VEHACO: 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.
VEHACO
Largest movements
- Tangible fixed assets +€58,605
up €58,605 (+575%), from €10,190 to €68,795
of which Plant, machinery and equipment: +€42,547
- Receivables within one year -€28,172
down €28,172 (-67.4%), from €41,790 to €13,618
of which Other amounts receivable: -€15,222
- Cash +€22,051
up €22,051 (+14.1%), from €156,270 to €178,321
mainly Net result for the year (+€51,801) and Receivables within one year (+€28,172)
- Deferred charges and accrued income +€2,728
up €2,728 (+336%), from €811 to €3,539
- Reserves +€51,801
up €51,801 (+36.4%), from €142,137 to €193,939
- Debts after one year +€24,357
new in 2025: €24,357
- Other debts -€18,454
down €18,454 (-58.2%), from €31,699 to €13,246
- Gross operating margin +€35,901
up €35,901 (+79.4%), from €45,225 to €81,126
- Taxes +€5,310
up €5,310 (+67.6%), from €7,857 to €13,167
- Financial charges +€1,617
up €1,617 (+34.3%), from €4,708 to €6,325
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 | €209,062 | €264,274 | +€55,213 | +26.4% |
| Fixed assets | 21/28 | €10,190 | €68,795 | +€58,605 | +575% |
| Tangible fixed assets | 22/27 | €10,190 | €68,795 | +€58,605 | +575% |
| Land and buildings | 22 | €1,173 | €764 | -€408 | -34.8% |
| Plant, machinery and equipment | 23 | €3,624 | €46,171 | +€42,547 | +1,174% |
| Furniture and vehicles | 24 | €5,393 | €21,860 | +€16,467 | +305% |
| Current assets | 29/58 | €198,872 | €195,479 | -€3,393 | -1.7% |
| Amounts receivable within one year | 40/41 | €41,790 | €13,618 | -€28,172 | -67.4% |
| Trade receivables | 40 | €26,568 | €13,618 | -€12,950 | -48.7% |
| Other amounts receivable | 41 | €15,222 | €0 | -€15,222 | -100% |
| Cash at bank and in hand | 54/58 | €156,270 | €178,321 | +€22,051 | +14.1% |
| Deferred charges and accrued income | 490/1 | €811 | €3,539 | +€2,728 | +336% |
| Total equity and liabilities | 10/49 | €209,062 | €264,274 | +€55,213 | +26.4% |
| Equity | 10/15 | €162,137 | €213,939 | +€51,801 | +31.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €142,137 | €193,939 | +€51,801 | +36.4% |
| Distributable reserves | 133 | €142,137 | €193,939 | +€51,801 | +36.4% |
| Amounts payable | 17/49 | €46,924 | €50,336 | +€3,411 | +7.3% |
| Amounts payable after more than one year | 17 | - | €24,357 | +€24,357 | |
| Financial debts | 170/4 | - | €24,357 | +€24,357 | |
| Amounts payable within one year | 42/48 | €46,924 | €25,979 | -€20,945 | -44.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,477 | €0 | -€1,477 | -100% |
| Suppliers | 440/4 | €1,477 | €0 | -€1,477 | -100% |
| Taxes, remuneration and social security | 45 | €13,748 | €12,733 | -€1,014 | -7.4% |
| Taxes | 450/3 | €13,748 | €12,733 | -€1,014 | -7.4% |
| Other amounts payable | 47/48 | €31,699 | €13,246 | -€18,454 | -58.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,383 | €9,130 | +€747 | +8.9% |
| Other operating charges | 640/8 | €892 | €702 | -€190 | -21.3% |
| Gross operating margin | 9900 | €45,225 | €81,126 | +€35,901 | +79.4% |
| Operating profit (loss) | 9901 | €35,950 | €71,294 | +€35,343 | +98.3% |
| Financial charges | 65/66B | €4,708 | €6,325 | +€1,617 | +34.3% |
| Recurring financial charges | 65 | €4,708 | €6,325 | +€1,617 | +34.3% |
| Profit (loss) for the period before taxes | 9903 | €31,242 | €64,968 | +€33,726 | +108% |
| Income taxes | 67/77 | €7,857 | €13,167 | +€5,310 | +67.6% |
| Profit (loss) for the period | 9904 | €23,385 | €51,801 | +€28,416 | +122% |
| Profit (loss) for the period to be appropriated | 9905 | €23,385 | €51,801 | +€28,416 | +122% |
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 14 October 2026 via checked.be.