VANHORENBEEK-VAES: what changed
What changed
VANHORENBEEK-VAES
NACE 69.101, Activities of lawyers
filed annual accounts (NBB)
Net result for the year
€117,518
2024 · €61,136+€56,382
Equity
€428,808
2024 · €311,290+€117,518
Cash
€100,736
2024 · €46,110+€54,626
Balance sheet total
€813,171
2024 · €746,734+€66,437
Largest movements
Assets
- Cash +€54,626
up €54,626 (+118%), from €46,110 to €100,736
mainly Net result for the year (+€117,518) and Tax, wage and social debts (+€29,002)
- Receivables within one year +€16,944
up €16,944 (+10.6%), from €160,210 to €177,153
of which Trade receivables: +€8,622
- Tangible fixed assets -€10,967
down €10,967 (-2.5%), from €436,989 to €426,022
of which Land and buildings: -€15,144
Equity and liabilities
- Reserves +€117,518
up €117,518 (+43.6%), from €269,790 to €387,308
- Trade debts -€40,992
down €40,992 (-90.7%), from €45,196 to €4,204
- Debts after one year -€30,699
down €30,699 (-10.0%), from €306,460 to €275,761
- Tax, wage and social debts +€29,002
up €29,002 (+75.7%), from €38,295 to €67,297
Income statement
- Write-downs -€30,000
down €30,000 (-100%), from €30,000 to €0
- Gross operating margin +€25,522
up €25,522 (+14.8%), from €172,086 to €197,608
- Taxes +€13,513
up €13,513 (+52.8%), from €25,616 to €39,128
- Financial charges -€2,531
down €2,531 (-25.3%), from €9,993 to €7,461
- Staff costs -€2,213
down €2,213 (-22.0%), from €10,074 to €7,860
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€61,136
Gross operating margin
+€25,522
Staff costs
+€2,213
Depreciation
+€890
Write-downs
+€30,000
Other operating charges
+€1,908
Other operating items
+€5,862
Financial income
+€967
Financial charges
+€2,531
Taxes
-€13,513
Result 2025
€117,518
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€112,507
Investment
-€18,790
Financing
-€39,091
Cash 2024
€46,110
From operations (derived)
+€112,507
Net result for the year
+€117,518
Depreciation
+€24,986
Receivables within one year
-€16,944
Deferred charges and accrued income
-€1,064
Trade debts
-€40,992
Tax, wage and social debts
+€29,002
Investment (derived)
-€18,790
Investment in fixed assets (net)
-€14,020
Current investments
-€4,770
Financing
-€39,091
Debts after one year
-€30,699
Current portion of long-term debt
-€586
Short-term financial debts
-€7,806
Cash 2025
€100,736
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €746,734 | €813,171 | +€66,437 | +8.9% |
| Fixed assets | 21/28 | €451,839 | €440,872 | -€10,967 | -2.4% |
| Tangible fixed assets | 22/27 | €436,989 | €426,022 | -€10,967 | -2.5% |
| Land and buildings | 22 | €416,908 | €401,764 | -€15,144 | -3.6% |
| Plant, machinery and equipment | 23 | €4,879 | €6,001 | +€1,122 | +23.0% |
| Furniture and vehicles | 24 | €15,202 | €18,258 | +€3,056 | +20.1% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €14,850 | €14,850 | = | 0.0% |
| Current assets | 29/58 | €294,895 | €372,298 | +€77,404 | +26.2% |
| Amounts receivable within one year | 40/41 | €160,210 | €177,153 | +€16,944 | +10.6% |
| Trade receivables | 40 | €140,608 | €149,230 | +€8,622 | +6.1% |
| Other amounts receivable | 41 | €19,602 | €27,923 | +€8,321 | +42.5% |
| Current investments | 50/53 | €82,382 | €87,151 | +€4,770 | +5.8% |
| Cash at bank and in hand | 54/58 | €46,110 | €100,736 | +€54,626 | +118% |
| Deferred charges and accrued income | 490/1 | €6,193 | €7,258 | +€1,064 | +17.2% |
| Total equity and liabilities | 10/49 | €746,734 | €813,171 | +€66,437 | +8.9% |
| Equity | 10/15 | €311,290 | €428,808 | +€117,518 | +37.8% |
| Contributions | 10/11 | €41,500 | €41,500 | = | 0.0% |
| Reserves | 13 | €269,790 | €387,308 | +€117,518 | +43.6% |
| Distributable reserves | 133 | €269,790 | €387,308 | +€117,518 | +43.6% |
| Amounts payable | 17/49 | €435,443 | €384,362 | -€51,081 | -11.7% |
| Amounts payable after more than one year | 17 | €306,460 | €275,761 | -€30,699 | -10.0% |
| Financial debts | 170/4 | €306,460 | €275,761 | -€30,699 | -10.0% |
| Amounts payable within one year | 42/48 | €128,983 | €108,601 | -€20,382 | -15.8% |
| Current portion of amounts payable after more than one year | 42 | €31,285 | €30,699 | -€586 | -1.9% |
| Financial debts | 43 | €14,207 | €6,401 | -€7,806 | -54.9% |
| Credit institutions | 430/8 | €11,815 | €6,312 | -€5,503 | -46.6% |
| Other loans | 439 | €2,392 | €90 | -€2,303 | -96.3% |
| Trade debts | 44 | €45,196 | €4,204 | -€40,992 | -90.7% |
| Suppliers | 440/4 | €45,196 | €4,204 | -€40,992 | -90.7% |
| Taxes, remuneration and social security | 45 | €38,295 | €67,297 | +€29,002 | +75.7% |
| Taxes | 450/3 | €38,295 | €67,297 | +€29,002 | +75.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €2,654 | +€2,654 | |
| Remuneration, social security and pensions | 62 | €10,074 | €7,860 | -€2,213 | -22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,877 | €24,986 | -€890 | -3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €30,000 | €0 | -€30,000 | -100% |
| Other operating charges | 640/8 | €3,670 | €1,761 | -€1,908 | -52.0% |
| Non-recurring operating charges | 66A | €5,862 | €0 | -€5,862 | -100% |
| Gross operating margin | 9900 | €172,086 | €197,608 | +€25,522 | +14.8% |
| Operating profit (loss) | 9901 | €96,604 | €163,000 | +€66,396 | +68.7% |
| Financial income | 75/76B | €141 | €1,108 | +€967 | +687% |
| Recurring financial income | 75 | €141 | €1,108 | +€967 | +687% |
| Financial charges | 65/66B | €9,993 | €7,461 | -€2,531 | -25.3% |
| Recurring financial charges | 65 | €9,993 | €7,461 | -€2,531 | -25.3% |
| Profit (loss) for the period before taxes | 9903 | €86,752 | €156,646 | +€69,894 | +80.6% |
| Income taxes | 67/77 | €25,616 | €39,128 | +€13,513 | +52.8% |
| Profit (loss) for the period | 9904 | €61,136 | €117,518 | +€56,382 | +92.2% |
| Profit (loss) for the period to be appropriated | 9905 | €61,136 | €117,518 | +€56,382 | +92.2% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.