Vanthuyne Davy: 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.
Vanthuyne Davy
Largest movements
- Tangible fixed assets +€289,966
up €289,966 (+3,769%), from €7,693 to €297,660
of which Land and buildings: +€289,819
- Cash -€69,168
down €69,168 (-73.8%), from €93,760 to €24,592
mainly Investment in fixed assets (net) (-€297,257) and Net result for the year (-€26,569)
- Receivables within one year +€10,913
up €10,913 (+102%), from €10,650 to €21,563
of which Trade receivables: +€14,135
- Debts after one year +€256,544
new in 2025: €256,544
- Profit (loss) carried forward -€26,569
down €26,569 (-69.8%), from €38,062 to €11,494
- Current portion of long-term debt +€11,211
new in 2025: €11,211
- Other debts -€4,677
down €4,677 (-8.9%), from €52,299 to €47,622
- Gross operating margin -€75,862
down €75,862, from €72,888 to -€2,974
- Taxes -€11,855
down €11,855, from €11,021 to -€834
- Financial charges +€10,514
up €10,514 (+536%), from €1,962 to €12,476
- Depreciation +€1,977
up €1,977 (+37.2%), from €5,314 to €7,291
- Financial income -€1,166
down €1,166 (-57.8%), from €2,017 to €852
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 | €112,998 | €347,778 | +€234,780 | +208% |
| Fixed assets | 21/28 | €7,694 | €297,660 | +€289,966 | +3,769% |
| Intangible fixed assets | 21 | €1 | €0 | -€0 | -32.3% |
| Tangible fixed assets | 22/27 | €7,693 | €297,660 | +€289,966 | +3,769% |
| Land and buildings | 22 | €2,247 | €292,065 | +€289,819 | +12,899% |
| Plant, machinery and equipment | 23 | €5,447 | €5,595 | +€148 | +2.7% |
| Current assets | 29/58 | €105,304 | €50,118 | -€55,186 | -52.4% |
| Amounts receivable within one year | 40/41 | €10,650 | €21,563 | +€10,913 | +102% |
| Trade receivables | 40 | €5,883 | €20,018 | +€14,135 | +240% |
| Other amounts receivable | 41 | €4,767 | €1,545 | -€3,221 | -67.6% |
| Cash at bank and in hand | 54/58 | €93,760 | €24,592 | -€69,168 | -73.8% |
| Deferred charges and accrued income | 490/1 | €895 | €3,963 | +€3,069 | +343% |
| Total equity and liabilities | 10/49 | €112,998 | €347,778 | +€234,780 | +208% |
| Equity | 10/15 | €39,062 | €12,494 | -€26,569 | -68.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,062 | €11,494 | -€26,569 | -69.8% |
| Amounts payable | 17/49 | €73,936 | €335,285 | +€261,349 | +353% |
| Amounts payable after more than one year | 17 | - | €256,544 | +€256,544 | |
| Financial debts | 170/4 | - | €256,544 | +€256,544 | |
| Amounts payable within one year | 42/48 | €73,936 | €78,741 | +€4,805 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | - | €11,211 | +€11,211 | |
| Trade debts | 44 | €10,616 | €10,458 | -€158 | -1.5% |
| Suppliers | 440/4 | €10,616 | €10,458 | -€158 | -1.5% |
| Taxes, remuneration and social security | 45 | €11,021 | €9,451 | -€1,570 | -14.2% |
| Taxes | 450/3 | €11,021 | €9,451 | -€1,570 | -14.2% |
| Other amounts payable | 47/48 | €52,299 | €47,622 | -€4,677 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,314 | €7,291 | +€1,977 | +37.2% |
| Other operating charges | 640/8 | €1,459 | €713 | -€746 | -51.1% |
| Non-recurring operating charges | 66A | €17,087 | €4,800 | -€12,287 | -71.9% |
| Gross operating margin | 9900 | €72,888 | -€2,974 | -€75,862 | |
| Operating profit (loss) | 9901 | €49,028 | -€15,778 | -€64,806 | |
| Financial income | 75/76B | €2,017 | €852 | -€1,166 | -57.8% |
| Recurring financial income | 75 | €2,017 | €852 | -€1,166 | -57.8% |
| Financial charges | 65/66B | €1,962 | €12,476 | +€10,514 | +536% |
| Recurring financial charges | 65 | €1,962 | €12,476 | +€10,514 | +536% |
| Profit (loss) for the period before taxes | 9903 | €49,084 | -€27,403 | -€76,486 | |
| Income taxes | 67/77 | €11,021 | -€834 | -€11,855 | |
| Profit (loss) for the period | 9904 | €38,062 | -€26,569 | -€64,631 | |
| Profit (loss) for the period to be appropriated | 9905 | €38,062 | -€26,569 | -€64,631 |
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 14 October 2026 via checked.be.