Van Herreweghe Construct: 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.
Van Herreweghe Construct
Largest movements
- Cash -€91,182
down €91,182 (-35.5%), from €256,935 to €165,753
mainly Current investments (-€75,000) and Other debts (-€27,532)
- Current investments +€75,000
up €75,000 (+75.0%), from €100,000 to €175,000
- Tangible fixed assets +€17,705
up €17,705 (+286%), from €6,197 to €23,902
of which Furniture and vehicles: +€17,705
- Receivables within one year +€13,157
up €13,157 (+142%), from €9,270 to €22,427
of which Trade receivables: +€6,762
- Reserves +€35,564
up €35,564 (+11.4%), from €313,144 to €348,708
- Other debts -€27,532
down €27,532 (-62.7%), from €43,904 to €16,372
- Trade debts +€5,770
up €5,770 (+126%), from €4,584 to €10,355
- Gross operating margin -€95,085
down €95,085 (-61.7%), from €154,217 to €59,132
- Taxes -€21,467
down €21,467 (-59.2%), from €36,236 to €14,769
- Depreciation -€16,197
down €16,197 (-64.3%), from €25,173 to €8,977
- Financial income +€2,101
up €2,101 (+193%), from €1,086 to €3,187
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 | €375,832 | €391,840 | +€16,008 | +4.3% |
| Fixed assets | 21/28 | €6,197 | €23,902 | +€17,705 | +286% |
| Tangible fixed assets | 22/27 | €6,197 | €23,902 | +€17,705 | +286% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €6,197 | €23,902 | +€17,705 | +286% |
| Current assets | 29/58 | €369,635 | €367,939 | -€1,696 | -0.5% |
| Stocks and contracts in progress | 3 | €1,088 | €2,073 | +€986 | +90.6% |
| Stocks | 30/36 | €1,088 | €2,073 | +€986 | +90.6% |
| Amounts receivable within one year | 40/41 | €9,270 | €22,427 | +€13,157 | +142% |
| Trade receivables | 40 | €7,506 | €14,268 | +€6,762 | +90.1% |
| Other amounts receivable | 41 | €1,764 | €8,159 | +€6,395 | +363% |
| Current investments | 50/53 | €100,000 | €175,000 | +€75,000 | +75.0% |
| Cash at bank and in hand | 54/58 | €256,935 | €165,753 | -€91,182 | -35.5% |
| Deferred charges and accrued income | 490/1 | €2,342 | €2,685 | +€343 | +14.6% |
| Total equity and liabilities | 10/49 | €375,832 | €391,840 | +€16,008 | +4.3% |
| Equity | 10/15 | €323,144 | €358,708 | +€35,564 | +11.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €313,144 | €348,708 | +€35,564 | +11.4% |
| Distributable reserves | 133 | €313,144 | €348,708 | +€35,564 | +11.4% |
| Amounts payable | 17/49 | €52,688 | €33,132 | -€19,556 | -37.1% |
| Amounts payable within one year | 42/48 | €52,688 | €32,868 | -€19,820 | -37.6% |
| Trade debts | 44 | €4,584 | €10,355 | +€5,770 | +126% |
| Suppliers | 440/4 | €4,584 | €10,355 | +€5,770 | +126% |
| Taxes, remuneration and social security | 45 | €4,199 | €6,141 | +€1,942 | +46.2% |
| Taxes | 450/3 | €1,289 | €3,213 | +€1,924 | +149% |
| Remuneration and social security | 454/9 | €2,910 | €2,928 | +€18 | +0.6% |
| Other amounts payable | 47/48 | €43,904 | €16,372 | -€27,532 | -62.7% |
| Accrued charges and deferred income | 492/3 | - | €264 | +€264 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,173 | €8,977 | -€16,197 | -64.3% |
| Other operating charges | 640/8 | €1,109 | €1,120 | +€10 | +0.9% |
| Gross operating margin | 9900 | €154,217 | €59,132 | -€95,085 | -61.7% |
| Operating profit (loss) | 9901 | €127,934 | €49,036 | -€78,898 | -61.7% |
| Financial income | 75/76B | €1,086 | €3,187 | +€2,101 | +193% |
| Recurring financial income | 75 | €1,086 | €3,187 | +€2,101 | +193% |
| Financial charges | 65/66B | €2,803 | €1,890 | -€913 | -32.6% |
| Recurring financial charges | 65 | €2,803 | €1,890 | -€913 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €126,218 | €50,333 | -€75,885 | -60.1% |
| Income taxes | 67/77 | €36,236 | €14,769 | -€21,467 | -59.2% |
| Profit (loss) for the period | 9904 | €89,982 | €35,564 | -€54,417 | -60.5% |
| Profit (loss) for the period to be appropriated | 9905 | €89,982 | €35,564 | -€54,417 | -60.5% |
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 14 October 2026 via checked.be.