VANHOUTTEGHEM: 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.
VANHOUTTEGHEM
Largest movements
- Cash -€300,646
down €300,646 (-63.9%), from €470,298 to €169,652
mainly Investment in fixed assets (net) (-€368,898) and Debts after one year (-€175,000)
- Tangible fixed assets +€260,144
up €260,144 (+27.2%), from €955,962 to €1.2m
- Reserves +€215,455
up €215,455 (+20.4%), from €1.1m to €1.3m
of which Distributable reserves: +€163,471
- Debts after one year -€175,000
down €175,000 (-100.0%), from €175,000 to €0
- Current portion of long-term debt -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Other debts -€22,452
down €22,452 (-27.4%), from €81,814 to €59,362
- Gross operating margin +€134,382
up €134,382 (+47.5%), from €282,677 to €417,059
- Depreciation +€45,155
up €45,155 (+71.0%), from €63,600 to €108,754
- Taxes +€29,823
up €29,823 (+47.4%), from €62,892 to €92,715
- Financial income +€8,926
up €8,926 (+3621.9%), from €246 to €9,173
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 | €1,444,967 | €1,415,017 | -€29,950 | -2.1% |
| Fixed assets | 21/28 | €955,962 | €1,216,106 | +€260,144 | +27.2% |
| Tangible fixed assets | 22/27 | €955,962 | €1,216,106 | +€260,144 | +27.2% |
| Land and buildings | 22 | €955,962 | €1,216,106 | +€260,144 | +27.2% |
| Current assets | 29/58 | €489,005 | €198,911 | -€290,094 | -59.3% |
| Amounts receivable within one year | 40/41 | €18,707 | €29,260 | +€10,552 | +56.4% |
| Trade receivables | 40 | €5,455 | €13,428 | +€7,973 | +146.2% |
| Other amounts receivable | 41 | €13,252 | €15,832 | +€2,579 | +19.5% |
| Cash at bank and in hand | 54/58 | €470,298 | €169,652 | -€300,646 | -63.9% |
| Total equity and liabilities | 10/49 | €1,444,967 | €1,415,017 | -€29,950 | -2.1% |
| Equity | 10/15 | €1,117,955 | €1,333,411 | +€215,455 | +19.3% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,056,455 | €1,271,911 | +€215,455 | +20.4% |
| Non-distributable reserves | 130/1 | €11,334 | €11,334 | = | 0.0% |
| Legal reserve | 130 | €11,334 | €11,334 | = | 0.0% |
| Tax-exempt reserves | 132 | €81,997 | €133,982 | +€51,985 | +63.4% |
| Distributable reserves | 133 | €963,124 | €1,126,594 | +€163,471 | +17.0% |
| Provisions and deferred taxes | 16 | €3,496 | €3,227 | -€269 | -7.7% |
| Deferred taxes | 168 | €3,496 | €3,227 | -€269 | -7.7% |
| Amounts payable | 17/49 | €323,516 | €78,380 | -€245,137 | -75.8% |
| Amounts payable after more than one year | 17 | €175,000 | €0 | -€175,000 | -100.0% |
| Financial debts | 170/4 | €175,000 | €0 | -€175,000 | -100.0% |
| Amounts payable within one year | 42/48 | €141,428 | €73,420 | -€68,008 | -48.1% |
| Current portion of amounts payable after more than one year | 42 | €50,000 | €0 | -€50,000 | -100.0% |
| Trade debts | 44 | €9,614 | €7,332 | -€2,282 | -23.7% |
| Suppliers | 440/4 | €9,614 | €7,332 | -€2,282 | -23.7% |
| Taxes, remuneration and social security | 45 | €0 | €6,727 | +€6,727 | |
| Taxes | 450/3 | €0 | €6,727 | +€6,727 | |
| Other amounts payable | 47/48 | €81,814 | €59,362 | -€22,452 | -27.4% |
| Accrued charges and deferred income | 492/3 | €7,089 | €4,960 | -€2,129 | -30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,600 | €108,754 | +€45,155 | +71.0% |
| Other operating charges | 640/8 | €1,785 | €2,110 | +€325 | +18.2% |
| Gross operating margin | 9900 | €282,677 | €417,059 | +€134,382 | +47.5% |
| Operating profit (loss) | 9901 | €217,292 | €306,194 | +€88,902 | +40.9% |
| Financial income | 75/76B | €246 | €9,173 | +€8,926 | +3621.9% |
| Recurring financial income | 75 | €246 | €9,173 | +€8,926 | +3621.9% |
| Financial charges | 65/66B | €10,220 | €7,465 | -€2,754 | -27.0% |
| Recurring financial charges | 65 | €10,220 | €7,465 | -€2,754 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | €207,319 | €307,902 | +€100,583 | +48.5% |
| Transfer from deferred taxes | 780 | €269 | €269 | = | 0.0% |
| Income taxes | 67/77 | €62,892 | €92,715 | +€29,823 | +47.4% |
| Profit (loss) for the period | 9904 | €144,696 | €215,455 | +€70,760 | +48.9% |
| Transfer from tax-exempt reserves | 789 | €640 | €11,165 | +€10,525 | +1644.1% |
| Transfer to tax-exempt reserves | 689 | €42,100 | €63,150 | +€21,050 | +50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €103,236 | €163,471 | +€60,235 | +58.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.