VANHOFF: 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.
VANHOFF
Largest movements
- Tangible fixed assets +€674,492
up €674,492 (+154%), from €436,706 to €1.1m
of which Land and buildings: +€675,113
- Receivables within one year +€60,099
up €60,099 (+212%), from €28,327 to €88,426
of which Other amounts receivable: +€58,323
- Cash -€23,211
down €23,211 (-82.5%), from €28,148 to €4,937
mainly Investment in fixed assets (net) (-€712,072) and Receivables within one year (-€60,099)
- Debts after one year +€606,794
up €606,794 (+227%), from €267,463 to €874,257
- Other debts +€107,000
up €107,000 (+54.0%), from €198,201 to €305,201
- Profit (loss) carried forward -€12,245
down €12,245 (-38.5%), from -€31,842 to -€44,086
- Depreciation +€13,431
up €13,431 (+55.6%), from €24,149 to €37,580
- Gross operating margin +€1,285
up €1,285 (+4.0%), from €31,769 to €33,054
- Other operating charges +€1,126
up €1,126 (+81.2%), from €1,387 to €2,514
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 | €493,467 | €1,205,291 | +€711,824 | +144% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €436,706 | €1,111,198 | +€674,492 | +154% |
| Tangible fixed assets | 22/27 | €436,706 | €1,111,198 | +€674,492 | +154% |
| Land and buildings | 22 | €436,085 | €1,111,198 | +€675,113 | +155% |
| Plant, machinery and equipment | 23 | €621 | €0 | -€621 | -100% |
| Current assets | 29/58 | €56,761 | €94,093 | +€37,331 | +65.8% |
| Amounts receivable within one year | 40/41 | €28,327 | €88,426 | +€60,099 | +212% |
| Trade receivables | 40 | €4,000 | €5,776 | +€1,776 | +44.4% |
| Other amounts receivable | 41 | €24,327 | €82,649 | +€58,323 | +240% |
| Cash at bank and in hand | 54/58 | €28,148 | €4,937 | -€23,211 | -82.5% |
| Deferred charges and accrued income | 490/1 | €287 | €731 | +€444 | +155% |
| Total equity and liabilities | 10/49 | €493,467 | €1,205,291 | +€711,824 | +144% |
| Equity | 10/15 | €3,288 | -€9,743 | -€13,031 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€31,842 | -€44,086 | -€12,245 | -38.5% |
| Investment grants | 15 | €15,130 | €14,343 | -€786 | -5.2% |
| Amounts payable | 17/49 | €490,180 | €1,215,034 | +€724,855 | +148% |
| Amounts payable after more than one year | 17 | €267,463 | €874,257 | +€606,794 | +227% |
| Financial debts | 170/4 | €267,463 | €874,257 | +€606,794 | +227% |
| Amounts payable within one year | 42/48 | €222,716 | €340,777 | +€118,061 | +53.0% |
| Current portion of amounts payable after more than one year | 42 | €22,900 | €34,706 | +€11,806 | +51.6% |
| Trade debts | 44 | €71 | €0 | -€71 | -100% |
| Suppliers | 440/4 | €71 | €0 | -€71 | -100% |
| Taxes, remuneration and social security | 45 | €1,544 | €870 | -€674 | -43.7% |
| Taxes | 450/3 | €1,544 | €870 | -€674 | -43.7% |
| Other amounts payable | 47/48 | €198,201 | €305,201 | +€107,000 | +54.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,149 | €37,580 | +€13,431 | +55.6% |
| Other operating charges | 640/8 | €1,387 | €2,514 | +€1,126 | +81.2% |
| Gross operating margin | 9900 | €31,769 | €33,054 | +€1,285 | +4.0% |
| Operating profit (loss) | 9901 | €6,232 | -€7,040 | -€13,272 | |
| Financial income | 75/76B | €1,263 | €1,273 | +€10 | +0.8% |
| Recurring financial income | 75 | €1,263 | €1,273 | +€10 | +0.8% |
| Financial charges | 65/66B | €6,163 | €6,477 | +€315 | +5.1% |
| Recurring financial charges | 65 | €6,163 | €6,477 | +€315 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | €1,333 | -€12,245 | -€13,578 | |
| Profit (loss) for the period | 9904 | €1,333 | -€12,245 | -€13,578 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,333 | -€12,245 | -€13,578 |
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 16 October 2026 via checked.be.