VAHELE: 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.
VAHELE
Largest movements
- Current investments -€250,000
down €250,000 (-49.1%), from €508,673 to €258,673
- Receivables after one year +€195,000
new in 2025: €195,000
- Tangible fixed assets -€70,338
down €70,338 (-6.6%), from €1.1m to €991,389
- Receivables within one year -€37,035
down €37,035 (-5.9%), from €625,956 to €588,920
of which Other amounts receivable: -€47,970
- Other debts -€67,000
down €67,000 (-62.6%), from €107,000 to €40,000
- Debts after one year -€40,240
down €40,240 (-7.6%), from €532,047 to €491,807
- Reserves -€31,192
down €31,192 (-1.8%), from €1.7m to €1.7m
of which Tax-exempt reserves: -€48,656
- Financial income -€367,181
down €367,181 (-97.4%), from €376,923 to €9,742
of which Non-recurring financial income: -€370,192
- Taxes -€94,534
down €94,534 (-91.4%), from €103,454 to €8,920
- Gross operating margin -€69,062
down €69,062 (-61.8%), from €111,691 to €42,629
- Depreciation +€11,737
up €11,737 (+20.0%), from €58,601 to €70,338
- Other operating charges -€2,212
down €2,212 (-65.8%), from €3,363 to €1,151
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 | €2,780,215 | €2,609,074 | -€171,141 | -6.2% |
| Fixed assets | 21/28 | €1,616,918 | €1,546,580 | -€70,338 | -4.4% |
| Tangible fixed assets | 22/27 | €1,061,727 | €991,389 | -€70,338 | -6.6% |
| Land and buildings | 22 | €1,061,727 | €991,389 | -€70,338 | -6.6% |
| Financial fixed assets | 28 | €555,192 | €555,192 | = | 0.0% |
| Current assets | 29/58 | €1,163,297 | €1,062,493 | -€100,804 | -8.7% |
| Amounts receivable after more than one year | 29 | - | €195,000 | +€195,000 | |
| Other amounts receivable | 291 | - | €195,000 | +€195,000 | |
| Amounts receivable within one year | 40/41 | €625,956 | €588,920 | -€37,035 | -5.9% |
| Trade receivables | 40 | €120,754 | €131,689 | +€10,935 | +9.1% |
| Other amounts receivable | 41 | €505,201 | €457,231 | -€47,970 | -9.5% |
| Current investments | 50/53 | €508,673 | €258,673 | -€250,000 | -49.1% |
| Cash at bank and in hand | 54/58 | €27,569 | €18,800 | -€8,768 | -31.8% |
| Deferred charges and accrued income | 490/1 | €1,100 | €1,100 | = | 0.0% |
| Total equity and liabilities | 10/49 | €2,780,215 | €2,609,074 | -€171,141 | -6.2% |
| Equity | 10/15 | €1,823,509 | €1,792,317 | -€31,192 | -1.7% |
| Contributions | 10/11 | €84,543 | €84,543 | = | 0.0% |
| Capital | 10 | €84,543 | €84,543 | = | 0.0% |
| Issued capital | 100 | €84,543 | €84,543 | = | 0.0% |
| Reserves | 13 | €1,738,966 | €1,707,774 | -€31,192 | -1.8% |
| Non-distributable reserves | 130/1 | €208,454 | €208,454 | = | 0.0% |
| Legal reserve | 130 | €208,454 | €208,454 | = | 0.0% |
| Tax-exempt reserves | 132 | €402,339 | €353,683 | -€48,656 | -12.1% |
| Distributable reserves | 133 | €1,128,173 | €1,145,636 | +€17,463 | +1.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €134,113 | €117,894 | -€16,219 | -12.1% |
| Deferred taxes | 168 | €134,113 | €117,894 | -€16,219 | -12.1% |
| Amounts payable | 17/49 | €822,593 | €698,862 | -€123,730 | -15.0% |
| Amounts payable after more than one year | 17 | €532,047 | €491,807 | -€40,240 | -7.6% |
| Financial debts | 170/4 | €532,047 | €491,807 | -€40,240 | -7.6% |
| Amounts payable within one year | 42/48 | €290,546 | €207,055 | -€83,491 | -28.7% |
| Current portion of amounts payable after more than one year | 42 | €45,858 | €40,240 | -€5,618 | -12.3% |
| Financial debts | 43 | €7,376 | €7,376 | = | 0.0% |
| Credit institutions | 430/8 | €7,376 | €7,376 | = | 0.0% |
| Trade debts | 44 | €56,908 | €65,035 | +€8,127 | +14.3% |
| Suppliers | 440/4 | €56,908 | €65,035 | +€8,127 | +14.3% |
| Taxes, remuneration and social security | 45 | €73,403 | €54,404 | -€19,000 | -25.9% |
| Taxes | 450/3 | €73,403 | €54,404 | -€19,000 | -25.9% |
| Other amounts payable | 47/48 | €107,000 | €40,000 | -€67,000 | -62.6% |
| Non-recurring operating income | 76A | €128,018 | €0 | -€128,018 | -100% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,601 | €70,338 | +€11,737 | +20.0% |
| Other operating charges | 640/8 | €3,363 | €1,151 | -€2,212 | -65.8% |
| Gross operating margin | 9900 | €111,691 | €42,629 | -€69,062 | -61.8% |
| Operating profit (loss) | 9901 | €49,726 | -€28,860 | -€78,586 | |
| Financial income | 75/76B | €376,923 | €9,742 | -€367,181 | -97.4% |
| Recurring financial income | 75 | €6,731 | €9,742 | +€3,011 | +44.7% |
| Non-recurring financial income | 76B | €370,192 | €0 | -€370,192 | -100% |
| Financial charges | 65/66B | €21,091 | €19,374 | -€1,717 | -8.1% |
| Recurring financial charges | 65 | €21,091 | €19,374 | -€1,717 | -8.1% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €405,558 | -€38,491 | -€444,050 | |
| Transfer from deferred taxes | 780 | €84,229 | €16,219 | -€68,011 | -80.7% |
| Income taxes | 67/77 | €103,454 | €8,920 | -€94,534 | -91.4% |
| Profit (loss) for the period | 9904 | €386,334 | -€31,192 | -€417,526 | |
| Transfer from tax-exempt reserves | 789 | €252,687 | €48,656 | -€204,032 | -80.7% |
| Profit (loss) for the period to be appropriated | 9905 | €639,021 | €17,463 | -€621,558 | -97.3% |
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 17 October 2026 via checked.be.