VANDEN HEULE: 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.
VANDEN HEULE
Largest movements
- Current investments -€278,540
down €278,540 (-53.1%), from €525,000 to €246,460
- Cash +€212,124
up €212,124 (+103%), from €206,619 to €418,744
mainly Current investments (+€278,540) and Other debts (+€73,172)
- Financial fixed assets -€13,260
down €13,260 (-100%), from €13,260 to €0
- Tangible fixed assets -€11,648
down €11,648 (-98.8%), from €11,786 to €138
of which Furniture and vehicles: -€10,649
- Reserves -€91,490
down €91,490 (-17.9%), from €510,625 to €419,135
of which Distributable reserves: -€91,490
- Other debts +€73,172
up €73,172 (+273%), from €26,828 to €100,000
- Trade debts -€69,699
down €69,699 (-66.9%), from €104,261 to €34,562
- Taxes -€46,250
down €46,250 (-85.3%), from €54,216 to €7,967
- Gross operating margin -€22,636
down €22,636 (-54.9%), from €41,222 to €18,585
- Depreciation -€10,688
down €10,688 (-82.6%), from €12,941 to €2,253
- Financial charges +€4,742
up €4,742 (+1,650%), from €287 to €5,029
- Other operating charges +€4,485
up €4,485 (+284%), from €1,577 to €6,062
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 | €848,784 | €755,307 | -€93,477 | -11.0% |
| Fixed assets | 21/28 | €25,046 | €138 | -€24,908 | -99.4% |
| Tangible fixed assets | 22/27 | €11,786 | €138 | -€11,648 | -98.8% |
| Land and buildings | 22 | €284 | €0 | -€284 | -100% |
| Plant, machinery and equipment | 23 | €715 | €0 | -€715 | -100% |
| Furniture and vehicles | 24 | €10,787 | €138 | -€10,649 | -98.7% |
| Financial fixed assets | 28 | €13,260 | €0 | -€13,260 | -100% |
| Current assets | 29/58 | €823,738 | €755,169 | -€68,569 | -8.3% |
| Amounts receivable within one year | 40/41 | €65,840 | €62,126 | -€3,714 | -5.6% |
| Trade receivables | 40 | €64,414 | €45,321 | -€19,094 | -29.6% |
| Other amounts receivable | 41 | €1,425 | €16,805 | +€15,380 | +1,079% |
| Current investments | 50/53 | €525,000 | €246,460 | -€278,540 | -53.1% |
| Cash at bank and in hand | 54/58 | €206,619 | €418,744 | +€212,124 | +103% |
| Deferred charges and accrued income | 490/1 | €26,279 | €27,839 | +€1,560 | +5.9% |
| Total equity and liabilities | 10/49 | €848,784 | €755,307 | -€93,477 | -11.0% |
| Equity | 10/15 | €709,225 | €617,735 | -€91,490 | -12.9% |
| Contributions | 10/11 | €198,600 | €198,600 | = | 0.0% |
| Reserves | 13 | €510,625 | €419,135 | -€91,490 | -17.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €510,625 | €419,135 | -€91,490 | -17.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €139,559 | €137,572 | -€1,986 | -1.4% |
| Amounts payable within one year | 42/48 | €139,559 | €137,572 | -€1,986 | -1.4% |
| Trade debts | 44 | €104,261 | €34,562 | -€69,699 | -66.9% |
| Suppliers | 440/4 | €104,261 | €34,562 | -€69,699 | -66.9% |
| Taxes, remuneration and social security | 45 | €8,470 | €3,010 | -€5,460 | -64.5% |
| Taxes | 450/3 | €8,470 | €3,010 | -€5,460 | -64.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €26,828 | €100,000 | +€73,172 | +273% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,941 | €2,253 | -€10,688 | -82.6% |
| Other operating charges | 640/8 | €1,577 | €6,062 | +€4,485 | +284% |
| Gross operating margin | 9900 | €41,222 | €18,585 | -€22,636 | -54.9% |
| Operating profit (loss) | 9901 | €26,703 | €10,270 | -€16,433 | -61.5% |
| Financial income | 75/76B | €7,671 | €11,235 | +€3,565 | +46.5% |
| Recurring financial income | 75 | €7,671 | €11,235 | +€3,565 | +46.5% |
| Financial charges | 65/66B | €287 | €5,029 | +€4,742 | +1,650% |
| Recurring financial charges | 65 | €287 | €5,029 | +€4,742 | +1,650% |
| Profit (loss) for the period before taxes | 9903 | €34,087 | €16,476 | -€17,610 | -51.7% |
| Income taxes | 67/77 | €54,216 | €7,967 | -€46,250 | -85.3% |
| Profit (loss) for the period | 9904 | -€20,130 | €8,510 | +€28,639 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,130 | €8,510 | +€28,639 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.