VANHOEF: 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.
VANHOEF
Largest movements
- Receivables within one year +€1.5m
up €1.5m (+556.2%), from €270,377 to €1.8m
of which Other amounts receivable: +€1.5m
- Cash +€645,386
up €645,386 (+2097.2%), from €30,773 to €676,159
mainly Net result for the year (+€2.6m) and Current investments (+€425,413)
- Current investments -€425,413
down €425,413 (-15.8%), from €2.7m to €2.3m
- Tangible fixed assets +€65,214
up €65,214 (+15.8%), from €413,217 to €478,431
of which Furniture and vehicles: +€78,444
- Reserves +€2.1m
up €2.1m (+57.7%), from €3.7m to €5.8m
of which Distributable reserves: +€2.2m
- Tax, wage and social debts -€195,710
down €195,710 (-66.2%), from €295,506 to €99,796
- Advances received -€150,000
no longer reported in 2025 (was €150,000)
- Financial income +€190,519
up €190,519 (+7.5%), from €2.5m to €2.7m
- Taxes -€90,835
down €90,835 (-41.4%), from €219,184 to €128,349
- Gross operating margin +€18,693
up €18,693 (+67.2%), from -€27,801 to -€9,108
- Depreciation -€4,926
down €4,926 (-20.1%), from €24,484 to €19,558
- Financial charges +€3,819
up €3,819 (+580.4%), from €658 to €4,477
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 | €4,174,461 | €5,957,105 | +€1.8m | +42.7% |
| Fixed assets | 21/28 | €473,217 | €538,431 | +€65,214 | +13.8% |
| Tangible fixed assets | 22/27 | €413,217 | €478,431 | +€65,214 | +15.8% |
| Land and buildings | 22 | €412,718 | €399,489 | -€13,229 | -3.2% |
| Furniture and vehicles | 24 | €499 | €78,943 | +€78,444 | +15720.2% |
| Financial fixed assets | 28 | €60,000 | €60,000 | = | 0.0% |
| Current assets | 29/58 | €3,701,244 | €5,418,673 | +€1.7m | +46.4% |
| Amounts receivable after more than one year | 29 | €675,503 | €629,582 | -€45,921 | -6.8% |
| Other amounts receivable | 291 | €675,503 | €629,582 | -€45,921 | -6.8% |
| Amounts receivable within one year | 40/41 | €270,377 | €1,774,304 | +€1.5m | +556.2% |
| Trade receivables | 40 | €2,414 | €4,726 | +€2,312 | +95.8% |
| Other amounts receivable | 41 | €267,963 | €1,769,578 | +€1.5m | +560.4% |
| Current investments | 50/53 | €2,690,482 | €2,265,069 | -€425,413 | -15.8% |
| Cash at bank and in hand | 54/58 | €30,773 | €676,159 | +€645,386 | +2097.2% |
| Deferred charges and accrued income | 490/1 | €34,109 | €73,561 | +€39,452 | +115.7% |
| Total equity and liabilities | 10/49 | €4,174,461 | €5,957,105 | +€1.8m | +42.7% |
| Equity | 10/15 | €3,719,459 | €5,856,166 | +€2.1m | +57.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,700,859 | €5,837,566 | +€2.1m | +57.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,150 | - | -€15,150 | |
| Distributable reserves | 133 | €3,683,849 | €5,835,706 | +€2.2m | +58.4% |
| Amounts payable | 17/49 | €455,002 | €100,939 | -€354,063 | -77.8% |
| Amounts payable within one year | 42/48 | €454,393 | €100,439 | -€353,954 | -77.9% |
| Trade debts | 44 | €8,887 | €643 | -€8,244 | -92.8% |
| Suppliers | 440/4 | €8,887 | €643 | -€8,244 | -92.8% |
| Advances received on contracts in progress | 46 | €150,000 | - | -€150,000 | |
| Taxes, remuneration and social security | 45 | €295,506 | €99,796 | -€195,710 | -66.2% |
| Taxes | 450/3 | €295,506 | €99,796 | -€195,710 | -66.2% |
| Accrued charges and deferred income | 492/3 | €609 | €500 | -€109 | -17.9% |
| Non-recurring operating income | 76A | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,484 | €19,558 | -€4,926 | -20.1% |
| Other operating charges | 640/8 | €5,008 | €2,799 | -€2,209 | -44.1% |
| Gross operating margin | 9900 | -€27,801 | -€9,108 | +€18,693 | +67.2% |
| Operating profit (loss) | 9901 | -€57,293 | -€31,465 | +€25,828 | +45.1% |
| Financial income | 75/76B | €2,540,729 | €2,731,248 | +€190,519 | +7.5% |
| Recurring financial income | 75 | €2,540,729 | €2,731,248 | +€190,519 | +7.5% |
| Financial charges | 65/66B | €658 | €4,477 | +€3,819 | +580.4% |
| Recurring financial charges | 65 | €658 | €4,477 | +€3,819 | +580.4% |
| Profit (loss) for the period before taxes | 9903 | €2,482,778 | €2,695,305 | +€212,527 | +8.6% |
| Income taxes | 67/77 | €219,184 | €128,349 | -€90,835 | -41.4% |
| Profit (loss) for the period | 9904 | €2,263,594 | €2,566,956 | +€303,362 | +13.4% |
| Transfer from tax-exempt reserves | 789 | - | €15,150 | +€15,150 | |
| Transfer to tax-exempt reserves | 689 | €2,491 | - | -€2,491 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,261,103 | €2,582,106 | +€321,003 | +14.2% |
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 9 October 2026 via checked.be.