VAHO: 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.
VAHO
Largest movements
- Receivables within one year +€31,382
up €31,382 (+41.4%), from €75,890 to €107,272
of which Other amounts receivable: +€65,200
- Cash +€10,356
up €10,356 (+119%), from €8,729 to €19,085
mainly Net result for the year (+€43,767) and Tax, wage and social debts (+€14,625)
- Profit (loss) carried forward +€43,767
new in 2025: €43,767
- Advances received -€18,479
down €18,479 (-45.2%), from €40,899 to €22,420
- Tax, wage and social debts +€14,625
up €14,625 (+60.3%), from €24,240 to €38,865
- Gross operating margin +€36,179
up €36,179 (+98.4%), from €36,776 to €72,956
- Taxes +€13,446
up €13,446 (+154%), from €8,753 to €22,199
- Other operating charges +€6,766
up €6,766 (+216%), from €3,127 to €9,894
- Financial income +€4,132
up €4,132 (+24,939%), from €17 to €4,149
- Financial charges +€823
up €823 (+194%), from €423 to €1,246
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 | €86,369 | €127,510 | +€41,142 | +47.6% |
| Current assets | 29/58 | €86,369 | €127,510 | +€41,142 | +47.6% |
| Amounts receivable within one year | 40/41 | €75,890 | €107,272 | +€31,382 | +41.4% |
| Trade receivables | 40 | €33,818 | - | -€33,818 | |
| Other amounts receivable | 41 | €42,072 | €107,272 | +€65,200 | +155% |
| Cash at bank and in hand | 54/58 | €8,729 | €19,085 | +€10,356 | +119% |
| Deferred charges and accrued income | 490/1 | €1,749 | €1,153 | -€596 | -34.1% |
| Total equity and liabilities | 10/49 | €86,369 | €127,510 | +€41,142 | +47.6% |
| Equity | 10/15 | €18,865 | €62,631 | +€43,767 | +232% |
| Contributions | 10/11 | €5,608 | €5,608 | = | 0.0% |
| Reserves | 13 | €13,256 | €13,256 | = | 0.0% |
| Distributable reserves | 133 | €13,256 | €13,256 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €43,767 | +€43,767 | |
| Amounts payable | 17/49 | €67,504 | €64,879 | -€2,625 | -3.9% |
| Amounts payable within one year | 42/48 | €67,504 | €64,879 | -€2,625 | -3.9% |
| Trade debts | 44 | €2,365 | €3,594 | +€1,229 | +52.0% |
| Suppliers | 440/4 | €2,365 | €3,594 | +€1,229 | +52.0% |
| Advances received on contracts in progress | 46 | €40,899 | €22,420 | -€18,479 | -45.2% |
| Taxes, remuneration and social security | 45 | €24,240 | €38,865 | +€14,625 | +60.3% |
| Taxes | 450/3 | €24,240 | €38,865 | +€14,625 | +60.3% |
| Other operating charges | 640/8 | €3,127 | €9,894 | +€6,766 | +216% |
| Gross operating margin | 9900 | €36,776 | €72,956 | +€36,179 | +98.4% |
| Operating profit (loss) | 9901 | €33,649 | €63,062 | +€29,413 | +87.4% |
| Financial income | 75/76B | €17 | €4,149 | +€4,132 | +24,939% |
| Recurring financial income | 75 | €17 | €4,149 | +€4,132 | +24,939% |
| Financial charges | 65/66B | €423 | €1,246 | +€823 | +194% |
| Recurring financial charges | 65 | €423 | €1,246 | +€823 | +194% |
| Profit (loss) for the period before taxes | 9903 | €33,243 | €65,965 | +€32,723 | +98.4% |
| Income taxes | 67/77 | €8,753 | €22,199 | +€13,446 | +154% |
| Profit (loss) for the period | 9904 | €24,490 | €43,767 | +€19,277 | +78.7% |
| Profit (loss) for the period to be appropriated | 9905 | €24,490 | €43,767 | +€19,277 | +78.7% |
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 13 October 2026 via checked.be.