VANHEKA: what changed
Two fiscal 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.
VANHEKA
Largest movements
- Stocks and contracts -€48,849
down €48,849 (-68.6%), from €71,202 to €22,353
of which Contracts in progress: -€54,927
- Receivables within one year +€29,932
up €29,932 (+252.6%), from €11,849 to €41,781
of which Trade receivables: +€39,220
- Cash +€12,186
up €12,186, from €0 to €12,186
mainly Depreciation (+€107,960) and Stocks and contracts (+€48,849)
- Tangible fixed assets -€10,512
down €10,512 (-3.8%), from €275,675 to €265,163
of which Plant, machinery and equipment: -€61,048
- Short-term financial debts -€18,538
down €18,538 (-100.0%), from €18,538 to €0
- Current portion of long-term debt -€9,132
down €9,132 (-11.6%), from €78,986 to €69,854
- Profit (loss) carried forward +€5,090
up €5,090 (+10.0%), from €50,846 to €55,936
- Depreciation +€35,757
up €35,757 (+49.5%), from €72,203 to €107,960
- Staff costs +€24,791
up €24,791 (+43.6%), from €56,861 to €81,652
- Gross operating margin +€24,767
up €24,767 (+12.6%), from €197,169 to €221,936
- Taxes -€5,875
down €5,875 (-52.1%), from €11,279 to €5,404
- Other operating charges +€5,006
up €5,006 (+147.5%), from €3,394 to €8,400
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 | €387,525 | €370,228 | -€17,296 | -4.5% |
| Fixed assets | 21/28 | €275,675 | €265,163 | -€10,512 | -3.8% |
| Tangible fixed assets | 22/27 | €275,675 | €265,163 | -€10,512 | -3.8% |
| Plant, machinery and equipment | 23 | €176,027 | €114,980 | -€61,048 | -34.7% |
| Furniture and vehicles | 24 | €99,648 | €140,016 | +€40,368 | +40.5% |
| Other tangible fixed assets | 26 | - | €10,168 | +€10,168 | |
| Current assets | 29/58 | €111,849 | €105,065 | -€6,785 | -6.1% |
| Amounts receivable after more than one year | 29 | €17,000 | €17,000 | = | 0.0% |
| Other amounts receivable | 291 | €17,000 | €17,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €71,202 | €22,353 | -€48,849 | -68.6% |
| Stocks | 30/36 | €16,275 | €22,353 | +€6,078 | +37.3% |
| Contracts in progress | 37 | €54,927 | €0 | -€54,927 | -100.0% |
| Amounts receivable within one year | 40/41 | €11,849 | €41,781 | +€29,932 | +252.6% |
| Trade receivables | 40 | €147 | €39,367 | +€39,220 | +26758.6% |
| Other amounts receivable | 41 | €11,703 | €2,414 | -€9,288 | -79.4% |
| Cash at bank and in hand | 54/58 | €0 | €12,186 | +€12,186 | |
| Deferred charges and accrued income | 490/1 | €11,798 | €11,744 | -€53 | -0.5% |
| Total equity and liabilities | 10/49 | €387,525 | €370,228 | -€17,296 | -4.5% |
| Equity | 10/15 | €70,846 | €75,936 | +€5,090 | +7.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €50,846 | €55,936 | +€5,090 | +10.0% |
| Amounts payable | 17/49 | €316,679 | €294,292 | -€22,387 | -7.1% |
| Amounts payable after more than one year | 17 | €152,428 | €151,276 | -€1,152 | -0.8% |
| Financial debts | 170/4 | €152,428 | €151,276 | -€1,152 | -0.8% |
| Amounts payable within one year | 42/48 | €163,863 | €143,016 | -€20,847 | -12.7% |
| Current portion of amounts payable after more than one year | 42 | €78,986 | €69,854 | -€9,132 | -11.6% |
| Financial debts | 43 | €18,538 | €0 | -€18,538 | -100.0% |
| Other loans | 439 | €18,538 | €0 | -€18,538 | -100.0% |
| Trade debts | 44 | €52,564 | €52,466 | -€97 | -0.2% |
| Suppliers | 440/4 | €52,564 | €52,466 | -€97 | -0.2% |
| Taxes, remuneration and social security | 45 | €8,296 | €11,956 | +€3,660 | +44.1% |
| Taxes | 450/3 | €6,583 | €1,429 | -€5,153 | -78.3% |
| Remuneration and social security | 454/9 | €1,714 | €10,527 | +€8,813 | +514.3% |
| Other amounts payable | 47/48 | €5,479 | €8,740 | +€3,261 | +59.5% |
| Accrued charges and deferred income | 492/3 | €387 | €0 | -€387 | -100.0% |
| Non-recurring operating income | 76A | €635 | €0 | -€635 | -100.0% |
| Remuneration, social security and pensions | 62 | €56,861 | €81,652 | +€24,791 | +43.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,203 | €107,960 | +€35,757 | +49.5% |
| Other operating charges | 640/8 | €3,394 | €8,400 | +€5,006 | +147.5% |
| Non-recurring operating charges | 66A | €5,192 | €3,307 | -€1,886 | -36.3% |
| Gross operating margin | 9900 | €197,169 | €221,936 | +€24,767 | +12.6% |
| Operating profit (loss) | 9901 | €59,517 | €20,617 | -€38,901 | -65.4% |
| Financial income | 75/76B | €543 | €1,016 | +€473 | +87.1% |
| Recurring financial income | 75 | €543 | €1,016 | +€473 | +87.1% |
| Financial charges | 65/66B | €10,420 | €11,139 | +€718 | +6.9% |
| Recurring financial charges | 65 | €10,420 | €11,139 | +€718 | +6.9% |
| Profit (loss) for the period before taxes | 9903 | €49,640 | €10,494 | -€39,146 | -78.9% |
| Income taxes | 67/77 | €11,279 | €5,404 | -€5,875 | -52.1% |
| Profit (loss) for the period | 9904 | €38,361 | €5,090 | -€33,271 | -86.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,361 | €5,090 | -€33,271 | -86.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.