VANHALME: 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.
VANHALME
Largest movements
- Stocks and contracts +€1.5m
up €1.5m (+377.9%), from €386,553 to €1.8m
- Receivables within one year +€165,887
up €165,887 (+273.8%), from €60,589 to €226,476
of which Other amounts receivable: +€173,127
- Cash +€75,898
up €75,898 (+26.5%), from €286,799 to €362,698
mainly Short-term financial debts (+€1.1m) and Debts after one year (+€517,076)
- Short-term financial debts +€1.1m
new in 2025: €1.1m
- Debts after one year +€517,076
up €517,076 (+236.7%), from €218,467 to €735,543
of which Financial debts: +€517,076
- Reserves +€82,227
up €82,227 (+82.3%), from €99,960 to €182,186
- Other debts -€41,215
down €41,215 (-19.1%), from €215,627 to €174,413
- Gross operating margin +€276,394
up €276,394 (+388.4%), from €71,162 to €347,556
- Financial charges +€54,741
up €54,741 (+258.3%), from €21,194 to €75,935
- Taxes +€52,449
up €52,449 (+451.3%), from €11,621 to €64,070
- Other operating charges +€4,824
up €4,824 (+215.6%), from €2,237 to €7,061
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 | €1,092,090 | €2,778,745 | +€1.7m | +154.4% |
| Fixed assets | 21/28 | €353,149 | €342,141 | -€11,007 | -3.1% |
| Intangible fixed assets | 21 | €17,830 | €14,019 | -€3,812 | -21.4% |
| Tangible fixed assets | 22/27 | €335,318 | €328,123 | -€7,195 | -2.1% |
| Land and buildings | 22 | €330,736 | €321,833 | -€8,903 | -2.7% |
| Furniture and vehicles | 24 | €607 | €2,723 | +€2,116 | +348.3% |
| Other tangible fixed assets | 26 | €3,974 | €3,567 | -€408 | -10.3% |
| Current assets | 29/58 | €738,942 | €2,436,603 | +€1.7m | +229.7% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €386,553 | €1,847,430 | +€1.5m | +377.9% |
| Stocks | 30/36 | €386,553 | €1,847,430 | +€1.5m | +377.9% |
| Amounts receivable within one year | 40/41 | €60,589 | €226,476 | +€165,887 | +273.8% |
| Trade receivables | 40 | €19,144 | €11,904 | -€7,240 | -37.8% |
| Other amounts receivable | 41 | €41,446 | €214,572 | +€173,127 | +417.7% |
| Cash at bank and in hand | 54/58 | €286,799 | €362,698 | +€75,898 | +26.5% |
| Deferred charges and accrued income | 490/1 | €5,000 | €0 | -€5,000 | -100.0% |
| Total equity and liabilities | 10/49 | €1,092,090 | €2,778,745 | +€1.7m | +154.4% |
| Equity | 10/15 | €599,960 | €682,186 | +€82,227 | +13.7% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €99,960 | €182,186 | +€82,227 | +82.3% |
| Distributable reserves | 133 | €99,960 | €182,186 | +€82,227 | +82.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €492,131 | €2,096,558 | +€1.6m | +326.0% |
| Amounts payable after more than one year | 17 | €218,467 | €735,543 | +€517,076 | +236.7% |
| Financial debts | 170/4 | €218,467 | €735,543 | +€517,076 | +236.7% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €273,664 | €1,361,016 | +€1.1m | +397.3% |
| Current portion of amounts payable after more than one year | 42 | €26,881 | €27,924 | +€1,043 | +3.9% |
| Financial debts | 43 | - | €1,107,000 | +€1.1m | |
| Credit institutions | 430/8 | - | €1,107,000 | +€1.1m | |
| Trade debts | 44 | €22,254 | €30,145 | +€7,892 | +35.5% |
| Suppliers | 440/4 | €22,254 | €30,145 | +€7,892 | +35.5% |
| Taxes, remuneration and social security | 45 | €8,902 | €21,534 | +€12,632 | +141.9% |
| Taxes | 450/3 | €8,902 | €21,534 | +€12,632 | +141.9% |
| Other amounts payable | 47/48 | €215,627 | €174,413 | -€41,215 | -19.1% |
| Non-recurring operating income | 76A | €6,415 | €165 | -€6,250 | -97.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,351 | €13,265 | +€2,914 | +28.1% |
| Other operating charges | 640/8 | €2,237 | €7,061 | +€4,824 | +215.6% |
| Non-recurring operating charges | 66A | - | €5,000 | +€5,000 | |
| Gross operating margin | 9900 | €71,162 | €347,556 | +€276,394 | +388.4% |
| Operating profit (loss) | 9901 | €58,574 | €322,230 | +€263,656 | +450.1% |
| Financial income | 75/76B | €48 | €1 | -€47 | -97.3% |
| Recurring financial income | 75 | €48 | €1 | -€47 | -97.3% |
| Financial charges | 65/66B | €21,194 | €75,935 | +€54,741 | +258.3% |
| Recurring financial charges | 65 | €21,194 | €75,935 | +€54,741 | +258.3% |
| Profit (loss) for the period before taxes | 9903 | €37,428 | €246,297 | +€208,868 | +558.0% |
| Income taxes | 67/77 | €11,621 | €64,070 | +€52,449 | +451.3% |
| Profit (loss) for the period | 9904 | €25,807 | €182,227 | +€156,420 | +606.1% |
| Profit (loss) for the period to be appropriated | 9905 | €25,807 | €182,227 | +€156,420 | +606.1% |
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 10 October 2026 via checked.be.