V.H.V.: 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.V.
Largest movements
- Receivables within one year -€17,835
down €17,835 (-6.6%), from €270,295 to €252,460
of which Other amounts receivable: -€10,335
- Cash +€10,967
up €10,967 (+164%), from €6,673 to €17,640
mainly Receivables within one year (+€17,835) and Net result for the year (+€17,686)
- Reserves -€19,821
down €19,821 (-11.9%), from €166,596 to €146,775
of which Distributable reserves: -€19,821
- Trade debts +€7,198
up €7,198 (+12,735%), from €57 to €7,254
- Other debts +€5,165
up €5,165 (+35.7%), from €14,488 to €19,653
- Gross operating margin +€53,947
up €53,947 (+143%), from €37,676 to €91,623
- Staff costs +€46,405
up €46,405 (+252%), from €18,385 to €64,790
- Taxes +€1,895
up €1,895 (+37.3%), from €5,075 to €6,970
- Other operating charges +€1,050
up €1,050 (+153%), from €688 to €1,738
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 | €276,968 | €270,101 | -€6,868 | -2.5% |
| Current assets | 29/58 | €276,968 | €270,101 | -€6,868 | -2.5% |
| Amounts receivable within one year | 40/41 | €270,295 | €252,460 | -€17,835 | -6.6% |
| Trade receivables | 40 | €225,800 | €218,300 | -€7,500 | -3.3% |
| Other amounts receivable | 41 | €44,496 | €34,161 | -€10,335 | -23.2% |
| Cash at bank and in hand | 54/58 | €6,673 | €17,640 | +€10,967 | +164% |
| Total equity and liabilities | 10/49 | €276,968 | €270,101 | -€6,868 | -2.5% |
| Equity | 10/15 | €259,557 | €239,735 | -€19,821 | -7.6% |
| Contributions | 10/11 | €92,960 | €92,960 | = | 0.0% |
| Reserves | 13 | €166,596 | €146,775 | -€19,821 | -11.9% |
| Non-distributable reserves | 130/1 | €9,296 | €9,296 | = | 0.0% |
| Other | 1319 | €9,296 | €9,296 | = | 0.0% |
| Distributable reserves | 133 | €157,300 | €137,479 | -€19,821 | -12.6% |
| Amounts payable | 17/49 | €17,412 | €30,365 | +€12,954 | +74.4% |
| Amounts payable within one year | 42/48 | €17,412 | €30,365 | +€12,954 | +74.4% |
| Trade debts | 44 | €57 | €7,254 | +€7,198 | +12,735% |
| Suppliers | 440/4 | €57 | €7,254 | +€7,198 | +12,735% |
| Taxes, remuneration and social security | 45 | €2,867 | €3,458 | +€591 | +20.6% |
| Taxes | 450/3 | €2,867 | €3,458 | +€591 | +20.6% |
| Other amounts payable | 47/48 | €14,488 | €19,653 | +€5,165 | +35.7% |
| Remuneration, social security and pensions | 62 | €18,385 | €64,790 | +€46,405 | +252% |
| Other operating charges | 640/8 | €688 | €1,738 | +€1,050 | +153% |
| Gross operating margin | 9900 | €37,676 | €91,623 | +€53,947 | +143% |
| Operating profit (loss) | 9901 | €18,604 | €25,095 | +€6,491 | +34.9% |
| Financial income | 75/76B | - | €57 | +€57 | |
| Recurring financial income | 75 | - | €57 | +€57 | |
| Financial charges | 65/66B | €1,165 | €495 | -€670 | -57.5% |
| Recurring financial charges | 65 | €398 | €495 | +€97 | +24.3% |
| Non-recurring financial charges | 66B | €766 | - | -€766 | |
| Profit (loss) for the period before taxes | 9903 | €17,439 | €24,656 | +€7,217 | +41.4% |
| Income taxes | 67/77 | €5,075 | €6,970 | +€1,895 | +37.3% |
| Profit (loss) for the period | 9904 | €12,364 | €17,686 | +€5,322 | +43.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,364 | €17,686 | +€5,322 | +43.0% |
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 29 October 2026 via checked.be.