VANMEIRHAEGHE: 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.
VANMEIRHAEGHE
Largest movements
- Cash -€25,694
down €25,694 (-36.5%), from €70,352 to €44,657
mainly Investment in fixed assets (net) (-€51,556) and Receivables within one year (-€16,022)
- Tangible fixed assets +€23,125
up €23,125 (+3.4%), from €677,867 to €700,993
of which Land and buildings: +€40,039
- Receivables within one year +€16,022
up €16,022 (+194%), from €8,257 to €24,279
of which Trade receivables: +€23,767
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€22,090
up €22,090 (+71.3%), from €30,991 to €53,082
- Other operating charges +€5,087
up €5,087 (+195%), from €2,609 to €7,696
- Taxes +€3,295
up €3,295 (+2,018%), from €163 to €3,458
- Depreciation -€952
down €952 (-3.2%), from €29,384 to €28,431
- Financial charges -€928
down €928 (-13.3%), from €6,981 to €6,052
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 | €862,713 | €869,640 | +€6,927 | +0.8% |
| Fixed assets | 21/28 | €677,867 | €700,993 | +€23,125 | +3.4% |
| Tangible fixed assets | 22/27 | €677,867 | €700,993 | +€23,125 | +3.4% |
| Land and buildings | 22 | €656,586 | €696,625 | +€40,039 | +6.1% |
| Plant, machinery and equipment | 23 | €5,437 | €3,462 | -€1,975 | -36.3% |
| Furniture and vehicles | 24 | €15,843 | €905 | -€14,938 | -94.3% |
| Current assets | 29/58 | €184,846 | €168,647 | -€16,199 | -8.8% |
| Stocks and contracts in progress | 3 | €97,738 | €99,680 | +€1,942 | +2.0% |
| Stocks | 30/36 | €97,738 | €99,680 | +€1,942 | +2.0% |
| Amounts receivable within one year | 40/41 | €8,257 | €24,279 | +€16,022 | +194% |
| Trade receivables | 40 | - | €23,767 | +€23,767 | |
| Other amounts receivable | 41 | €8,257 | €511 | -€7,746 | -93.8% |
| Cash at bank and in hand | 54/58 | €70,352 | €44,657 | -€25,694 | -36.5% |
| Deferred charges and accrued income | 490/1 | €8,500 | €32 | -€8,468 | -99.6% |
| Total equity and liabilities | 10/49 | €862,713 | €869,640 | +€6,927 | +0.8% |
| Equity | 10/15 | €756,819 | €764,314 | +€7,495 | +1.0% |
| Contributions | 10/11 | €529,987 | €529,987 | = | 0.0% |
| Reserves | 13 | €156,342 | €163,837 | +€7,495 | +4.8% |
| Distributable reserves | 133 | €156,342 | €163,837 | +€7,495 | +4.8% |
| Profit (loss) carried forward | 14 | €70,490 | €70,490 | = | 0.0% |
| Amounts payable | 17/49 | €105,895 | €105,326 | -€569 | -0.5% |
| Amounts payable within one year | 42/48 | €98,991 | €99,371 | +€380 | +0.4% |
| Trade debts | 44 | €11,747 | €10,671 | -€1,076 | -9.2% |
| Suppliers | 440/4 | €11,747 | €10,671 | -€1,076 | -9.2% |
| Taxes, remuneration and social security | 45 | €2,788 | €7,628 | +€4,840 | +174% |
| Taxes | 450/3 | €2,788 | €7,628 | +€4,840 | +174% |
| Other amounts payable | 47/48 | €84,456 | €81,072 | -€3,384 | -4.0% |
| Accrued charges and deferred income | 492/3 | €6,903 | €5,955 | -€949 | -13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,384 | €28,431 | -€952 | -3.2% |
| Other operating charges | 640/8 | €2,609 | €7,696 | +€5,087 | +195% |
| Gross operating margin | 9900 | €30,991 | €53,082 | +€22,090 | +71.3% |
| Operating profit (loss) | 9901 | -€1,001 | €16,955 | +€17,956 | |
| Financial income | 75/76B | €635 | €51 | -€584 | -92.0% |
| Recurring financial income | 75 | €635 | €51 | -€584 | -92.0% |
| Financial charges | 65/66B | €6,981 | €6,052 | -€928 | -13.3% |
| Recurring financial charges | 65 | €6,981 | €6,052 | -€928 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | -€7,347 | €10,953 | +€18,300 | |
| Income taxes | 67/77 | €163 | €3,458 | +€3,295 | +2,018% |
| Profit (loss) for the period | 9904 | -€7,510 | €7,495 | +€15,005 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,510 | €7,495 | +€15,005 |
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 13 October 2026 via checked.be.