VAN HULTHEM: 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 HULTHEM
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€32,475
2024 · €60,476-€28,001
Equity
€1.1m
2024 · €1.1m+€32,475
Cash
€13,385
2024 · €6,165+€7,220
Balance sheet total
€1.9m
2024 · €1.9m+€26,800
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Other debts -€165,515
down €165,515 (-78.6%), from €210,700 to €45,184
- Debts after one year +€159,889
up €159,889 (+48.8%), from €327,378 to €487,268
of which Financial debts: +€153,751
- Reserves +€32,475
up €32,475 (+5.3%), from €613,381 to €645,856
of which Distributable reserves: +€78,630
- Short-term financial debts +€30,000
up €30,000, from €0 to €30,000
Income statement
- Depreciation +€27,868
up €27,868 (+24.8%), from €112,548 to €140,416
- Financial charges -€4,364
down €4,364 (-34.9%), from €12,518 to €8,154
- Gross operating margin -€2,425
down €2,425 (-1.1%), from €228,953 to €226,528
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
€60,476
Gross operating margin
-€2,425
Depreciation
-€27,868
Other operating charges
-€996
Financial income
-€1,276
Financial charges
+€4,364
Taxes
+€398
Deferred taxes and other
-€197
Result 2025
€32,475
raises the resultlowers the resultnot broken down further in the accounts
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
-€24,982
Investment
-€158,317
Financing
+€190,519
Cash 2024
€6,165
From operations (derived)
-€24,982
Net result for the year
+€32,475
Depreciation
+€140,416
Receivables within one year
-€4,989
Deferred charges and accrued income
+€3,310
Provisions
-€11,539
Trade debts
-€12,146
Tax, wage and social debts
-€8,319
Other debts
-€165,515
Accrued charges and deferred income
+€1,325
Investment (derived)
-€158,317
Investment in fixed assets (net)
-€158,317
Financing
+€190,519
Debts after one year
+€159,889
Current portion of long-term debt
+€629
Short-term financial debts
+€30,000
Cash 2025
€13,385
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,880,544 | €1,907,343 | +€26,800 | +1.4% |
| Fixed assets | 21/28 | €1,811,007 | €1,828,909 | +€17,901 | +1.0% |
| Tangible fixed assets | 22/27 | €1,811,007 | €1,828,909 | +€17,901 | +1.0% |
| Land and buildings | 22 | €1,503,909 | €1,481,593 | -€22,316 | -1.5% |
| Plant, machinery and equipment | 23 | €2,125 | €1,256 | -€868 | -40.9% |
| Furniture and vehicles | 24 | €84,385 | €47,777 | -€36,608 | -43.4% |
| Other tangible fixed assets | 26 | €220,589 | €298,282 | +€77,694 | +35.2% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €69,537 | €78,435 | +€8,898 | +12.8% |
| Amounts receivable within one year | 40/41 | €59,379 | €64,368 | +€4,989 | +8.4% |
| Trade receivables | 40 | - | €2,386 | +€2,386 | |
| Other amounts receivable | 41 | €59,379 | €61,983 | +€2,603 | +4.4% |
| Cash at bank and in hand | 54/58 | €6,165 | €13,385 | +€7,220 | +117% |
| Deferred charges and accrued income | 490/1 | €3,992 | €682 | -€3,310 | -82.9% |
| Total equity and liabilities | 10/49 | €1,880,544 | €1,907,343 | +€26,800 | +1.4% |
| Equity | 10/15 | €1,080,292 | €1,112,767 | +€32,475 | +3.0% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Revaluation surpluses | 12 | €688,278 | €688,278 | = | 0.0% |
| Reserves | 13 | €613,381 | €645,856 | +€32,475 | +5.3% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €383,395 | €337,240 | -€46,155 | -12.0% |
| Distributable reserves | 133 | €223,789 | €302,419 | +€78,630 | +35.1% |
| Profit (loss) carried forward | 14 | -€283,341 | -€283,341 | = | 0.0% |
| Provisions and deferred taxes | 16 | €95,849 | €84,310 | -€11,539 | -12.0% |
| Deferred taxes | 168 | €95,849 | €84,310 | -€11,539 | -12.0% |
| Amounts payable | 17/49 | €704,403 | €710,266 | +€5,863 | +0.8% |
| Amounts payable after more than one year | 17 | €327,378 | €487,268 | +€159,889 | +48.8% |
| Financial debts | 170/4 | €279,809 | €433,561 | +€153,751 | +54.9% |
| Other amounts payable | 178/9 | €47,569 | €53,707 | +€6,138 | +12.9% |
| Amounts payable within one year | 42/48 | €373,870 | €218,519 | -€155,351 | -41.6% |
| Current portion of amounts payable after more than one year | 42 | €105,619 | €106,249 | +€629 | +0.6% |
| Financial debts | 43 | €0 | €30,000 | +€30,000 | |
| Credit institutions | 430/8 | €0 | €30,000 | +€30,000 | |
| Trade debts | 44 | €14,542 | €2,396 | -€12,146 | -83.5% |
| Suppliers | 440/4 | €14,542 | €2,396 | -€12,146 | -83.5% |
| Taxes, remuneration and social security | 45 | €43,009 | €34,690 | -€8,319 | -19.3% |
| Taxes | 450/3 | €43,009 | €34,690 | -€8,319 | -19.3% |
| Other amounts payable | 47/48 | €210,700 | €45,184 | -€165,515 | -78.6% |
| Accrued charges and deferred income | 492/3 | €3,155 | €4,480 | +€1,325 | +42.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,548 | €140,416 | +€27,868 | +24.8% |
| Other operating charges | 640/8 | €17,532 | €18,528 | +€996 | +5.7% |
| Gross operating margin | 9900 | €228,953 | €226,528 | -€2,425 | -1.1% |
| Operating profit (loss) | 9901 | €98,872 | €67,584 | -€31,289 | -31.6% |
| Financial income | 75/76B | €1,900 | €624 | -€1,276 | -67.2% |
| Recurring financial income | 75 | €1,900 | €624 | -€1,276 | -67.2% |
| Financial charges | 65/66B | €12,518 | €8,154 | -€4,364 | -34.9% |
| Recurring financial charges | 65 | €12,518 | €8,154 | -€4,364 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | €88,255 | €60,053 | -€28,201 | -32.0% |
| Transfer from deferred taxes | 780 | €11,736 | €11,539 | -€197 | -1.7% |
| Income taxes | 67/77 | €39,515 | €39,117 | -€398 | -1.0% |
| Profit (loss) for the period | 9904 | €60,476 | €32,475 | -€28,001 | -46.3% |
| Transfer from tax-exempt reserves | 789 | €46,945 | €46,155 | -€790 | -1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €107,421 | €78,630 | -€28,790 | -26.8% |
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 25 October 2026 via checked.be.