Vanhout Projects: 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.
What changed
Vanhout Projects
NACE 41.001, General construction of residential buildings
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€922,149
2024 · €1.1m-€143,908
Equity
€8.2m
2024 · €7.3m+€922,149
Cash
€4.4m
2024 · €3.2m+€1.2m
Balance sheet total
€26.2m
2024 · €41.9m-€15.7m
Largest movements
Assets
- Stocks and contracts -€8.7m
down €8.7m (-46.7%), from €18.6m to €9.9m
- Receivables within one year -€7.9m
down €7.9m (-44.9%), from €17.6m to €9.7m
of which Other amounts receivable: -€8.1m
- Cash +€1.2m
up €1.2m (+39.1%), from €3.2m to €4.4m
mainly Stocks and contracts (+€8.7m) and Receivables within one year (+€7.9m)
- Receivables after one year -€492,363
down €492,363 (-73.5%), from €669,594 to €177,231
Equity and liabilities
- Other debts -€8.1m
down €8.1m (-57.4%), from €14.1m to €6.0m
- Advances received -€6.5m
down €6.5m (-71.0%), from €9.1m to €2.6m
- Short-term financial debts -€2.6m
no longer reported in 2025 (was €2.6m)
- Profit (loss) carried forward +€922,149
up €922,149 (+20.2%), from €4.6m to €5.5m
- Accrued charges and deferred income +€543,511
new in 2025: €543,511
Income statement
- Turnover -€4.0m
down €4.0m (-67.5%), from €5.9m to €1.9m
- Goods and materials +€1.4m
up €1.4m (+5.6%), from €24.6m to €25.9m
of which Purchases: +€5.6m
- Other operating income +€372,329
up €372,329 (+55.6%), from €669,731 to €1.0m
- Services and other goods -€346,043
down €346,043 (-26.6%), from €1.3m to €953,781
- Staff costs +€116,344
up €116,344 (+9.9%), from €1.2m to €1.3m
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.
Result 2024
€1.1m
Turnover
-€4.0m
Other operating income
+€372,329
Goods and materials
-€1.4m
Services and other goods
+€346,043
Staff costs
-€116,344
Depreciation
+€5,856
Other operating charges
-€94,480
Other operating items
+€4.7m
Financial income
-€59,355
Financial charges
+€23,692
Taxes
+€55,548
Result 2025
€922,149
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.
From operations
+€3.8m
Investment
-€18,504
Financing
-€2.6m
Cash 2024
€3.2m
From operations (derived)
+€3.8m
Net result for the year
+€922,149
Depreciation
+€33,495
Receivables after one year
+€492,363
Stocks and contracts
+€8.7m
Receivables within one year
+€7.9m
Deferred charges and accrued income
-€141,485
Trade debts
-€106,985
Tax, wage and social debts
+€50,508
Advances received
-€6.5m
Other debts
-€8.1m
Accrued charges and deferred income
+€543,511
Investment (derived)
-€18,504
Investment in fixed assets (net)
-€18,504
Financing
-€2.6m
Short-term financial debts
-€2.6m
Cash 2025
€4.4m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €41,911,838 | €26,196,532 | -€15.7m | -37.5% |
| Fixed assets | 21/28 | €1,748,805 | €1,733,814 | -€14,991 | -0.9% |
| Tangible fixed assets | 22/27 | €93,803 | €66,712 | -€27,091 | -28.9% |
| Plant, machinery and equipment | 23 | €3,404 | €6,690 | +€3,287 | +96.6% |
| Furniture and vehicles | 24 | €70,215 | €47,694 | -€22,522 | -32.1% |
| Other tangible fixed assets | 26 | €20,184 | €12,328 | -€7,856 | -38.9% |
| Financial fixed assets | 28 | €1,655,002 | €1,667,102 | +€12,100 | +0.7% |
| Affiliated companies | 280/1 | €1,413,202 | €1,413,202 | = | 0.0% |
| Participating interests | 280 | €1,403,202 | €1,403,202 | = | 0.0% |
| Amounts receivable | 281 | €10,000 | €10,000 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €200,000 | €200,000 | = | 0.0% |
| Participating interests | 282 | €200,000 | €200,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €41,800 | €53,900 | +€12,100 | +28.9% |
| Amounts receivable and cash guarantees | 285/8 | €41,800 | €53,900 | +€12,100 | +28.9% |
| Current assets | 29/58 | €40,163,033 | €24,462,717 | -€15.7m | -39.1% |
| Amounts receivable after more than one year | 29 | €669,594 | €177,231 | -€492,363 | -73.5% |
| Other amounts receivable | 291 | €669,594 | €177,231 | -€492,363 | -73.5% |
| Stocks and contracts in progress | 3 | €18,602,149 | €9,920,160 | -€8.7m | -46.7% |
| Stocks | 30/36 | €18,602,149 | €9,920,160 | -€8.7m | -46.7% |
| Property held for sale | 35 | €18,602,149 | €9,920,160 | -€8.7m | -46.7% |
| Amounts receivable within one year | 40/41 | €17,609,916 | €9,708,468 | -€7.9m | -44.9% |
| Trade receivables | 40 | €2,548,685 | €2,782,178 | +€233,493 | +9.2% |
| Other amounts receivable | 41 | €15,061,230 | €6,926,290 | -€8.1m | -54.0% |
| Cash at bank and in hand | 54/58 | €3,152,603 | €4,386,602 | +€1.2m | +39.1% |
| Deferred charges and accrued income | 490/1 | €128,771 | €270,256 | +€141,485 | +109.9% |
| Total equity and liabilities | 10/49 | €41,911,838 | €26,196,532 | -€15.7m | -37.5% |
| Equity | 10/15 | €7,322,848 | €8,244,997 | +€922,149 | +12.6% |
| Contributions | 10/11 | €2,507,801 | €2,507,801 | = | 0.0% |
| Capital | 10 | €2,500,000 | €2,500,000 | = | 0.0% |
| Issued capital | 100 | €2,500,000 | €2,500,000 | = | 0.0% |
| Contributions outside capital | 11 | €7,801 | €7,801 | = | 0.0% |
| Share premium | 1100/10 | €7,801 | €7,801 | = | 0.0% |
| Reserves | 13 | €250,510 | €250,510 | = | 0.0% |
| Non-distributable reserves | 130/1 | €250,510 | €250,510 | = | 0.0% |
| Legal reserve | 130 | €250,000 | €250,000 | = | 0.0% |
| Other | 1319 | €510 | €510 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,564,537 | €5,486,686 | +€922,149 | +20.2% |
| Provisions and deferred taxes | 16 | €51,907 | €51,907 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €51,907 | €51,907 | = | 0.0% |
| Other liabilities and charges | 164/5 | €51,907 | €51,907 | = | 0.0% |
| Amounts payable | 17/49 | €34,537,083 | €17,899,628 | -€16.6m | -48.2% |
| Amounts payable after more than one year | 17 | €3,500,000 | €3,500,000 | = | 0.0% |
| Financial debts | 170/4 | €3,500,000 | €3,500,000 | = | 0.0% |
| Subordinated loans | 170 | €3,500,000 | €3,500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €31,037,083 | €13,856,117 | -€17.2m | -55.4% |
| Financial debts | 43 | €2,575,000 | - | -€2.6m | |
| Credit institutions | 430/8 | €2,575,000 | - | -€2.6m | |
| Trade debts | 44 | €3,728,808 | €3,621,823 | -€106,985 | -2.9% |
| Suppliers | 440/4 | €3,728,808 | €3,621,823 | -€106,985 | -2.9% |
| Advances received on contracts in progress | 46 | €9,088,392 | €2,634,671 | -€6.5m | -71.0% |
| Taxes, remuneration and social security | 45 | €1,542,874 | €1,593,382 | +€50,508 | +3.3% |
| Taxes | 450/3 | €1,312,755 | €1,390,371 | +€77,616 | +5.9% |
| Remuneration and social security | 454/9 | €230,119 | €203,011 | -€27,108 | -11.8% |
| Other amounts payable | 47/48 | €14,102,009 | €6,006,241 | -€8.1m | -57.4% |
| Accrued charges and deferred income | 492/3 | - | €543,511 | +€543,511 | |
| Operating income | 70/76A | €29,030,558 | €30,091,687 | +€1.1m | +3.7% |
| Turnover | 70 | €5,936,016 | €1,927,523 | -€4.0m | -67.5% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €22,424,811 | €27,122,104 | +€4.7m | +20.9% |
| Other operating income | 74 | €669,731 | €1,042,060 | +€372,329 | +55.6% |
| Operating charges | 60/66A | €27,143,424 | €28,368,345 | +€1.2m | +4.5% |
| Goods for resale, raw materials and consumables | 60 | €24,569,455 | €25,935,450 | +€1.4m | +5.6% |
| Purchases | 600/8 | €20,288,362 | €25,838,473 | +€5.6m | +27.4% |
| Change in stocks: decrease (increase) | 609 | €4,281,092 | €96,977 | -€4.2m | -97.7% |
| Services and other goods | 61 | €1,299,824 | €953,781 | -€346,043 | -26.6% |
| Remuneration, social security and pensions | 62 | €1,169,453 | €1,285,797 | +€116,344 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,351 | €33,495 | -€5,856 | -14.9% |
| Other operating charges | 640/8 | €65,341 | €159,822 | +€94,480 | +144.6% |
| Operating profit (loss) | 9901 | €1,887,133 | €1,723,341 | -€163,792 | -8.7% |
| Financial income | 75/76B | €601,883 | €542,527 | -€59,355 | -9.9% |
| Recurring financial income | 75 | €601,883 | €542,527 | -€59,355 | -9.9% |
| Income from current assets | 751 | €601,708 | €534,229 | -€67,479 | -11.2% |
| Other financial income | 752/9 | €175 | €8,298 | +€8,124 | +4648.7% |
| Financial charges | 65/66B | €1,014,617 | €990,924 | -€23,692 | -2.3% |
| Recurring financial charges | 65 | €1,014,617 | €990,924 | -€23,692 | -2.3% |
| Debt charges | 650 | €753,888 | €185,943 | -€567,946 | -75.3% |
| Other financial charges | 652/9 | €260,728 | €804,982 | +€544,254 | +208.7% |
| Profit (loss) for the period before taxes | 9903 | €1,474,399 | €1,274,944 | -€199,455 | -13.5% |
| Income taxes | 67/77 | €408,343 | €352,795 | -€55,548 | -13.6% |
| Taxes | 670/3 | €410,695 | €352,795 | -€57,900 | -14.1% |
| Tax adjustments and reversals of tax provisions | 77 | €2,352 | - | -€2,352 | |
| Profit (loss) for the period | 9904 | €1,066,056 | €922,149 | -€143,908 | -13.5% |
| Transfer from tax-exempt reserves | 789 | €356,000 | - | -€356,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,422,056 | €922,149 | -€499,908 | -35.2% |
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 11 October 2026 via checked.be.