VF Hephaestus: 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.
VF Hephaestus
Largest movements
- Receivables within one year -€181,717
down €181,717 (-90.6%), from €200,663 to €18,947
of which Trade receivables: -€172,110
- Advances received -€168,000
down €168,000 (-100%), from €168,000 to €0
- Reserves -€30,232
down €30,232 (-25.1%), from €120,317 to €90,085
- Financial income -€104,207
down €104,207 (-99.4%), from €104,826 to €619
of which Non-recurring financial income: -€104,800
- Gross operating margin +€50,399
up €50,399 (+68.0%), from -€74,097 to -€23,698
- Other operating charges -€964
down €964 (-62.3%), from €1,548 to €584
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 | €726,668 | €535,900 | -€190,768 | -26.3% |
| Fixed assets | 21/28 | €514,717 | €508,489 | -€6,229 | -1.2% |
| Tangible fixed assets | 22/27 | €15,721 | €11,536 | -€4,186 | -26.6% |
| Furniture and vehicles | 24 | €15,721 | €11,536 | -€4,186 | -26.6% |
| Financial fixed assets | 28 | €498,996 | €496,953 | -€2,043 | -0.4% |
| Current assets | 29/58 | €211,950 | €27,411 | -€184,539 | -87.1% |
| Amounts receivable within one year | 40/41 | €200,663 | €18,947 | -€181,717 | -90.6% |
| Trade receivables | 40 | €183,000 | €10,890 | -€172,110 | -94.0% |
| Other amounts receivable | 41 | €17,663 | €8,057 | -€9,607 | -54.4% |
| Cash at bank and in hand | 54/58 | €11,287 | €8,465 | -€2,822 | -25.0% |
| Total equity and liabilities | 10/49 | €726,668 | €535,900 | -€190,768 | -26.3% |
| Equity | 10/15 | €157,317 | €127,085 | -€30,232 | -19.2% |
| Contributions | 10/11 | €37,000 | €37,000 | = | 0.0% |
| Reserves | 13 | €120,317 | €90,085 | -€30,232 | -25.1% |
| Distributable reserves | 133 | €120,317 | €90,085 | -€30,232 | -25.1% |
| Profit (loss) carried forward | 14 | - | €0 | +€0 | |
| Amounts payable | 17/49 | €569,350 | €408,815 | -€160,535 | -28.2% |
| Amounts payable after more than one year | 17 | €170,000 | €170,000 | = | 0.0% |
| Financial debts | 170/4 | €170,000 | €170,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €399,350 | €237,815 | -€161,535 | -40.4% |
| Financial debts | 43 | €25 | €429 | +€405 | +1,646% |
| Credit institutions | 430/8 | €25 | €429 | +€405 | +1,646% |
| Trade debts | 44 | €226,807 | €233,583 | +€6,776 | +3.0% |
| Suppliers | 440/4 | €226,807 | €233,583 | +€6,776 | +3.0% |
| Advances received on contracts in progress | 46 | €168,000 | €0 | -€168,000 | -100% |
| Other amounts payable | 47/48 | €4,519 | €3,803 | -€716 | -15.8% |
| Accrued charges and deferred income | 492/3 | - | €1,000 | +€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,186 | €4,186 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,548 | €584 | -€964 | -62.3% |
| Gross operating margin | 9900 | -€74,097 | -€23,698 | +€50,399 | +68.0% |
| Operating profit (loss) | 9901 | -€79,831 | -€28,468 | +€51,363 | +64.3% |
| Financial income | 75/76B | €104,826 | €619 | -€104,207 | -99.4% |
| Recurring financial income | 75 | €26 | €619 | +€593 | +2,251% |
| Non-recurring financial income | 76B | €104,800 | €0 | -€104,800 | -100% |
| Financial charges | 65/66B | €1,589 | €2,218 | +€630 | +39.7% |
| Recurring financial charges | 65 | €1,589 | €175 | -€1,413 | -89.0% |
| Non-recurring financial charges | 66B | €0 | €2,043 | +€2,043 | |
| Profit (loss) for the period before taxes | 9903 | €23,407 | -€30,067 | -€53,474 | |
| Income taxes | 67/77 | €68 | €165 | +€97 | +143% |
| Profit (loss) for the period | 9904 | €23,339 | -€30,232 | -€53,571 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,339 | -€30,232 | -€53,571 |
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 15 October 2026 via checked.be.