Vanhoecke Tom: 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.
Vanhoecke Tom
Largest movements
- Cash +€218,740
up €218,740 (+94.5%), from €231,396 to €450,136
mainly Net result for the year (+€101,753) and Receivables after one year (+€52,589)
- Receivables after one year -€52,589
down €52,589 (-33.3%), from €157,766 to €105,177
- Tangible fixed assets -€41,125
down €41,125 (-17.9%), from €230,272 to €189,147
- Deferred charges and accrued income +€14,978
up €14,978 (+3551.7%), from €422 to €15,400
- Reserves +€58,040
up €58,040 (+14.2%), from €409,920 to €467,960
- Profit (loss) carried forward +€43,713
up €43,713, from -€43,704 to €9
- Tax, wage and social debts +€26,120
new in 2025: €26,120
- Debts after one year +€18,000
up €18,000 (+6.2%), from €292,000 to €310,000
- Gross operating margin +€163,074
up €163,074 (+1308.1%), from €12,467 to €175,540
- Taxes +€29,421
up €29,421 (+14815.1%), from €199 to €29,620
- Depreciation -€4,996
down €4,996 (-30.8%), from €16,231 to €11,235
- Financial charges -€2,873
down €2,873 (-11.7%), from €24,599 to €21,726
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 | €697,869 | €839,096 | +€141,227 | +20.2% |
| Fixed assets | 21/28 | €240,272 | €199,147 | -€41,125 | -17.1% |
| Tangible fixed assets | 22/27 | €230,272 | €189,147 | -€41,125 | -17.9% |
| Land and buildings | 22 | €230,272 | €189,147 | -€41,125 | -17.9% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €457,597 | €639,948 | +€182,351 | +39.8% |
| Amounts receivable after more than one year | 29 | €157,766 | €105,177 | -€52,589 | -33.3% |
| Trade receivables | 290 | €157,766 | €105,177 | -€52,589 | -33.3% |
| Amounts receivable within one year | 40/41 | €68,014 | €69,236 | +€1,222 | +1.8% |
| Other amounts receivable | 41 | €68,014 | €69,236 | +€1,222 | +1.8% |
| Cash at bank and in hand | 54/58 | €231,396 | €450,136 | +€218,740 | +94.5% |
| Deferred charges and accrued income | 490/1 | €422 | €15,400 | +€14,978 | +3551.7% |
| Total equity and liabilities | 10/49 | €697,869 | €839,096 | +€141,227 | +20.2% |
| Equity | 10/15 | €378,616 | €480,369 | +€101,753 | +26.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €409,920 | €467,960 | +€58,040 | +14.2% |
| Distributable reserves | 133 | €409,920 | €467,960 | +€58,040 | +14.2% |
| Profit (loss) carried forward | 14 | -€43,704 | €9 | +€43,713 | |
| Amounts payable | 17/49 | €319,252 | €358,726 | +€39,474 | +12.4% |
| Amounts payable after more than one year | 17 | €292,000 | €310,000 | +€18,000 | +6.2% |
| Financial debts | 170/4 | €292,000 | €310,000 | +€18,000 | +6.2% |
| Amounts payable within one year | 42/48 | €2,948 | €27,333 | +€24,384 | +827.1% |
| Financial debts | 43 | €904 | €912 | +€8 | +0.9% |
| Credit institutions | 430/8 | €904 | €912 | +€8 | +0.9% |
| Taxes, remuneration and social security | 45 | - | €26,120 | +€26,120 | |
| Taxes | 450/3 | - | €26,120 | +€26,120 | |
| Other amounts payable | 47/48 | €2,044 | €300 | -€1,744 | -85.3% |
| Accrued charges and deferred income | 492/3 | €24,304 | €21,394 | -€2,910 | -12.0% |
| Non-recurring operating income | 76A | - | €172,295 | +€172,295 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,231 | €11,235 | -€4,996 | -30.8% |
| Other operating charges | 640/8 | €2,784 | €2,866 | +€82 | +3.0% |
| Non-recurring operating charges | 66A | - | €9,075 | +€9,075 | |
| Gross operating margin | 9900 | €12,467 | €175,540 | +€163,074 | +1308.1% |
| Operating profit (loss) | 9901 | -€6,548 | €152,364 | +€158,913 | |
| Financial income | 75/76B | €212 | €735 | +€523 | +247.0% |
| Recurring financial income | 75 | €212 | €735 | +€523 | +247.0% |
| Financial charges | 65/66B | €24,599 | €21,726 | -€2,873 | -11.7% |
| Recurring financial charges | 65 | €24,599 | €21,726 | -€2,873 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | -€30,936 | €131,373 | +€162,308 | |
| Income taxes | 67/77 | €199 | €29,620 | +€29,421 | +14815.1% |
| Profit (loss) for the period | 9904 | -€31,134 | €101,753 | +€132,887 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,134 | €101,753 | +€132,887 |
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 3 October 2026 via checked.be.