"VBH & PARTNERS": 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.
"VBH & PARTNERS"
Largest movements
- Intangible fixed assets +€104,775
up €104,775 (+54.8%), from €191,324 to €296,099
- Cash +€14,673
up €14,673 (+54.6%), from €26,894 to €41,567
mainly Depreciation (+€56,501) and Debts after one year (+€52,249)
- Tangible fixed assets -€13,096
down €13,096 (-29.1%), from €45,037 to €31,941
of which Furniture and vehicles: -€9,107
- Debts after one year +€52,249
up €52,249 (+20.4%), from €255,900 to €308,149
- Trade debts +€27,868
up €27,868 (+40.6%), from €68,713 to €96,581
- Current portion of long-term debt +€22,805
up €22,805 (+37.7%), from €60,539 to €83,344
- Tax, wage and social debts -€13,514
down €13,514 (-14.5%), from €93,203 to €79,689
of which Taxes: -€17,550
- Profit (loss) carried forward +€13,244
up €13,244 (+10.1%), from €131,013 to €144,258
- Gross operating margin +€132,287
up €132,287 (+42.0%), from €315,297 to €447,584
- Staff costs +€116,217
up €116,217 (+54.5%), from €213,336 to €329,553
- Depreciation +€43,667
up €43,667 (+340%), from €12,833 to €56,501
- Financial charges +€7,145
up €7,145 (+43.7%), from €16,344 to €23,489
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 | €665,321 | €777,298 | +€111,977 | +16.8% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €236,761 | €328,440 | +€91,679 | +38.7% |
| Intangible fixed assets | 21 | €191,324 | €296,099 | +€104,775 | +54.8% |
| Tangible fixed assets | 22/27 | €45,037 | €31,941 | -€13,096 | -29.1% |
| Plant, machinery and equipment | 23 | €10,026 | €6,036 | -€3,989 | -39.8% |
| Furniture and vehicles | 24 | €35,012 | €25,905 | -€9,107 | -26.0% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €428,559 | €448,858 | +€20,298 | +4.7% |
| Amounts receivable within one year | 40/41 | €401,666 | €407,291 | +€5,625 | +1.4% |
| Trade receivables | 40 | €291,118 | €310,351 | +€19,233 | +6.6% |
| Other amounts receivable | 41 | €110,548 | €96,939 | -€13,608 | -12.3% |
| Cash at bank and in hand | 54/58 | €26,894 | €41,567 | +€14,673 | +54.6% |
| Total equity and liabilities | 10/49 | €665,321 | €777,298 | +€111,977 | +16.8% |
| Equity | 10/15 | €168,363 | €181,608 | +€13,244 | +7.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €18,750 | €18,750 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €131,013 | €144,258 | +€13,244 | +10.1% |
| Amounts payable | 17/49 | €496,957 | €595,690 | +€98,733 | +19.9% |
| Amounts payable after more than one year | 17 | €255,900 | €308,149 | +€52,249 | +20.4% |
| Financial debts | 170/4 | €255,900 | €308,149 | +€52,249 | +20.4% |
| Amounts payable within one year | 42/48 | €240,249 | €287,542 | +€47,293 | +19.7% |
| Current portion of amounts payable after more than one year | 42 | €60,539 | €83,344 | +€22,805 | +37.7% |
| Financial debts | 43 | €12,000 | €21,002 | +€9,002 | +75.0% |
| Credit institutions | 430/8 | €12,000 | €21,002 | +€9,002 | +75.0% |
| Trade debts | 44 | €68,713 | €96,581 | +€27,868 | +40.6% |
| Suppliers | 440/4 | €68,713 | €96,581 | +€27,868 | +40.6% |
| Taxes, remuneration and social security | 45 | €93,203 | €79,689 | -€13,514 | -14.5% |
| Taxes | 450/3 | €64,615 | €47,065 | -€17,550 | -27.2% |
| Remuneration and social security | 454/9 | €28,588 | €32,623 | +€4,035 | +14.1% |
| Other amounts payable | 47/48 | €5,793 | €6,926 | +€1,133 | +19.6% |
| Accrued charges and deferred income | 492/3 | €809 | - | -€809 | |
| Remuneration, social security and pensions | 62 | €213,336 | €329,553 | +€116,217 | +54.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,833 | €56,501 | +€43,667 | +340% |
| Other operating charges | 640/8 | €1,492 | €556 | -€936 | -62.7% |
| Non-recurring operating charges | 66A | - | €4,660 | +€4,660 | |
| Gross operating margin | 9900 | €315,297 | €447,584 | +€132,287 | +42.0% |
| Operating profit (loss) | 9901 | €87,635 | €56,314 | -€31,321 | -35.7% |
| Financial income | 75/76B | €62 | €28 | -€34 | -54.8% |
| Recurring financial income | 75 | €62 | €28 | -€34 | -54.8% |
| Financial charges | 65/66B | €16,344 | €23,489 | +€7,145 | +43.7% |
| Recurring financial charges | 65 | €16,344 | €23,489 | +€7,145 | +43.7% |
| Profit (loss) for the period before taxes | 9903 | €71,354 | €32,853 | -€38,500 | -54.0% |
| Income taxes | 67/77 | €20,135 | €19,609 | -€526 | -2.6% |
| Profit (loss) for the period | 9904 | €51,219 | €13,244 | -€37,974 | -74.1% |
| Profit (loss) for the period to be appropriated | 9905 | €51,219 | €13,244 | -€37,974 | -74.1% |
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 21 October 2026 via checked.be.