VANHAN: 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.
VANHAN
Largest movements
- Financial fixed assets -€51,500
down €51,500 (-37.2%), from €138,500 to €87,000
- Intangible fixed assets -€35,279
down €35,279 (-48.6%), from €72,621 to €37,342
- Cash -€21,195
down €21,195 (-34.9%), from €60,813 to €39,618
mainly Net result for the year (-€105,266) and Accrued charges and deferred income (-€67,093)
- Tangible fixed assets -€15,196
down €15,196 (-33.9%), from €44,839 to €29,643
- Receivables within one year +€5,691
up €5,691 (+17.4%), from €32,688 to €38,379
of which Trade receivables: +€10,725
- Profit (loss) carried forward -€79,179
new in 2025: -€79,179
- Trade debts +€72,281
up €72,281 (+744.5%), from €9,708 to €81,989
- Accrued charges and deferred income -€67,093
no longer reported in 2025 (was €67,093)
- Reserves -€26,087
no longer reported in 2025 (was €26,087)
- Debts after one year -€17,156
no longer reported in 2025 (was €17,156)
- Gross operating margin -€144,138
down €144,138, from €16,817 to -€127,321
- Financial income +€11,184
up €11,184 (+16.6%), from €67,400 to €78,584
- Depreciation -€9,460
down €9,460 (-15.8%), from €59,935 to €50,475
- Financial charges -€1,916
down €1,916 (-28.4%), from €6,741 to €4,825
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 | €350,786 | €233,460 | -€117,326 | -33.4% |
| Fixed assets | 21/28 | €255,960 | €153,985 | -€101,975 | -39.8% |
| Intangible fixed assets | 21 | €72,621 | €37,342 | -€35,279 | -48.6% |
| Tangible fixed assets | 22/27 | €44,839 | €29,643 | -€15,196 | -33.9% |
| Furniture and vehicles | 24 | €44,839 | €29,643 | -€15,196 | -33.9% |
| Financial fixed assets | 28 | €138,500 | €87,000 | -€51,500 | -37.2% |
| Current assets | 29/58 | €94,827 | €79,475 | -€15,351 | -16.2% |
| Amounts receivable within one year | 40/41 | €32,688 | €38,379 | +€5,691 | +17.4% |
| Trade receivables | 40 | €16,397 | €27,123 | +€10,725 | +65.4% |
| Other amounts receivable | 41 | €16,290 | €11,256 | -€5,034 | -30.9% |
| Cash at bank and in hand | 54/58 | €60,813 | €39,618 | -€21,195 | -34.9% |
| Deferred charges and accrued income | 490/1 | €1,326 | €1,479 | +€153 | +11.5% |
| Total equity and liabilities | 10/49 | €350,786 | €233,460 | -€117,326 | -33.4% |
| Equity | 10/15 | €126,087 | €20,821 | -€105,266 | -83.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €26,087 | - | -€26,087 | |
| Distributable reserves | 133 | €26,087 | - | -€26,087 | |
| Profit (loss) carried forward | 14 | - | -€79,179 | -€79,179 | |
| Amounts payable | 17/49 | €224,699 | €212,639 | -€12,060 | -5.4% |
| Amounts payable after more than one year | 17 | €17,156 | - | -€17,156 | |
| Financial debts | 170/4 | €17,156 | - | -€17,156 | |
| Amounts payable within one year | 42/48 | €140,450 | €212,639 | +€72,189 | +51.4% |
| Current portion of amounts payable after more than one year | 42 | €16,537 | €17,156 | +€619 | +3.7% |
| Financial debts | 43 | €75,000 | €75,000 | = | 0.0% |
| Credit institutions | 430/8 | €75,000 | €75,000 | = | 0.0% |
| Trade debts | 44 | €9,708 | €81,989 | +€72,281 | +744.5% |
| Suppliers | 440/4 | €9,708 | €81,989 | +€72,281 | +744.5% |
| Taxes, remuneration and social security | 45 | - | €49 | +€49 | |
| Taxes | 450/3 | - | €49 | +€49 | |
| Other amounts payable | 47/48 | €39,205 | €38,445 | -€760 | -1.9% |
| Accrued charges and deferred income | 492/3 | €67,093 | - | -€67,093 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,935 | €50,475 | -€9,460 | -15.8% |
| Other operating charges | 640/8 | €924 | €952 | +€28 | +3.1% |
| Non-recurring operating charges | 66A | €247 | - | -€247 | |
| Gross operating margin | 9900 | €16,817 | -€127,321 | -€144,138 | |
| Operating profit (loss) | 9901 | -€44,288 | -€178,748 | -€134,460 | -303.6% |
| Financial income | 75/76B | €67,400 | €78,584 | +€11,184 | +16.6% |
| Recurring financial income | 75 | €67,400 | €78,584 | +€11,184 | +16.6% |
| Financial charges | 65/66B | €6,741 | €4,825 | -€1,916 | -28.4% |
| Recurring financial charges | 65 | €6,741 | €4,825 | -€1,916 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | €16,370 | -€104,989 | -€121,359 | |
| Income taxes | 67/77 | €293 | €277 | -€16 | -5.4% |
| Profit (loss) for the period | 9904 | €16,077 | -€105,266 | -€121,343 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,077 | -€105,266 | -€121,343 |
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 11 October 2026 via checked.be.