VANHOVE: 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
VANHOVE
NACE 46.610, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€113,140
2024 · €84,161+€28,979
Equity
€2.2m
2024 · €2.1m+€29,444
Cash
€338,462
2024 · €548,360-€209,898
Balance sheet total
€7.4m
2024 · €6.4m+€1.0m
Largest movements
Assets
- Stocks and contracts +€1.2m
up €1.2m (+33.5%), from €3.6m to €4.8m
- Cash -€209,898
down €209,898 (-38.3%), from €548,360 to €338,462
mainly Stocks and contracts (-€1.2m) and Debts after one year (-€181,849)
Equity and liabilities
- Trade debts +€1.2m
up €1.2m (+81.0%), from €1.5m to €2.7m
- Debts after one year -€181,849
down €181,849 (-7.9%), from €2.3m to €2.1m
- Other debts +€79,511
new in 2025: €79,511
- Current portion of long-term debt -€78,951
down €78,951 (-28.0%), from €281,843 to €202,892
Income statement
- Financial charges -€37,317
down €37,317 (-24.1%), from €155,039 to €117,722
- Gross operating margin +€24,322
up €24,322 (+2.6%), from €936,700 to €961,021
- Staff costs +€20,475
up €20,475 (+4.1%), from €495,365 to €515,840
- Taxes +€19,942
up €19,942 (+31.0%), from €64,239 to €84,181
- Financial income +€17,739
up €17,739 (+81.7%), from €21,724 to €39,463
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
€84,161
Gross operating margin
+€24,322
Staff costs
-€20,475
Depreciation
-€3,481
Provisions
+€2,804
Other operating charges
-€320
Other operating items
-€8,984
Financial income
+€17,739
Financial charges
+€37,317
Taxes
-€19,942
Result 2025
€113,140
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€243,544
Investment
-€108,947
Financing
-€344,496
Cash 2024
€548,360
From operations (derived)
+€243,544
Net result for the year
+€113,140
Depreciation
+€136,353
Stocks and contracts
-€1.2m
Receivables within one year
-€71,504
Smaller working-capital items
-€397
Trade debts
+€1.2m
Tax, wage and social debts
-€16,432
Other debts
+€79,511
Accrued charges and deferred income
-€12,121
Investment (derived)
-€108,947
Investment in fixed assets (net)
-€108,947
Financing
-€344,496
Debts after one year
-€181,849
Current portion of long-term debt
-€78,951
Contributions, distributions and other
-€83,696
Cash 2025
€338,462
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,390,406 | €7,436,113 | +€1.0m | +16.4% |
| Fixed assets | 21/28 | €1,468,330 | €1,440,924 | -€27,406 | -1.9% |
| Tangible fixed assets | 22/27 | €1,467,772 | €1,440,366 | -€27,406 | -1.9% |
| Land and buildings | 22 | €1,029,270 | €1,028,170 | -€1,100 | -0.1% |
| Plant, machinery and equipment | 23 | €40,816 | €49,361 | +€8,546 | +20.9% |
| Furniture and vehicles | 24 | €130,934 | €146,371 | +€15,438 | +11.8% |
| Leasing and similar rights | 25 | €266,753 | €216,464 | -€50,290 | -18.9% |
| Financial fixed assets | 28 | €558 | €558 | = | 0.0% |
| Current assets | 29/58 | €4,922,076 | €5,995,189 | +€1.1m | +21.8% |
| Stocks and contracts in progress | 3 | €3,615,395 | €4,826,895 | +€1.2m | +33.5% |
| Stocks | 30/36 | €3,615,395 | €4,826,895 | +€1.2m | +33.5% |
| Amounts receivable within one year | 40/41 | €733,907 | €805,411 | +€71,504 | +9.7% |
| Trade receivables | 40 | €722,326 | €793,826 | +€71,500 | +9.9% |
| Other amounts receivable | 41 | €11,581 | €11,585 | +€5 | 0.0% |
| Cash at bank and in hand | 54/58 | €548,360 | €338,462 | -€209,898 | -38.3% |
| Deferred charges and accrued income | 490/1 | €24,414 | €24,421 | +€7 | 0.0% |
| Total equity and liabilities | 10/49 | €6,390,406 | €7,436,113 | +€1.0m | +16.4% |
| Equity | 10/15 | €2,136,972 | €2,166,416 | +€29,444 | +1.4% |
| Contributions | 10/11 | €19,831 | €19,831 | = | 0.0% |
| Reserves | 13 | €2,117,141 | €2,146,584 | +€29,444 | +1.4% |
| Non-distributable reserves | 130/1 | €1,983 | €1,983 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,983 | €1,983 | = | 0.0% |
| Distributable reserves | 133 | €2,115,157 | €2,144,601 | +€29,444 | +1.4% |
| Provisions and deferred taxes | 16 | €57,470 | €57,080 | -€390 | -0.7% |
| Provisions for liabilities and charges | 160/5 | €57,470 | €57,080 | -€390 | -0.7% |
| Taxes | 161 | €57,470 | €57,080 | -€390 | -0.7% |
| Amounts payable | 17/49 | €4,195,964 | €5,212,617 | +€1.0m | +24.2% |
| Amounts payable after more than one year | 17 | €2,294,280 | €2,112,431 | -€181,849 | -7.9% |
| Financial debts | 170/4 | €2,294,280 | €2,112,431 | -€181,849 | -7.9% |
| Amounts payable within one year | 42/48 | €1,885,571 | €3,096,193 | +€1.2m | +64.2% |
| Current portion of amounts payable after more than one year | 42 | €281,843 | €202,892 | -€78,951 | -28.0% |
| Trade debts | 44 | €1,514,445 | €2,740,939 | +€1.2m | +81.0% |
| Suppliers | 440/4 | €1,514,445 | €2,740,939 | +€1.2m | +81.0% |
| Taxes, remuneration and social security | 45 | €89,283 | €72,851 | -€16,432 | -18.4% |
| Taxes | 450/3 | €52,153 | €33,714 | -€18,439 | -35.4% |
| Remuneration and social security | 454/9 | €37,130 | €39,137 | +€2,006 | +5.4% |
| Other amounts payable | 47/48 | - | €79,511 | +€79,511 | |
| Accrued charges and deferred income | 492/3 | €16,113 | €3,992 | -€12,121 | -75.2% |
| Non-recurring operating income | 76A | €34,483 | €16,621 | -€17,862 | -51.8% |
| Remuneration, social security and pensions | 62 | €495,365 | €515,840 | +€20,475 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,871 | €136,353 | +€3,481 | +2.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €2,414 | -€390 | -€2,804 | |
| Other operating charges | 640/8 | €24,336 | €24,656 | +€320 | +1.3% |
| Non-recurring operating charges | 66A | - | €8,984 | +€8,984 | |
| Gross operating margin | 9900 | €936,700 | €961,021 | +€24,322 | +2.6% |
| Operating profit (loss) | 9901 | €281,714 | €275,579 | -€6,135 | -2.2% |
| Financial income | 75/76B | €21,724 | €39,463 | +€17,739 | +81.7% |
| Recurring financial income | 75 | €21,724 | €39,463 | +€17,739 | +81.7% |
| Financial charges | 65/66B | €155,039 | €117,722 | -€37,317 | -24.1% |
| Recurring financial charges | 65 | €155,039 | €117,722 | -€37,317 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | €148,400 | €197,321 | +€48,921 | +33.0% |
| Income taxes | 67/77 | €64,239 | €84,181 | +€19,942 | +31.0% |
| Profit (loss) for the period | 9904 | €84,161 | €113,140 | +€28,979 | +34.4% |
| Profit (loss) for the period to be appropriated | 9905 | €84,161 | €113,140 | +€28,979 | +34.4% |
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 16 October 2026 via checked.be.