VEHO SERVICES: 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.
VEHO SERVICES
Largest movements
- Receivables within one year -€59,865
down €59,865 (-57.1%), from €104,932 to €45,067
of which Other amounts receivable: -€59,865
- Tangible fixed assets +€28,575
up €28,575 (+60.9%), from €46,947 to €75,522
of which Other tangible fixed assets: +€34,400
- Cash -€7,274
down €7,274 (-27.3%), from €26,644 to €19,370
mainly Trade debts (-€46,308) and Investment in fixed assets (net) (-€40,215)
- Trade debts -€46,308
down €46,308 (-64.6%), from €71,679 to €25,371
- Debts after one year +€26,460
new in 2025: €26,460
- Current portion of long-term debt -€18,916
down €18,916 (-50.6%), from €37,355 to €18,439
- Financial income -€63,098
down €63,098 (-90.9%), from €69,444 to €6,346
of which Financial income: -€59,321
- Gross operating margin -€10,698
down €10,698 (-31.8%), from €33,687 to €22,988
- Taxes -€8,220
down €8,220 (-55.2%), from €14,897 to €6,676
- Other operating charges +€3,041
up €3,041 (+355.6%), from €855 to €3,897
- Depreciation +€1,373
up €1,373 (+13.4%), from €10,267 to €11,640
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 | €426,990 | €388,342 | -€38,649 | -9.1% |
| Fixed assets | 21/28 | €295,330 | €323,905 | +€28,575 | +9.7% |
| Tangible fixed assets | 22/27 | €46,947 | €75,522 | +€28,575 | +60.9% |
| Land and buildings | 22 | €16,901 | €13,783 | -€3,118 | -18.4% |
| Furniture and vehicles | 24 | €16,762 | €14,055 | -€2,707 | -16.1% |
| Other tangible fixed assets | 26 | €13,284 | €47,684 | +€34,400 | +259.0% |
| Financial fixed assets | 28 | €248,383 | €248,383 | = | 0.0% |
| Current assets | 29/58 | €131,660 | €64,436 | -€67,224 | -51.1% |
| Amounts receivable within one year | 40/41 | €104,932 | €45,067 | -€59,865 | -57.1% |
| Trade receivables | 40 | €41,743 | €41,743 | = | 0.0% |
| Other amounts receivable | 41 | €63,189 | €3,324 | -€59,865 | -94.7% |
| Cash at bank and in hand | 54/58 | €26,644 | €19,370 | -€7,274 | -27.3% |
| Deferred charges and accrued income | 490/1 | €85 | - | -€85 | |
| Total equity and liabilities | 10/49 | €426,990 | €388,342 | -€38,649 | -9.1% |
| Equity | 10/15 | €225,924 | €228,548 | +€2,624 | +1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €90,288 | €90,288 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €88,428 | €88,428 | = | 0.0% |
| Profit (loss) carried forward | 14 | €117,036 | €119,660 | +€2,624 | +2.2% |
| Provisions and deferred taxes | 16 | €42,043 | €42,043 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €42,043 | €42,043 | = | 0.0% |
| Other liabilities and charges | 164/5 | €42,043 | €42,043 | = | 0.0% |
| Amounts payable | 17/49 | €159,024 | €117,751 | -€41,273 | -26.0% |
| Amounts payable after more than one year | 17 | - | €26,460 | +€26,460 | |
| Financial debts | 170/4 | - | €26,460 | +€26,460 | |
| Amounts payable within one year | 42/48 | €159,024 | €91,291 | -€67,733 | -42.6% |
| Current portion of amounts payable after more than one year | 42 | €37,355 | €18,439 | -€18,916 | -50.6% |
| Trade debts | 44 | €71,679 | €25,371 | -€46,308 | -64.6% |
| Suppliers | 440/4 | €71,679 | €25,371 | -€46,308 | -64.6% |
| Taxes, remuneration and social security | 45 | €4,897 | €4,995 | +€99 | +2.0% |
| Taxes | 450/3 | €4,897 | €4,995 | +€99 | +2.0% |
| Other amounts payable | 47/48 | €45,094 | €42,486 | -€2,608 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,267 | €11,640 | +€1,373 | +13.4% |
| Other operating charges | 640/8 | €855 | €3,897 | +€3,041 | +355.6% |
| Gross operating margin | 9900 | €33,687 | €22,988 | -€10,698 | -31.8% |
| Operating profit (loss) | 9901 | €22,564 | €7,451 | -€15,113 | -67.0% |
| Financial income | 75/76B | €69,444 | €6,346 | -€63,098 | -90.9% |
| Recurring financial income | 75 | €60,000 | €679 | -€59,321 | -98.9% |
| Non-recurring financial income | 76B | €9,444 | €5,667 | -€3,777 | -40.0% |
| Financial charges | 65/66B | €5,683 | €4,497 | -€1,186 | -20.9% |
| Recurring financial charges | 65 | €5,683 | €4,497 | -€1,186 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €86,324 | €9,300 | -€77,024 | -89.2% |
| Income taxes | 67/77 | €14,897 | €6,676 | -€8,220 | -55.2% |
| Profit (loss) for the period | 9904 | €71,428 | €2,624 | -€68,804 | -96.3% |
| Profit (loss) for the period to be appropriated | 9905 | €71,428 | €2,624 | -€68,804 | -96.3% |
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 30 September 2026 via checked.be.