VANHOYE: 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.
VANHOYE
Largest movements
- Receivables within one year +€31,742
up €31,742 (+49.0%), from €64,758 to €96,499
of which Trade receivables: +€39,531
- Cash -€12,821
down €12,821 (-90.9%), from €14,107 to €1,286
mainly Receivables within one year (-€31,742) and Investment in fixed assets (net) (-€11,943)
- Stocks and contracts -€9,144
down €9,144 (-57.3%), from €15,950 to €6,805
- Tangible fixed assets +€4,879
up €4,879 (+72.6%), from €6,724 to €11,602
of which Furniture and vehicles: +€4,864
- Deferred charges and accrued income -€1,996
down €1,996 (-41.7%), from €4,785 to €2,789
- Short-term financial debts +€12,980
up €12,980 (+41.5%), from €31,284 to €44,264
- Other debts -€10,868
down €10,868 (-52.9%), from €20,539 to €9,671
- Profit (loss) carried forward +€10,458
up €10,458 (+43.2%), from -€24,226 to -€13,769
- Current portion of long-term debt -€3,866
down €3,866 (-100.0%), from €3,866 to €0
- Trade debts +€1,979
up €1,979 (+9.6%), from €20,683 to €22,663
- Gross operating margin -€135,413
down €135,413 (-41.6%), from €325,282 to €189,869
- Staff costs -€108,941
down €108,941 (-39.4%), from €276,850 to €167,909
- Financial charges -€13,707
down €13,707 (-82.1%), from €16,691 to €2,984
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 | €106,775 | €119,434 | +€12,660 | +11.9% |
| Fixed assets | 21/28 | €7,175 | €12,054 | +€4,879 | +68.0% |
| Tangible fixed assets | 22/27 | €6,724 | €11,602 | +€4,879 | +72.6% |
| Plant, machinery and equipment | 23 | €3,242 | €3,256 | +€15 | +0.5% |
| Furniture and vehicles | 24 | €3,482 | €8,346 | +€4,864 | +139.7% |
| Financial fixed assets | 28 | €452 | €452 | = | 0.0% |
| Current assets | 29/58 | €99,599 | €107,380 | +€7,781 | +7.8% |
| Stocks and contracts in progress | 3 | €15,950 | €6,805 | -€9,144 | -57.3% |
| Stocks | 30/36 | €15,950 | €6,805 | -€9,144 | -57.3% |
| Amounts receivable within one year | 40/41 | €64,758 | €96,499 | +€31,742 | +49.0% |
| Trade receivables | 40 | €51,988 | €91,520 | +€39,531 | +76.0% |
| Other amounts receivable | 41 | €12,769 | €4,980 | -€7,789 | -61.0% |
| Cash at bank and in hand | 54/58 | €14,107 | €1,286 | -€12,821 | -90.9% |
| Deferred charges and accrued income | 490/1 | €4,785 | €2,789 | -€1,996 | -41.7% |
| Total equity and liabilities | 10/49 | €106,775 | €119,434 | +€12,660 | +11.9% |
| Equity | 10/15 | €21,234 | €31,691 | +€10,458 | +49.3% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,226 | -€13,769 | +€10,458 | +43.2% |
| Amounts payable | 17/49 | €85,541 | €87,743 | +€2,202 | +2.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €85,541 | €87,743 | +€2,202 | +2.6% |
| Current portion of amounts payable after more than one year | 42 | €3,866 | €0 | -€3,866 | -100.0% |
| Financial debts | 43 | €31,284 | €44,264 | +€12,980 | +41.5% |
| Credit institutions | 430/8 | €31,284 | €44,264 | +€12,980 | +41.5% |
| Trade debts | 44 | €20,683 | €22,663 | +€1,979 | +9.6% |
| Suppliers | 440/4 | €20,683 | €22,663 | +€1,979 | +9.6% |
| Taxes, remuneration and social security | 45 | €9,169 | €11,145 | +€1,976 | +21.6% |
| Taxes | 450/3 | €208 | €2,138 | +€1,929 | +926.9% |
| Remuneration and social security | 454/9 | €8,961 | €9,008 | +€47 | +0.5% |
| Other amounts payable | 47/48 | €20,539 | €9,671 | -€10,868 | -52.9% |
| Remuneration, social security and pensions | 62 | €276,850 | €167,909 | -€108,941 | -39.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,914 | €7,064 | -€850 | -10.7% |
| Other operating charges | 640/8 | €1,242 | €715 | -€527 | -42.5% |
| Gross operating margin | 9900 | €325,282 | €189,869 | -€135,413 | -41.6% |
| Operating profit (loss) | 9901 | €39,275 | €14,182 | -€25,094 | -63.9% |
| Financial income | 75/76B | €47 | €1,205 | +€1,158 | +2438.7% |
| Recurring financial income | 75 | €47 | €1,205 | +€1,158 | +2438.7% |
| Financial charges | 65/66B | €16,691 | €2,984 | -€13,707 | -82.1% |
| Recurring financial charges | 65 | €16,691 | €2,984 | -€13,707 | -82.1% |
| Profit (loss) for the period before taxes | 9903 | €22,632 | €12,403 | -€10,229 | -45.2% |
| Income taxes | 67/77 | - | €1,945 | +€1,945 | |
| Profit (loss) for the period | 9904 | €22,632 | €10,458 | -€12,174 | -53.8% |
| Profit (loss) for the period to be appropriated | 9905 | €22,632 | €10,458 | -€12,174 | -53.8% |
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 2 October 2026 via checked.be.