Vanheusden Michel: 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.
Vanheusden Michel
Largest movements
- Tangible fixed assets -€28,275
down €28,275 (-24.4%), from €115,802 to €87,527
of which Leasing and similar rights: -€30,200
- Cash +€14,271
up €14,271 (+26.7%), from €53,535 to €67,806
mainly Depreciation (+€33,440) and Net result for the year (+€13,316)
- Current investments +€12,000
up €12,000 (+14.5%), from €83,000 to €95,000
- Debts after one year -€20,620
down €20,620 (-33.8%), from €61,062 to €40,441
- Reserves +€13,000
up €13,000 (+9.7%), from €133,500 to €146,500
of which Distributable reserves: +€13,000
- Other debts +€3,799
up €3,799 (+17.6%), from €21,575 to €25,374
- Financial income +€3,280
up €3,280 (+551.0%), from €595 to €3,875
- Gross operating margin +€1,846
up €1,846 (+3.2%), from €57,755 to €59,601
- Taxes +€1,741
up €1,741 (+31.9%), from €5,461 to €7,202
- Other operating charges +€1,345
up €1,345 (+92.4%), from €1,457 to €2,802
- Depreciation -€676
down €676 (-2.0%), from €34,116 to €33,440
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 | €292,216 | €289,092 | -€3,124 | -1.1% |
| Fixed assets | 21/28 | €115,802 | €87,527 | -€28,275 | -24.4% |
| Tangible fixed assets | 22/27 | €115,802 | €87,527 | -€28,275 | -24.4% |
| Plant, machinery and equipment | 23 | €1,704 | €5,060 | +€3,356 | +196.9% |
| Furniture and vehicles | 24 | €5,460 | €4,030 | -€1,430 | -26.2% |
| Leasing and similar rights | 25 | €108,637 | €78,437 | -€30,200 | -27.8% |
| Current assets | 29/58 | €176,414 | €201,565 | +€25,151 | +14.3% |
| Amounts receivable within one year | 40/41 | €29,741 | €29,142 | -€599 | -2.0% |
| Trade receivables | 40 | €27,273 | €26,674 | -€599 | -2.2% |
| Other amounts receivable | 41 | €2,468 | €2,468 | = | 0.0% |
| Current investments | 50/53 | €83,000 | €95,000 | +€12,000 | +14.5% |
| Cash at bank and in hand | 54/58 | €53,535 | €67,806 | +€14,271 | +26.7% |
| Deferred charges and accrued income | 490/1 | €10,138 | €9,616 | -€522 | -5.1% |
| Total equity and liabilities | 10/49 | €292,216 | €289,092 | -€3,124 | -1.1% |
| Equity | 10/15 | €178,699 | €192,015 | +€13,316 | +7.5% |
| Contributions | 10/11 | €22,500 | €22,500 | = | 0.0% |
| Reserves | 13 | €133,500 | €146,500 | +€13,000 | +9.7% |
| Tax-exempt reserves | 132 | €28,000 | €28,000 | = | 0.0% |
| Distributable reserves | 133 | €105,500 | €118,500 | +€13,000 | +12.3% |
| Profit (loss) carried forward | 14 | €22,699 | €23,015 | +€316 | +1.4% |
| Amounts payable | 17/49 | €113,517 | €97,077 | -€16,440 | -14.5% |
| Amounts payable after more than one year | 17 | €61,062 | €40,441 | -€20,620 | -33.8% |
| Financial debts | 170/4 | €61,062 | €40,441 | -€20,620 | -33.8% |
| Amounts payable within one year | 42/48 | €52,455 | €56,635 | +€4,180 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €19,804 | €18,934 | -€870 | -4.4% |
| Trade debts | 44 | €5,769 | €8,078 | +€2,309 | +40.0% |
| Suppliers | 440/4 | €5,769 | €8,078 | +€2,309 | +40.0% |
| Taxes, remuneration and social security | 45 | €5,307 | €4,250 | -€1,057 | -19.9% |
| Taxes | 450/3 | €5,307 | €4,250 | -€1,057 | -19.9% |
| Other amounts payable | 47/48 | €21,575 | €25,374 | +€3,799 | +17.6% |
| Non-recurring operating income | 76A | €16,207 | - | -€16,207 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,116 | €33,440 | -€676 | -2.0% |
| Other operating charges | 640/8 | €1,457 | €2,802 | +€1,345 | +92.4% |
| Gross operating margin | 9900 | €57,755 | €59,601 | +€1,846 | +3.2% |
| Operating profit (loss) | 9901 | €22,182 | €23,359 | +€1,177 | +5.3% |
| Financial income | 75/76B | €595 | €3,875 | +€3,280 | +551.0% |
| Recurring financial income | 75 | €595 | €3,875 | +€3,280 | +551.0% |
| Financial charges | 65/66B | €6,069 | €6,716 | +€647 | +10.7% |
| Recurring financial charges | 65 | €6,069 | €6,716 | +€647 | +10.7% |
| Profit (loss) for the period before taxes | 9903 | €16,708 | €20,518 | +€3,810 | +22.8% |
| Income taxes | 67/77 | €5,461 | €7,202 | +€1,741 | +31.9% |
| Profit (loss) for the period | 9904 | €11,247 | €13,316 | +€2,069 | +18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €11,247 | €13,316 | +€2,069 | +18.4% |
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 12 October 2026 via checked.be.