GROEP VH: 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.
GROEP VH
Largest movements
- Receivables within one year +€45,292
up €45,292 (+14.8%), from €306,747 to €352,039
of which Trade receivables: +€34,853
- Tangible fixed assets -€42,469
down €42,469 (-3.4%), from €1.3m to €1.2m
of which Land and buildings: -€34,097
- Advances received +€125,000
up €125,000 (+500.0%), from €25,000 to €150,000
- Trade debts -€48,659
down €48,659 (-92.9%), from €52,388 to €3,729
- Debts after one year -€45,315
down €45,315 (-13.0%), from €348,045 to €302,730
- Tax, wage and social debts -€28,745
down €28,745 (-72.6%), from €39,583 to €10,839
- Reserves +€22,457
up €22,457 (+4.4%), from €509,253 to €531,710
of which Distributable reserves: +€33,082
- Gross operating margin +€13,336
up €13,336 (+19.3%), from €69,234 to €82,569
- Depreciation +€7,018
up €7,018 (+19.8%), from €35,451 to €42,469
- Other operating charges -€5,008
down €5,008 (-24.0%), from €20,841 to €15,833
- Financial charges -€1,116
down €1,116 (-14.4%), from €7,771 to €6,656
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.
Cash bridge derived
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 | €1,690,657 | €1,706,756 | +€16,099 | +1.0% |
| Fixed assets | 21/28 | €1,272,711 | €1,230,243 | -€42,469 | -3.3% |
| Tangible fixed assets | 22/27 | €1,264,711 | €1,222,243 | -€42,469 | -3.4% |
| Land and buildings | 22 | €1,130,048 | €1,095,951 | -€34,097 | -3.0% |
| Plant, machinery and equipment | 23 | €5,059 | €3,674 | -€1,385 | -27.4% |
| Furniture and vehicles | 24 | €32,104 | €25,118 | -€6,987 | -21.8% |
| Other tangible fixed assets | 26 | €97,500 | €97,500 | = | 0.0% |
| Financial fixed assets | 28 | €8,000 | €8,000 | = | 0.0% |
| Current assets | 29/58 | €417,946 | €476,513 | +€58,567 | +14.0% |
| Stocks and contracts in progress | 3 | €104,500 | €111,700 | +€7,200 | +6.9% |
| Stocks | 30/36 | €104,500 | €111,700 | +€7,200 | +6.9% |
| Amounts receivable within one year | 40/41 | €306,747 | €352,039 | +€45,292 | +14.8% |
| Trade receivables | 40 | €5,352 | €40,205 | +€34,853 | +651.2% |
| Other amounts receivable | 41 | €301,395 | €311,834 | +€10,440 | +3.5% |
| Current investments | 50/53 | €76 | €76 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €6,623 | €11,542 | +€4,919 | +74.3% |
| Deferred charges and accrued income | 490/1 | - | €1,156 | +€1,156 | |
| Total equity and liabilities | 10/49 | €1,690,657 | €1,706,756 | +€16,099 | +1.0% |
| Equity | 10/15 | €1,039,831 | €1,062,289 | +€22,457 | +2.2% |
| Contributions | 10/11 | €530,579 | €530,579 | = | 0.0% |
| Reserves | 13 | €509,253 | €531,710 | +€22,457 | +4.4% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Reserves not available under the articles | 1311 | €620 | €620 | = | 0.0% |
| Tax-exempt reserves | 132 | €275,459 | €264,834 | -€10,625 | -3.9% |
| Distributable reserves | 133 | €233,174 | €266,256 | +€33,082 | +14.2% |
| Provisions and deferred taxes | 16 | €91,820 | €88,278 | -€3,542 | -3.9% |
| Deferred taxes | 168 | €91,820 | €88,278 | -€3,542 | -3.9% |
| Amounts payable | 17/49 | €559,006 | €556,189 | -€2,817 | -0.5% |
| Amounts payable after more than one year | 17 | €348,045 | €302,730 | -€45,315 | -13.0% |
| Financial debts | 170/4 | €348,045 | €302,730 | -€45,315 | -13.0% |
| Amounts payable within one year | 42/48 | €207,807 | €247,431 | +€39,624 | +19.1% |
| Current portion of amounts payable after more than one year | 42 | €44,561 | €45,315 | +€754 | +1.7% |
| Trade debts | 44 | €52,388 | €3,729 | -€48,659 | -92.9% |
| Suppliers | 440/4 | €52,388 | €3,729 | -€48,659 | -92.9% |
| Advances received on contracts in progress | 46 | €25,000 | €150,000 | +€125,000 | +500.0% |
| Taxes, remuneration and social security | 45 | €39,583 | €10,839 | -€28,745 | -72.6% |
| Taxes | 450/3 | €39,583 | €10,839 | -€28,745 | -72.6% |
| Other amounts payable | 47/48 | €46,274 | €37,548 | -€8,726 | -18.9% |
| Accrued charges and deferred income | 492/3 | €3,154 | €6,029 | +€2,875 | +91.1% |
| Non-recurring operating income | 76A | €64,396 | - | -€64,396 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,451 | €42,469 | +€7,018 | +19.8% |
| Other operating charges | 640/8 | €20,841 | €15,833 | -€5,008 | -24.0% |
| Gross operating margin | 9900 | €69,234 | €82,569 | +€13,336 | +19.3% |
| Operating profit (loss) | 9901 | €12,942 | €24,268 | +€11,326 | +87.5% |
| Financial income | 75/76B | €8,560 | €8,834 | +€274 | +3.2% |
| Recurring financial income | 75 | €8,560 | €8,834 | +€274 | +3.2% |
| Financial charges | 65/66B | €7,771 | €6,656 | -€1,116 | -14.4% |
| Recurring financial charges | 65 | €7,771 | €6,656 | -€1,116 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €13,731 | €26,446 | +€12,716 | +92.6% |
| Transfer from deferred taxes | 780 | €3,542 | €3,542 | = | 0.0% |
| Income taxes | 67/77 | €7,619 | €7,531 | -€89 | -1.2% |
| Profit (loss) for the period | 9904 | €9,653 | €22,457 | +€12,804 | +132.6% |
| Transfer from tax-exempt reserves | 789 | €10,625 | €10,625 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,278 | €33,082 | +€12,804 | +63.1% |
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 12 October 2026 via checked.be.