VANHORI: 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.
VANHORI
Largest movements
- Tangible fixed assets -€12,200
down €12,200 (-20.9%), from €58,330 to €46,130
of which Plant, machinery and equipment: -€10,517
- Cash +€7,246
up €7,246 (+23.9%), from €30,306 to €37,552
mainly Depreciation (+€25,210) and Net result for the year (+€20,809)
- Stocks and contracts +€6,097
up €6,097 (+27.9%), from €21,880 to €27,977
- Receivables within one year +€2,095
up €2,095 (+7.6%), from €27,432 to €29,526
of which Other amounts receivable: +€2,246
- Profit (loss) carried forward +€20,809
up €20,809 (+30.0%), from -€69,271 to -€48,462
- Debts after one year -€9,755
down €9,755 (-35.3%), from €27,600 to €17,845
- Current portion of long-term debt -€4,028
down €4,028 (-28.2%), from €14,296 to €10,267
- Tax, wage and social debts -€1,833
down €1,833 (-36.7%), from €4,999 to €3,166
- Gross operating margin +€25,892
up €25,892 (+117%), from €22,071 to €47,963
- Depreciation -€1,912
down €1,912 (-7.1%), from €27,122 to €25,210
- Financial charges -€492
down €492 (-27.9%), from €1,763 to €1,272
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €139,221 | €142,323 | +€3,102 | +2.2% |
| Fixed assets | 21/28 | €59,427 | €46,637 | -€12,790 | -21.5% |
| Intangible fixed assets | 21 | €1,094 | €504 | -€590 | -53.9% |
| Tangible fixed assets | 22/27 | €58,330 | €46,130 | -€12,200 | -20.9% |
| Plant, machinery and equipment | 23 | €46,421 | €35,904 | -€10,517 | -22.7% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €11,909 | €10,227 | -€1,683 | -14.1% |
| Financial fixed assets | 28 | €3 | €3 | = | 0.0% |
| Current assets | 29/58 | €79,794 | €95,686 | +€15,892 | +19.9% |
| Stocks and contracts in progress | 3 | €21,880 | €27,977 | +€6,097 | +27.9% |
| Stocks | 30/36 | €21,880 | €27,977 | +€6,097 | +27.9% |
| Amounts receivable within one year | 40/41 | €27,432 | €29,526 | +€2,095 | +7.6% |
| Trade receivables | 40 | €930 | €778 | -€152 | -16.3% |
| Other amounts receivable | 41 | €26,501 | €28,748 | +€2,246 | +8.5% |
| Cash at bank and in hand | 54/58 | €30,306 | €37,552 | +€7,246 | +23.9% |
| Deferred charges and accrued income | 490/1 | €177 | €631 | +€454 | +257% |
| Total equity and liabilities | 10/49 | €139,221 | €142,323 | +€3,102 | +2.2% |
| Equity | 10/15 | -€48,811 | -€28,002 | +€20,809 | +42.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€69,271 | -€48,462 | +€20,809 | +30.0% |
| Amounts payable | 17/49 | €188,032 | €170,325 | -€17,707 | -9.4% |
| Amounts payable after more than one year | 17 | €27,600 | €17,845 | -€9,755 | -35.3% |
| Financial debts | 170/4 | €27,600 | €17,845 | -€9,755 | -35.3% |
| Amounts payable within one year | 42/48 | €159,654 | €151,600 | -€8,054 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €14,296 | €10,267 | -€4,028 | -28.2% |
| Trade debts | 44 | €1,184 | €0 | -€1,184 | -100% |
| Suppliers | 440/4 | €1,184 | €0 | -€1,184 | -100% |
| Advances received on contracts in progress | 46 | - | €180 | +€180 | |
| Taxes, remuneration and social security | 45 | €4,999 | €3,166 | -€1,833 | -36.7% |
| Taxes | 450/3 | €4,999 | €3,166 | -€1,833 | -36.7% |
| Other amounts payable | 47/48 | €139,175 | €137,986 | -€1,189 | -0.9% |
| Accrued charges and deferred income | 492/3 | €778 | €881 | +€103 | +13.2% |
| Non-recurring operating income | 76A | €4,759 | €525 | -€4,234 | -89.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,122 | €25,210 | -€1,912 | -7.1% |
| Other operating charges | 640/8 | €818 | €842 | +€24 | +2.9% |
| Gross operating margin | 9900 | €22,071 | €47,963 | +€25,892 | +117% |
| Operating profit (loss) | 9901 | -€5,869 | €21,911 | +€27,780 | |
| Financial income | 75/76B | €443 | €170 | -€273 | -61.7% |
| Recurring financial income | 75 | €443 | €170 | -€273 | -61.7% |
| Financial charges | 65/66B | €1,763 | €1,272 | -€492 | -27.9% |
| Recurring financial charges | 65 | €1,763 | €1,272 | -€492 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | -€7,190 | €20,809 | +€27,999 | |
| Income taxes | 67/77 | €0 | €0 | = | |
| Profit (loss) for the period | 9904 | -€7,190 | €20,809 | +€27,999 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,190 | €20,809 | +€27,999 |
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 20 October 2026 via checked.be.