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
- Cash -€43,250
down €43,250 (-25.0%), from €172,833 to €129,583
mainly Contributions, distributions and other (-€78,654) and Receivables within one year (-€22,414)
- Receivables within one year +€22,414
up €22,414 (+22.6%), from €99,369 to €121,783
of which Other amounts receivable: +€24,589
- Reserves -€22,733
down €22,733 (-7.1%), from €322,051 to €299,318
- Tax, wage and social debts +€18,494
up €18,494 (+109.7%), from €16,866 to €35,361
- Other debts -€9,000
down €9,000 (-100.0%), from €9,000 to €0
- Debts after one year -€6,492
down €6,492 (-33.2%), from €19,545 to €13,053
- Gross operating margin -€9,893
down €9,893 (-10.2%), from €96,687 to €86,794
- Financial charges +€1,587
up €1,587 (+242.6%), from €654 to €2,242
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 | €395,332 | €374,390 | -€20,941 | -5.3% |
| Fixed assets | 21/28 | €119,707 | €118,451 | -€1,256 | -1.0% |
| Tangible fixed assets | 22/27 | €119,707 | €118,451 | -€1,256 | -1.0% |
| Land and buildings | 22 | €117,960 | €114,935 | -€3,025 | -2.6% |
| Plant, machinery and equipment | 23 | €509 | €2,856 | +€2,347 | +460.7% |
| Furniture and vehicles | 24 | €1,238 | €660 | -€578 | -46.7% |
| Current assets | 29/58 | €275,624 | €255,939 | -€19,685 | -7.1% |
| Amounts receivable within one year | 40/41 | €99,369 | €121,783 | +€22,414 | +22.6% |
| Trade receivables | 40 | €9,442 | €7,267 | -€2,175 | -23.0% |
| Other amounts receivable | 41 | €89,927 | €114,516 | +€24,589 | +27.3% |
| Cash at bank and in hand | 54/58 | €172,833 | €129,583 | -€43,250 | -25.0% |
| Deferred charges and accrued income | 490/1 | €3,421 | €4,573 | +€1,152 | +33.7% |
| Total equity and liabilities | 10/49 | €395,332 | €374,390 | -€20,941 | -5.3% |
| Equity | 10/15 | €340,651 | €317,918 | -€22,733 | -6.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €322,051 | €299,318 | -€22,733 | -7.1% |
| Distributable reserves | 133 | €322,051 | €299,318 | -€22,733 | -7.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €54,680 | €56,472 | +€1,792 | +3.3% |
| Amounts payable after more than one year | 17 | €19,545 | €13,053 | -€6,492 | -33.2% |
| Financial debts | 170/4 | €19,545 | €13,053 | -€6,492 | -33.2% |
| Amounts payable within one year | 42/48 | €35,136 | €43,419 | +€8,284 | +23.6% |
| Current portion of amounts payable after more than one year | 42 | €6,406 | €6,492 | +€86 | +1.3% |
| Trade debts | 44 | €2,863 | €1,567 | -€1,296 | -45.3% |
| Suppliers | 440/4 | €2,863 | €1,567 | -€1,296 | -45.3% |
| Taxes, remuneration and social security | 45 | €16,866 | €35,361 | +€18,494 | +109.7% |
| Taxes | 450/3 | €16,866 | €35,361 | +€18,494 | +109.7% |
| Other amounts payable | 47/48 | €9,000 | €0 | -€9,000 | -100.0% |
| Non-recurring operating income | 76A | - | €11,000 | +€11,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,983 | €3,881 | -€102 | -2.6% |
| Other operating charges | 640/8 | €1,333 | €968 | -€366 | -27.4% |
| Gross operating margin | 9900 | €96,687 | €86,794 | -€9,893 | -10.2% |
| Operating profit (loss) | 9901 | €91,371 | €81,945 | -€9,426 | -10.3% |
| Financial income | 75/76B | €5,238 | €5,571 | +€333 | +6.4% |
| Recurring financial income | 75 | €5,238 | €5,571 | +€333 | +6.4% |
| Financial charges | 65/66B | €654 | €2,242 | +€1,587 | +242.6% |
| Recurring financial charges | 65 | €654 | €2,242 | +€1,587 | +242.6% |
| Profit (loss) for the period before taxes | 9903 | €95,954 | €85,275 | -€10,680 | -11.1% |
| Income taxes | 67/77 | €29,539 | €29,354 | -€185 | -0.6% |
| Profit (loss) for the period | 9904 | €66,416 | €55,921 | -€10,495 | -15.8% |
| Profit (loss) for the period to be appropriated | 9905 | €66,416 | €55,921 | -€10,495 | -15.8% |
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 28 September 2026 via checked.be.