Vanheste Michael HVAC: 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.
Vanheste Michael HVAC
Largest movements
- Tangible fixed assets -€57,582
down €57,582 (-10.0%), from €576,814 to €519,232
of which Land and buildings: -€41,531
- Cash +€13,217
up €13,217 (+13.4%), from €98,398 to €111,614
mainly Depreciation (+€64,384) and Stocks and contracts (+€5,959)
- Debts after one year -€32,766
down €32,766 (-7.6%), from €433,694 to €400,928
- Profit (loss) carried forward -€15,674
new in 2025: -€15,674
- Gross operating margin -€99,305
down €99,305 (-56.7%), from €175,180 to €75,876
- Other operating charges -€21,001
down €21,001 (-80.4%), from €26,110 to €5,109
- Taxes -€13,668
down €13,668 (-61.7%), from €22,168 to €8,500
- Depreciation -€8,645
down €8,645 (-11.8%), from €73,029 to €64,384
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 | €756,710 | €700,571 | -€56,139 | -7.4% |
| Fixed assets | 21/28 | €576,814 | €519,232 | -€57,582 | -10.0% |
| Intangible fixed assets | 21 | €1 | €0 | -€0 | -17.5% |
| Tangible fixed assets | 22/27 | €576,814 | €519,232 | -€57,582 | -10.0% |
| Land and buildings | 22 | €534,105 | €492,573 | -€41,531 | -7.8% |
| Plant, machinery and equipment | 23 | €8,575 | €4,227 | -€4,348 | -50.7% |
| Furniture and vehicles | 24 | €24,880 | €19,685 | -€5,194 | -20.9% |
| Leasing and similar rights | 25 | €9,255 | €2,746 | -€6,509 | -70.3% |
| Current assets | 29/58 | €179,895 | €181,339 | +€1,443 | +0.8% |
| Stocks and contracts in progress | 3 | €28,200 | €22,241 | -€5,959 | -21.1% |
| Stocks | 30/36 | €28,200 | €22,241 | -€5,959 | -21.1% |
| Amounts receivable within one year | 40/41 | €46,480 | €43,470 | -€3,010 | -6.5% |
| Trade receivables | 40 | €37,121 | €32,553 | -€4,569 | -12.3% |
| Other amounts receivable | 41 | €9,359 | €10,917 | +€1,559 | +16.7% |
| Cash at bank and in hand | 54/58 | €98,398 | €111,614 | +€13,217 | +13.4% |
| Deferred charges and accrued income | 490/1 | €6,818 | €4,013 | -€2,804 | -41.1% |
| Total equity and liabilities | 10/49 | €756,710 | €700,571 | -€56,139 | -7.4% |
| Equity | 10/15 | €200,308 | €184,634 | -€15,674 | -7.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €180,308 | €180,308 | = | 0.0% |
| Distributable reserves | 133 | €180,308 | €180,308 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€15,674 | -€15,674 | |
| Amounts payable | 17/49 | €556,402 | €515,937 | -€40,465 | -7.3% |
| Amounts payable after more than one year | 17 | €433,694 | €400,928 | -€32,766 | -7.6% |
| Financial debts | 170/4 | €433,694 | €400,928 | -€32,766 | -7.6% |
| Amounts payable within one year | 42/48 | €122,685 | €115,009 | -€7,676 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €35,824 | €32,766 | -€3,057 | -8.5% |
| Trade debts | 44 | €28,487 | €25,504 | -€2,983 | -10.5% |
| Suppliers | 440/4 | €28,487 | €25,504 | -€2,983 | -10.5% |
| Taxes, remuneration and social security | 45 | €22,168 | €22,168 | = | 0.0% |
| Taxes | 450/3 | €22,168 | €22,168 | = | 0.0% |
| Other amounts payable | 47/48 | €36,207 | €34,571 | -€1,635 | -4.5% |
| Accrued charges and deferred income | 492/3 | €23 | €0 | -€23 | -100% |
| Non-recurring operating income | 76A | €76,516 | €0 | -€76,516 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,029 | €64,384 | -€8,645 | -11.8% |
| Other operating charges | 640/8 | €26,110 | €5,109 | -€21,001 | -80.4% |
| Gross operating margin | 9900 | €175,180 | €75,876 | -€99,305 | -56.7% |
| Operating profit (loss) | 9901 | €76,041 | €6,383 | -€69,658 | -91.6% |
| Financial income | 75/76B | €32 | €4 | -€27 | -86.9% |
| Recurring financial income | 75 | €32 | €4 | -€27 | -86.9% |
| Financial charges | 65/66B | €12,000 | €13,560 | +€1,561 | +13.0% |
| Recurring financial charges | 65 | €12,000 | €13,560 | +€1,561 | +13.0% |
| Profit (loss) for the period before taxes | 9903 | €64,073 | -€7,174 | -€71,246 | |
| Income taxes | 67/77 | €22,168 | €8,500 | -€13,668 | -61.7% |
| Profit (loss) for the period | 9904 | €41,905 | -€15,674 | -€57,579 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,905 | -€15,674 | -€57,579 |
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 22 October 2026 via checked.be.