Vanhok: 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.
Vanhok
Largest movements
- Cash -€85,190
down €85,190 (-50.2%), from €169,697 to €84,507
mainly Investment in fixed assets (net) (-€83,245) and Receivables within one year (-€46,714)
- Receivables within one year +€46,714
up €46,714 (+174.1%), from €26,827 to €73,541
of which Trade receivables: +€33,253
- Tangible fixed assets +€31,217
up €31,217 (+3.9%), from €794,547 to €825,764
of which Land and buildings: +€53,900
- Deferred charges and accrued income +€21,546
up €21,546 (+249.9%), from €8,620 to €30,166
- Debts after one year -€35,926
down €35,926 (-5.8%), from €618,920 to €582,994
- Reserves +€30,405
up €30,405 (+10.4%), from €292,985 to €323,390
- Current portion of long-term debt +€13,197
up €13,197 (+18.1%), from €72,976 to €86,174
- Gross operating margin -€114,719
down €114,719 (-49.0%), from €233,976 to €119,257
- Taxes -€36,819
down €36,819 (-68.7%), from €53,623 to €16,804
- Depreciation +€2,491
up €2,491 (+5.0%), from €49,537 to €52,028
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 | €1,008,722 | €1,023,310 | +€14,587 | +1.4% |
| Fixed assets | 21/28 | €794,547 | €825,764 | +€31,217 | +3.9% |
| Tangible fixed assets | 22/27 | €794,547 | €825,764 | +€31,217 | +3.9% |
| Land and buildings | 22 | €673,061 | €726,962 | +€53,900 | +8.0% |
| Plant, machinery and equipment | 23 | €10,776 | €9,313 | -€1,463 | -13.6% |
| Furniture and vehicles | 24 | €55,315 | €47,276 | -€8,038 | -14.5% |
| Leasing and similar rights | 25 | €39,762 | €26,580 | -€13,182 | -33.2% |
| Other tangible fixed assets | 26 | €15,633 | €15,633 | = | 0.0% |
| Current assets | 29/58 | €214,176 | €197,546 | -€16,630 | -7.8% |
| Stocks and contracts in progress | 3 | €7,752 | €8,052 | +€300 | +3.9% |
| Stocks | 30/36 | €7,752 | €8,052 | +€300 | +3.9% |
| Amounts receivable within one year | 40/41 | €26,827 | €73,541 | +€46,714 | +174.1% |
| Trade receivables | 40 | €12,542 | €45,795 | +€33,253 | +265.1% |
| Other amounts receivable | 41 | €14,285 | €27,746 | +€13,461 | +94.2% |
| Current investments | 50/53 | €1,280 | €1,280 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €169,697 | €84,507 | -€85,190 | -50.2% |
| Deferred charges and accrued income | 490/1 | €8,620 | €30,166 | +€21,546 | +249.9% |
| Total equity and liabilities | 10/49 | €1,008,722 | €1,023,310 | +€14,587 | +1.4% |
| Equity | 10/15 | €297,985 | €328,390 | +€30,405 | +10.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €292,985 | €323,390 | +€30,405 | +10.4% |
| Distributable reserves | 133 | €292,985 | €323,390 | +€30,405 | +10.4% |
| Amounts payable | 17/49 | €710,737 | €694,919 | -€15,818 | -2.2% |
| Amounts payable after more than one year | 17 | €618,920 | €582,994 | -€35,926 | -5.8% |
| Financial debts | 170/4 | €618,920 | €582,994 | -€35,926 | -5.8% |
| Amounts payable within one year | 42/48 | €91,817 | €111,797 | +€19,980 | +21.8% |
| Current portion of amounts payable after more than one year | 42 | €72,976 | €86,174 | +€13,197 | +18.1% |
| Trade debts | 44 | €4,442 | €7,575 | +€3,132 | +70.5% |
| Suppliers | 440/4 | €4,442 | €7,575 | +€3,132 | +70.5% |
| Taxes, remuneration and social security | 45 | €14,398 | €18,049 | +€3,650 | +25.4% |
| Taxes | 450/3 | €14,398 | €18,049 | +€3,650 | +25.4% |
| Accrued charges and deferred income | 492/3 | - | €128 | +€128 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,537 | €52,028 | +€2,491 | +5.0% |
| Other operating charges | 640/8 | €3,839 | €3,565 | -€274 | -7.1% |
| Non-recurring operating charges | 66A | €1,231 | €0 | -€1,231 | -100.0% |
| Gross operating margin | 9900 | €233,976 | €119,257 | -€114,719 | -49.0% |
| Operating profit (loss) | 9901 | €179,369 | €63,663 | -€115,705 | -64.5% |
| Financial income | 75/76B | €475 | €471 | -€4 | -0.9% |
| Recurring financial income | 75 | €475 | €471 | -€4 | -0.9% |
| Financial charges | 65/66B | €16,036 | €16,926 | +€890 | +5.6% |
| Recurring financial charges | 65 | €16,036 | €16,926 | +€890 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €163,808 | €47,209 | -€116,599 | -71.2% |
| Income taxes | 67/77 | €53,623 | €16,804 | -€36,819 | -68.7% |
| Profit (loss) for the period | 9904 | €110,186 | €30,405 | -€79,781 | -72.4% |
| Profit (loss) for the period to be appropriated | 9905 | €110,186 | €30,405 | -€79,781 | -72.4% |
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 1 October 2026 via checked.be.