Vanhoutte-Verhelst: 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.
Vanhoutte-Verhelst
Largest movements
- Intangible fixed assets -€65,475
down €65,475 (-45.1%), from €145,088 to €79,613
- Tangible fixed assets +€57,871
up €57,871 (+189%), from €30,657 to €88,528
of which Other tangible fixed assets: +€46,705
- Cash -€32,370
down €32,370 (-19.5%), from €166,067 to €133,697
mainly Other debts (-€305,413) and Investment in fixed assets (net) (-€70,361)
- Other debts -€305,413
down €305,413 (-75.3%), from €405,413 to €100,000
- Debts after one year +€158,025
up €158,025 (+117%), from €134,856 to €292,880
- Tax, wage and social debts +€40,893
up €40,893 (+180%), from €22,677 to €63,570
of which Remuneration and social security: +€36,132
- Current portion of long-term debt +€32,449
up €32,449 (+156%), from €20,861 to €53,310
- Reserves +€24,753
up €24,753 (+8.6%), from €286,519 to €311,272
of which Distributable reserves: +€24,753
- Staff costs +€115,628
up €115,628 (+48.8%), from €237,051 to €352,679
- Gross operating margin +€15,888
up €15,888 (+3.4%), from €468,248 to €484,136
- Taxes +€7,666
up €7,666 (+103%), from €7,439 to €15,105
- Financial charges +€6,228
up €6,228 (+198%), from €3,138 to €9,366
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 | €908,240 | €867,760 | -€40,481 | -4.5% |
| Fixed assets | 21/28 | €615,745 | €608,141 | -€7,604 | -1.2% |
| Intangible fixed assets | 21 | €145,088 | €79,613 | -€65,475 | -45.1% |
| Tangible fixed assets | 22/27 | €30,657 | €88,528 | +€57,871 | +189% |
| Furniture and vehicles | 24 | €27,375 | €38,542 | +€11,166 | +40.8% |
| Other tangible fixed assets | 26 | €3,282 | €49,987 | +€46,705 | +1,423% |
| Financial fixed assets | 28 | €440,000 | €440,000 | = | 0.0% |
| Current assets | 29/58 | €292,495 | €259,619 | -€32,877 | -11.2% |
| Amounts receivable within one year | 40/41 | €121,659 | €121,050 | -€608 | -0.5% |
| Trade receivables | 40 | €121,097 | €121,050 | -€47 | 0.0% |
| Other amounts receivable | 41 | €561 | €0 | -€561 | -100% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €166,067 | €133,697 | -€32,370 | -19.5% |
| Deferred charges and accrued income | 490/1 | €4,770 | €4,871 | +€101 | +2.1% |
| Total equity and liabilities | 10/49 | €908,240 | €867,760 | -€40,481 | -4.5% |
| Equity | 10/15 | €288,178 | €312,931 | +€24,753 | +8.6% |
| Contributions | 10/11 | €1,659 | €1,659 | = | 0.0% |
| Reserves | 13 | €286,519 | €311,272 | +€24,753 | +8.6% |
| Non-distributable reserves | 130/1 | €3,376 | €3,376 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,376 | €3,376 | = | 0.0% |
| Distributable reserves | 133 | €283,143 | €307,896 | +€24,753 | +8.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €620,063 | €554,829 | -€65,234 | -10.5% |
| Amounts payable after more than one year | 17 | €134,856 | €292,880 | +€158,025 | +117% |
| Financial debts | 170/4 | €134,856 | €292,880 | +€158,025 | +117% |
| Amounts payable within one year | 42/48 | €479,346 | €260,560 | -€218,786 | -45.6% |
| Current portion of amounts payable after more than one year | 42 | €20,861 | €53,310 | +€32,449 | +156% |
| Trade debts | 44 | €30,395 | €43,681 | +€13,285 | +43.7% |
| Suppliers | 440/4 | €30,395 | €43,681 | +€13,285 | +43.7% |
| Taxes, remuneration and social security | 45 | €22,677 | €63,570 | +€40,893 | +180% |
| Taxes | 450/3 | €0 | €4,762 | +€4,762 | |
| Remuneration and social security | 454/9 | €22,677 | €58,808 | +€36,132 | +159% |
| Other amounts payable | 47/48 | €405,413 | €100,000 | -€305,413 | -75.3% |
| Accrued charges and deferred income | 492/3 | €5,861 | €1,389 | -€4,473 | -76.3% |
| Remuneration, social security and pensions | 62 | €237,051 | €352,679 | +€115,628 | +48.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,865 | €77,965 | +€3,100 | +4.1% |
| Other operating charges | 640/8 | €3,743 | €5,411 | +€1,668 | +44.6% |
| Gross operating margin | 9900 | €468,248 | €484,136 | +€15,888 | +3.4% |
| Operating profit (loss) | 9901 | €152,588 | €48,081 | -€104,507 | -68.5% |
| Financial income | 75/76B | €3,494 | €1,143 | -€2,351 | -67.3% |
| Recurring financial income | 75 | €3,494 | €1,143 | -€2,351 | -67.3% |
| Financial charges | 65/66B | €3,138 | €9,366 | +€6,228 | +198% |
| Recurring financial charges | 65 | €3,138 | €9,366 | +€6,228 | +198% |
| Profit (loss) for the period before taxes | 9903 | €152,944 | €39,858 | -€113,086 | -73.9% |
| Income taxes | 67/77 | €7,439 | €15,105 | +€7,666 | +103% |
| Profit (loss) for the period | 9904 | €145,506 | €24,753 | -€120,752 | -83.0% |
| Profit (loss) for the period to be appropriated | 9905 | €145,506 | €24,753 | -€120,752 | -83.0% |
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 31 October 2026 via checked.be.