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
- Tangible fixed assets -€23,696
down €23,696 (-13.3%), from €178,307 to €154,611
of which Plant, machinery and equipment: -€14,718
- Profit (loss) carried forward -€55,647
down €55,647 (-16.5%), from -€336,579 to -€392,226
- Trade debts +€25,210
up €25,210 (+298.3%), from €8,451 to €33,661
- Other debts +€14,618
up €14,618 (+4.9%), from €301,277 to €315,895
- Debts after one year -€10,045
down €10,045 (-19.1%), from €52,529 to €42,484
- Gross operating margin -€36,975
down €36,975, from €13,482 to -€23,493
- Purchases and services +€23,283
up €23,283 (+180.4%), from €12,908 to €36,191
- Depreciation -€8,411
down €8,411 (-26.2%), from €32,108 to €23,697
- Turnover -€8,025
down €8,025 (-38.7%), from €20,724 to €12,699
- Other operating charges +€854
up €854 (+14.2%), from €6,009 to €6,863
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 | €184,321 | €158,595 | -€25,726 | -14.0% |
| Fixed assets | 21/28 | €178,611 | €154,915 | -€23,696 | -13.3% |
| Tangible fixed assets | 22/27 | €178,307 | €154,611 | -€23,696 | -13.3% |
| Land and buildings | 22 | €139,084 | €130,106 | -€8,978 | -6.5% |
| Plant, machinery and equipment | 23 | €39,223 | €24,505 | -€14,718 | -37.5% |
| Financial fixed assets | 28 | €304 | €304 | = | 0.0% |
| Current assets | 29/58 | €5,710 | €3,680 | -€2,030 | -35.6% |
| Amounts receivable within one year | 40/41 | €1,425 | - | -€1,425 | |
| Other amounts receivable | 41 | €1,425 | - | -€1,425 | |
| Cash at bank and in hand | 54/58 | €4,285 | €3,680 | -€605 | -14.1% |
| Total equity and liabilities | 10/49 | €184,321 | €158,595 | -€25,726 | -14.0% |
| Equity | 10/15 | -€187,843 | -€243,490 | -€55,647 | -29.6% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€336,579 | -€392,226 | -€55,647 | -16.5% |
| Amounts payable | 17/49 | €372,164 | €402,085 | +€29,921 | +8.0% |
| Amounts payable after more than one year | 17 | €52,529 | €42,484 | -€10,045 | -19.1% |
| Financial debts | 170/4 | €52,529 | €42,484 | -€10,045 | -19.1% |
| Amounts payable within one year | 42/48 | €319,635 | €359,601 | +€39,966 | +12.5% |
| Financial debts | 43 | €9,907 | €10,045 | +€138 | +1.4% |
| Credit institutions | 430/8 | €9,907 | €10,045 | +€138 | +1.4% |
| Trade debts | 44 | €8,451 | €33,661 | +€25,210 | +298.3% |
| Suppliers | 440/4 | €8,451 | €33,661 | +€25,210 | +298.3% |
| Other amounts payable | 47/48 | €301,277 | €315,895 | +€14,618 | +4.9% |
| Turnover | 70 | €20,724 | €12,699 | -€8,025 | -38.7% |
| Non-recurring operating income | 76A | €5,666 | - | -€5,666 | |
| Goods, raw materials, services and sundry goods | 60/61 | €12,908 | €36,191 | +€23,283 | +180.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,108 | €23,697 | -€8,411 | -26.2% |
| Other operating charges | 640/8 | €6,009 | €6,863 | +€854 | +14.2% |
| Non-recurring operating charges | 66A | - | €600 | +€600 | |
| Gross operating margin | 9900 | €13,482 | -€23,493 | -€36,975 | |
| Operating profit (loss) | 9901 | -€24,635 | -€54,653 | -€30,018 | -121.9% |
| Financial charges | 65/66B | €1,176 | €994 | -€182 | -15.5% |
| Recurring financial charges | 65 | €1,176 | €994 | -€182 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | -€25,811 | -€55,647 | -€29,836 | -115.6% |
| Profit (loss) for the period | 9904 | -€25,811 | -€55,647 | -€29,836 | -115.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,811 | -€55,647 | -€29,836 | -115.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.