JOËL VHB: 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.
JOËL VHB
Largest movements
- Cash +€25,499
up €25,499 (+73.4%), from €34,758 to €60,257
mainly Net result for the year (+€25,361) and Tax, wage and social debts (+€4,448)
- Profit (loss) carried forward +€19,751
no longer reported in 2025 (was -€19,751)
- Contributions +€6,200
new in 2025: €6,200
- Tax, wage and social debts +€4,448
up €4,448 (+3,382%), from €132 to €4,580
- Trade debts -€2,821
down €2,821 (-66.8%), from €4,223 to €1,402
- Other debts -€1,574
down €1,574 (-27.7%), from €5,678 to €4,104
- Gross operating margin +€12,189
up €12,189 (+75.6%), from €16,116 to €28,305
- Taxes +€569
up €569 (+433%), from €132 to €701
- Depreciation +€311
up €311 (+39.5%), from €787 to €1,099
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 | €38,100 | €63,515 | +€25,415 | +66.7% |
| Fixed assets | 21/28 | €2,979 | €3,210 | +€231 | +7.8% |
| Tangible fixed assets | 22/27 | €2,979 | €3,210 | +€231 | +7.8% |
| Furniture and vehicles | 24 | €2,979 | €3,210 | +€231 | +7.8% |
| Current assets | 29/58 | €35,121 | €60,305 | +€25,184 | +71.7% |
| Amounts receivable within one year | 40/41 | €363 | €48 | -€315 | -86.8% |
| Other amounts receivable | 41 | €363 | €48 | -€315 | -86.8% |
| Cash at bank and in hand | 54/58 | €34,758 | €60,257 | +€25,499 | +73.4% |
| Total equity and liabilities | 10/49 | €38,100 | €63,515 | +€25,415 | +66.7% |
| Equity | 10/15 | €28,068 | €53,430 | +€25,361 | +90.4% |
| Contributions | 10/11 | - | €6,200 | +€6,200 | |
| Reserves | 13 | €47,819 | €47,230 | -€589 | -1.2% |
| Distributable reserves | 133 | €47,819 | €47,230 | -€589 | -1.2% |
| Profit (loss) carried forward | 14 | -€19,751 | - | +€19,751 | |
| Amounts payable | 17/49 | €10,032 | €10,085 | +€53 | +0.5% |
| Amounts payable within one year | 42/48 | €10,032 | €10,085 | +€53 | +0.5% |
| Trade debts | 44 | €4,223 | €1,402 | -€2,821 | -66.8% |
| Suppliers | 440/4 | €4,223 | €1,402 | -€2,821 | -66.8% |
| Taxes, remuneration and social security | 45 | €132 | €4,580 | +€4,448 | +3,382% |
| Taxes | 450/3 | €132 | €4,580 | +€4,448 | +3,382% |
| Other amounts payable | 47/48 | €5,678 | €4,104 | -€1,574 | -27.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €787 | €1,099 | +€311 | +39.5% |
| Other operating charges | 640/8 | €959 | €1,042 | +€83 | +8.7% |
| Gross operating margin | 9900 | €16,116 | €28,305 | +€12,189 | +75.6% |
| Operating profit (loss) | 9901 | €14,370 | €26,164 | +€11,795 | +82.1% |
| Financial charges | 65/66B | €84 | €102 | +€18 | +21.5% |
| Recurring financial charges | 65 | €84 | €102 | +€18 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | €14,286 | €26,062 | +€11,776 | +82.4% |
| Income taxes | 67/77 | €132 | €701 | +€569 | +433% |
| Profit (loss) for the period | 9904 | €14,154 | €25,361 | +€11,207 | +79.2% |
| Profit (loss) for the period to be appropriated | 9905 | €14,154 | €25,361 | +€11,207 | +79.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.