VANHEEDE WINDPOWER: 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.
VANHEEDE WINDPOWER
Largest movements
- Cash -€1.2m
down €1.2m (-61.1%), from €1.9m to €744,901
mainly Other debts (-€900,000) and Contributions, distributions and other (-€367,930)
- Receivables within one year +€328,496
up €328,496 (+102%), from €323,273 to €651,769
of which Trade receivables: +€187,989
- Tangible fixed assets -€280,453
down €280,453 (-7.0%), from €4.0m to €3.7m
of which Plant, machinery and equipment: -€330,444
- Other debts -€900,000
down €900,000 (-72.0%), from €1.3m to €350,000
- Debts after one year -€303,571
down €303,571 (-8.9%), from €3.4m to €3.1m
- Depreciation -€188,778
down €188,778 (-32.9%), from €573,071 to €384,293
- Taxes +€73,898
up €73,898 (+103%), from €71,972 to €145,870
- Gross operating margin +€73,837
up €73,837 (+7.7%), from €954,540 to €1.0m
- Financial income -€50,279
down €50,279 (-55.0%), from €91,498 to €41,220
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 | €6,752,083 | €5,596,417 | -€1.2m | -17.1% |
| Fixed assets | 21/28 | €4,497,276 | €4,172,712 | -€324,564 | -7.2% |
| Intangible fixed assets | 21 | €517,721 | €473,611 | -€44,110 | -8.5% |
| Tangible fixed assets | 22/27 | €3,979,555 | €3,699,101 | -€280,453 | -7.0% |
| Land and buildings | 22 | €10 | €0 | -€10 | -100% |
| Plant, machinery and equipment | 23 | €3,979,545 | €3,649,101 | -€330,444 | -8.3% |
| Assets under construction and advance payments | 27 | - | €50,000 | +€50,000 | |
| Current assets | 29/58 | €2,254,806 | €1,423,704 | -€831,102 | -36.9% |
| Amounts receivable within one year | 40/41 | €323,273 | €651,769 | +€328,496 | +102% |
| Trade receivables | 40 | €213,781 | €401,769 | +€187,989 | +87.9% |
| Other amounts receivable | 41 | €109,493 | €250,000 | +€140,507 | +128% |
| Cash at bank and in hand | 54/58 | €1,915,759 | €744,901 | -€1.2m | -61.1% |
| Deferred charges and accrued income | 490/1 | €15,774 | €27,034 | +€11,260 | +71.4% |
| Total equity and liabilities | 10/49 | €6,752,083 | €5,596,417 | -€1.2m | -17.1% |
| Equity | 10/15 | €1,604,098 | €1,601,935 | -€2,162 | -0.1% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €1,336,168 | €1,351,935 | +€15,768 | +1.2% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €1,311,168 | €1,326,935 | +€15,768 | +1.2% |
| Investment grants | 15 | €17,930 | €0 | -€17,930 | -100% |
| Provisions and deferred taxes | 16 | €69,512 | €104,267 | +€34,756 | +50.0% |
| Provisions for liabilities and charges | 160/5 | €69,512 | €104,267 | +€34,756 | +50.0% |
| Major repairs and maintenance | 162 | €69,512 | €104,267 | +€34,756 | +50.0% |
| Amounts payable | 17/49 | €5,078,473 | €3,890,214 | -€1.2m | -23.4% |
| Amounts payable after more than one year | 17 | €3,415,179 | €3,111,607 | -€303,571 | -8.9% |
| Financial debts | 170/4 | €3,415,179 | €3,111,607 | -€303,571 | -8.9% |
| Amounts payable within one year | 42/48 | €1,635,627 | €753,174 | -€882,453 | -54.0% |
| Current portion of amounts payable after more than one year | 42 | €303,571 | €303,571 | = | 0.0% |
| Trade debts | 44 | €61,279 | €20,935 | -€40,344 | -65.8% |
| Suppliers | 440/4 | €61,279 | €20,935 | -€40,344 | -65.8% |
| Taxes, remuneration and social security | 45 | €20,777 | €78,668 | +€57,891 | +279% |
| Taxes | 450/3 | €20,777 | €78,668 | +€57,891 | +279% |
| Other amounts payable | 47/48 | €1,250,000 | €350,000 | -€900,000 | -72.0% |
| Accrued charges and deferred income | 492/3 | €27,668 | €25,433 | -€2,234 | -8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €573,071 | €384,293 | -€188,778 | -32.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €34,756 | €34,756 | = | 0.0% |
| Other operating charges | 640/8 | €33,144 | €32,980 | -€164 | -0.5% |
| Gross operating margin | 9900 | €954,540 | €1,028,377 | +€73,837 | +7.7% |
| Operating profit (loss) | 9901 | €313,569 | €576,349 | +€262,780 | +83.8% |
| Financial income | 75/76B | €91,498 | €41,220 | -€50,279 | -55.0% |
| Recurring financial income | 75 | €91,498 | €41,220 | -€50,279 | -55.0% |
| Financial charges | 65/66B | €115,033 | €105,931 | -€9,102 | -7.9% |
| Recurring financial charges | 65 | €115,033 | €105,931 | -€9,102 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €290,034 | €511,637 | +€221,603 | +76.4% |
| Income taxes | 67/77 | €71,972 | €145,870 | +€73,898 | +103% |
| Profit (loss) for the period | 9904 | €218,062 | €365,768 | +€147,705 | +67.7% |
| Profit (loss) for the period to be appropriated | 9905 | €218,062 | €365,768 | +€147,705 | +67.7% |
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 18 October 2026 via checked.be.