VANHOUCKE: 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.
VANHOUCKE
Largest movements
- Cash -€97,666
down €97,666 (-55.7%), from €175,230 to €77,563
mainly Receivables within one year (-€91,662) and Stocks and contracts (-€36,098)
- Receivables within one year +€91,662
up €91,662 (+21.2%), from €432,859 to €524,520
of which Other amounts receivable: +€113,411
- Stocks and contracts +€36,098
up €36,098 (+16.0%), from €225,896 to €261,994
of which Contracts in progress: +€35,876
- Tangible fixed assets -€16,024
down €16,024 (-15.7%), from €102,155 to €86,131
of which Furniture and vehicles: -€11,545
- Reserves +€63,451
up €63,451 (+9.6%), from €661,659 to €725,110
of which Distributable reserves: +€63,451
- Other debts -€19,205
down €19,205 (-13.2%), from €145,041 to €125,836
- Tax, wage and social debts -€11,972
down €11,972 (-84.2%), from €14,216 to €2,244
- Debts after one year -€11,763
down €11,763 (-62.9%), from €18,698 to €6,935
- Gross operating margin +€36,184
up €36,184 (+43.2%), from €83,694 to €119,878
- Taxes +€11,240
up €11,240 (+53.5%), from €21,023 to €32,263
- Financial income -€5,087
down €5,087 (-73.6%), from €6,916 to €1,829
- Financial charges -€1,667
down €1,667 (-39.0%), from €4,273 to €2,607
- Other operating charges -€1,539
down €1,539 (-29.3%), from €5,253 to €3,715
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 | €941,868 | €954,882 | +€13,013 | +1.4% |
| Fixed assets | 21/28 | €102,155 | €86,131 | -€16,024 | -15.7% |
| Tangible fixed assets | 22/27 | €102,155 | €86,131 | -€16,024 | -15.7% |
| Land and buildings | 22 | €71,422 | €67,712 | -€3,711 | -5.2% |
| Plant, machinery and equipment | 23 | €1,918 | €1,150 | -€768 | -40.1% |
| Furniture and vehicles | 24 | €28,814 | €17,270 | -€11,545 | -40.1% |
| Current assets | 29/58 | €839,713 | €868,751 | +€29,037 | +3.5% |
| Stocks and contracts in progress | 3 | €225,896 | €261,994 | +€36,098 | +16.0% |
| Stocks | 30/36 | €3,153 | €3,375 | +€222 | +7.0% |
| Contracts in progress | 37 | €222,744 | €258,619 | +€35,876 | +16.1% |
| Amounts receivable within one year | 40/41 | €432,859 | €524,520 | +€91,662 | +21.2% |
| Trade receivables | 40 | €48,547 | €26,797 | -€21,749 | -44.8% |
| Other amounts receivable | 41 | €384,312 | €497,723 | +€113,411 | +29.5% |
| Cash at bank and in hand | 54/58 | €175,230 | €77,563 | -€97,666 | -55.7% |
| Deferred charges and accrued income | 490/1 | €5,728 | €4,673 | -€1,056 | -18.4% |
| Total equity and liabilities | 10/49 | €941,868 | €954,882 | +€13,013 | +1.4% |
| Equity | 10/15 | €692,344 | €755,795 | +€63,451 | +9.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €661,659 | €725,110 | +€63,451 | +9.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €661,659 | €725,110 | +€63,451 | +9.6% |
| Profit (loss) carried forward | 14 | €12,085 | €12,085 | = | 0.0% |
| Provisions and deferred taxes | 16 | €18,000 | €18,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €18,000 | €18,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €18,000 | €18,000 | = | 0.0% |
| Amounts payable | 17/49 | €231,524 | €181,086 | -€50,438 | -21.8% |
| Amounts payable after more than one year | 17 | €18,698 | €6,935 | -€11,763 | -62.9% |
| Financial debts | 170/4 | €18,698 | €6,935 | -€11,763 | -62.9% |
| Amounts payable within one year | 42/48 | €212,826 | €174,152 | -€38,674 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €11,608 | €11,763 | +€156 | +1.3% |
| Trade debts | 44 | €41,961 | €34,308 | -€7,653 | -18.2% |
| Suppliers | 440/4 | €41,961 | €34,308 | -€7,653 | -18.2% |
| Taxes, remuneration and social security | 45 | €14,216 | €2,244 | -€11,972 | -84.2% |
| Taxes | 450/3 | €14,216 | €2,244 | -€11,972 | -84.2% |
| Other amounts payable | 47/48 | €145,041 | €125,836 | -€19,205 | -13.2% |
| Remuneration, social security and pensions | 62 | €3,621 | €3,648 | +€28 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,087 | €16,024 | -€63 | -0.4% |
| Other operating charges | 640/8 | €5,253 | €3,715 | -€1,539 | -29.3% |
| Gross operating margin | 9900 | €83,694 | €119,878 | +€36,184 | +43.2% |
| Operating profit (loss) | 9901 | €58,733 | €96,491 | +€37,758 | +64.3% |
| Financial income | 75/76B | €6,916 | €1,829 | -€5,087 | -73.6% |
| Recurring financial income | 75 | €6,916 | €1,829 | -€5,087 | -73.6% |
| Financial charges | 65/66B | €4,273 | €2,607 | -€1,667 | -39.0% |
| Recurring financial charges | 65 | €4,273 | €2,607 | -€1,667 | -39.0% |
| Profit (loss) for the period before taxes | 9903 | €61,376 | €95,714 | +€34,338 | +55.9% |
| Income taxes | 67/77 | €21,023 | €32,263 | +€11,240 | +53.5% |
| Profit (loss) for the period | 9904 | €40,353 | €63,451 | +€23,098 | +57.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,353 | €63,451 | +€23,098 | +57.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.