VAN HOLDER STEPHAN: 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.
What changed
VAN HOLDER STEPHAN
NACE 47.730, Retail sale of pharmaceutical products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€304,889
2024 · €221,501+€83,388
Equity
€1.1m
2024 · €830,311+€273,623
Cash
€323,496
2024 · €320,841+€2,655
Balance sheet total
€1.5m
2024 · €1.6m-€75,947
Largest movements
Assets
- Receivables within one year -€40,993
down €40,993 (-16.4%), from €250,316 to €209,323
of which Trade receivables: -€36,800
- Tangible fixed assets -€31,106
down €31,106 (-5.2%), from €599,303 to €568,197
of which Plant, machinery and equipment: -€18,737
Equity and liabilities
- Debts after one year -€303,993
down €303,993 (-77.9%), from €390,393 to €86,400
- Reserves +€273,623
up €273,623 (+39.2%), from €697,979 to €971,602
of which Distributable reserves: +€276,341
- Current portion of long-term debt -€51,324
down €51,324 (-70.5%), from €72,831 to €21,507
- Trade debts -€37,639
down €37,639 (-22.7%), from €165,618 to €127,979
- Tax, wage and social debts +€27,243
up €27,243 (+75.4%), from €36,143 to €63,385
of which Remuneration and social security: +€15,923
Income statement
- Gross operating margin +€84,682
up €84,682 (+13.4%), from €632,999 to €717,680
- Staff costs -€30,541
down €30,541 (-11.1%), from €274,313 to €243,772
- Taxes +€27,134
up €27,134 (+36.1%), from €75,110 to €102,244
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.
Result 2024
€221,501
Gross operating margin
+€84,682
Staff costs
+€30,541
Depreciation
-€1,909
Write-downs
+€14
Other operating charges
-€333
Financial income
-€769
Financial charges
-€1,705
Taxes
-€27,134
Result 2025
€304,889
raises the resultlowers the result
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.
From operations
+€409,192
Investment
-€19,954
Financing
-€386,583
Cash 2024
€320,841
From operations (derived)
+€409,192
Net result for the year
+€304,889
Depreciation
+€51,060
Stocks and contracts
+€4,747
Receivables within one year
+€40,993
Deferred charges and accrued income
+€1,757
Provisions
-€1,399
Trade debts
-€37,639
Tax, wage and social debts
+€27,243
Other debts
+€18,205
Accrued charges and deferred income
-€663
Investment (derived)
-€19,954
Investment in fixed assets (net)
-€19,954
Financing
-€386,583
Debts after one year
-€303,993
Current portion of long-term debt
-€51,324
Contributions, distributions and other
-€31,266
Cash 2025
€323,496
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,551,045 | €1,475,098 | -€75,947 | -4.9% |
| Fixed assets | 21/28 | €599,303 | €568,197 | -€31,106 | -5.2% |
| Tangible fixed assets | 22/27 | €599,303 | €568,197 | -€31,106 | -5.2% |
| Land and buildings | 22 | €527,153 | €510,969 | -€16,184 | -3.1% |
| Plant, machinery and equipment | 23 | €63,373 | €44,636 | -€18,737 | -29.6% |
| Furniture and vehicles | 24 | €3,961 | €12,592 | +€8,630 | +218% |
| Leasing and similar rights | 25 | €4,815 | €0 | -€4,815 | -100% |
| Current assets | 29/58 | €951,742 | €906,901 | -€44,841 | -4.7% |
| Amounts receivable after more than one year | 29 | €75,000 | €75,000 | = | 0.0% |
| Other amounts receivable | 291 | €75,000 | €75,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €299,968 | €295,221 | -€4,747 | -1.6% |
| Stocks | 30/36 | €299,968 | €295,221 | -€4,747 | -1.6% |
| Amounts receivable within one year | 40/41 | €250,316 | €209,323 | -€40,993 | -16.4% |
| Trade receivables | 40 | €244,330 | €207,530 | -€36,800 | -15.1% |
| Other amounts receivable | 41 | €5,986 | €1,793 | -€4,193 | -70.0% |
| Cash at bank and in hand | 54/58 | €320,841 | €323,496 | +€2,655 | +0.8% |
| Deferred charges and accrued income | 490/1 | €5,618 | €3,861 | -€1,757 | -31.3% |
| Total equity and liabilities | 10/49 | €1,551,045 | €1,475,098 | -€75,947 | -4.9% |
| Equity | 10/15 | €830,311 | €1,103,934 | +€273,623 | +33.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €697,979 | €971,602 | +€273,623 | +39.2% |
| Tax-exempt reserves | 132 | €66,537 | €63,819 | -€2,718 | -4.1% |
| Distributable reserves | 133 | €631,442 | €907,783 | +€276,341 | +43.8% |
| Profit (loss) carried forward | 14 | €107,332 | €107,332 | = | 0.0% |
| Provisions and deferred taxes | 16 | €34,053 | €32,653 | -€1,399 | -4.1% |
| Deferred taxes | 168 | €34,053 | €32,653 | -€1,399 | -4.1% |
| Amounts payable | 17/49 | €686,682 | €338,511 | -€348,171 | -50.7% |
| Amounts payable after more than one year | 17 | €390,393 | €86,400 | -€303,993 | -77.9% |
| Financial debts | 170/4 | €390,393 | €86,400 | -€303,993 | -77.9% |
| Amounts payable within one year | 42/48 | €295,608 | €252,093 | -€43,515 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | €72,831 | €21,507 | -€51,324 | -70.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €165,618 | €127,979 | -€37,639 | -22.7% |
| Suppliers | 440/4 | €165,618 | €127,979 | -€37,639 | -22.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €36,143 | €63,385 | +€27,243 | +75.4% |
| Taxes | 450/3 | €21,743 | €33,063 | +€11,320 | +52.1% |
| Remuneration and social security | 454/9 | €14,399 | €30,322 | +€15,923 | +111% |
| Other amounts payable | 47/48 | €21,017 | €39,222 | +€18,205 | +86.6% |
| Accrued charges and deferred income | 492/3 | €681 | €18 | -€663 | -97.4% |
| Remuneration, social security and pensions | 62 | €274,313 | €243,772 | -€30,541 | -11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,151 | €51,060 | +€1,909 | +3.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14 | €0 | -€14 | -100% |
| Other operating charges | 640/8 | €6,501 | €6,834 | +€333 | +5.1% |
| Gross operating margin | 9900 | €632,999 | €717,680 | +€84,682 | +13.4% |
| Operating profit (loss) | 9901 | €303,019 | €416,014 | +€112,995 | +37.3% |
| Financial income | 75/76B | €2,797 | €2,029 | -€769 | -27.5% |
| Recurring financial income | 75 | €2,797 | €2,029 | -€769 | -27.5% |
| Financial charges | 65/66B | €10,605 | €12,309 | +€1,705 | +16.1% |
| Recurring financial charges | 65 | €10,605 | €12,309 | +€1,705 | +16.1% |
| Profit (loss) for the period before taxes | 9903 | €295,211 | €405,734 | +€110,522 | +37.4% |
| Transfer from deferred taxes | 780 | €1,399 | €1,399 | = | 0.0% |
| Income taxes | 67/77 | €75,110 | €102,244 | +€27,134 | +36.1% |
| Profit (loss) for the period | 9904 | €221,501 | €304,889 | +€83,388 | +37.6% |
| Transfer from tax-exempt reserves | 789 | €2,718 | €2,718 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €224,219 | €307,607 | +€83,388 | +37.2% |
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 17 October 2026 via checked.be.