Van Herzeele Projects: 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 Herzeele Projects
Largest movements
- Cash +€26,807
up €26,807 (+394%), from €6,801 to €33,609
mainly Net result for the year (+€22,700) and Tax, wage and social debts (+€8,670)
- Receivables within one year +€5,708
up €5,708 (+66.8%), from €8,550 to €14,258
of which Other amounts receivable: +€4,040
- Deferred charges and accrued income -€1,447
down €1,447 (-95.5%), from €1,515 to €68
- Tangible fixed assets +€1,036
up €1,036 (+11.8%), from €8,777 to €9,813
of which Furniture and vehicles: +€2,066
- Profit (loss) carried forward +€22,700
up €22,700 (+161%), from €14,078 to €36,777
- Tax, wage and social debts +€8,670
up €8,670 (+113%), from €7,659 to €16,329
of which Taxes: +€9,433
- Advances received +€2,420
new in 2025: €2,420
- Trade debts -€1,004
down €1,004 (-48.6%), from €2,065 to €1,061
- Other debts -€681
no longer reported in 2025 (was €681)
- Gross operating margin +€12,035
up €12,035 (+56.5%), from €21,284 to €33,319
- Taxes +€3,225
up €3,225 (+78.7%), from €4,100 to €7,325
- Depreciation +€1,791
up €1,791 (+226%), from €793 to €2,584
- Financial charges -€1,355
down €1,355 (-90.0%), from €1,505 to €150
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 | €25,643 | €57,747 | +€32,104 | +125% |
| Fixed assets | 21/28 | €8,777 | €9,813 | +€1,036 | +11.8% |
| Tangible fixed assets | 22/27 | €8,777 | €9,813 | +€1,036 | +11.8% |
| Plant, machinery and equipment | 23 | €6,464 | €5,434 | -€1,030 | -15.9% |
| Furniture and vehicles | 24 | €2,313 | €4,379 | +€2,066 | +89.3% |
| Current assets | 29/58 | €16,866 | €47,934 | +€31,068 | +184% |
| Amounts receivable within one year | 40/41 | €8,550 | €14,258 | +€5,708 | +66.8% |
| Trade receivables | 40 | €8,550 | €10,218 | +€1,668 | +19.5% |
| Other amounts receivable | 41 | - | €4,040 | +€4,040 | |
| Cash at bank and in hand | 54/58 | €6,801 | €33,609 | +€26,807 | +394% |
| Deferred charges and accrued income | 490/1 | €1,515 | €68 | -€1,447 | -95.5% |
| Total equity and liabilities | 10/49 | €25,643 | €57,747 | +€32,104 | +125% |
| Equity | 10/15 | €15,078 | €37,777 | +€22,700 | +151% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,078 | €36,777 | +€22,700 | +161% |
| Amounts payable | 17/49 | €10,565 | €19,970 | +€9,405 | +89.0% |
| Amounts payable within one year | 42/48 | €10,405 | €19,810 | +€9,405 | +90.4% |
| Trade debts | 44 | €2,065 | €1,061 | -€1,004 | -48.6% |
| Suppliers | 440/4 | €2,065 | €1,061 | -€1,004 | -48.6% |
| Advances received on contracts in progress | 46 | - | €2,420 | +€2,420 | |
| Taxes, remuneration and social security | 45 | €7,659 | €16,329 | +€8,670 | +113% |
| Taxes | 450/3 | €6,896 | €16,329 | +€9,433 | +137% |
| Remuneration and social security | 454/9 | €763 | - | -€763 | |
| Other amounts payable | 47/48 | €681 | - | -€681 | |
| Accrued charges and deferred income | 492/3 | €160 | €160 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €793 | €2,584 | +€1,791 | +226% |
| Other operating charges | 640/8 | €822 | €671 | -€151 | -18.4% |
| Gross operating margin | 9900 | €21,284 | €33,319 | +€12,035 | +56.5% |
| Operating profit (loss) | 9901 | €19,669 | €30,064 | +€10,395 | +52.8% |
| Financial income | 75/76B | €14 | €110 | +€97 | +710% |
| Recurring financial income | 75 | €14 | €110 | +€97 | +710% |
| Financial charges | 65/66B | €1,505 | €150 | -€1,355 | -90.0% |
| Recurring financial charges | 65 | €1,505 | €150 | -€1,355 | -90.0% |
| Profit (loss) for the period before taxes | 9903 | €18,178 | €30,024 | +€11,847 | +65.2% |
| Income taxes | 67/77 | €4,100 | €7,325 | +€3,225 | +78.7% |
| Profit (loss) for the period | 9904 | €14,078 | €22,700 | +€8,622 | +61.2% |
| Profit (loss) for the period to be appropriated | 9905 | €14,078 | €22,700 | +€8,622 | +61.2% |
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 31 October 2026 via checked.be.