VEHO: 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.
What changed
VEHO
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€24.8m
2024 · €2.5m+€22.3m
Equity
€108.8m
2024 · €84.0m+€24.8m
Cash
€843,957
2024 · €280,394+€563,563
Balance sheet total
€114.9m
2024 · €90.6m+€24.4m
Largest movements
Assets
- Current investments +€15.3m
up €15.3m (+133%), from €11.5m to €26.8m
- Financial fixed assets +€6.6m
up €6.6m (+12.6%), from €52.1m to €58.7m
- Receivables within one year +€1.9m
up €1.9m (+8.2%), from €23.2m to €25.1m
of which Other amounts receivable: +€1.9m
Equity and liabilities
- Profit (loss) carried forward +€24.8m
up €24.8m (+30.5%), from €81.2m to €106.1m
Income statement
- Financial income +€21.8m
up €21.8m (+679%), from €3.2m to €25.0m
- Financial charges -€266,179
down €266,179 (-61.3%), from €434,426 to €168,247
- Other operating charges -€149,168
down €149,168 (-73.2%), from €203,889 to €54,720
- Taxes -€54,948
down €54,948 (-31.6%), from €173,837 to €118,890
- Gross operating margin +€34,445
up €34,445 (+11.5%), from €298,512 to €332,956
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.
Result 2024
€2.5m
Gross operating margin
+€34,445
Depreciation
+€10,785
Other operating charges
+€149,168
Financial income
+€21.8m
Financial charges
+€266,179
Taxes
+€54,948
Result 2025
€24.8m
raises the result
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.
From operations
+€22.5m
Investment
-€21.9m
Financing
€0
Cash 2024
€280,394
From operations (derived)
+€22.5m
Net result for the year
+€24.8m
Depreciation
+€186,688
Receivables after one year
-€191,805
Receivables within one year
-€1.9m
Smaller working-capital items
+€74,314
Tax, wage and social debts
-€91,398
Other debts
-€217,931
Accrued charges and deferred income
-€165,446
Investment (derived)
-€21.9m
Investment in fixed assets (net)
-€6.6m
Current investments
-€15.3m
Cash 2025
€843,957
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €90,557,762 | €114,930,574 | +€24.4m | +26.9% |
| Fixed assets | 21/28 | €55,122,283 | €61,564,947 | +€6.4m | +11.7% |
| Tangible fixed assets | 22/27 | €2,992,166 | €2,849,150 | -€143,017 | -4.8% |
| Land and buildings | 22 | €2,926,018 | €2,798,186 | -€127,833 | -4.4% |
| Plant, machinery and equipment | 23 | €8,984 | €15,560 | +€6,576 | +73.2% |
| Furniture and vehicles | 24 | €57,164 | €35,404 | -€21,760 | -38.1% |
| Financial fixed assets | 28 | €52,130,117 | €58,715,797 | +€6.6m | +12.6% |
| Current assets | 29/58 | €35,435,479 | €53,365,627 | +€17.9m | +50.6% |
| Amounts receivable after more than one year | 29 | €417,593 | €609,398 | +€191,805 | +45.9% |
| Other amounts receivable | 291 | €417,593 | €609,398 | +€191,805 | +45.9% |
| Stocks and contracts in progress | 3 | €5,000 | €5,000 | = | 0.0% |
| Stocks | 30/36 | €5,000 | €5,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €23,165,043 | €25,065,106 | +€1.9m | +8.2% |
| Trade receivables | 40 | €255,956 | €242,719 | -€13,237 | -5.2% |
| Other amounts receivable | 41 | €22,909,087 | €24,822,387 | +€1.9m | +8.4% |
| Current investments | 50/53 | €11,529,355 | €26,838,293 | +€15.3m | +133% |
| Cash at bank and in hand | 54/58 | €280,394 | €843,957 | +€563,563 | +201% |
| Deferred charges and accrued income | 490/1 | €38,094 | €3,874 | -€34,221 | -89.8% |
| Total equity and liabilities | 10/49 | €90,557,762 | €114,930,574 | +€24.4m | +26.9% |
| Equity | 10/15 | €83,964,280 | €108,771,774 | +€24.8m | +29.5% |
| Contributions | 10/11 | €1,195,000 | €1,195,000 | = | 0.0% |
| Capital | 10 | €1,195,000 | €1,195,000 | = | 0.0% |
| Issued capital | 100 | €1,195,000 | €1,195,000 | = | 0.0% |
| Reserves | 13 | €1,519,500 | €1,519,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €119,500 | €119,500 | = | 0.0% |
| Legal reserve | 130 | €119,500 | €119,500 | = | 0.0% |
| Distributable reserves | 133 | €1,400,000 | €1,400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,249,780 | €106,057,274 | +€24.8m | +30.5% |
| Amounts payable | 17/49 | €6,593,482 | €6,158,800 | -€434,682 | -6.6% |
| Amounts payable within one year | 42/48 | €6,422,416 | €6,153,180 | -€269,236 | -4.2% |
| Trade debts | 44 | €17,235 | €57,328 | +€40,093 | +233% |
| Suppliers | 440/4 | €17,235 | €57,328 | +€40,093 | +233% |
| Taxes, remuneration and social security | 45 | €121,632 | €30,234 | -€91,398 | -75.1% |
| Taxes | 450/3 | €119,674 | €30,234 | -€89,439 | -74.7% |
| Remuneration and social security | 454/9 | €1,958 | €0 | -€1,958 | -100% |
| Other amounts payable | 47/48 | €6,283,549 | €6,065,618 | -€217,931 | -3.5% |
| Accrued charges and deferred income | 492/3 | €171,067 | €5,620 | -€165,446 | -96.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197,473 | €186,688 | -€10,785 | -5.5% |
| Other operating charges | 640/8 | €203,889 | €54,720 | -€149,168 | -73.2% |
| Gross operating margin | 9900 | €298,512 | €332,956 | +€34,445 | +11.5% |
| Operating profit (loss) | 9901 | -€102,850 | €91,548 | +€194,399 | |
| Financial income | 75/76B | €3,209,569 | €25,003,083 | +€21.8m | +679% |
| Recurring financial income | 75 | €3,209,569 | €25,003,083 | +€21.8m | +679% |
| Financial charges | 65/66B | €434,426 | €168,247 | -€266,179 | -61.3% |
| Recurring financial charges | 65 | €434,426 | €168,247 | -€266,179 | -61.3% |
| Profit (loss) for the period before taxes | 9903 | €2,672,293 | €24,926,384 | +€22.3m | +833% |
| Income taxes | 67/77 | €173,837 | €118,890 | -€54,948 | -31.6% |
| Profit (loss) for the period | 9904 | €2,498,456 | €24,807,494 | +€22.3m | +893% |
| Profit (loss) for the period to be appropriated | 9905 | €2,498,456 | €24,807,494 | +€22.3m | +893% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.