V.H.: what changed
Two fiscal 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.
V.H.
Largest movements
- Receivables within one year +€2.1m
up €2.1m (+378.1%), from €543,988 to €2.6m
of which Other amounts receivable: +€2.1m
- Receivables after one year -€1.7m
down €1.7m (-100.0%), from €1.7m to €0
- Stocks and contracts -€56,192
down €56,192 (-100.0%), from €56,192 to €0
- Advances received +€158,250
new in 2025: €158,250
- Reserves +€123,507
up €123,507 (+5.8%), from €2.1m to €2.3m
of which Distributable reserves: +€123,507
- Financial income +€65,411
up €65,411 (+84.6%), from €77,350 to €142,761
- Taxes +€29,973
up €29,973 (+97.3%), from €30,815 to €60,788
- Gross operating margin +€21,143
up €21,143 (+58.4%), from €36,176 to €57,319
- Other operating charges -€2,032
down €2,032 (-55.3%), from €3,673 to €1,641
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 | €2,320,858 | €2,614,484 | +€293,626 | +12.7% |
| Fixed assets | 21/28 | €20,543 | €7,946 | -€12,597 | -61.3% |
| Tangible fixed assets | 22/27 | €19,568 | €6,971 | -€12,597 | -64.4% |
| Furniture and vehicles | 24 | €19,568 | €6,971 | -€12,597 | -64.4% |
| Financial fixed assets | 28 | €975 | €975 | = | 0.0% |
| Current assets | 29/58 | €2,300,314 | €2,606,538 | +€306,223 | +13.3% |
| Amounts receivable after more than one year | 29 | €1,700,000 | €0 | -€1.7m | -100.0% |
| Other amounts receivable | 291 | €1,700,000 | €0 | -€1.7m | -100.0% |
| Stocks and contracts in progress | 3 | €56,192 | €0 | -€56,192 | -100.0% |
| Stocks | 30/36 | €56,192 | €0 | -€56,192 | -100.0% |
| Amounts receivable within one year | 40/41 | €543,988 | €2,600,700 | +€2.1m | +378.1% |
| Trade receivables | 40 | €60,363 | €18,351 | -€42,012 | -69.6% |
| Other amounts receivable | 41 | €483,625 | €2,582,349 | +€2.1m | +434.0% |
| Cash at bank and in hand | 54/58 | €135 | €5,299 | +€5,164 | +3834.3% |
| Deferred charges and accrued income | 490/1 | - | €539 | +€539 | |
| Total equity and liabilities | 10/49 | €2,320,858 | €2,614,484 | +€293,626 | +12.7% |
| Equity | 10/15 | €2,161,456 | €2,284,963 | +€123,507 | +5.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €2,136,424 | €2,259,931 | +€123,507 | +5.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,136,424 | €2,259,931 | +€123,507 | +5.8% |
| Profit (loss) carried forward | 14 | €6,482 | €6,482 | = | 0.0% |
| Amounts payable | 17/49 | €159,402 | €329,521 | +€170,119 | +106.7% |
| Amounts payable after more than one year | 17 | €6,854 | €0 | -€6,854 | -100.0% |
| Financial debts | 170/4 | €6,854 | €0 | -€6,854 | -100.0% |
| Amounts payable within one year | 42/48 | €152,547 | €329,521 | +€176,974 | +116.0% |
| Current portion of amounts payable after more than one year | 42 | €11,623 | €7,829 | -€3,794 | -32.6% |
| Trade debts | 44 | €81,362 | €87,174 | +€5,812 | +7.1% |
| Suppliers | 440/4 | €81,362 | €87,174 | +€5,812 | +7.1% |
| Advances received on contracts in progress | 46 | - | €158,250 | +€158,250 | |
| Taxes, remuneration and social security | 45 | €59,562 | €76,268 | +€16,706 | +28.0% |
| Taxes | 450/3 | €59,562 | €76,268 | +€16,706 | +28.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,597 | €12,597 | = | 0.0% |
| Other operating charges | 640/8 | €3,673 | €1,641 | -€2,032 | -55.3% |
| Gross operating margin | 9900 | €36,176 | €57,319 | +€21,143 | +58.4% |
| Operating profit (loss) | 9901 | €19,906 | €43,082 | +€23,175 | +116.4% |
| Financial income | 75/76B | €77,350 | €142,761 | +€65,411 | +84.6% |
| Recurring financial income | 75 | €77,350 | €142,761 | +€65,411 | +84.6% |
| Financial charges | 65/66B | €1,473 | €1,548 | +€75 | +5.1% |
| Recurring financial charges | 65 | €1,473 | €1,548 | +€75 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | €95,784 | €184,295 | +€88,511 | +92.4% |
| Income taxes | 67/77 | €30,815 | €60,788 | +€29,973 | +97.3% |
| Profit (loss) for the period | 9904 | €64,969 | €123,507 | +€58,538 | +90.1% |
| Profit (loss) for the period to be appropriated | 9905 | €64,969 | €123,507 | +€58,538 | +90.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.