WOUTER VANHEES: 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.
WOUTER VANHEES
Largest movements
- Cash +€106,631
up €106,631 (+29.1%), from €366,316 to €472,947
mainly Net result for the year (+€277,822) and Trade debts (+€41,752)
- Receivables within one year +€88,940
up €88,940 (+34.5%), from €257,818 to €346,758
of which Trade receivables: +€83,310
- Stocks and contracts +€78,587
up €78,587 (+320%), from €24,560 to €103,147
- Tangible fixed assets +€31,110
up €31,110 (+15.1%), from €205,926 to €237,036
of which Furniture and vehicles: +€38,403
- Reserves +€277,822
up €277,822 (+54.2%), from €512,673 to €790,494
- Trade debts +€41,752
up €41,752 (+44.1%), from €94,681 to €136,434
- Other debts +€24,491
up €24,491 (+73.6%), from €33,253 to €57,743
- Debts after one year -€23,189
down €23,189 (-15.9%), from €146,023 to €122,834
- Financial income +€25,530
up €25,530 (+891%), from €2,864 to €28,394
- Depreciation +€14,366
up €14,366 (+82.2%), from €17,485 to €31,850
- Financial charges -€13,075
down €13,075 (-73.7%), from €17,732 to €4,657
- Taxes +€8,827
up €8,827 (+7.4%), from €118,616 to €127,443
- Gross operating margin +€5,411
up €5,411 (+1.3%), from €428,042 to €433,453
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 | €864,309 | €1,174,018 | +€309,709 | +35.8% |
| Fixed assets | 21/28 | €209,926 | €241,036 | +€31,110 | +14.8% |
| Tangible fixed assets | 22/27 | €205,926 | €237,036 | +€31,110 | +15.1% |
| Land and buildings | 22 | €185,453 | €177,375 | -€8,078 | -4.4% |
| Plant, machinery and equipment | 23 | €3,792 | €4,577 | +€785 | +20.7% |
| Furniture and vehicles | 24 | €16,681 | €55,084 | +€38,403 | +230% |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €654,383 | €932,982 | +€278,599 | +42.6% |
| Stocks and contracts in progress | 3 | €24,560 | €103,147 | +€78,587 | +320% |
| Stocks | 30/36 | €24,560 | €103,147 | +€78,587 | +320% |
| Amounts receivable within one year | 40/41 | €257,818 | €346,758 | +€88,940 | +34.5% |
| Trade receivables | 40 | €219,942 | €303,252 | +€83,310 | +37.9% |
| Other amounts receivable | 41 | €37,876 | €43,506 | +€5,629 | +14.9% |
| Current investments | 50/53 | - | €2,000 | +€2,000 | |
| Cash at bank and in hand | 54/58 | €366,316 | €472,947 | +€106,631 | +29.1% |
| Deferred charges and accrued income | 490/1 | €5,690 | €8,131 | +€2,441 | +42.9% |
| Total equity and liabilities | 10/49 | €864,309 | €1,174,018 | +€309,709 | +35.8% |
| Equity | 10/15 | €525,073 | €802,894 | +€277,822 | +52.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | - | -€12,400 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €512,673 | €790,494 | +€277,822 | +54.2% |
| Distributable reserves | 133 | €512,673 | €790,494 | +€277,822 | +54.2% |
| Amounts payable | 17/49 | €339,237 | €371,124 | +€31,887 | +9.4% |
| Amounts payable after more than one year | 17 | €146,023 | €122,834 | -€23,189 | -15.9% |
| Financial debts | 170/4 | €146,023 | €122,834 | -€23,189 | -15.9% |
| Amounts payable within one year | 42/48 | €193,214 | €248,290 | +€55,076 | +28.5% |
| Current portion of amounts payable after more than one year | 42 | €22,256 | €21,302 | -€954 | -4.3% |
| Trade debts | 44 | €94,681 | €136,434 | +€41,752 | +44.1% |
| Suppliers | 440/4 | €94,681 | €136,434 | +€41,752 | +44.1% |
| Taxes, remuneration and social security | 45 | €43,023 | €32,811 | -€10,213 | -23.7% |
| Taxes | 450/3 | €43,023 | €32,811 | -€10,213 | -23.7% |
| Other amounts payable | 47/48 | €33,253 | €57,743 | +€24,491 | +73.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,485 | €31,850 | +€14,366 | +82.2% |
| Other operating charges | 640/8 | €16,892 | €20,074 | +€3,182 | +18.8% |
| Gross operating margin | 9900 | €428,042 | €433,453 | +€5,411 | +1.3% |
| Operating profit (loss) | 9901 | €393,665 | €381,528 | -€12,137 | -3.1% |
| Financial income | 75/76B | €2,864 | €28,394 | +€25,530 | +891% |
| Recurring financial income | 75 | €2,864 | €28,394 | +€25,530 | +891% |
| Financial charges | 65/66B | €17,732 | €4,657 | -€13,075 | -73.7% |
| Recurring financial charges | 65 | €17,732 | €4,657 | -€13,075 | -73.7% |
| Profit (loss) for the period before taxes | 9903 | €378,797 | €405,265 | +€26,468 | +7.0% |
| Income taxes | 67/77 | €118,616 | €127,443 | +€8,827 | +7.4% |
| Profit (loss) for the period | 9904 | €260,181 | €277,822 | +€17,641 | +6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €260,181 | €277,822 | +€17,641 | +6.8% |
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.