V.H.B.: 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.B.
Largest movements
- Tangible fixed assets -€31,655
down €31,655 (-6.9%), from €458,939 to €427,284
of which Land and buildings: -€21,133
- Receivables within one year +€7,733
up €7,733 (+6.0%), from €129,191 to €136,924
of which Trade receivables: +€41,961
- Debts after one year -€24,332
down €24,332 (-19.4%), from €125,186 to €100,854
- Other debts +€12,984
new in 2025: €12,984
- Profit (loss) carried forward -€9,235
down €9,235 (-58.7%), from -€15,737 to -€24,972
- Gross operating margin +€37,346
up €37,346, from -€3,827 to €33,518
- Depreciation -€4,004
down €4,004 (-11.2%), from €35,659 to €31,655
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 | €593,623 | €569,987 | -€23,636 | -4.0% |
| Fixed assets | 21/28 | €463,243 | €431,588 | -€31,655 | -6.8% |
| Tangible fixed assets | 22/27 | €458,939 | €427,284 | -€31,655 | -6.9% |
| Land and buildings | 22 | €421,608 | €400,475 | -€21,133 | -5.0% |
| Leasing and similar rights | 25 | €37,331 | €26,809 | -€10,522 | -28.2% |
| Financial fixed assets | 28 | €4,304 | €4,304 | = | 0.0% |
| Current assets | 29/58 | €130,380 | €138,400 | +€8,019 | +6.2% |
| Amounts receivable within one year | 40/41 | €129,191 | €136,924 | +€7,733 | +6.0% |
| Trade receivables | 40 | €92,132 | €134,094 | +€41,961 | +45.5% |
| Other amounts receivable | 41 | €37,058 | €2,830 | -€34,228 | -92.4% |
| Cash at bank and in hand | 54/58 | €1,190 | €436 | -€753 | -63.3% |
| Deferred charges and accrued income | 490/1 | - | €1,039 | +€1,039 | |
| Total equity and liabilities | 10/49 | €593,623 | €569,987 | -€23,636 | -4.0% |
| Equity | 10/15 | €412,245 | €403,010 | -€9,235 | -2.2% |
| Contributions | 10/11 | €359,446 | €359,446 | = | 0.0% |
| Capital | 10 | €359,446 | €359,446 | = | 0.0% |
| Issued capital | 100 | €359,446 | €359,446 | = | 0.0% |
| Reserves | 13 | €68,536 | €68,536 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,536 | €2,536 | = | 0.0% |
| Legal reserve | 130 | €2,536 | €2,536 | = | 0.0% |
| Tax-exempt reserves | 132 | €66,000 | €66,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,737 | -€24,972 | -€9,235 | -58.7% |
| Amounts payable | 17/49 | €181,378 | €166,978 | -€14,401 | -7.9% |
| Amounts payable after more than one year | 17 | €125,186 | €100,854 | -€24,332 | -19.4% |
| Financial debts | 170/4 | €125,186 | €100,854 | -€24,332 | -19.4% |
| Amounts payable within one year | 42/48 | €53,693 | €63,624 | +€9,931 | +18.5% |
| Current portion of amounts payable after more than one year | 42 | €23,261 | €24,332 | +€1,071 | +4.6% |
| Trade debts | 44 | €10,907 | €5,079 | -€5,828 | -53.4% |
| Suppliers | 440/4 | €10,907 | €5,079 | -€5,828 | -53.4% |
| Taxes, remuneration and social security | 45 | €19,524 | €21,229 | +€1,705 | +8.7% |
| Taxes | 450/3 | €19,524 | €21,229 | +€1,705 | +8.7% |
| Other amounts payable | 47/48 | - | €12,984 | +€12,984 | |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,659 | €31,655 | -€4,004 | -11.2% |
| Other operating charges | 640/8 | €3,562 | €3,407 | -€155 | -4.3% |
| Gross operating margin | 9900 | -€3,827 | €33,518 | +€37,346 | |
| Operating profit (loss) | 9901 | -€43,048 | -€1,544 | +€41,504 | +96.4% |
| Financial income | 75/76B | €9 | €6 | -€3 | -35.4% |
| Recurring financial income | 75 | €9 | €6 | -€3 | -35.4% |
| Financial charges | 65/66B | €7,520 | €7,696 | +€177 | +2.3% |
| Recurring financial charges | 65 | €7,520 | €7,696 | +€177 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | -€50,559 | -€9,234 | +€41,324 | +81.7% |
| Income taxes | 67/77 | €1 | €1 | -€1 | -37.6% |
| Profit (loss) for the period | 9904 | -€50,560 | -€9,235 | +€41,325 | +81.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€50,560 | -€9,235 | +€41,325 | +81.7% |
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 5 October 2026 via checked.be.