VANEECKHOUTE: 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.
VANEECKHOUTE
Largest movements
- Stocks and contracts +€248,793
up €248,793 (+56.7%), from €438,546 to €687,339
- Tangible fixed assets +€203,381
up €203,381 (+214%), from €95,165 to €298,546
of which Plant, machinery and equipment: +€141,385
- Receivables within one year +€146,219
up €146,219 (+75.4%), from €193,998 to €340,217
of which Trade receivables: +€124,973
- Receivables after one year -€26,035
down €26,035 (-46.7%), from €55,703 to €29,668
- Debts after one year +€235,062
up €235,062 (+581%), from €40,461 to €275,522
- Provisions +€177,000
up €177,000 (+466%), from €38,000 to €215,000
- Reserves +€105,250
up €105,250 (+55.0%), from €191,515 to €296,765
of which Tax-exempt reserves: +€105,250
- Trade debts -€64,102
down €64,102 (-30.6%), from €209,625 to €145,522
- Current portion of long-term debt +€52,659
up €52,659 (+159%), from €33,164 to €85,823
- Gross operating margin +€412,092
up €412,092 (+102%), from €404,291 to €816,382
- Provisions +€219,000
up €219,000, from -€42,000 to €177,000
- Staff costs +€86,910
up €86,910 (+40.2%), from €216,331 to €303,242
- Write-downs +€52,628
up €52,628 (+550%), from €9,570 to €62,198
- Depreciation +€32,079
up €32,079 (+73.3%), from €43,742 to €75,821
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 | €1,251,539 | €1,843,544 | +€592,005 | +47.3% |
| Fixed assets | 21/28 | €95,165 | €298,548 | +€203,383 | +214% |
| Intangible fixed assets | 21 | - | €2 | +€2 | |
| Tangible fixed assets | 22/27 | €95,165 | €298,546 | +€203,381 | +214% |
| Land and buildings | 22 | - | €50,528 | +€50,528 | |
| Plant, machinery and equipment | 23 | €81,926 | €223,311 | +€141,385 | +173% |
| Furniture and vehicles | 24 | €4,748 | €24,708 | +€19,959 | +420% |
| Assets under construction and advance payments | 27 | €8,491 | - | -€8,491 | |
| Current assets | 29/58 | €1,156,374 | €1,544,995 | +€388,621 | +33.6% |
| Amounts receivable after more than one year | 29 | €55,703 | €29,668 | -€26,035 | -46.7% |
| Other amounts receivable | 291 | €55,703 | €29,668 | -€26,035 | -46.7% |
| Stocks and contracts in progress | 3 | €438,546 | €687,339 | +€248,793 | +56.7% |
| Stocks | 30/36 | €438,546 | €687,339 | +€248,793 | +56.7% |
| Amounts receivable within one year | 40/41 | €193,998 | €340,217 | +€146,219 | +75.4% |
| Trade receivables | 40 | €163,035 | €288,008 | +€124,973 | +76.7% |
| Other amounts receivable | 41 | €30,962 | €52,209 | +€21,246 | +68.6% |
| Cash at bank and in hand | 54/58 | €464,231 | €475,796 | +€11,565 | +2.5% |
| Deferred charges and accrued income | 490/1 | €3,895 | €11,974 | +€8,079 | +207% |
| Total equity and liabilities | 10/49 | €1,251,539 | €1,843,544 | +€592,005 | +47.3% |
| Equity | 10/15 | €912,981 | €1,061,532 | +€148,551 | +16.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | - | €62,000 | +€62,000 | |
| Issued capital | 100 | - | €62,000 | +€62,000 | |
| Reserves | 13 | €191,515 | €296,765 | +€105,250 | +55.0% |
| Non-distributable reserves | 130/1 | €1,852 | €1,852 | = | 0.0% |
| Legal reserve | 130 | - | €1,852 | +€1,852 | |
| Reserves not available under the articles | 1311 | €1,852 | - | -€1,852 | |
| Tax-exempt reserves | 132 | €141,264 | €246,514 | +€105,250 | +74.5% |
| Distributable reserves | 133 | €48,399 | €48,399 | = | 0.0% |
| Profit (loss) carried forward | 14 | €659,466 | €702,767 | +€43,301 | +6.6% |
| Provisions and deferred taxes | 16 | €38,000 | €215,000 | +€177,000 | +466% |
| Provisions for liabilities and charges | 160/5 | €38,000 | €215,000 | +€177,000 | +466% |
| Major repairs and maintenance | 162 | €38,000 | €215,000 | +€177,000 | +466% |
| Amounts payable | 17/49 | €300,558 | €567,011 | +€266,454 | +88.7% |
| Amounts payable after more than one year | 17 | €40,461 | €275,522 | +€235,062 | +581% |
| Financial debts | 170/4 | €40,461 | €275,522 | +€235,062 | +581% |
| Amounts payable within one year | 42/48 | €260,097 | €291,489 | +€31,392 | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €33,164 | €85,823 | +€52,659 | +159% |
| Trade debts | 44 | €209,625 | €145,522 | -€64,102 | -30.6% |
| Suppliers | 440/4 | €209,625 | €145,522 | -€64,102 | -30.6% |
| Taxes, remuneration and social security | 45 | €17,308 | €35,144 | +€17,836 | +103% |
| Taxes | 450/3 | €3,627 | €14,362 | +€10,734 | +296% |
| Remuneration and social security | 454/9 | €13,681 | €20,782 | +€7,101 | +51.9% |
| Other amounts payable | 47/48 | - | €25,000 | +€25,000 | |
| Remuneration, social security and pensions | 62 | €216,331 | €303,242 | +€86,910 | +40.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,742 | €75,821 | +€32,079 | +73.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,570 | €62,198 | +€52,628 | +550% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€42,000 | €177,000 | +€219,000 | |
| Other operating charges | 640/8 | €4,989 | €5,103 | +€113 | +2.3% |
| Gross operating margin | 9900 | €404,291 | €816,382 | +€412,092 | +102% |
| Operating profit (loss) | 9901 | €171,658 | €193,019 | +€21,361 | +12.4% |
| Financial income | 75/76B | €6,761 | €16,598 | +€9,838 | +146% |
| Recurring financial income | 75 | €6,761 | €16,598 | +€9,838 | +146% |
| Financial charges | 65/66B | €4,346 | €13,097 | +€8,751 | +201% |
| Recurring financial charges | 65 | €4,346 | €13,097 | +€8,751 | +201% |
| Profit (loss) for the period before taxes | 9903 | €174,073 | €196,520 | +€22,447 | +12.9% |
| Income taxes | 67/77 | €44,198 | €47,969 | +€3,772 | +8.5% |
| Profit (loss) for the period | 9904 | €129,875 | €148,551 | +€18,676 | +14.4% |
| Transfer to tax-exempt reserves | 689 | €31,575 | €105,250 | +€73,675 | +233% |
| Profit (loss) for the period to be appropriated | 9905 | €98,300 | €43,301 | -€54,999 | -56.0% |
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 24 October 2026 via checked.be.