VANHOVARCO: 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.
VANHOVARCO
Largest movements
- Cash +€636,152
up €636,152 (+542%), from €117,372 to €753,524
mainly Current investments (+€500,000) and Net result for the year (+€74,835)
- Current investments -€500,000
down €500,000 (-100%), from €500,000 to €0
- Tangible fixed assets -€42,866
down €42,866 (-50.0%), from €85,811 to €42,945
- Receivables within one year -€12,251
down €12,251 (-87.5%), from €14,001 to €1,750
of which Trade receivables: -€13,071
- Reserves +€74,002
up €74,002 (+15.1%), from €489,361 to €563,363
of which Distributable reserves: +€74,002
- Debts after one year +€8,724
up €8,724 (+5.3%), from €163,828 to €172,552
of which Other amounts payable: +€8,724
- Depreciation -€25,405
down €25,405 (-37.2%), from €68,271 to €42,866
- Financial income -€12,477
down €12,477 (-49.4%), from €25,261 to €12,784
- Taxes +€7,313
up €7,313 (+25.3%), from €28,854 to €36,168
- Gross operating margin +€7,044
up €7,044 (+4.7%), from €150,200 to €157,244
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 | €727,796 | €804,216 | +€76,420 | +10.5% |
| Fixed assets | 21/28 | €85,946 | €43,080 | -€42,866 | -49.9% |
| Tangible fixed assets | 22/27 | €85,811 | €42,945 | -€42,866 | -50.0% |
| Furniture and vehicles | 24 | €85,811 | €42,945 | -€42,866 | -50.0% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €641,849 | €761,136 | +€119,287 | +18.6% |
| Amounts receivable within one year | 40/41 | €14,001 | €1,750 | -€12,251 | -87.5% |
| Trade receivables | 40 | €13,071 | €0 | -€13,071 | -100% |
| Other amounts receivable | 41 | €930 | €1,750 | +€820 | +88.2% |
| Current investments | 50/53 | €500,000 | €0 | -€500,000 | -100% |
| Cash at bank and in hand | 54/58 | €117,372 | €753,524 | +€636,152 | +542% |
| Deferred charges and accrued income | 490/1 | €10,476 | €5,862 | -€4,614 | -44.0% |
| Total equity and liabilities | 10/49 | €727,796 | €804,216 | +€76,420 | +10.5% |
| Equity | 10/15 | €514,361 | €588,363 | +€74,002 | +14.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €489,361 | €563,363 | +€74,002 | +15.1% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €173,450 | €173,450 | = | 0.0% |
| Distributable reserves | 133 | €313,411 | €387,413 | +€74,002 | +23.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €213,435 | €215,853 | +€2,419 | +1.1% |
| Amounts payable after more than one year | 17 | €163,828 | €172,552 | +€8,724 | +5.3% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €163,828 | €172,552 | +€8,724 | +5.3% |
| Amounts payable within one year | 42/48 | €47,232 | €41,667 | -€5,565 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €2,084 | €0 | -€2,084 | -100% |
| Trade debts | 44 | €20,135 | €14,922 | -€5,213 | -25.9% |
| Suppliers | 440/4 | €20,135 | €14,922 | -€5,213 | -25.9% |
| Taxes, remuneration and social security | 45 | €24,180 | €25,912 | +€1,732 | +7.2% |
| Taxes | 450/3 | €16,892 | €25,912 | +€9,020 | +53.4% |
| Remuneration and social security | 454/9 | €7,288 | €0 | -€7,288 | -100% |
| Other amounts payable | 47/48 | €833 | €833 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,375 | €1,634 | -€740 | -31.2% |
| Non-recurring operating income | 76A | €8,678 | €0 | -€8,678 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,271 | €42,866 | -€25,405 | -37.2% |
| Other operating charges | 640/8 | €3,943 | €3,834 | -€110 | -2.8% |
| Gross operating margin | 9900 | €150,200 | €157,244 | +€7,044 | +4.7% |
| Operating profit (loss) | 9901 | €77,986 | €110,544 | +€32,558 | +41.7% |
| Financial income | 75/76B | €25,261 | €12,784 | -€12,477 | -49.4% |
| Recurring financial income | 75 | €25,261 | €12,784 | -€12,477 | -49.4% |
| Financial charges | 65/66B | €12,130 | €12,326 | +€195 | +1.6% |
| Recurring financial charges | 65 | €12,130 | €12,326 | +€195 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €91,117 | €111,002 | +€19,886 | +21.8% |
| Income taxes | 67/77 | €28,854 | €36,168 | +€7,313 | +25.3% |
| Profit (loss) for the period | 9904 | €62,262 | €74,835 | +€12,572 | +20.2% |
| Profit (loss) for the period to be appropriated | 9905 | €62,262 | €74,835 | +€12,572 | +20.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.