VAN HOUCKE: 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 HOUCKE
Largest movements
- Receivables within one year -€110,288
down €110,288 (-36.8%), from €299,954 to €189,667
of which Trade receivables: -€138,885
- Current investments -€100,000
down €100,000 (-50.0%), from €200,014 to €100,014
- Tangible fixed assets -€82,902
down €82,902 (-2.7%), from €3.1m to €3.0m
of which Land and buildings: -€48,516
- Stocks and contracts -€68,594
down €68,594 (-98.4%), from €69,744 to €1,150
- Cash -€59,930
down €59,930 (-65.9%), from €90,973 to €31,043
mainly Investment in fixed assets (net) (-€260,305) and Net result for the year (-€187,823)
- Reserves -€187,760
down €187,760 (-13.0%), from €1.4m to €1.3m
of which Tax-exempt reserves: -€179,260
- Debts after one year -€121,474
down €121,474 (-6.4%), from €1.9m to €1.8m
of which Financial debts: -€121,474
- Tax, wage and social debts -€45,321
down €45,321 (-67.9%), from €66,742 to €21,421
of which Taxes: -€43,528
- Trade debts -€43,954
down €43,954 (-48.8%), from €89,982 to €46,028
- Gross operating margin -€362,779
down €362,779 (-40.7%), from €890,998 to €528,220
- Financial charges -€39,166
down €39,166 (-56.5%), from €69,276 to €30,110
- Taxes -€28,414
down €28,414 (-99.9%), from €28,430 to €16
- Staff costs -€21,731
down €21,731 (-6.6%), from €328,169 to €306,438
- Write-downs -€13,494
down €13,494, from €6,747 to -€6,747
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 | €3,727,333 | €3,306,634 | -€420,698 | -11.3% |
| Fixed assets | 21/28 | €3,054,735 | €2,971,833 | -€82,902 | -2.7% |
| Tangible fixed assets | 22/27 | €3,054,060 | €2,971,158 | -€82,902 | -2.7% |
| Land and buildings | 22 | €2,295,291 | €2,246,775 | -€48,516 | -2.1% |
| Plant, machinery and equipment | 23 | €123,307 | €79,600 | -€43,707 | -35.4% |
| Furniture and vehicles | 24 | €635,462 | €644,783 | +€9,321 | +1.5% |
| Financial fixed assets | 28 | €675 | €675 | = | 0.0% |
| Current assets | 29/58 | €672,598 | €334,801 | -€337,797 | -50.2% |
| Stocks and contracts in progress | 3 | €69,744 | €1,150 | -€68,594 | -98.4% |
| Stocks | 30/36 | €69,744 | €1,150 | -€68,594 | -98.4% |
| Amounts receivable within one year | 40/41 | €299,954 | €189,667 | -€110,288 | -36.8% |
| Trade receivables | 40 | €279,595 | €140,710 | -€138,885 | -49.7% |
| Other amounts receivable | 41 | €20,359 | €48,957 | +€28,598 | +140.5% |
| Current investments | 50/53 | €200,014 | €100,014 | -€100,000 | -50.0% |
| Cash at bank and in hand | 54/58 | €90,973 | €31,043 | -€59,930 | -65.9% |
| Deferred charges and accrued income | 490/1 | €11,913 | €12,927 | +€1,015 | +8.5% |
| Total equity and liabilities | 10/49 | €3,727,333 | €3,306,634 | -€420,698 | -11.3% |
| Equity | 10/15 | €1,501,726 | €1,313,903 | -€187,823 | -12.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,439,543 | €1,251,783 | -€187,760 | -13.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €231,148 | €51,888 | -€179,260 | -77.6% |
| Distributable reserves | 133 | €1,202,195 | €1,193,695 | -€8,500 | -0.7% |
| Profit (loss) carried forward | 14 | €182 | €119 | -€63 | -34.5% |
| Provisions and deferred taxes | 16 | €13,787 | €12,972 | -€815 | -5.9% |
| Deferred taxes | 168 | €13,787 | €12,972 | -€815 | -5.9% |
| Amounts payable | 17/49 | €2,211,820 | €1,979,760 | -€232,060 | -10.5% |
| Amounts payable after more than one year | 17 | €1,902,700 | €1,781,226 | -€121,474 | -6.4% |
| Financial debts | 170/4 | €802,700 | €681,226 | -€121,474 | -15.1% |
| Other amounts payable | 178/9 | €1,100,000 | €1,100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €309,120 | €198,533 | -€110,587 | -35.8% |
| Current portion of amounts payable after more than one year | 42 | €120,392 | €121,474 | +€1,081 | +0.9% |
| Trade debts | 44 | €89,982 | €46,028 | -€43,954 | -48.8% |
| Suppliers | 440/4 | €89,982 | €46,028 | -€43,954 | -48.8% |
| Advances received on contracts in progress | 46 | - | €2,342 | +€2,342 | |
| Taxes, remuneration and social security | 45 | €66,742 | €21,421 | -€45,321 | -67.9% |
| Taxes | 450/3 | €43,528 | - | -€43,528 | |
| Remuneration and social security | 454/9 | €23,214 | €21,421 | -€1,793 | -7.7% |
| Other amounts payable | 47/48 | €32,004 | €7,268 | -€24,735 | -77.3% |
| Remuneration, social security and pensions | 62 | €328,169 | €306,438 | -€21,731 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €333,133 | €343,207 | +€10,074 | +3.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,747 | -€6,747 | -€13,494 | |
| Other operating charges | 640/8 | €43,021 | €44,565 | +€1,543 | +3.6% |
| Gross operating margin | 9900 | €890,998 | €528,220 | -€362,779 | -40.7% |
| Operating profit (loss) | 9901 | €179,928 | -€159,243 | -€339,171 | |
| Financial income | 75/76B | €992 | €731 | -€261 | -26.3% |
| Recurring financial income | 75 | €992 | €731 | -€261 | -26.3% |
| Financial charges | 65/66B | €69,276 | €30,110 | -€39,166 | -56.5% |
| Recurring financial charges | 65 | €69,276 | €30,110 | -€39,166 | -56.5% |
| Profit (loss) for the period before taxes | 9903 | €111,644 | -€188,622 | -€300,266 | |
| Transfer from deferred taxes | 780 | €815 | €815 | = | 0.0% |
| Income taxes | 67/77 | €28,430 | €16 | -€28,414 | -99.9% |
| Profit (loss) for the period | 9904 | €84,029 | -€187,823 | -€271,852 | |
| Transfer from tax-exempt reserves | 789 | €3,260 | €179,260 | +€176,000 | +5398.8% |
| Profit (loss) for the period to be appropriated | 9905 | €87,289 | -€8,563 | -€95,852 |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.