VANDERHAEGEN: 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.
VANDERHAEGEN
Largest movements
- Cash +€36,846
up €36,846 (+12.9%), from €286,224 to €323,070
mainly Net result for the year (+€79,138) and Depreciation (+€24,853)
- Tangible fixed assets -€15,474
down €15,474 (-8.0%), from €194,587 to €179,113
of which Furniture and vehicles: -€12,404
- Receivables within one year +€12,916
up €12,916 (+22.1%), from €58,335 to €71,251
of which Trade receivables: +€9,445
- Reserves +€53,372
up €53,372 (+8.7%), from €613,124 to €666,495
of which Distributable reserves: +€53,372
- Tax, wage and social debts -€8,889
down €8,889 (-21.2%), from €41,970 to €33,080
of which Remuneration and social security: -€8,682
- Financial income +€22,268
up €22,268 (+414%), from €5,383 to €27,651
- Gross operating margin +€9,994
up €9,994 (+4.6%), from €215,548 to €225,543
- Depreciation -€8,774
down €8,774 (-26.1%), from €33,627 to €24,853
- Taxes +€8,115
up €8,115 (+48.8%), from €16,616 to €24,731
- Staff costs -€4,378
down €4,378 (-3.5%), from €125,263 to €120,885
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 | €755,815 | €791,773 | +€35,959 | +4.8% |
| Fixed assets | 21/28 | €194,587 | €179,113 | -€15,474 | -8.0% |
| Tangible fixed assets | 22/27 | €194,587 | €179,113 | -€15,474 | -8.0% |
| Land and buildings | 22 | €113,045 | €113,045 | = | 0.0% |
| Plant, machinery and equipment | 23 | €27,874 | €24,804 | -€3,070 | -11.0% |
| Furniture and vehicles | 24 | €53,669 | €41,265 | -€12,404 | -23.1% |
| Other tangible fixed assets | 26 | €0 | €0 | = | 0.0% |
| Current assets | 29/58 | €561,228 | €612,660 | +€51,432 | +9.2% |
| Stocks and contracts in progress | 3 | €5,577 | €5,356 | -€220 | -4.0% |
| Stocks | 30/36 | €5,577 | €5,356 | -€220 | -4.0% |
| Amounts receivable within one year | 40/41 | €58,335 | €71,251 | +€12,916 | +22.1% |
| Trade receivables | 40 | €56,937 | €66,382 | +€9,445 | +16.6% |
| Other amounts receivable | 41 | €1,399 | €4,870 | +€3,471 | +248% |
| Current investments | 50/53 | €211,092 | €212,982 | +€1,891 | +0.9% |
| Cash at bank and in hand | 54/58 | €286,224 | €323,070 | +€36,846 | +12.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €755,815 | €791,773 | +€35,959 | +4.8% |
| Equity | 10/15 | €675,124 | €728,495 | +€53,372 | +7.9% |
| 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 | €613,124 | €666,495 | +€53,372 | +8.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €606,924 | €660,295 | +€53,372 | +8.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €80,691 | €63,278 | -€17,413 | -21.6% |
| Amounts payable after more than one year | 17 | €20,136 | €13,076 | -€7,060 | -35.1% |
| Financial debts | 170/4 | €20,136 | €13,076 | -€7,060 | -35.1% |
| Amounts payable within one year | 42/48 | €60,555 | €50,203 | -€10,353 | -17.1% |
| Current portion of amounts payable after more than one year | 42 | €6,776 | €7,060 | +€284 | +4.2% |
| Trade debts | 44 | €11,809 | €10,062 | -€1,747 | -14.8% |
| Suppliers | 440/4 | €11,809 | €10,062 | -€1,747 | -14.8% |
| Taxes, remuneration and social security | 45 | €41,970 | €33,080 | -€8,889 | -21.2% |
| Taxes | 450/3 | €25,849 | €25,641 | -€208 | -0.8% |
| Remuneration and social security | 454/9 | €16,121 | €7,439 | -€8,682 | -53.9% |
| Remuneration, social security and pensions | 62 | €125,263 | €120,885 | -€4,378 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,627 | €24,853 | -€8,774 | -26.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €363 | €1,366 | +€1,003 | +276% |
| Non-recurring operating charges | 66A | - | €131 | +€131 | |
| Gross operating margin | 9900 | €215,548 | €225,543 | +€9,994 | +4.6% |
| Operating profit (loss) | 9901 | €56,295 | €78,308 | +€22,013 | +39.1% |
| Financial income | 75/76B | €5,383 | €27,651 | +€22,268 | +414% |
| Recurring financial income | 75 | €5,383 | €27,651 | +€22,268 | +414% |
| Financial charges | 65/66B | €2,938 | €2,089 | -€849 | -28.9% |
| Recurring financial charges | 65 | €2,938 | €2,089 | -€849 | -28.9% |
| Profit (loss) for the period before taxes | 9903 | €58,740 | €103,870 | +€45,129 | +76.8% |
| Income taxes | 67/77 | €16,616 | €24,731 | +€8,115 | +48.8% |
| Profit (loss) for the period | 9904 | €42,124 | €79,138 | +€37,014 | +87.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,124 | €79,138 | +€37,014 | +87.9% |
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 18 October 2026 via checked.be.