VAN ZELE HOLDING: 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 ZELE HOLDING
Largest movements
- Current investments -€902,951
down €902,951 (-100%), from €902,951 to €0
- Financial fixed assets +€440,658
up €440,658 (+2.8%), from €16.0m to €16.4m
- Cash +€275,268
up €275,268 (+139%), from €198,305 to €473,573
mainly Current investments (+€902,951) and Net result for the year (+€580,012)
- Other debts -€777,494
down €777,494 (-47.6%), from €1.6m to €857,063
- Reserves +€540,012
up €540,012 (+3.2%), from €16.6m to €17.2m
of which Distributable reserves: +€540,012
- Financial income +€1.8m
up €1.8m (+262%), from €701,070 to €2.5m
of which Non-recurring financial income: +€1.6m
- Gross operating margin -€265,626
down €265,626 (-87.1%), from €304,840 to €39,214
- Other operating charges +€227,962
up €227,962 (+2,842%), from €8,023 to €235,984
- Financial charges +€149,707
up €149,707 (+10.3%), from €1.5m to €1.6m
of which Non-recurring financial charges: +€1.3m
- Depreciation +€16,900
up €16,900 (+13.3%), from €126,957 to €143,857
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 | €18,715,003 | €18,496,431 | -€218,572 | -1.2% |
| Fixed assets | 21/28 | €17,033,321 | €17,361,796 | +€328,475 | +1.9% |
| Tangible fixed assets | 22/27 | €1,028,424 | €916,241 | -€112,183 | -10.9% |
| Land and buildings | 22 | €616,011 | €594,920 | -€21,091 | -3.4% |
| Plant, machinery and equipment | 23 | €8,538 | €5,766 | -€2,772 | -32.5% |
| Furniture and vehicles | 24 | €359,386 | €270,945 | -€88,441 | -24.6% |
| Other tangible fixed assets | 26 | €44,490 | €44,611 | +€121 | +0.3% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €16,004,897 | €16,445,555 | +€440,658 | +2.8% |
| Current assets | 29/58 | €1,681,683 | €1,134,635 | -€547,048 | -32.5% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €544,855 | €641,739 | +€96,884 | +17.8% |
| Trade receivables | 40 | €99,408 | €70,176 | -€29,232 | -29.4% |
| Other amounts receivable | 41 | €445,447 | €571,563 | +€126,116 | +28.3% |
| Current investments | 50/53 | €902,951 | €0 | -€902,951 | -100% |
| Cash at bank and in hand | 54/58 | €198,305 | €473,573 | +€275,268 | +139% |
| Deferred charges and accrued income | 490/1 | €35,572 | €19,322 | -€16,249 | -45.7% |
| Total equity and liabilities | 10/49 | €18,715,003 | €18,496,431 | -€218,572 | -1.2% |
| Equity | 10/15 | €16,685,730 | €17,225,742 | +€540,012 | +3.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €16,624,230 | €17,164,242 | +€540,012 | +3.2% |
| Non-distributable reserves | 130/1 | €60,000 | €60,000 | = | 0.0% |
| Legal reserve | 130 | €60,000 | €60,000 | = | 0.0% |
| Distributable reserves | 133 | €16,564,230 | €17,104,242 | +€540,012 | +3.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,029,273 | €1,270,688 | -€758,585 | -37.4% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,931,895 | €1,268,278 | -€663,617 | -34.4% |
| Financial debts | 43 | €245,000 | €245,000 | = | 0.0% |
| Credit institutions | 430/8 | €245,000 | €245,000 | = | 0.0% |
| Trade debts | 44 | €29,019 | €34,814 | +€5,795 | +20.0% |
| Suppliers | 440/4 | €29,019 | €34,814 | +€5,795 | +20.0% |
| Advances received on contracts in progress | 46 | - | €100,000 | +€100,000 | |
| Taxes, remuneration and social security | 45 | €23,319 | €31,401 | +€8,082 | +34.7% |
| Taxes | 450/3 | €23,308 | €31,401 | +€8,094 | +34.7% |
| Remuneration and social security | 454/9 | €12 | €0 | -€12 | -100% |
| Other amounts payable | 47/48 | €1,634,557 | €857,063 | -€777,494 | -47.6% |
| Accrued charges and deferred income | 492/3 | €97,378 | €2,410 | -€94,968 | -97.5% |
| Non-recurring operating income | 76A | €152,997 | €0 | -€152,997 | -100% |
| Remuneration, social security and pensions | 62 | €7,131 | €3,717 | -€3,414 | -47.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,957 | €143,857 | +€16,900 | +13.3% |
| Other operating charges | 640/8 | €8,023 | €235,984 | +€227,962 | +2,842% |
| Non-recurring operating charges | 66A | €1,026 | €0 | -€1,026 | -100% |
| Gross operating margin | 9900 | €304,840 | €39,214 | -€265,626 | -87.1% |
| Operating profit (loss) | 9901 | €161,702 | -€344,344 | -€506,047 | |
| Financial income | 75/76B | €701,070 | €2,536,576 | +€1.8m | +262% |
| Recurring financial income | 75 | €701,070 | €939,077 | +€238,007 | +33.9% |
| Non-recurring financial income | 76B | - | €1,597,499 | +€1.6m | |
| Financial charges | 65/66B | €1,458,363 | €1,608,070 | +€149,707 | +10.3% |
| Recurring financial charges | 65 | €1,133,280 | €26,679 | -€1.1m | -97.6% |
| Non-recurring financial charges | 66B | €325,083 | €1,581,392 | +€1.3m | +386% |
| Profit (loss) for the period before taxes | 9903 | -€595,591 | €584,161 | +€1.2m | |
| Income taxes | 67/77 | €171 | €4,149 | +€3,978 | +2,329% |
| Profit (loss) for the period | 9904 | -€595,762 | €580,012 | +€1.2m | |
| Profit (loss) for the period to be appropriated | 9905 | -€595,762 | €580,012 | +€1.2m |
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 30 October 2026 via checked.be.