VALENTIN HANQUET: 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.
VALENTIN HANQUET
Largest movements
- Receivables within one year +€218,622
up €218,622 (+1,039%), from €21,046 to €239,667
of which Trade receivables: +€207,092
- Cash -€20,921
down €20,921 (-71.9%), from €29,078 to €8,157
mainly Receivables within one year (-€218,622) and Debts after one year (-€26,953)
- Deferred charges and accrued income -€12,901
no longer reported in 2025 (was €12,901)
- Tangible fixed assets +€9,767
new in 2025: €9,767
- Profit (loss) carried forward +€175,450
up €175,450 (+551%), from €31,823 to €207,273
- Tax, wage and social debts +€50,991
up €50,991 (+282%), from €18,078 to €69,069
- Debts after one year -€26,953
down €26,953 (-15.5%), from €173,801 to €146,848
- Other debts -€10,000
down €10,000 (-94.5%), from €10,583 to €583
- Gross operating margin +€190,765
up €190,765 (+359%), from €53,171 to €243,936
- Taxes +€52,665
up €52,665 (+541%), from €9,734 to €62,398
- Financial charges +€5,806
up €5,806 (+3,413%), from €170 to €5,976
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 | €264,486 | €458,795 | +€194,309 | +73.5% |
| Formation expenses | 20 | €1,061 | €804 | -€257 | -24.2% |
| Fixed assets | 21/28 | €200,400 | €210,167 | +€9,767 | +4.9% |
| Tangible fixed assets | 22/27 | - | €9,767 | +€9,767 | |
| Furniture and vehicles | 24 | - | €9,767 | +€9,767 | |
| Financial fixed assets | 28 | €200,400 | €200,400 | = | 0.0% |
| Current assets | 29/58 | €63,025 | €247,824 | +€184,799 | +293% |
| Amounts receivable within one year | 40/41 | €21,046 | €239,667 | +€218,622 | +1,039% |
| Trade receivables | 40 | €845 | €207,937 | +€207,092 | +24,504% |
| Other amounts receivable | 41 | €20,200 | €31,730 | +€11,529 | +57.1% |
| Cash at bank and in hand | 54/58 | €29,078 | €8,157 | -€20,921 | -71.9% |
| Deferred charges and accrued income | 490/1 | €12,901 | - | -€12,901 | |
| Total equity and liabilities | 10/49 | €264,486 | €458,795 | +€194,309 | +73.5% |
| Equity | 10/15 | €34,823 | €210,273 | +€175,450 | +504% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,823 | €207,273 | +€175,450 | +551% |
| Amounts payable | 17/49 | €229,664 | €248,522 | +€18,859 | +8.2% |
| Amounts payable after more than one year | 17 | €173,801 | €146,848 | -€26,953 | -15.5% |
| Financial debts | 170/4 | €173,801 | €146,848 | -€26,953 | -15.5% |
| Amounts payable within one year | 42/48 | €55,863 | €101,675 | +€45,811 | +82.0% |
| Current portion of amounts payable after more than one year | 42 | €26,199 | €26,953 | +€754 | +2.9% |
| Trade debts | 44 | €1,003 | €5,069 | +€4,067 | +406% |
| Suppliers | 440/4 | €1,003 | €5,069 | +€4,067 | +406% |
| Taxes, remuneration and social security | 45 | €18,078 | €69,069 | +€50,991 | +282% |
| Taxes | 450/3 | €18,078 | €69,069 | +€50,991 | +282% |
| Other amounts payable | 47/48 | €10,583 | €583 | -€10,000 | -94.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €225 | €1,194 | +€969 | +431% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €53,171 | €243,936 | +€190,765 | +359% |
| Operating profit (loss) | 9901 | €52,559 | €242,342 | +€189,783 | +361% |
| Financial income | 75/76B | €1 | €2,316 | +€2,315 | +463,004% |
| Recurring financial income | 75 | €1 | €2,316 | +€2,315 | +463,004% |
| Financial charges | 65/66B | €170 | €5,976 | +€5,806 | +3,413% |
| Recurring financial charges | 65 | €170 | €5,976 | +€5,806 | +3,413% |
| Profit (loss) for the period before taxes | 9903 | €52,389 | €238,682 | +€186,293 | +356% |
| Income taxes | 67/77 | €9,734 | €62,398 | +€52,665 | +541% |
| Profit (loss) for the period | 9904 | €42,656 | €176,283 | +€133,628 | +313% |
| Profit (loss) for the period to be appropriated | 9905 | €42,656 | €176,283 | +€133,628 | +313% |
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 20 October 2026 via checked.be.