VANHEE PROJEKT: 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.
What changed
VANHEE PROJEKT
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€141,244
2024 · €1.1m-€1.3m
Equity
€807,250
2024 · €948,494-€141,244
Cash
€126,975
2024 · €106,168+€20,807
Balance sheet total
€2.2m
2024 · €1.7m+€536,112
Largest movements
Assets
- Stocks and contracts +€930,195
up €930,195 (+137%), from €678,935 to €1.6m
of which Stocks: +€930,195
- Receivables within one year -€325,060
down €325,060 (-63.8%), from €509,760 to €184,700
of which Other amounts receivable: -€299,870
- Tangible fixed assets -€93,808
down €93,808 (-22.9%), from €408,889 to €315,080
of which Furniture and vehicles: -€81,098
Equity and liabilities
- Short-term financial debts +€550,000
up €550,000 (+367%), from €150,000 to €700,000
- Trade debts +€168,846
up €168,846 (+316%), from €53,435 to €222,281
- Reserves -€141,244
down €141,244 (-15.9%), from €886,994 to €745,750
of which Distributable reserves: -€141,244
- Other debts -€34,476
down €34,476 (-7.6%), from €455,990 to €421,514
Income statement
- Gross operating margin -€1.4m
down €1.4m, from €1.3m to -€84,866
- Taxes -€75,962
down €75,962 (-100%), from €75,962 to €0
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.
Result 2024
€1.1m
Gross operating margin
-€1.4m
Depreciation
+€7,771
Other operating charges
+€558
Other operating items
-€158
Financial income
+€674
Financial charges
-€7,085
Taxes
+€75,962
Result 2025
-€141,244
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€593,064
Investment
+€75,771
Financing
+€538,100
Cash 2024
€106,168
From operations (derived)
-€593,064
Net result for the year
-€141,244
Depreciation
+€18,037
Stocks and contracts
-€930,195
Receivables within one year
+€325,060
Deferred charges and accrued income
-€3,979
Trade debts
+€168,846
Tax, wage and social debts
+€4,849
Other debts
-€34,476
Accrued charges and deferred income
+€37
Investment (derived)
+€75,771
Investment in fixed assets (net)
+€75,771
Financing
+€538,100
Debts after one year
-€12,511
Current portion of long-term debt
+€612
Short-term financial debts
+€550,000
Cash 2025
€126,975
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,704,008 | €2,240,120 | +€536,112 | +31.5% |
| Fixed assets | 21/28 | €408,985 | €315,176 | -€93,808 | -22.9% |
| Tangible fixed assets | 22/27 | €408,889 | €315,080 | -€93,808 | -22.9% |
| Land and buildings | 22 | €320,870 | €310,047 | -€10,823 | -3.4% |
| Plant, machinery and equipment | 23 | €6,920 | €5,033 | -€1,887 | -27.3% |
| Furniture and vehicles | 24 | €81,098 | €0 | -€81,098 | -100% |
| Financial fixed assets | 28 | €96 | €96 | = | 0.0% |
| Current assets | 29/58 | €1,295,023 | €1,924,944 | +€629,921 | +48.6% |
| Stocks and contracts in progress | 3 | €678,935 | €1,609,129 | +€930,195 | +137% |
| Stocks | 30/36 | €678,935 | €1,609,129 | +€930,195 | +137% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €509,760 | €184,700 | -€325,060 | -63.8% |
| Trade receivables | 40 | €110,213 | €85,023 | -€25,190 | -22.9% |
| Other amounts receivable | 41 | €399,547 | €99,677 | -€299,870 | -75.1% |
| Cash at bank and in hand | 54/58 | €106,168 | €126,975 | +€20,807 | +19.6% |
| Deferred charges and accrued income | 490/1 | €161 | €4,140 | +€3,979 | +2,472% |
| Total equity and liabilities | 10/49 | €1,704,008 | €2,240,120 | +€536,112 | +31.5% |
| Equity | 10/15 | €948,494 | €807,250 | -€141,244 | -14.9% |
| 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 | €886,994 | €745,750 | -€141,244 | -15.9% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €880,844 | €739,600 | -€141,244 | -16.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €755,514 | €1,432,871 | +€677,357 | +89.7% |
| Amounts payable after more than one year | 17 | €77,265 | €64,754 | -€12,511 | -16.2% |
| Financial debts | 170/4 | €77,265 | €64,754 | -€12,511 | -16.2% |
| Amounts payable within one year | 42/48 | €677,068 | €1,366,899 | +€689,831 | +102% |
| Current portion of amounts payable after more than one year | 42 | €11,900 | €12,511 | +€612 | +5.1% |
| Financial debts | 43 | €150,000 | €700,000 | +€550,000 | +367% |
| Credit institutions | 430/8 | €150,000 | €700,000 | +€550,000 | +367% |
| Trade debts | 44 | €53,435 | €222,281 | +€168,846 | +316% |
| Suppliers | 440/4 | €53,435 | €222,281 | +€168,846 | +316% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €5,743 | €10,592 | +€4,849 | +84.4% |
| Taxes | 450/3 | €2,429 | €7,260 | +€4,831 | +199% |
| Remuneration and social security | 454/9 | €3,314 | €3,332 | +€18 | +0.5% |
| Other amounts payable | 47/48 | €455,990 | €421,514 | -€34,476 | -7.6% |
| Accrued charges and deferred income | 492/3 | €1,181 | €1,218 | +€37 | +3.1% |
| Non-recurring operating income | 76A | €15,600 | €24,152 | +€8,552 | +54.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,808 | €18,037 | -€7,771 | -30.1% |
| Other operating charges | 640/8 | €11,254 | €10,696 | -€558 | -5.0% |
| Non-recurring operating charges | 66A | €5,450 | €5,608 | +€158 | +2.9% |
| Gross operating margin | 9900 | €1,269,011 | -€84,866 | -€1.4m | |
| Operating profit (loss) | 9901 | €1,226,498 | -€119,207 | -€1.3m | |
| Financial income | 75/76B | €3,170 | €3,844 | +€674 | +21.3% |
| Recurring financial income | 75 | €3,170 | €3,844 | +€674 | +21.3% |
| Financial charges | 65/66B | €18,795 | €25,881 | +€7,085 | +37.7% |
| Recurring financial charges | 65 | €18,795 | €25,881 | +€7,085 | +37.7% |
| Profit (loss) for the period before taxes | 9903 | €1,210,873 | -€141,244 | -€1.4m | |
| Income taxes | 67/77 | €75,962 | €0 | -€75,962 | -100% |
| Profit (loss) for the period | 9904 | €1,134,911 | -€141,244 | -€1.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,134,911 | -€141,244 | -€1.3m |
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 13 October 2026 via checked.be.