VIJFDE HAVENDOK: 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.
VIJFDE HAVENDOK
Largest movements
- Cash +€655,124
up €655,124 (+153%), from €429,239 to €1.1m
mainly Net result for the year (+€1.2m) and Depreciation (+€678,238)
- Receivables within one year -€372,326
down €372,326 (-22.1%), from €1.7m to €1.3m
of which Other amounts receivable: -€704,003
- Tangible fixed assets +€259,028
up €259,028 (+2.0%), from €13.2m to €13.4m
of which Plant, machinery and equipment: +€369,071
- Reserves +€652,550
up €652,550 (+75.1%), from €869,481 to €1.5m
of which Tax-exempt reserves: +€652,550
- Profit (loss) carried forward +€528,649
up €528,649 (+28.9%), from €1.8m to €2.4m
- Other debts -€525,263
no longer reported in 2025 (was €525,263)
- Debts after one year -€259,094
down €259,094 (-9.5%), from €2.7m to €2.5m
- Other operating charges -€623,171
down €623,171 (-17.3%), from €3.6m to €3.0m
- Gross operating margin -€539,986
down €539,986 (-9.2%), from €5.9m to €5.4m
- Depreciation -€161,709
down €161,709 (-19.3%), from €839,947 to €678,238
- Taxes +€79,086
up €79,086 (+25.1%), from €314,729 to €393,815
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 | €16,290,447 | €16,830,753 | +€540,306 | +3.3% |
| Fixed assets | 21/28 | €13,923,179 | €14,182,207 | +€259,028 | +1.9% |
| Tangible fixed assets | 22/27 | €13,181,245 | €13,440,273 | +€259,028 | +2.0% |
| Land and buildings | 22 | €12,613,313 | €12,391,862 | -€221,451 | -1.8% |
| Plant, machinery and equipment | 23 | €362,199 | €731,270 | +€369,071 | +102% |
| Furniture and vehicles | 24 | €128,562 | €90,818 | -€37,743 | -29.4% |
| Assets under construction and advance payments | 27 | €77,172 | €226,323 | +€149,151 | +193% |
| Financial fixed assets | 28 | €741,934 | €741,934 | = | 0.0% |
| Current assets | 29/58 | €2,367,267 | €2,648,546 | +€281,278 | +11.9% |
| Stocks and contracts in progress | 3 | €19,087 | €19,499 | +€412 | +2.2% |
| Stocks | 30/36 | €19,087 | €19,499 | +€412 | +2.2% |
| Amounts receivable within one year | 40/41 | €1,684,842 | €1,312,516 | -€372,326 | -22.1% |
| Trade receivables | 40 | €980,839 | €1,312,516 | +€331,677 | +33.8% |
| Other amounts receivable | 41 | €704,003 | - | -€704,003 | |
| Cash at bank and in hand | 54/58 | €429,239 | €1,084,362 | +€655,124 | +153% |
| Deferred charges and accrued income | 490/1 | €234,100 | €232,169 | -€1,931 | -0.8% |
| Total equity and liabilities | 10/49 | €16,290,447 | €16,830,753 | +€540,306 | +3.3% |
| Equity | 10/15 | €10,893,833 | €12,075,032 | +€1.2m | +10.8% |
| Contributions | 10/11 | €693,049 | €693,049 | = | 0.0% |
| Capital | 10 | €693,049 | €693,049 | = | 0.0% |
| Issued capital | 100 | €693,049 | €693,049 | = | 0.0% |
| Revaluation surpluses | 12 | €7,500,000 | €7,500,000 | = | 0.0% |
| Reserves | 13 | €869,481 | €1,522,031 | +€652,550 | +75.1% |
| Non-distributable reserves | 130/1 | €69,305 | €69,305 | = | 0.0% |
| Legal reserve | 130 | €69,305 | €69,305 | = | 0.0% |
| Tax-exempt reserves | 132 | €800,176 | €1,452,726 | +€652,550 | +81.6% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €1,831,304 | €2,359,953 | +€528,649 | +28.9% |
| Amounts payable | 17/49 | €5,396,614 | €4,755,720 | -€640,893 | -11.9% |
| Amounts payable after more than one year | 17 | €2,736,617 | €2,477,523 | -€259,094 | -9.5% |
| Financial debts | 170/4 | €2,736,617 | €2,477,523 | -€259,094 | -9.5% |
| Amounts payable within one year | 42/48 | €2,345,093 | €1,962,462 | -€382,632 | -16.3% |
| Current portion of amounts payable after more than one year | 42 | €1,244,906 | €1,382,521 | +€137,615 | +11.1% |
| Trade debts | 44 | €501,255 | €510,839 | +€9,583 | +1.9% |
| Suppliers | 440/4 | €501,255 | €510,839 | +€9,583 | +1.9% |
| Taxes, remuneration and social security | 45 | €73,669 | €69,102 | -€4,567 | -6.2% |
| Taxes | 450/3 | €73,669 | €69,102 | -€4,567 | -6.2% |
| Other amounts payable | 47/48 | €525,263 | - | -€525,263 | |
| Accrued charges and deferred income | 492/3 | €314,903 | €315,736 | +€833 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €839,947 | €678,238 | -€161,709 | -19.3% |
| Other operating charges | 640/8 | €3,600,673 | €2,977,502 | -€623,171 | -17.3% |
| Gross operating margin | 9900 | €5,898,465 | €5,358,479 | -€539,986 | -9.2% |
| Operating profit (loss) | 9901 | €1,457,844 | €1,702,739 | +€244,895 | +16.8% |
| Financial income | 75/76B | €25,611 | €1,224 | -€24,387 | -95.2% |
| Recurring financial income | 75 | €4,882 | €1,224 | -€3,658 | -74.9% |
| Non-recurring financial income | 76B | €20,729 | - | -€20,729 | |
| Financial charges | 65/66B | €155,634 | €128,949 | -€26,685 | -17.1% |
| Recurring financial charges | 65 | €120,358 | €128,949 | +€8,591 | +7.1% |
| Non-recurring financial charges | 66B | €35,276 | - | -€35,276 | |
| Profit (loss) for the period before taxes | 9903 | €1,327,820 | €1,575,014 | +€247,193 | +18.6% |
| Income taxes | 67/77 | €314,729 | €393,815 | +€79,086 | +25.1% |
| Profit (loss) for the period | 9904 | €1,013,092 | €1,181,199 | +€168,107 | +16.6% |
| Transfer from tax-exempt reserves | 789 | €336,800 | €336,800 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €463,100 | €989,350 | +€526,250 | +114% |
| Profit (loss) for the period to be appropriated | 9905 | €886,792 | €528,649 | -€358,143 | -40.4% |
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 26 October 2026 via checked.be.