VANHAECKE: what changed
Two fiscal 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.
VANHAECKE
Largest movements
- Receivables after one year +€1.6m
new in 2025: €1.6m
- Cash -€281,709
down €281,709 (-27.9%), from €1.0m to €729,426
mainly Receivables after one year (-€1.6m) and Stocks and contracts (-€272,349)
- Stocks and contracts +€272,349
up €272,349 (+414.2%), from €65,750 to €338,099
- Current investments +€250,000
up €250,000 (+25.0%), from €1.0m to €1.3m
- Tangible fixed assets -€248,075
down €248,075 (-19.5%), from €1.3m to €1.0m
of which Land and buildings: -€164,309
- Reserves +€1.5m
up €1.5m (+43.3%), from €3.5m to €5.0m
of which Distributable reserves: +€1.5m
- Trade debts -€96,457
down €96,457 (-96.1%), from €100,411 to €3,954
- Gross operating margin +€431,326
up €431,326 (+19.1%), from €2.3m to €2.7m
- Taxes +€242,268
up €242,268 (+47.0%), from €515,797 to €758,065
- Staff costs -€236,271
down €236,271 (-99.9%), from €236,422 to €151
- Depreciation +€40,304
up €40,304 (+18.1%), from €222,669 to €262,973
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.
Cash bridge derived
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 | €3,718,465 | €5,140,106 | +€1.4m | +38.2% |
| Fixed assets | 21/28 | €1,274,481 | €1,026,406 | -€248,075 | -19.5% |
| Tangible fixed assets | 22/27 | €1,274,481 | €1,026,406 | -€248,075 | -19.5% |
| Land and buildings | 22 | €768,710 | €604,401 | -€164,309 | -21.4% |
| Plant, machinery and equipment | 23 | €325,442 | €283,740 | -€41,702 | -12.8% |
| Furniture and vehicles | 24 | €180,328 | €138,265 | -€42,063 | -23.3% |
| Current assets | 29/58 | €2,443,984 | €4,113,700 | +€1.7m | +68.3% |
| Amounts receivable after more than one year | 29 | - | €1,600,000 | +€1.6m | |
| Other amounts receivable | 291 | - | €1,600,000 | +€1.6m | |
| Stocks and contracts in progress | 3 | €65,750 | €338,099 | +€272,349 | +414.2% |
| Stocks | 30/36 | €65,750 | €338,099 | +€272,349 | +414.2% |
| Amounts receivable within one year | 40/41 | €367,098 | €191,880 | -€175,218 | -47.7% |
| Trade receivables | 40 | €2,720 | €5,765 | +€3,045 | +111.9% |
| Other amounts receivable | 41 | €364,378 | €186,115 | -€178,263 | -48.9% |
| Current investments | 50/53 | €1,000,000 | €1,250,000 | +€250,000 | +25.0% |
| Cash at bank and in hand | 54/58 | €1,011,136 | €729,426 | -€281,709 | -27.9% |
| Deferred charges and accrued income | 490/1 | - | €4,295 | +€4,295 | |
| Total equity and liabilities | 10/49 | €3,718,465 | €5,140,106 | +€1.4m | +38.2% |
| Equity | 10/15 | €3,481,266 | €4,977,979 | +€1.5m | +43.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €3,460,321 | €4,957,034 | +€1.5m | +43.3% |
| Non-distributable reserves | 130/1 | €2,000 | - | -€2,000 | |
| Reserves not available under the articles | 1311 | €2,000 | - | -€2,000 | |
| Tax-exempt reserves | 132 | €60,233 | €57,847 | -€2,385 | -4.0% |
| Distributable reserves | 133 | €3,398,088 | €4,899,187 | +€1.5m | +44.2% |
| Profit (loss) carried forward | 14 | €945 | €945 | = | 0.0% |
| Provisions and deferred taxes | 16 | €15,058 | €14,462 | -€596 | -4.0% |
| Deferred taxes | 168 | €15,058 | €14,462 | -€596 | -4.0% |
| Amounts payable | 17/49 | €222,141 | €147,665 | -€74,476 | -33.5% |
| Amounts payable within one year | 42/48 | €222,141 | €147,665 | -€74,476 | -33.5% |
| Trade debts | 44 | €100,411 | €3,954 | -€96,457 | -96.1% |
| Suppliers | 440/4 | €100,411 | €3,954 | -€96,457 | -96.1% |
| Taxes, remuneration and social security | 45 | €121,730 | €140,154 | +€18,424 | +15.1% |
| Taxes | 450/3 | €118,348 | €140,154 | +€21,806 | +18.4% |
| Remuneration and social security | 454/9 | €3,382 | - | -€3,382 | |
| Other amounts payable | 47/48 | - | €3,557 | +€3,557 | |
| Remuneration, social security and pensions | 62 | €236,422 | €151 | -€236,271 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €222,669 | €262,973 | +€40,304 | +18.1% |
| Other operating charges | 640/8 | €28,674 | €32,803 | +€4,130 | +14.4% |
| Gross operating margin | 9900 | €2,253,081 | €2,684,407 | +€431,326 | +19.1% |
| Operating profit (loss) | 9901 | €1,765,316 | €2,388,479 | +€623,163 | +35.3% |
| Financial income | 75/76B | - | €7,563 | +€7,563 | |
| Recurring financial income | 75 | - | €7,563 | +€7,563 | |
| Financial charges | 65/66B | €617 | €67 | -€550 | -89.2% |
| Recurring financial charges | 65 | €617 | €67 | -€550 | -89.2% |
| Profit (loss) for the period before taxes | 9903 | €1,764,699 | €2,395,975 | +€631,276 | +35.8% |
| Transfer from deferred taxes | 780 | €596 | €2,385 | +€1,789 | +300.0% |
| Income taxes | 67/77 | €515,797 | €758,065 | +€242,268 | +47.0% |
| Profit (loss) for the period | 9904 | €1,249,498 | €1,640,295 | +€390,797 | +31.3% |
| Transfer from tax-exempt reserves | 789 | €2,385 | €596 | -€1,789 | -75.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,251,883 | €1,640,891 | +€389,008 | +31.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.