Vanhoucke Ignace: 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.
Vanhoucke Ignace
Largest movements
- Receivables within one year +€864,910
up €864,910 (+981%), from €88,128 to €953,038
of which Trade receivables: +€771,554
- Tangible fixed assets -€111,294
down €111,294 (-86.9%), from €128,094 to €16,800
of which Furniture and vehicles: -€83,556
- Profit (loss) carried forward +€837,503
up €837,503 (+542%), from €154,559 to €992,062
- Debts after one year -€61,790
no longer reported in 2025 (was €61,790)
- Trade debts -€46,430
no longer reported in 2025 (was €46,430)
- Current portion of long-term debt -€17,706
no longer reported in 2025 (was €17,706)
- Gross operating margin +€1.6m
up €1.6m (+1,179%), from €134,397 to €1.7m
- Financial charges +€383,289
up €383,289 (+7,297%), from €5,253 to €388,541
of which Financial charges: +€295,246
- Taxes +€338,366
new in 2025: €338,366
- Depreciation -€46,263
down €46,263 (-85.0%), from €54,443 to €8,180
- Staff costs -€26,830
down €26,830 (-15.5%), from €172,912 to €146,082
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 | €779,823 | €1,498,183 | +€718,360 | +92.1% |
| Fixed assets | 21/28 | €143,911 | €20,847 | -€123,063 | -85.5% |
| Intangible fixed assets | 21 | €15,366 | €3,597 | -€11,769 | -76.6% |
| Tangible fixed assets | 22/27 | €128,094 | €16,800 | -€111,294 | -86.9% |
| Land and buildings | 22 | €7,638 | - | -€7,638 | |
| Plant, machinery and equipment | 23 | €30,198 | €10,098 | -€20,100 | -66.6% |
| Furniture and vehicles | 24 | €90,258 | €6,702 | -€83,556 | -92.6% |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €635,913 | €1,477,335 | +€841,423 | +132% |
| Amounts receivable after more than one year | 29 | €205,771 | €195,511 | -€10,259 | -5.0% |
| Other amounts receivable | 291 | €205,771 | €195,511 | -€10,259 | -5.0% |
| Amounts receivable within one year | 40/41 | €88,128 | €953,038 | +€864,910 | +981% |
| Trade receivables | 40 | €3,446 | €775,000 | +€771,554 | +22,390% |
| Other amounts receivable | 41 | €84,682 | €178,038 | +€93,356 | +110% |
| Cash at bank and in hand | 54/58 | €340,325 | €328,786 | -€11,539 | -3.4% |
| Deferred charges and accrued income | 490/1 | €1,689 | - | -€1,689 | |
| Total equity and liabilities | 10/49 | €779,823 | €1,498,183 | +€718,360 | +92.1% |
| Equity | 10/15 | €607,207 | €1,444,711 | +€837,503 | +138% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €434,098 | €434,098 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €415,348 | €415,348 | = | 0.0% |
| Profit (loss) carried forward | 14 | €154,559 | €992,062 | +€837,503 | +542% |
| Amounts payable | 17/49 | €172,616 | €53,472 | -€119,144 | -69.0% |
| Amounts payable after more than one year | 17 | €61,790 | - | -€61,790 | |
| Financial debts | 170/4 | €61,790 | - | -€61,790 | |
| Amounts payable within one year | 42/48 | €110,826 | €53,472 | -€57,354 | -51.8% |
| Current portion of amounts payable after more than one year | 42 | €17,706 | - | -€17,706 | |
| Trade debts | 44 | €46,430 | - | -€46,430 | |
| Suppliers | 440/4 | €46,430 | - | -€46,430 | |
| Taxes, remuneration and social security | 45 | €45,791 | €53,472 | +€7,682 | +16.8% |
| Taxes | 450/3 | €45,791 | €53,472 | +€7,682 | +16.8% |
| Other amounts payable | 47/48 | €900 | - | -€900 | |
| Remuneration, social security and pensions | 62 | €172,912 | €146,082 | -€26,830 | -15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,443 | €8,180 | -€46,263 | -85.0% |
| Other operating charges | 640/8 | €9,524 | €3,319 | -€6,205 | -65.2% |
| Gross operating margin | 9900 | €134,397 | €1,719,540 | +€1.6m | +1,179% |
| Operating profit (loss) | 9901 | -€102,481 | €1,561,959 | +€1.7m | |
| Financial income | 75/76B | €2,805 | €2,550 | -€255 | -9.1% |
| Recurring financial income | 75 | €2,805 | €2,550 | -€255 | -9.1% |
| Financial charges | 65/66B | €5,253 | €388,541 | +€383,289 | +7,297% |
| Recurring financial charges | 65 | €5,253 | €300,499 | +€295,246 | +5,621% |
| Non-recurring financial charges | 66B | - | €88,042 | +€88,042 | |
| Profit (loss) for the period before taxes | 9903 | -€104,929 | €1,175,968 | +€1.3m | |
| Income taxes | 67/77 | - | €338,366 | +€338,366 | |
| Profit (loss) for the period | 9904 | -€104,929 | €837,602 | +€942,531 | |
| Profit (loss) for the period to be appropriated | 9905 | -€104,929 | €837,602 | +€942,531 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.