VAHODI: what changed
VAHODI
Largest movements
- Intangible fixed assets +€722,857
up €722,857 (+106%), from €682,000 to €1.4m
- Receivables within one year +€320,486
up €320,486 (+184%), from €174,064 to €494,550
of which Trade receivables: +€285,478
- Cash +€176,471
up €176,471 (+353%), from €49,993 to €226,464
mainly Trade debts (+€735,972) and Debts after one year (+€399,058)
- Tangible fixed assets +€115,137
up €115,137 (+772%), from €14,911 to €130,049
of which Furniture and vehicles: +€115,241
- Trade debts +€735,972
up €735,972 (+779%), from €94,447 to €830,419
- Debts after one year +€399,058
up €399,058 (+155%), from €257,477 to €656,534
- Current portion of long-term debt +€122,270
up €122,270 (+63.1%), from €193,915 to €316,185
- Tax, wage and social debts +€76,050
up €76,050 (+107%), from €71,127 to €147,177
- Reserves +€65,414
up €65,414 (+43.9%), from €148,884 to €214,298
- Staff costs +€499,385
up €499,385 (+83.9%), from €595,214 to €1.1m
- Gross operating margin +€461,049
up €461,049 (+43.1%), from €1.1m to €1.5m
- Depreciation +€164,537
up €164,537 (+77.0%), from €213,819 to €378,357
- Taxes -€41,462
down €41,462 (-74.2%), from €55,848 to €14,386
- Financial charges +€29,039
up €29,039 (+654%), from €4,438 to €33,477
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €926,277 | €2,265,607 | +€1.3m | +145% |
| Fixed assets | 21/28 | €696,911 | €1,534,906 | +€837,995 | +120% |
| Intangible fixed assets | 21 | €682,000 | €1,404,857 | +€722,857 | +106% |
| Tangible fixed assets | 22/27 | €14,911 | €130,049 | +€115,137 | +772% |
| Plant, machinery and equipment | 23 | €103 | - | -€103 | |
| Furniture and vehicles | 24 | €14,808 | €130,049 | +€115,241 | +778% |
| Current assets | 29/58 | €229,365 | €730,702 | +€501,336 | +219% |
| Amounts receivable within one year | 40/41 | €174,064 | €494,550 | +€320,486 | +184% |
| Trade receivables | 40 | €171,071 | €456,550 | +€285,478 | +167% |
| Other amounts receivable | 41 | €2,992 | €38,000 | +€35,008 | +1,170% |
| Cash at bank and in hand | 54/58 | €49,993 | €226,464 | +€176,471 | +353% |
| Deferred charges and accrued income | 490/1 | €5,309 | €9,688 | +€4,379 | +82.5% |
| Total equity and liabilities | 10/49 | €926,277 | €2,265,607 | +€1.3m | +145% |
| Equity | 10/15 | €248,884 | €314,298 | +€65,414 | +26.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €148,884 | €214,298 | +€65,414 | +43.9% |
| Distributable reserves | 133 | €148,884 | €214,298 | +€65,414 | +43.9% |
| Amounts payable | 17/49 | €677,392 | €1,951,309 | +€1.3m | +188% |
| Amounts payable after more than one year | 17 | €257,477 | €656,534 | +€399,058 | +155% |
| Financial debts | 170/4 | €257,477 | €656,534 | +€399,058 | +155% |
| Amounts payable within one year | 42/48 | €419,916 | €1,294,697 | +€874,781 | +208% |
| Current portion of amounts payable after more than one year | 42 | €193,915 | €316,185 | +€122,270 | +63.1% |
| Financial debts | 43 | €427 | €916 | +€489 | +115% |
| Credit institutions | 430/8 | €427 | €916 | +€489 | +115% |
| Trade debts | 44 | €94,447 | €830,419 | +€735,972 | +779% |
| Suppliers | 440/4 | €94,447 | €830,419 | +€735,972 | +779% |
| Taxes, remuneration and social security | 45 | €71,127 | €147,177 | +€76,050 | +107% |
| Remuneration and social security | 454/9 | €71,127 | €147,177 | +€76,050 | +107% |
| Other amounts payable | 47/48 | €60,000 | - | -€60,000 | |
| Accrued charges and deferred income | 492/3 | - | €78 | +€78 | |
| Remuneration, social security and pensions | 62 | €595,214 | €1,094,598 | +€499,385 | +83.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €213,819 | €378,357 | +€164,537 | +77.0% |
| Other operating charges | 640/8 | €416 | €1,827 | +€1,411 | +339% |
| Gross operating margin | 9900 | €1,069,217 | €1,530,266 | +€461,049 | +43.1% |
| Operating profit (loss) | 9901 | €259,768 | €55,484 | -€204,284 | -78.6% |
| Financial income | 75/76B | €2,673 | €1,057 | -€1,616 | -60.5% |
| Recurring financial income | 75 | €2,673 | €1,057 | -€1,616 | -60.5% |
| Financial charges | 65/66B | €4,438 | €33,477 | +€29,039 | +654% |
| Recurring financial charges | 65 | €4,438 | €33,477 | +€29,039 | +654% |
| Profit (loss) for the period before taxes | 9903 | €258,004 | €23,065 | -€234,939 | -91.1% |
| Income taxes | 67/77 | €55,848 | €14,386 | -€41,462 | -74.2% |
| Profit (loss) for the period | 9904 | €202,156 | €8,679 | -€193,477 | -95.7% |
| Profit (loss) for the period to be appropriated | 9905 | €202,156 | €8,679 | -€193,477 | -95.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.