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
- Current investments +€300,000
new in 2025: €300,000
- Cash -€299,639
down €299,639 (-44.3%), from €676,939 to €377,300
mainly Current investments (-€300,000) and Receivables within one year (-€120,244)
- Tangible fixed assets -€180,601
down €180,601 (-11.1%), from €1.6m to €1.4m
of which Land and buildings: -€157,382
- Receivables within one year +€120,244
up €120,244 (+3.7%), from €3.3m to €3.4m
of which Other amounts receivable: +€145,244
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€787,994
down €787,994 (-82.4%), from €956,741 to €168,747
- Other operating charges -€13,636
down €13,636 (-66.8%), from €20,401 to €6,764
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 | €6,870,047 | €6,814,929 | -€55,118 | -0.8% |
| Fixed assets | 21/28 | €2,930,479 | €2,749,878 | -€180,601 | -6.2% |
| Tangible fixed assets | 22/27 | €1,626,605 | €1,446,004 | -€180,601 | -11.1% |
| Land and buildings | 22 | €1,523,640 | €1,366,259 | -€157,382 | -10.3% |
| Plant, machinery and equipment | 23 | €11,289 | €9,770 | -€1,519 | -13.5% |
| Furniture and vehicles | 24 | €91,676 | €69,976 | -€21,700 | -23.7% |
| Financial fixed assets | 28 | €1,303,874 | €1,303,874 | = | 0.0% |
| Current assets | 29/58 | €3,939,568 | €4,065,051 | +€125,483 | +3.2% |
| Amounts receivable within one year | 40/41 | €3,251,982 | €3,372,226 | +€120,244 | +3.7% |
| Trade receivables | 40 | €37,500 | €12,500 | -€25,000 | -66.7% |
| Other amounts receivable | 41 | €3,214,482 | €3,359,726 | +€145,244 | +4.5% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €676,939 | €377,300 | -€299,639 | -44.3% |
| Deferred charges and accrued income | 490/1 | €10,647 | €15,525 | +€4,878 | +45.8% |
| Total equity and liabilities | 10/49 | €6,870,047 | €6,814,929 | -€55,118 | -0.8% |
| Equity | 10/15 | €567,493 | €544,872 | -€22,621 | -4.0% |
| Contributions | 10/11 | €390,000 | €390,000 | = | 0.0% |
| Reserves | 13 | €39,000 | €39,000 | = | 0.0% |
| Distributable reserves | 133 | €39,000 | €39,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €138,493 | €115,872 | -€22,621 | -16.3% |
| Amounts payable | 17/49 | €6,302,553 | €6,270,057 | -€32,496 | -0.5% |
| Amounts payable after more than one year | 17 | €5,800,000 | €5,800,000 | = | 0.0% |
| Financial debts | 170/4 | €5,800,000 | €5,800,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €502,553 | €470,057 | -€32,496 | -6.5% |
| Trade debts | 44 | €105,411 | €109,560 | +€4,150 | +3.9% |
| Suppliers | 440/4 | €105,411 | €109,560 | +€4,150 | +3.9% |
| Other amounts payable | 47/48 | €397,143 | €360,497 | -€36,646 | -9.2% |
| Non-recurring operating income | 76A | €792,000 | - | -€792,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €180,010 | €188,126 | +€8,116 | +4.5% |
| Other operating charges | 640/8 | €20,401 | €6,764 | -€13,636 | -66.8% |
| Gross operating margin | 9900 | €956,741 | €168,747 | -€787,994 | -82.4% |
| Operating profit (loss) | 9901 | €756,331 | -€26,144 | -€782,474 | |
| Financial income | 75/76B | €6,130 | €9,964 | +€3,834 | +62.5% |
| Recurring financial income | 75 | €6,130 | €9,964 | +€3,834 | +62.5% |
| Financial charges | 65/66B | €4,488 | €4,267 | -€221 | -4.9% |
| Recurring financial charges | 65 | €4,488 | €4,267 | -€221 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €757,973 | -€20,447 | -€778,420 | |
| Income taxes | 67/77 | €1,179 | €2,175 | +€996 | +84.5% |
| Profit (loss) for the period | 9904 | €756,794 | -€22,621 | -€779,416 | |
| Profit (loss) for the period to be appropriated | 9905 | €756,794 | -€22,621 | -€779,416 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.