VANHOUWE: 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.
VANHOUWE
Largest movements
- Receivables within one year -€474,349
down €474,349 (-80.0%), from €593,088 to €118,739
of which Other amounts receivable: -€483,066
- Tangible fixed assets +€419,044
up €419,044 (+48.0%), from €872,487 to €1.3m
- Cash +€30,598
up €30,598 (+12.4%), from €246,318 to €276,916
mainly Receivables within one year (+€474,349) and Depreciation (+€58,744)
- Trade debts -€32,334
down €32,334 (-50.1%), from €64,577 to €32,244
- Financial income -€13,307
down €13,307 (-43.1%), from €30,875 to €17,568
- Depreciation +€8,983
up €8,983 (+18.1%), from €49,761 to €58,744
- Other operating charges -€1,947
down €1,947 (-27.5%), from €7,082 to €5,135
- Gross operating margin +€1,922
up €1,922 (+5.8%), from €33,213 to €35,136
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 | €1,791,601 | €1,742,676 | -€48,925 | -2.7% |
| Fixed assets | 21/28 | €872,487 | €1,291,531 | +€419,044 | +48.0% |
| Tangible fixed assets | 22/27 | €872,487 | €1,291,531 | +€419,044 | +48.0% |
| Land and buildings | 22 | €872,487 | €1,291,531 | +€419,044 | +48.0% |
| Current assets | 29/58 | €919,114 | €451,145 | -€467,969 | -50.9% |
| Amounts receivable within one year | 40/41 | €593,088 | €118,739 | -€474,349 | -80.0% |
| Trade receivables | 40 | €80,310 | €89,026 | +€8,716 | +10.9% |
| Other amounts receivable | 41 | €512,778 | €29,712 | -€483,066 | -94.2% |
| Current investments | 50/53 | €68,224 | €51,176 | -€17,048 | -25.0% |
| Cash at bank and in hand | 54/58 | €246,318 | €276,916 | +€30,598 | +12.4% |
| Deferred charges and accrued income | 490/1 | €11,484 | €4,315 | -€7,170 | -62.4% |
| Total equity and liabilities | 10/49 | €1,791,601 | €1,742,676 | -€48,925 | -2.7% |
| Equity | 10/15 | €1,535,101 | €1,527,070 | -€8,031 | -0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,516,501 | €1,508,470 | -€8,031 | -0.5% |
| Tax-exempt reserves | 132 | €445,237 | €431,369 | -€13,868 | -3.1% |
| Distributable reserves | 133 | €1,071,264 | €1,077,101 | +€5,838 | +0.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €157,176 | €152,553 | -€4,623 | -2.9% |
| Provisions for liabilities and charges | 160/5 | €21,263 | €21,263 | = | 0.0% |
| Pensions and similar obligations | 160 | €9,000 | €9,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €12,263 | €12,263 | = | 0.0% |
| Deferred taxes | 168 | €135,912 | €131,290 | -€4,623 | -3.4% |
| Amounts payable | 17/49 | €99,324 | €63,053 | -€36,271 | -36.5% |
| Amounts payable after more than one year | 17 | €18,500 | €18,500 | = | 0.0% |
| Financial debts | 170/4 | €18,500 | €18,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €79,622 | €43,351 | -€36,271 | -45.6% |
| Trade debts | 44 | €64,577 | €32,244 | -€32,334 | -50.1% |
| Suppliers | 440/4 | €64,577 | €32,244 | -€32,334 | -50.1% |
| Taxes, remuneration and social security | 45 | €5,827 | €1,048 | -€4,779 | -82.0% |
| Taxes | 450/3 | €5,827 | €1,048 | -€4,779 | -82.0% |
| Other amounts payable | 47/48 | €9,217 | €10,059 | +€842 | +9.1% |
| Accrued charges and deferred income | 492/3 | €1,203 | €1,203 | = | 0.0% |
| Non-recurring operating income | 76A | - | €280 | +€280 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,761 | €58,744 | +€8,983 | +18.1% |
| Other operating charges | 640/8 | €7,082 | €5,135 | -€1,947 | -27.5% |
| Gross operating margin | 9900 | €33,213 | €35,136 | +€1,922 | +5.8% |
| Operating profit (loss) | 9901 | -€23,630 | -€28,744 | -€5,113 | -21.6% |
| Financial income | 75/76B | €30,875 | €17,568 | -€13,307 | -43.1% |
| Recurring financial income | 75 | €30,875 | €17,568 | -€13,307 | -43.1% |
| Financial charges | 65/66B | €1,388 | €1,478 | +€90 | +6.5% |
| Recurring financial charges | 65 | €1,388 | €1,478 | +€90 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €5,857 | -€12,653 | -€18,510 | |
| Transfer from deferred taxes | 780 | €2,338 | €4,623 | +€2,285 | +97.8% |
| Profit (loss) for the period | 9904 | €8,194 | -€8,031 | -€16,225 | |
| Transfer from tax-exempt reserves | 789 | €7,013 | €13,868 | +€6,855 | +97.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,207 | €5,838 | -€9,369 | -61.6% |
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 6 October 2026 via checked.be.