VAHA: 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.
VAHA
Largest movements
- Tangible fixed assets -€4.2m
no longer reported in 2025 (was €4.2m)
of which Land and buildings: -€4.2m
- Current investments +€2.6m
new in 2025: €2.6m
- Revaluation surpluses -€2.8m
no longer reported in 2025 (was €2.8m)
- Profit (loss) carried forward +€2.2m
up €2.2m (+79.9%), from -€2.8m to -€559,197
- Trade debts -€451,960
down €451,960 (-75.8%), from €596,317 to €144,357
- Other debts -€380,232
down €380,232 (-13.0%), from €2.9m to €2.6m
- Debts after one year -€176,092
no longer reported in 2025 (was €176,092)
- Gross operating margin +€3.9m
up €3.9m, from -€16,748 to €3.8m
- Financial charges +€1.5m
up €1.5m (+32210.6%), from €4,570 to €1.5m
of which Non-recurring financial charges: +€1.5m
- Other operating charges +€140,995
new in 2025: €140,995
- Depreciation -€62,635
no longer reported in 2025 (was €62,635)
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 | €4,230,395 | €2,636,745 | -€1.6m | -37.7% |
| Fixed assets | 21/28 | €4,225,991 | - | -€4.2m | |
| Intangible fixed assets | 21 | €1,431 | - | -€1,431 | |
| Tangible fixed assets | 22/27 | €4,224,560 | - | -€4.2m | |
| Land and buildings | 22 | €4,199,480 | - | -€4.2m | |
| Plant, machinery and equipment | 23 | €25,080 | - | -€25,080 | |
| Current assets | 29/58 | €4,404 | €2,636,745 | +€2.6m | +59767.7% |
| Current investments | 50/53 | - | €2,597,300 | +€2.6m | |
| Cash at bank and in hand | 54/58 | €4,404 | €39,446 | +€35,041 | +795.6% |
| Total equity and liabilities | 10/49 | €4,230,395 | €2,636,745 | -€1.6m | -37.7% |
| Equity | 10/15 | €467,469 | -€59,197 | -€526,666 | |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Outside capital | 11 | €500,000 | €500,000 | = | 0.0% |
| Share premium | 1100/10 | €500,000 | €500,000 | = | 0.0% |
| Revaluation surpluses | 12 | €2,750,000 | - | -€2.8m | |
| Profit (loss) carried forward | 14 | -€2,782,531 | -€559,197 | +€2.2m | +79.9% |
| Amounts payable | 17/49 | €3,762,926 | €2,695,942 | -€1.1m | -28.4% |
| Amounts payable after more than one year | 17 | €176,092 | - | -€176,092 | |
| Financial debts | 170/4 | €176,092 | - | -€176,092 | |
| Amounts payable within one year | 42/48 | €3,586,834 | €2,695,942 | -€890,892 | -24.8% |
| Current portion of amounts payable after more than one year | 42 | €58,700 | - | -€58,700 | |
| Trade debts | 44 | €596,317 | €144,357 | -€451,960 | -75.8% |
| Suppliers | 440/4 | €596,317 | €144,357 | -€451,960 | -75.8% |
| Other amounts payable | 47/48 | €2,931,817 | €2,551,585 | -€380,232 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,635 | - | -€62,635 | |
| Other operating charges | 640/8 | - | €140,995 | +€140,995 | |
| Gross operating margin | 9900 | -€16,748 | €3,839,490 | +€3.9m | |
| Operating profit (loss) | 9901 | -€79,383 | €3,698,495 | +€3.8m | |
| Financial income | 75/76B | - | €1,468 | +€1,468 | |
| Recurring financial income | 75 | - | €1,468 | +€1,468 | |
| Financial charges | 65/66B | €4,570 | €1,476,629 | +€1.5m | +32210.6% |
| Recurring financial charges | 65 | €4,570 | €638 | -€3,932 | -86.0% |
| Non-recurring financial charges | 66B | - | €1,475,991 | +€1.5m | |
| Profit (loss) for the period before taxes | 9903 | -€83,953 | €2,223,334 | +€2.3m | |
| Profit (loss) for the period | 9904 | -€83,953 | €2,223,334 | +€2.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€83,953 | €2,223,334 | +€2.3m |
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 29 September 2026 via checked.be.