VANHEE-VERFAILLIE: 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-VERFAILLIE
Largest movements
- Receivables within one year -€43,928
down €43,928 (-29.2%), from €150,531 to €106,603
of which Trade receivables: -€43,921
- Cash -€38,557
down €38,557 (-51.7%), from €74,583 to €36,026
mainly Trade debts (-€91,440) and Advances received (-€9,450)
- Tangible fixed assets -€9,624
down €9,624 (-25.1%), from €38,335 to €28,711
of which Other tangible fixed assets: -€5,023
- Trade debts -€91,440
down €91,440 (-40.9%), from €223,829 to €132,389
- Current portion of long-term debt +€9,609
up €9,609 (+310%), from €3,095 to €12,704
- Advances received -€9,450
no longer reported in 2025 (was €9,450)
- Other debts +€9,157
up €9,157 (+3.2%), from €284,149 to €293,306
- Tax, wage and social debts -€8,043
down €8,043 (-27.6%), from €29,186 to €21,143
of which Taxes: -€8,693
- Other operating charges +€13,745
up €13,745 (+1,143%), from €1,202 to €14,947
- Gross operating margin -€3,920
down €3,920 (-10.4%), from €37,593 to €33,673
- Financial charges +€2,867
up €2,867 (+57.1%), from €5,023 to €7,890
- Taxes -€2,599
down €2,599 (-56.3%), from €4,616 to €2,017
- Financial income +€2,506
up €2,506 (+110%), from €2,280 to €4,786
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 | €793,878 | €703,978 | -€89,900 | -11.3% |
| Fixed assets | 21/28 | €38,837 | €28,949 | -€9,888 | -25.5% |
| Intangible fixed assets | 21 | €502 | €238 | -€264 | -52.6% |
| Tangible fixed assets | 22/27 | €38,335 | €28,711 | -€9,624 | -25.1% |
| Plant, machinery and equipment | 23 | €7,318 | €4,535 | -€2,783 | -38.0% |
| Furniture and vehicles | 24 | €5,263 | €3,445 | -€1,818 | -34.5% |
| Other tangible fixed assets | 26 | €25,754 | €20,731 | -€5,023 | -19.5% |
| Current assets | 29/58 | €755,041 | €675,029 | -€80,012 | -10.6% |
| Stocks and contracts in progress | 3 | €527,676 | €530,258 | +€2,582 | +0.5% |
| Stocks | 30/36 | €527,676 | €530,258 | +€2,582 | +0.5% |
| Amounts receivable within one year | 40/41 | €150,531 | €106,603 | -€43,928 | -29.2% |
| Trade receivables | 40 | €150,488 | €106,567 | -€43,921 | -29.2% |
| Other amounts receivable | 41 | €44 | €36 | -€8 | -17.4% |
| Cash at bank and in hand | 54/58 | €74,583 | €36,026 | -€38,557 | -51.7% |
| Deferred charges and accrued income | 490/1 | €2,251 | €2,142 | -€109 | -4.8% |
| Total equity and liabilities | 10/49 | €793,878 | €703,978 | -€89,900 | -11.3% |
| Equity | 10/15 | €182,554 | €186,064 | +€3,510 | +1.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €177,554 | €181,064 | +€3,510 | +2.0% |
| Distributable reserves | 133 | €177,554 | €181,064 | +€3,510 | +2.0% |
| Amounts payable | 17/49 | €611,323 | €517,914 | -€93,409 | -15.3% |
| Amounts payable after more than one year | 17 | €11,531 | €8,349 | -€3,182 | -27.6% |
| Financial debts | 170/4 | €11,531 | €8,349 | -€3,182 | -27.6% |
| Amounts payable within one year | 42/48 | €599,708 | €509,542 | -€90,166 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €3,095 | €12,704 | +€9,609 | +310% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €223,829 | €132,389 | -€91,440 | -40.9% |
| Suppliers | 440/4 | €223,829 | €132,389 | -€91,440 | -40.9% |
| Advances received on contracts in progress | 46 | €9,450 | - | -€9,450 | |
| Taxes, remuneration and social security | 45 | €29,186 | €21,143 | -€8,043 | -27.6% |
| Taxes | 450/3 | €25,736 | €17,043 | -€8,693 | -33.8% |
| Remuneration and social security | 454/9 | €3,450 | €4,100 | +€650 | +18.8% |
| Other amounts payable | 47/48 | €284,149 | €293,306 | +€9,157 | +3.2% |
| Accrued charges and deferred income | 492/3 | €84 | €23 | -€61 | -72.7% |
| Non-recurring operating income | 76A | €21,500 | - | -€21,500 | |
| Remuneration, social security and pensions | 62 | - | €207 | +€207 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,503 | €9,888 | -€1,615 | -14.0% |
| Other operating charges | 640/8 | €1,202 | €14,947 | +€13,745 | +1,143% |
| Gross operating margin | 9900 | €37,593 | €33,673 | -€3,920 | -10.4% |
| Operating profit (loss) | 9901 | €24,888 | €8,631 | -€16,257 | -65.3% |
| Financial income | 75/76B | €2,280 | €4,786 | +€2,506 | +110% |
| Recurring financial income | 75 | €2,280 | €4,786 | +€2,506 | +110% |
| Financial charges | 65/66B | €5,023 | €7,890 | +€2,867 | +57.1% |
| Recurring financial charges | 65 | €5,023 | €7,890 | +€2,867 | +57.1% |
| Profit (loss) for the period before taxes | 9903 | €22,145 | €5,527 | -€16,618 | -75.0% |
| Income taxes | 67/77 | €4,616 | €2,017 | -€2,599 | -56.3% |
| Profit (loss) for the period | 9904 | €17,529 | €3,510 | -€14,019 | -80.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,529 | €3,510 | -€14,019 | -80.0% |
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 20 October 2026 via checked.be.