VAN gUCHT: what changed
Two fiscal 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.
VAN gUCHT
Largest movements
- Receivables within one year +€150,745
up €150,745 (+75.7%), from €199,165 to €349,910
of which Trade receivables: +€144,447
- Stocks and contracts +€96,614
up €96,614 (+24.6%), from €392,689 to €489,303
- Cash -€91,293
down €91,293 (-82.2%), from €111,019 to €19,725
mainly Receivables within one year (-€150,745) and Stocks and contracts (-€96,614)
- Deferred charges and accrued income +€50,496
up €50,496 (+339.7%), from €14,866 to €65,362
- Trade debts +€222,973
up €222,973 (+149.9%), from €148,718 to €371,690
- Debts after one year -€30,101
down €30,101 (-26.4%), from €113,936 to €83,834
- Reserves +€27,561
up €27,561 (+5.2%), from €533,638 to €561,199
- Accrued charges and deferred income -€18,635
down €18,635 (-82.0%), from €22,718 to €4,083
- Current portion of long-term debt +€16,037
up €16,037 (+37.9%), from €42,304 to €58,341
- Gross operating margin +€109,200
up €109,200 (+24.8%), from €440,693 to €549,893
- Staff costs +€44,978
up €44,978 (+11.4%), from €394,281 to €439,259
- Write-downs -€19,373
no longer reported in 2025 (was €19,373)
- Financial charges -€13,046
down €13,046 (-31.5%), from €41,413 to €28,367
- Provisions +€11,525
no longer reported in 2025 (was -€11,525)
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.
Cash bridge derived
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 | €1,260,070 | €1,468,686 | +€208,616 | +16.6% |
| Fixed assets | 21/28 | €542,332 | €544,386 | +€2,054 | +0.4% |
| Intangible fixed assets | 21 | - | €8,136 | +€8,136 | |
| Tangible fixed assets | 22/27 | €542,332 | €536,250 | -€6,082 | -1.1% |
| Land and buildings | 22 | €526,505 | €515,763 | -€10,742 | -2.0% |
| Plant, machinery and equipment | 23 | €8,905 | €6,101 | -€2,805 | -31.5% |
| Furniture and vehicles | 24 | €6,922 | €14,387 | +€7,465 | +107.9% |
| Current assets | 29/58 | €717,738 | €924,300 | +€206,562 | +28.8% |
| Stocks and contracts in progress | 3 | €392,689 | €489,303 | +€96,614 | +24.6% |
| Stocks | 30/36 | €392,689 | €489,303 | +€96,614 | +24.6% |
| Amounts receivable within one year | 40/41 | €199,165 | €349,910 | +€150,745 | +75.7% |
| Trade receivables | 40 | €169,365 | €313,812 | +€144,447 | +85.3% |
| Other amounts receivable | 41 | €29,800 | €36,098 | +€6,299 | +21.1% |
| Cash at bank and in hand | 54/58 | €111,019 | €19,725 | -€91,293 | -82.2% |
| Deferred charges and accrued income | 490/1 | €14,866 | €65,362 | +€50,496 | +339.7% |
| Total equity and liabilities | 10/49 | €1,260,070 | €1,468,686 | +€208,616 | +16.6% |
| Equity | 10/15 | €552,238 | €579,799 | +€27,561 | +5.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €533,638 | €561,199 | +€27,561 | +5.2% |
| Distributable reserves | 133 | €533,638 | €561,199 | +€27,561 | +5.2% |
| Amounts payable | 17/49 | €707,832 | €888,887 | +€181,055 | +25.6% |
| Amounts payable after more than one year | 17 | €113,936 | €83,834 | -€30,101 | -26.4% |
| Financial debts | 170/4 | €113,936 | €83,834 | -€30,101 | -26.4% |
| Amounts payable within one year | 42/48 | €571,178 | €800,970 | +€229,791 | +40.2% |
| Current portion of amounts payable after more than one year | 42 | €42,304 | €58,341 | +€16,037 | +37.9% |
| Financial debts | 43 | €350,000 | €350,000 | = | 0.0% |
| Credit institutions | 430/8 | €350,000 | €350,000 | = | 0.0% |
| Trade debts | 44 | €148,718 | €371,690 | +€222,973 | +149.9% |
| Suppliers | 440/4 | €148,718 | €371,690 | +€222,973 | +149.9% |
| Taxes, remuneration and social security | 45 | €30,157 | €20,938 | -€9,219 | -30.6% |
| Taxes | 450/3 | €2,617 | €1,087 | -€1,531 | -58.5% |
| Remuneration and social security | 454/9 | €27,540 | €19,851 | -€7,688 | -27.9% |
| Accrued charges and deferred income | 492/3 | €22,718 | €4,083 | -€18,635 | -82.0% |
| Non-recurring operating income | 76A | €5,603 | - | -€5,603 | |
| Remuneration, social security and pensions | 62 | €394,281 | €439,259 | +€44,978 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,919 | €44,537 | +€10,618 | +31.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €19,373 | - | -€19,373 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€11,525 | - | +€11,525 | |
| Other operating charges | 640/8 | €13,779 | €10,385 | -€3,394 | -24.6% |
| Gross operating margin | 9900 | €440,693 | €549,893 | +€109,200 | +24.8% |
| Operating profit (loss) | 9901 | -€9,134 | €55,712 | +€64,846 | |
| Financial income | 75/76B | €3,583 | - | -€3,583 | |
| Recurring financial income | 75 | €3,583 | - | -€3,583 | |
| Financial charges | 65/66B | €41,413 | €28,367 | -€13,046 | -31.5% |
| Recurring financial charges | 65 | €41,413 | €28,367 | -€13,046 | -31.5% |
| Profit (loss) for the period before taxes | 9903 | -€46,965 | €27,345 | +€74,310 | |
| Income taxes | 67/77 | €1,225 | -€216 | -€1,441 | |
| Profit (loss) for the period | 9904 | -€48,190 | €27,561 | +€75,750 | |
| Profit (loss) for the period to be appropriated | 9905 | -€48,190 | €27,561 | +€75,750 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.