VANHIE: 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.
What changed
VANHIE
NACE 46.496, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€583,667
2024 · -€269,414-€314,254
Equity
-€127,007
2024 · €456,660-€583,667
Cash
€44,314
2024 · €86,409-€42,095
Balance sheet total
€3.3m
2024 · €3.5m-€227,061
Largest movements
Assets
- Stocks and contracts -€156,914
down €156,914 (-8.4%), from €1.9m to €1.7m
- Cash -€42,095
down €42,095 (-48.7%), from €86,409 to €44,314
mainly Debts after one year (-€992,211) and Net result for the year (-€583,667)
Equity and liabilities
- Debts after one year -€992,211
down €992,211 (-100%), from €992,211 to €0
- Current portion of long-term debt +€949,297
up €949,297 (+2,212%), from €42,914 to €992,211
- Profit (loss) carried forward -€583,667
down €583,667, from €27,454 to -€556,213
- Trade debts +€430,160
up €430,160 (+85.9%), from €500,743 to €930,903
Income statement
- Gross operating margin -€378,618
down €378,618 (-54.0%), from €700,624 to €322,006
- Staff costs -€40,883
down €40,883 (-5.1%), from €795,613 to €754,729
- Financial income +€31,799
up €31,799 (+1,186%), from €2,680 to €34,479
- Other operating charges +€19,218
up €19,218 (+138%), from €13,944 to €33,163
- Financial charges -€10,702
down €10,702 (-9.2%), from €116,858 to €106,156
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.
Result 2024
-€269,414
Gross operating margin
-€378,618
Staff costs
+€40,883
Depreciation
-€1,003
Other operating charges
-€19,218
Other operating items
+€994
Financial income
+€31,799
Financial charges
+€10,702
Taxes
+€209
Result 2025
-€583,667
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€26,510
Investment
+€5,701
Financing
-€74,307
Cash 2024
€86,409
From operations (derived)
+€26,510
Net result for the year
-€583,667
Depreciation
+€45,566
Stocks and contracts
+€156,914
Receivables within one year
-€23,215
Trade debts
+€430,160
Tax, wage and social debts
+€753
Investment (derived)
+€5,701
Investment in fixed assets (net)
+€5,701
Financing
-€74,307
Debts after one year
-€992,211
Current portion of long-term debt
+€949,297
Short-term financial debts
-€31,392
Cash 2025
€44,314
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,478,838 | €3,251,777 | -€227,061 | -6.5% |
| Formation expenses | 20 | €32,869 | €9,645 | -€23,224 | -70.7% |
| Fixed assets | 21/28 | €210,027 | €181,984 | -€28,043 | -13.4% |
| Intangible fixed assets | 21 | €4,370 | €2,690 | -€1,680 | -38.4% |
| Tangible fixed assets | 22/27 | €205,499 | €179,136 | -€26,363 | -12.8% |
| Land and buildings | 22 | €31,203 | €25,896 | -€5,307 | -17.0% |
| Plant, machinery and equipment | 23 | €67,493 | €48,078 | -€19,415 | -28.8% |
| Furniture and vehicles | 24 | €11,544 | €9,902 | -€1,641 | -14.2% |
| Leasing and similar rights | 25 | €95,260 | €95,260 | = | 0.0% |
| Financial fixed assets | 28 | €158 | €158 | = | 0.0% |
| Current assets | 29/58 | €3,235,942 | €3,060,148 | -€175,794 | -5.4% |
| Stocks and contracts in progress | 3 | €1,858,516 | €1,701,602 | -€156,914 | -8.4% |
| Stocks | 30/36 | €1,858,516 | €1,701,602 | -€156,914 | -8.4% |
| Amounts receivable within one year | 40/41 | €1,291,017 | €1,314,232 | +€23,215 | +1.8% |
| Trade receivables | 40 | €269,105 | €210,316 | -€58,788 | -21.8% |
| Other amounts receivable | 41 | €1,021,912 | €1,103,916 | +€82,003 | +8.0% |
| Cash at bank and in hand | 54/58 | €86,409 | €44,314 | -€42,095 | -48.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €3,478,838 | €3,251,777 | -€227,061 | -6.5% |
| Equity | 10/15 | €456,660 | -€127,007 | -€583,667 | |
| Contributions | 10/11 | €319,000 | €319,000 | = | 0.0% |
| Reserves | 13 | €110,206 | €110,206 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,178 | €8,178 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,178 | €8,178 | = | 0.0% |
| Distributable reserves | 133 | €102,028 | €102,028 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,454 | -€556,213 | -€583,667 | |
| Amounts payable | 17/49 | €3,022,178 | €3,378,784 | +€356,606 | +11.8% |
| Amounts payable after more than one year | 17 | €992,211 | €0 | -€992,211 | -100% |
| Financial debts | 170/4 | €992,211 | €0 | -€992,211 | -100% |
| Amounts payable within one year | 42/48 | €2,029,967 | €3,378,784 | +€1.3m | +66.4% |
| Current portion of amounts payable after more than one year | 42 | €42,914 | €992,211 | +€949,297 | +2,212% |
| Financial debts | 43 | €1,155,392 | €1,124,000 | -€31,392 | -2.7% |
| Credit institutions | 430/8 | €1,155,392 | €1,124,000 | -€31,392 | -2.7% |
| Trade debts | 44 | €500,743 | €930,903 | +€430,160 | +85.9% |
| Suppliers | 440/4 | €500,743 | €930,903 | +€430,160 | +85.9% |
| Taxes, remuneration and social security | 45 | €330,917 | €331,670 | +€753 | +0.2% |
| Taxes | 450/3 | €223,139 | €216,268 | -€6,871 | -3.1% |
| Remuneration and social security | 454/9 | €107,778 | €115,402 | +€7,624 | +7.1% |
| Non-recurring operating income | 76A | - | €3,201 | +€3,201 | |
| Remuneration, social security and pensions | 62 | €795,613 | €754,729 | -€40,883 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,563 | €45,566 | +€1,003 | +2.3% |
| Other operating charges | 640/8 | €13,944 | €33,163 | +€19,218 | +138% |
| Non-recurring operating charges | 66A | €1,116 | €122 | -€994 | -89.0% |
| Gross operating margin | 9900 | €700,624 | €322,006 | -€378,618 | -54.0% |
| Operating profit (loss) | 9901 | -€154,612 | -€511,575 | -€356,963 | -231% |
| Financial income | 75/76B | €2,680 | €34,479 | +€31,799 | +1,186% |
| Recurring financial income | 75 | €2,680 | €34,479 | +€31,799 | +1,186% |
| Financial charges | 65/66B | €116,858 | €106,156 | -€10,702 | -9.2% |
| Recurring financial charges | 65 | €116,858 | €106,156 | -€10,702 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | -€268,789 | -€583,251 | -€314,462 | -117% |
| Income taxes | 67/77 | €624 | €416 | -€209 | -33.4% |
| Profit (loss) for the period | 9904 | -€269,414 | -€583,667 | -€314,254 | -117% |
| Profit (loss) for the period to be appropriated | 9905 | -€269,414 | -€583,667 | -€314,254 | -117% |
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 15 October 2026 via checked.be.