VANHEULE: 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.
VANHEULE
Largest movements
- Current investments -€8,474
down €8,474 (-60.5%), from €14,000 to €5,526
- Tangible fixed assets -€2,258
down €2,258 (-17.9%), from €12,607 to €10,350
of which Plant, machinery and equipment: -€2,687
- Deferred charges and accrued income -€585
no longer reported in 2025 (was €585)
- Receivables within one year -€411
down €411 (-12.8%), from €3,226 to €2,814
of which Trade receivables: -€1,734
- Profit (loss) carried forward -€7,485
new in 2025: -€7,485
- Reserves -€6,135
down €6,135 (-76.7%), from €7,994 to €1,859
of which Distributable reserves: -€6,135
- Other debts +€4,031
new in 2025: €4,031
- Tax, wage and social debts -€1,739
down €1,739 (-87.8%), from €1,981 to €242
- Trade debts -€564
down €564 (-14.7%), from €3,849 to €3,285
- Gross operating margin -€20,733
down €20,733, from €14,036 to -€6,696
- Taxes -€2,394
down €2,394 (-89.8%), from €2,667 to €273
- Depreciation -€1,025
down €1,025 (-16.5%), from €6,201 to €5,177
- Other operating charges +€346
up €346 (+29.6%), from €1,168 to €1,513
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 | €32,618 | €20,698 | -€11,920 | -36.5% |
| Fixed assets | 21/28 | €12,694 | €10,437 | -€2,258 | -17.8% |
| Tangible fixed assets | 22/27 | €12,607 | €10,350 | -€2,258 | -17.9% |
| Land and buildings | 22 | €3,347 | €5,209 | +€1,862 | +55.6% |
| Plant, machinery and equipment | 23 | €5,576 | €2,889 | -€2,687 | -48.2% |
| Furniture and vehicles | 24 | €3,685 | €2,252 | -€1,433 | -38.9% |
| Financial fixed assets | 28 | €87 | €87 | = | 0.0% |
| Current assets | 29/58 | €19,924 | €10,262 | -€9,662 | -48.5% |
| Stocks and contracts in progress | 3 | €1,115 | €1,130 | +€15 | +1.3% |
| Stocks | 30/36 | €1,115 | €1,130 | +€15 | +1.3% |
| Amounts receivable within one year | 40/41 | €3,226 | €2,814 | -€411 | -12.8% |
| Trade receivables | 40 | €2,272 | €538 | -€1,734 | -76.3% |
| Other amounts receivable | 41 | €954 | €2,276 | +€1,322 | +139% |
| Current investments | 50/53 | €14,000 | €5,526 | -€8,474 | -60.5% |
| Cash at bank and in hand | 54/58 | €998 | €791 | -€207 | -20.7% |
| Deferred charges and accrued income | 490/1 | €585 | - | -€585 | |
| Total equity and liabilities | 10/49 | €32,618 | €20,698 | -€11,920 | -36.5% |
| Equity | 10/15 | €26,586 | €12,966 | -€13,620 | -51.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €7,994 | €1,859 | -€6,135 | -76.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €6,135 | - | -€6,135 | |
| Profit (loss) carried forward | 14 | - | -€7,485 | -€7,485 | |
| Amounts payable | 17/49 | €6,032 | €7,732 | +€1,701 | +28.2% |
| Amounts payable within one year | 42/48 | €5,831 | €7,559 | +€1,728 | +29.6% |
| Trade debts | 44 | €3,849 | €3,285 | -€564 | -14.7% |
| Suppliers | 440/4 | €3,849 | €3,285 | -€564 | -14.7% |
| Taxes, remuneration and social security | 45 | €1,981 | €242 | -€1,739 | -87.8% |
| Taxes | 450/3 | €1,981 | €242 | -€1,739 | -87.8% |
| Other amounts payable | 47/48 | - | €4,031 | +€4,031 | |
| Accrued charges and deferred income | 492/3 | €201 | €174 | -€27 | -13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,201 | €5,177 | -€1,025 | -16.5% |
| Other operating charges | 640/8 | €1,168 | €1,513 | +€346 | +29.6% |
| Gross operating margin | 9900 | €14,036 | -€6,696 | -€20,733 | |
| Operating profit (loss) | 9901 | €6,668 | -€13,386 | -€20,054 | |
| Financial income | 75/76B | €35 | €121 | +€86 | +242% |
| Recurring financial income | 75 | €35 | €121 | +€86 | +242% |
| Financial charges | 65/66B | €83 | €82 | -€1 | -0.9% |
| Recurring financial charges | 65 | €83 | €82 | -€1 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €6,620 | -€13,347 | -€19,967 | |
| Income taxes | 67/77 | €2,667 | €273 | -€2,394 | -89.8% |
| Profit (loss) for the period | 9904 | €3,953 | -€13,620 | -€17,574 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,953 | -€13,620 | -€17,574 |
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 28 October 2026 via checked.be.