VEHALISU: what changed
Two fiscal 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.
VEHALISU
Largest movements
- Receivables within one year +€71,949
up €71,949 (+76.4%), from €94,197 to €166,146
of which Other amounts receivable: +€47,749
- Cash -€33,713
down €33,713 (-83.9%), from €40,177 to €6,464
mainly Receivables within one year (-€71,949) and Trade debts (-€28,588)
- Other debts +€41,826
up €41,826 (+120.4%), from €34,742 to €76,568
- Trade debts -€28,588
down €28,588 (-95.8%), from €29,839 to €1,252
- Reserves +€26,748
up €26,748 (+54.3%), from €49,296 to €76,044
- Short-term financial debts -€8,948
down €8,948 (-100.0%), from €8,948 to €0
- Tax, wage and social debts +€4,822
up €4,822 (+64.0%), from €7,530 to €12,352
of which Taxes: +€4,822
- Financial charges -€8,493
down €8,493 (-52.8%), from €16,072 to €7,579
of which Non-recurring financial charges: -€10,674
- Other operating charges +€3,882
up €3,882 (+1285.2%), from €302 to €4,184
- Gross operating margin -€3,312
down €3,312 (-6.7%), from €49,144 to €45,832
- Financial income +€2,089
up €2,089 (+57.1%), from €3,660 to €5,749
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.
Cash bridge derived
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 | €135,155 | €172,610 | +€37,455 | +27.7% |
| Formation expenses | 20 | €0 | - | = | |
| Current assets | 29/58 | €135,155 | €172,610 | +€37,455 | +27.7% |
| Amounts receivable within one year | 40/41 | €94,197 | €166,146 | +€71,949 | +76.4% |
| Trade receivables | 40 | - | €24,200 | +€24,200 | |
| Other amounts receivable | 41 | €94,197 | €141,946 | +€47,749 | +50.7% |
| Cash at bank and in hand | 54/58 | €40,177 | €6,464 | -€33,713 | -83.9% |
| Deferred charges and accrued income | 490/1 | €782 | €0 | -€782 | -100.0% |
| Total equity and liabilities | 10/49 | €135,155 | €172,610 | +€37,455 | +27.7% |
| Equity | 10/15 | €54,096 | €80,844 | +€26,748 | +49.4% |
| Contributions | 10/11 | €4,800 | €4,800 | = | 0.0% |
| Reserves | 13 | €49,296 | €76,044 | +€26,748 | +54.3% |
| Distributable reserves | 133 | €49,296 | €76,044 | +€26,748 | +54.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €81,059 | €91,766 | +€10,707 | +13.2% |
| Amounts payable within one year | 42/48 | €81,059 | €90,171 | +€9,112 | +11.2% |
| Financial debts | 43 | €8,948 | €0 | -€8,948 | -100.0% |
| Credit institutions | 430/8 | €8,948 | €0 | -€8,948 | -100.0% |
| Trade debts | 44 | €29,839 | €1,252 | -€28,588 | -95.8% |
| Suppliers | 440/4 | €29,839 | €1,252 | -€28,588 | -95.8% |
| Taxes, remuneration and social security | 45 | €7,530 | €12,352 | +€4,822 | +64.0% |
| Taxes | 450/3 | €7,530 | €12,352 | +€4,822 | +64.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €34,742 | €76,568 | +€41,826 | +120.4% |
| Accrued charges and deferred income | 492/3 | - | €1,595 | +€1,595 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €186 | €0 | -€186 | -100.0% |
| Other operating charges | 640/8 | €302 | €4,184 | +€3,882 | +1285.2% |
| Gross operating margin | 9900 | €49,144 | €45,832 | -€3,312 | -6.7% |
| Operating profit (loss) | 9901 | €48,656 | €41,648 | -€7,008 | -14.4% |
| Financial income | 75/76B | €3,660 | €5,749 | +€2,089 | +57.1% |
| Recurring financial income | 75 | €3,660 | €5,749 | +€2,089 | +57.1% |
| Financial charges | 65/66B | €16,072 | €7,579 | -€8,493 | -52.8% |
| Recurring financial charges | 65 | €5,398 | €7,579 | +€2,181 | +40.4% |
| Non-recurring financial charges | 66B | €10,674 | €0 | -€10,674 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €36,245 | €39,819 | +€3,574 | +9.9% |
| Income taxes | 67/77 | €8,316 | €8,071 | -€245 | -2.9% |
| Profit (loss) for the period | 9904 | €27,928 | €31,748 | +€3,820 | +13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €27,928 | €31,748 | +€3,820 | +13.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.