van Rhay: 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 Rhay
Largest movements
- Receivables within one year +€9,440
up €9,440 (+35.8%), from €26,353 to €35,793
of which Other amounts receivable: +€9,355
- Tangible fixed assets -€5,525
down €5,525 (-9.8%), from €56,282 to €50,757
of which Land and buildings: -€5,303
- Deferred charges and accrued income +€3,831
up €3,831 (+91.2%), from €4,203 to €8,034
- Cash +€1,240
up €1,240 (+11.5%), from €10,763 to €12,002
mainly Net result for the year (+€7,835) and Depreciation (+€5,525)
- Reserves +€7,835
up €7,835 (+39.7%), from €19,722 to €27,556
of which Distributable reserves: +€9,440
- Tax, wage and social debts +€1,654
up €1,654 (+26.0%), from €6,360 to €8,013
- Gross operating margin +€22,723
up €22,723 (+1,506%), from €1,509 to €24,232
- Other operating charges +€10,128
up €10,128 (+655%), from €1,546 to €11,674
- Depreciation -€3,522
down €3,522 (-38.9%), from €9,047 to €5,525
- Taxes +€957
up €957 (+155%), from €618 to €1,575
- Financial income +€479
up €479 (+42.9%), from €1,118 to €1,597
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 | €101,670 | €110,655 | +€8,986 | +8.8% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €56,854 | €51,329 | -€5,525 | -9.7% |
| Tangible fixed assets | 22/27 | €56,282 | €50,757 | -€5,525 | -9.8% |
| Land and buildings | 22 | €56,060 | €50,757 | -€5,303 | -9.5% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Furniture and vehicles | 24 | €222 | €0 | -€222 | -100% |
| Financial fixed assets | 28 | €572 | €572 | = | 0.0% |
| Current assets | 29/58 | €44,816 | €59,326 | +€14,511 | +32.4% |
| Stocks and contracts in progress | 3 | €3,497 | €3,497 | = | 0.0% |
| Stocks | 30/36 | €3,497 | €3,497 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €26,353 | €35,793 | +€9,440 | +35.8% |
| Trade receivables | 40 | €1,565 | €1,650 | +€85 | +5.4% |
| Other amounts receivable | 41 | €24,788 | €34,143 | +€9,355 | +37.7% |
| Cash at bank and in hand | 54/58 | €10,763 | €12,002 | +€1,240 | +11.5% |
| Deferred charges and accrued income | 490/1 | €4,203 | €8,034 | +€3,831 | +91.2% |
| Total equity and liabilities | 10/49 | €101,670 | €110,655 | +€8,986 | +8.8% |
| Equity | 10/15 | €66,350 | €74,185 | +€7,835 | +11.8% |
| Contributions | 10/11 | €27,268 | €27,268 | = | 0.0% |
| Capital | 10 | €27,268 | €27,268 | = | 0.0% |
| Issued capital | 100 | €27,268 | €27,268 | = | 0.0% |
| Reserves | 13 | €19,722 | €27,556 | +€7,835 | +39.7% |
| Non-distributable reserves | 130/1 | €2,727 | €2,727 | = | 0.0% |
| Legal reserve | 130 | €2,727 | €2,727 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,995 | €15,390 | -€1,605 | -9.4% |
| Distributable reserves | 133 | - | €9,440 | +€9,440 | |
| Profit (loss) carried forward | 14 | €19,360 | €19,360 | = | 0.0% |
| Provisions and deferred taxes | 16 | €10,992 | €10,166 | -€827 | -7.5% |
| Provisions for liabilities and charges | 160/5 | €7,500 | €7,500 | = | 0.0% |
| Major repairs and maintenance | 162 | €7,500 | €7,500 | = | 0.0% |
| Deferred taxes | 168 | €3,492 | €2,666 | -€827 | -23.7% |
| Amounts payable | 17/49 | €24,327 | €26,304 | +€1,977 | +8.1% |
| Amounts payable within one year | 42/48 | €24,327 | €26,304 | +€1,977 | +8.1% |
| Financial debts | 43 | €570 | €570 | = | 0.0% |
| Credit institutions | 430/8 | €570 | €570 | = | 0.0% |
| Trade debts | 44 | €10,500 | €10,823 | +€323 | +3.1% |
| Suppliers | 440/4 | €10,500 | €10,823 | +€323 | +3.1% |
| Advances received on contracts in progress | 46 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | €6,360 | €8,013 | +€1,654 | +26.0% |
| Taxes | 450/3 | €6,360 | €8,013 | +€1,654 | +26.0% |
| Other amounts payable | 47/48 | €6,898 | €6,898 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,047 | €5,525 | -€3,522 | -38.9% |
| Other operating charges | 640/8 | €1,546 | €11,674 | +€10,128 | +655% |
| Gross operating margin | 9900 | €1,509 | €24,232 | +€22,723 | +1,506% |
| Operating profit (loss) | 9901 | -€9,084 | €7,032 | +€16,117 | |
| Financial income | 75/76B | €1,118 | €1,597 | +€479 | +42.9% |
| Recurring financial income | 75 | €1,118 | €1,597 | +€479 | +42.9% |
| Financial charges | 65/66B | €4 | €46 | +€42 | +1,067% |
| Recurring financial charges | 65 | €4 | €46 | +€42 | +1,067% |
| Profit (loss) for the period before taxes | 9903 | -€7,971 | €8,583 | +€16,554 | |
| Transfer from deferred taxes | 780 | €827 | €827 | = | 0.0% |
| Income taxes | 67/77 | €618 | €1,575 | +€957 | +155% |
| Profit (loss) for the period | 9904 | -€7,762 | €7,835 | +€15,597 | |
| Transfer from tax-exempt reserves | 789 | €1,605 | €1,605 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,156 | €9,440 | +€15,597 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.