VANHEE CONSTRUCT: 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.
VANHEE CONSTRUCT
Largest movements
- Receivables within one year -€118,801
down €118,801 (-21.6%), from €549,430 to €430,629
of which Other amounts receivable: -€101,602
- Deferred charges and accrued income +€112,282
up €112,282 (+202%), from €55,540 to €167,822
- Stocks and contracts +€93,130
up €93,130 (+266%), from €35,000 to €128,130
of which Contracts in progress: +€92,274
- Tangible fixed assets +€82,186
up €82,186 (+130%), from €63,000 to €145,185
of which Plant, machinery and equipment: +€95,020
- Cash -€51,361
down €51,361 (-43.6%), from €117,851 to €66,490
mainly Investment in fixed assets (net) (-€120,408) and Deferred charges and accrued income (-€112,282)
- Advances received +€88,590
new in 2025: €88,590
- Debts after one year +€71,242
new in 2025: €71,242
- Other debts -€46,961
down €46,961 (-22.5%), from €208,527 to €161,566
- Reserves -€33,619
down €33,619 (-6.4%), from €522,205 to €488,586
of which Distributable reserves: -€33,619
- Current portion of long-term debt +€27,896
new in 2025: €27,896
- Gross operating margin +€63,048
up €63,048 (+638%), from €9,875 to €72,923
- Depreciation +€18,986
up €18,986 (+91.6%), from €20,736 to €39,722
- Financial charges +€4,039
up €4,039 (+230%), from €1,756 to €5,795
- Other operating charges -€1,030
down €1,030 (-36.0%), from €2,859 to €1,829
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 | €822,322 | €938,256 | +€115,935 | +14.1% |
| Fixed assets | 21/28 | €64,500 | €145,185 | +€80,686 | +125% |
| Tangible fixed assets | 22/27 | €63,000 | €145,185 | +€82,186 | +130% |
| Land and buildings | 22 | €4,757 | €4,474 | -€283 | -5.9% |
| Plant, machinery and equipment | 23 | €2,422 | €97,442 | +€95,020 | +3,923% |
| Furniture and vehicles | 24 | €55,821 | €43,269 | -€12,552 | -22.5% |
| Financial fixed assets | 28 | €1,500 | €0 | -€1,500 | -100% |
| Current assets | 29/58 | €757,822 | €793,071 | +€35,249 | +4.7% |
| Stocks and contracts in progress | 3 | €35,000 | €128,130 | +€93,130 | +266% |
| Stocks | 30/36 | €0 | €856 | +€856 | |
| Contracts in progress | 37 | €35,000 | €127,274 | +€92,274 | +264% |
| Amounts receivable within one year | 40/41 | €549,430 | €430,629 | -€118,801 | -21.6% |
| Trade receivables | 40 | €17,199 | €0 | -€17,199 | -100% |
| Other amounts receivable | 41 | €532,231 | €430,629 | -€101,602 | -19.1% |
| Cash at bank and in hand | 54/58 | €117,851 | €66,490 | -€51,361 | -43.6% |
| Deferred charges and accrued income | 490/1 | €55,540 | €167,822 | +€112,282 | +202% |
| Total equity and liabilities | 10/49 | €822,322 | €938,256 | +€115,935 | +14.1% |
| Equity | 10/15 | €583,705 | €550,086 | -€33,619 | -5.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €522,205 | €488,586 | -€33,619 | -6.4% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €516,055 | €482,436 | -€33,619 | -6.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €238,617 | €388,170 | +€149,553 | +62.7% |
| Amounts payable after more than one year | 17 | - | €71,242 | +€71,242 | |
| Financial debts | 170/4 | - | €71,242 | +€71,242 | |
| Amounts payable within one year | 42/48 | €237,872 | €316,607 | +€78,735 | +33.1% |
| Current portion of amounts payable after more than one year | 42 | - | €27,896 | +€27,896 | |
| Trade debts | 44 | €26,341 | €33,799 | +€7,458 | +28.3% |
| Suppliers | 440/4 | €26,341 | €33,799 | +€7,458 | +28.3% |
| Advances received on contracts in progress | 46 | - | €88,590 | +€88,590 | |
| Taxes, remuneration and social security | 45 | €3,005 | €4,756 | +€1,752 | +58.3% |
| Taxes | 450/3 | €541 | €975 | +€433 | +80.1% |
| Remuneration and social security | 454/9 | €2,463 | €3,782 | +€1,318 | +53.5% |
| Other amounts payable | 47/48 | €208,527 | €161,566 | -€46,961 | -22.5% |
| Accrued charges and deferred income | 492/3 | €744 | €321 | -€423 | -56.9% |
| Non-recurring operating income | 76A | €0 | €12,866 | +€12,866 | |
| Remuneration, social security and pensions | 62 | €64,571 | €65,184 | +€613 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,736 | €39,722 | +€18,986 | +91.6% |
| Other operating charges | 640/8 | €2,859 | €1,829 | -€1,030 | -36.0% |
| Gross operating margin | 9900 | €9,875 | €72,923 | +€63,048 | +638% |
| Operating profit (loss) | 9901 | -€78,292 | -€33,813 | +€44,479 | +56.8% |
| Financial income | 75/76B | €5,444 | €5,989 | +€545 | +10.0% |
| Recurring financial income | 75 | €5,444 | €5,989 | +€545 | +10.0% |
| Financial charges | 65/66B | €1,756 | €5,795 | +€4,039 | +230% |
| Recurring financial charges | 65 | €1,756 | €5,795 | +€4,039 | +230% |
| Profit (loss) for the period before taxes | 9903 | -€74,603 | -€33,619 | +€40,985 | +54.9% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€74,603 | -€33,619 | +€40,985 | +54.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€74,603 | -€33,619 | +€40,985 | +54.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.