V.H. TELECOM: 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.
V.H. TELECOM
Largest movements
- Deferred charges and accrued income +€355,828
up €355,828 (+151%), from €235,653 to €591,481
- Receivables within one year -€75,062
down €75,062 (-33.6%), from €223,581 to €148,520
of which Trade receivables: -€131,288
- Current investments -€20,000
down €20,000 (-11.8%), from €170,005 to €150,005
- Trade debts +€162,281
up €162,281 (+190%), from €85,229 to €247,510
- Reserves +€147,964
up €147,964 (+32.5%), from €454,977 to €602,941
of which Distributable reserves: +€147,964
- Debts after one year -€28,885
down €28,885 (-24.5%), from €117,841 to €88,957
- Tax, wage and social debts -€19,285
down €19,285 (-29.9%), from €64,503 to €45,218
- Gross operating margin +€36,727
up €36,727 (+17.8%), from €206,405 to €243,131
- Taxes +€10,933
up €10,933 (+17.5%), from €62,595 to €73,528
- Financial charges +€3,116
up €3,116 (+48.8%), from €6,389 to €9,505
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 | €770,591 | €1,032,110 | +€261,520 | +33.9% |
| Fixed assets | 21/28 | €15,793 | €23,062 | +€7,268 | +46.0% |
| Tangible fixed assets | 22/27 | €15,793 | €23,062 | +€7,268 | +46.0% |
| Plant, machinery and equipment | 23 | €14,594 | €12,865 | -€1,729 | -11.8% |
| Furniture and vehicles | 24 | €1,199 | €10,196 | +€8,997 | +750% |
| Current assets | 29/58 | €754,797 | €1,009,048 | +€254,251 | +33.7% |
| Amounts receivable after more than one year | 29 | €75,000 | €75,000 | = | 0.0% |
| Other amounts receivable | 291 | €75,000 | €75,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €223,581 | €148,520 | -€75,062 | -33.6% |
| Trade receivables | 40 | €141,579 | €10,290 | -€131,288 | -92.7% |
| Other amounts receivable | 41 | €82,003 | €138,230 | +€56,227 | +68.6% |
| Current investments | 50/53 | €170,005 | €150,005 | -€20,000 | -11.8% |
| Cash at bank and in hand | 54/58 | €50,558 | €44,043 | -€6,515 | -12.9% |
| Deferred charges and accrued income | 490/1 | €235,653 | €591,481 | +€355,828 | +151% |
| Total equity and liabilities | 10/49 | €770,591 | €1,032,110 | +€261,520 | +33.9% |
| Equity | 10/15 | €473,577 | €621,541 | +€147,964 | +31.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €454,977 | €602,941 | +€147,964 | +32.5% |
| Tax-exempt reserves | 132 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €451,977 | €599,941 | +€147,964 | +32.7% |
| Amounts payable | 17/49 | €297,013 | €410,569 | +€113,555 | +38.2% |
| Amounts payable after more than one year | 17 | €117,841 | €88,957 | -€28,885 | -24.5% |
| Financial debts | 170/4 | €117,841 | €88,957 | -€28,885 | -24.5% |
| Amounts payable within one year | 42/48 | €179,172 | €321,612 | +€142,440 | +79.5% |
| Current portion of amounts payable after more than one year | 42 | €27,663 | €28,885 | +€1,222 | +4.4% |
| Trade debts | 44 | €85,229 | €247,510 | +€162,281 | +190% |
| Suppliers | 440/4 | €85,229 | €247,510 | +€162,281 | +190% |
| Taxes, remuneration and social security | 45 | €64,503 | €45,218 | -€19,285 | -29.9% |
| Taxes | 450/3 | €64,503 | €45,218 | -€19,285 | -29.9% |
| Other amounts payable | 47/48 | €1,777 | - | -€1,777 | |
| Remuneration, social security and pensions | 62 | €1,690 | €1,363 | -€327 | -19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,998 | €5,732 | +€733 | +14.7% |
| Other operating charges | 640/8 | €6,945 | €6,026 | -€919 | -13.2% |
| Gross operating margin | 9900 | €206,405 | €243,131 | +€36,727 | +17.8% |
| Operating profit (loss) | 9901 | €192,772 | €230,010 | +€37,238 | +19.3% |
| Financial income | 75/76B | €263 | €987 | +€724 | +275% |
| Recurring financial income | 75 | €263 | €987 | +€724 | +275% |
| Financial charges | 65/66B | €6,389 | €9,505 | +€3,116 | +48.8% |
| Recurring financial charges | 65 | €6,389 | €9,505 | +€3,116 | +48.8% |
| Profit (loss) for the period before taxes | 9903 | €186,646 | €221,492 | +€34,846 | +18.7% |
| Income taxes | 67/77 | €62,595 | €73,528 | +€10,933 | +17.5% |
| Profit (loss) for the period | 9904 | €124,051 | €147,964 | +€23,913 | +19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €124,051 | €147,964 | +€23,913 | +19.3% |
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 31 October 2026 via checked.be.