VAHECON: 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.
VAHECON
Largest movements
- Cash +€111,490
up €111,490 (+22.2%), from €502,035 to €613,525
mainly Other debts (+€237,799) and Net result for the year (+€93,930)
- Tangible fixed assets -€17,399
down €17,399 (-45.6%), from €38,163 to €20,764
of which Furniture and vehicles: -€16,452
- Other debts +€237,799
up €237,799 (+431.2%), from €55,143 to €292,942
- Reserves -€143,585
down €143,585 (-28.7%), from €500,759 to €357,174
of which Distributable reserves: -€138,507
- Accrued charges and deferred income +€11,825
new in 2025: €11,825
- Tax, wage and social debts -€11,419
down €11,419 (-40.7%), from €28,073 to €16,654
- Gross operating margin +€4,798
up €4,798 (+3.4%), from €140,547 to €145,345
- Financial income -€4,294
down €4,294 (-34.2%), from €12,568 to €8,274
of which Financial income: -€4,294
- Taxes +€2,175
up €2,175 (+5.6%), from €38,828 to €41,003
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 | €596,486 | €691,174 | +€94,688 | +15.9% |
| Fixed assets | 21/28 | €38,163 | €20,764 | -€17,399 | -45.6% |
| Tangible fixed assets | 22/27 | €38,163 | €20,764 | -€17,399 | -45.6% |
| Plant, machinery and equipment | 23 | €947 | - | -€947 | |
| Furniture and vehicles | 24 | €37,216 | €20,764 | -€16,452 | -44.2% |
| Current assets | 29/58 | €558,323 | €670,410 | +€112,087 | +20.1% |
| Amounts receivable within one year | 40/41 | €51,004 | €53,881 | +€2,877 | +5.6% |
| Trade receivables | 40 | €39,204 | €40,511 | +€1,307 | +3.3% |
| Other amounts receivable | 41 | €11,800 | €13,370 | +€1,570 | +13.3% |
| Current investments | 50/53 | €1,508 | - | -€1,508 | |
| Cash at bank and in hand | 54/58 | €502,035 | €613,525 | +€111,490 | +22.2% |
| Deferred charges and accrued income | 490/1 | €3,776 | €3,004 | -€772 | -20.4% |
| Total equity and liabilities | 10/49 | €596,486 | €691,174 | +€94,688 | +15.9% |
| Equity | 10/15 | €513,159 | €369,574 | -€143,585 | -28.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €500,759 | €357,174 | -€143,585 | -28.7% |
| Tax-exempt reserves | 132 | €5,078 | - | -€5,078 | |
| Distributable reserves | 133 | €495,681 | €357,174 | -€138,507 | -27.9% |
| Amounts payable | 17/49 | €83,327 | €321,600 | +€238,273 | +285.9% |
| Amounts payable within one year | 42/48 | €83,327 | €309,775 | +€226,448 | +271.8% |
| Trade debts | 44 | €111 | €179 | +€68 | +61.3% |
| Suppliers | 440/4 | €111 | €179 | +€68 | +61.3% |
| Taxes, remuneration and social security | 45 | €28,073 | €16,654 | -€11,419 | -40.7% |
| Taxes | 450/3 | €28,073 | €16,654 | -€11,419 | -40.7% |
| Other amounts payable | 47/48 | €55,143 | €292,942 | +€237,799 | +431.2% |
| Accrued charges and deferred income | 492/3 | - | €11,825 | +€11,825 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,226 | €17,399 | +€173 | +1.0% |
| Other operating charges | 640/8 | €712 | €611 | -€101 | -14.2% |
| Gross operating margin | 9900 | €140,547 | €145,345 | +€4,798 | +3.4% |
| Operating profit (loss) | 9901 | €122,609 | €127,335 | +€4,726 | +3.9% |
| Financial income | 75/76B | €12,568 | €8,274 | -€4,294 | -34.2% |
| Recurring financial income | 75 | €12,568 | €8,274 | -€4,294 | -34.2% |
| Non-recurring financial income | 76B | €12,568 | €8,274 | -€4,294 | -34.2% |
| Financial charges | 65/66B | €326 | €676 | +€350 | +107.4% |
| Recurring financial charges | 65 | €326 | €676 | +€350 | +107.4% |
| Profit (loss) for the period before taxes | 9903 | €134,851 | €134,933 | +€82 | +0.1% |
| Income taxes | 67/77 | €38,828 | €41,003 | +€2,175 | +5.6% |
| Profit (loss) for the period | 9904 | €96,023 | €93,930 | -€2,093 | -2.2% |
| Transfer from tax-exempt reserves | 789 | - | €5,078 | +€5,078 | |
| Profit (loss) for the period to be appropriated | 9905 | €96,023 | €99,008 | +€2,985 | +3.1% |
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 7 October 2026 via checked.be.