VAN HOECKE: 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 HOECKE
Largest movements
- Receivables within one year -€178,117
down €178,117 (-86.6%), from €205,678 to €27,560
of which Trade receivables: -€103,373
- Receivables after one year -€96,498
down €96,498 (-21.2%), from €455,317 to €358,818
- Stocks and contracts +€78,749
up €78,749 (+7.4%), from €1.1m to €1.1m
- Cash +€24,151
up €24,151 (+31.3%), from €77,257 to €101,407
mainly Net result for the year (+€267,553) and Receivables within one year (+€178,117)
- Trade debts -€187,737
down €187,737 (-69.9%), from €268,608 to €80,870
- Short-term financial debts -€83,010
down €83,010 (-24.9%), from €333,629 to €250,619
of which Credit institutions: -€83,629
- Reserves +€67,553
up €67,553 (+25.8%), from €261,874 to €329,427
of which Distributable reserves: +€67,553
- Other debts -€53,245
down €53,245 (-15.7%), from €338,886 to €285,641
- Accrued charges and deferred income +€52,541
up €52,541 (+8.9%), from €591,712 to €644,253
- Gross operating margin +€836,637
up €836,637 (+436%), from €191,762 to €1.0m
- Write-downs +€643,577
up €643,577, from -€602,057 to €41,520
- Staff costs +€43,112
up €43,112 (+7.4%), from €583,658 to €626,771
- Taxes +€38,679
up €38,679 (+73.2%), from €52,871 to €91,549
- Financial charges -€13,860
down €13,860 (-31.4%), from €44,113 to €30,253
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 | €1,928,326 | €1,776,053 | -€152,273 | -7.9% |
| Fixed assets | 21/28 | €103,549 | €123,803 | +€20,254 | +19.6% |
| Intangible fixed assets | 21 | - | €9,078 | +€9,078 | |
| Tangible fixed assets | 22/27 | €46,390 | €57,566 | +€11,177 | +24.1% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €6,680 | €5,444 | -€1,236 | -18.5% |
| Furniture and vehicles | 24 | €2,364 | €2,234 | -€130 | -5.5% |
| Other tangible fixed assets | 26 | €37,345 | €49,889 | +€12,543 | +33.6% |
| Financial fixed assets | 28 | €57,160 | €57,160 | = | 0.0% |
| Current assets | 29/58 | €1,824,776 | €1,652,249 | -€172,527 | -9.5% |
| Amounts receivable after more than one year | 29 | €455,317 | €358,818 | -€96,498 | -21.2% |
| Other amounts receivable | 291 | €455,317 | €358,818 | -€96,498 | -21.2% |
| Stocks and contracts in progress | 3 | €1,060,465 | €1,139,214 | +€78,749 | +7.4% |
| Stocks | 30/36 | €1,060,465 | €1,139,214 | +€78,749 | +7.4% |
| Amounts receivable within one year | 40/41 | €205,678 | €27,560 | -€178,117 | -86.6% |
| Trade receivables | 40 | €107,864 | €4,491 | -€103,373 | -95.8% |
| Other amounts receivable | 41 | €97,814 | €23,070 | -€74,744 | -76.4% |
| Cash at bank and in hand | 54/58 | €77,257 | €101,407 | +€24,151 | +31.3% |
| Deferred charges and accrued income | 490/1 | €26,060 | €25,249 | -€811 | -3.1% |
| Total equity and liabilities | 10/49 | €1,928,326 | €1,776,053 | -€152,273 | -7.9% |
| Equity | 10/15 | €281,874 | €349,427 | +€67,553 | +24.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €261,874 | €329,427 | +€67,553 | +25.8% |
| Tax-exempt reserves | 132 | €4,702 | €4,702 | = | 0.0% |
| Distributable reserves | 133 | €257,171 | €324,725 | +€67,553 | +26.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,646,452 | €1,426,626 | -€219,826 | -13.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,054,740 | €782,373 | -€272,367 | -25.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €333,629 | €250,619 | -€83,010 | -24.9% |
| Credit institutions | 430/8 | €333,629 | €250,000 | -€83,629 | -25.1% |
| Other loans | 439 | - | €619 | +€619 | |
| Trade debts | 44 | €268,608 | €80,870 | -€187,737 | -69.9% |
| Suppliers | 440/4 | €268,608 | €80,870 | -€187,737 | -69.9% |
| Taxes, remuneration and social security | 45 | €113,618 | €165,242 | +€51,625 | +45.4% |
| Taxes | 450/3 | €34,685 | €53,875 | +€19,190 | +55.3% |
| Remuneration and social security | 454/9 | €78,933 | €111,367 | +€32,435 | +41.1% |
| Other amounts payable | 47/48 | €338,886 | €285,641 | -€53,245 | -15.7% |
| Accrued charges and deferred income | 492/3 | €591,712 | €644,253 | +€52,541 | +8.9% |
| Non-recurring operating income | 76A | €6,373 | €1,662 | -€4,711 | -73.9% |
| Remuneration, social security and pensions | 62 | €583,658 | €626,771 | +€43,112 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,745 | €11,392 | -€353 | -3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€602,057 | €41,520 | +€643,577 | |
| Other operating charges | 640/8 | €18,733 | €18,564 | -€169 | -0.9% |
| Non-recurring operating charges | 66A | €4,716 | €18,579 | +€13,862 | +294% |
| Gross operating margin | 9900 | €191,762 | €1,028,398 | +€836,637 | +436% |
| Operating profit (loss) | 9901 | €174,965 | €311,573 | +€136,608 | +78.1% |
| Financial income | 75/76B | €72,491 | €77,782 | +€5,292 | +7.3% |
| Recurring financial income | 75 | €72,491 | €77,782 | +€5,292 | +7.3% |
| Financial charges | 65/66B | €44,113 | €30,253 | -€13,860 | -31.4% |
| Recurring financial charges | 65 | €44,113 | €30,253 | -€13,860 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €203,343 | €359,103 | +€155,759 | +76.6% |
| Income taxes | 67/77 | €52,871 | €91,549 | +€38,679 | +73.2% |
| Profit (loss) for the period | 9904 | €150,473 | €267,553 | +€117,081 | +77.8% |
| Profit (loss) for the period to be appropriated | 9905 | €150,473 | €267,553 | +€117,081 | +77.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.