -€390 | -14.5% |
| Gross operating margin | 9900 | €56,719 | €36,218 | -€20,501 | -36.1% |
| Operating profit (loss) | 9901 | €29,303 | €15,882 | -€13,421 | -45.8% |
| Financial income | 75/76B | €1,953 | €1,075 | -€879 | -45.0% |
| Recurring financial income | 75 | €1,953 | €1,075 | -€879 | -45.0% |
| Financial charges | 65/66B | €9,077 | €10,174 | +€1,097 | +12.1% |
| Recurring financial charges | 65 | €9,077 | €10,174 | +€1,097 | +12.1% |
| Profit (loss) for the period before taxes | 9903 | €22,179 | €6,782 | -€15,397 | -69.4% |
| Income taxes | 67/77 | €5,972 | €2,239 | -€3,732 | -62.5% |
| Profit (loss) for the period | 9904 | €16,207 | €4,543 | -€11,664 | -72.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,207 | €4,543 | -€11,664 | -72.0% |
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 23 October 2026 via checked.be.