VAN HORNE: 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 HORNE
Largest movements
- Current investments -€650,000
no longer reported in 2025 (was €650,000)
- Cash +€518,002
up €518,002 (+1081.0%), from €47,919 to €565,920
mainly Current investments (+€650,000) and Net result for the year (+€18,523)
- Reserves -€127,271
down €127,271 (-18.1%), from €702,839 to €575,568
of which Distributable reserves: -€127,271
- Current portion of long-term debt -€17,226
down €17,226 (-95.4%), from €18,059 to €833
- Depreciation -€7,284
down €7,284 (-45.7%), from €15,927 to €8,643
- Gross operating margin -€5,578
down €5,578 (-19.6%), from €28,410 to €22,832
- Taxes +€2,927
up €2,927 (+34.5%), from €8,481 to €11,407
- Financial income +€2,806
up €2,806 (+14.2%), from €19,735 to €22,541
- Other operating charges -€678
down €678 (-9.6%), from €7,061 to €6,383
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 | €743,196 | €601,067 | -€142,129 | -19.1% |
| Fixed assets | 21/28 | €35,080 | €33,967 | -€1,113 | -3.2% |
| Tangible fixed assets | 22/27 | €35,080 | €33,967 | -€1,113 | -3.2% |
| Land and buildings | 22 | €23,866 | €30,830 | +€6,965 | +29.2% |
| Furniture and vehicles | 24 | €6,913 | €3,137 | -€3,776 | -54.6% |
| Leasing and similar rights | 25 | €4,302 | - | -€4,302 | |
| Current assets | 29/58 | €708,116 | €567,100 | -€141,016 | -19.9% |
| Amounts receivable within one year | 40/41 | €7,070 | - | -€7,070 | |
| Trade receivables | 40 | €5,000 | - | -€5,000 | |
| Other amounts receivable | 41 | €2,070 | - | -€2,070 | |
| Current investments | 50/53 | €650,000 | - | -€650,000 | |
| Cash at bank and in hand | 54/58 | €47,919 | €565,920 | +€518,002 | +1081.0% |
| Deferred charges and accrued income | 490/1 | €3,127 | €1,180 | -€1,948 | -62.3% |
| Total equity and liabilities | 10/49 | €743,196 | €601,067 | -€142,129 | -19.1% |
| Equity | 10/15 | €721,431 | €594,160 | -€127,271 | -17.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €702,839 | €575,568 | -€127,271 | -18.1% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,479 | €2,479 | = | 0.0% |
| Distributable reserves | 133 | €700,360 | €573,089 | -€127,271 | -18.2% |
| Amounts payable | 17/49 | €21,765 | €6,907 | -€14,858 | -68.3% |
| Amounts payable within one year | 42/48 | €21,765 | €6,907 | -€14,858 | -68.3% |
| Current portion of amounts payable after more than one year | 42 | €18,059 | €833 | -€17,226 | -95.4% |
| Trade debts | 44 | €384 | €126 | -€258 | -67.1% |
| Suppliers | 440/4 | €384 | €126 | -€258 | -67.1% |
| Taxes, remuneration and social security | 45 | €3,322 | €5,947 | +€2,626 | +79.1% |
| Taxes | 450/3 | €3,322 | €5,947 | +€2,626 | +79.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,927 | €8,643 | -€7,284 | -45.7% |
| Other operating charges | 640/8 | €7,061 | €6,383 | -€678 | -9.6% |
| Gross operating margin | 9900 | €28,410 | €22,832 | -€5,578 | -19.6% |
| Operating profit (loss) | 9901 | €5,423 | €7,807 | +€2,384 | +44.0% |
| Financial income | 75/76B | €19,735 | €22,541 | +€2,806 | +14.2% |
| Recurring financial income | 75 | €19,735 | €22,541 | +€2,806 | +14.2% |
| Financial charges | 65/66B | €633 | €417 | -€215 | -34.0% |
| Recurring financial charges | 65 | €633 | €417 | -€215 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | €24,525 | €29,930 | +€5,405 | +22.0% |
| Income taxes | 67/77 | €8,481 | €11,407 | +€2,927 | +34.5% |
| Profit (loss) for the period | 9904 | €16,044 | €18,523 | +€2,479 | +15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,044 | €18,523 | +€2,479 | +15.4% |
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 6 October 2026 via checked.be.