VH AANNEMINGEN: 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.
VH AANNEMINGEN
Largest movements
- Receivables within one year +€233,813
up €233,813 (+109%), from €214,898 to €448,711
of which Trade receivables: +€210,110
- Tangible fixed assets -€86,453
down €86,453 (-28.1%), from €307,589 to €221,136
of which Plant, machinery and equipment: -€70,781
- Cash -€23,759
down €23,759 (-33.9%), from €70,162 to €46,403
mainly Receivables within one year (-€233,813) and Debts after one year (-€28,641)
- Trade debts +€96,118
up €96,118 (+129%), from €74,701 to €170,819
- Reserves +€50,083
up €50,083 (+37.4%), from €133,844 to €183,927
- Debts after one year -€28,641
down €28,641 (-7.9%), from €362,576 to €333,935
of which Financial debts: -€27,743
- Current portion of long-term debt +€14,313
up €14,313 (+36.4%), from €39,328 to €53,641
- Other debts -€12,850
no longer reported in 2025 (was €12,850)
- Gross operating margin +€44,314
up €44,314 (+40.6%), from €109,069 to €153,383
- Write-downs +€18,344
new in 2025: €18,344
- Depreciation -€10,106
down €10,106 (-29.9%), from €33,765 to €23,659
- Taxes +€7,126
up €7,126 (+57.7%), from €12,353 to €19,479
- Financial charges -€4,862
down €4,862 (-18.2%), from €26,780 to €21,918
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 | €755,840 | €879,044 | +€123,203 | +16.3% |
| Fixed assets | 21/28 | €307,885 | €221,170 | -€86,715 | -28.2% |
| Intangible fixed assets | 21 | €296 | €34 | -€262 | -88.4% |
| Tangible fixed assets | 22/27 | €307,589 | €221,136 | -€86,453 | -28.1% |
| Land and buildings | 22 | €213,231 | €207,351 | -€5,880 | -2.8% |
| Plant, machinery and equipment | 23 | €79,310 | €8,530 | -€70,781 | -89.2% |
| Furniture and vehicles | 24 | €15,048 | €5,255 | -€9,792 | -65.1% |
| Current assets | 29/58 | €447,955 | €657,873 | +€209,918 | +46.9% |
| Stocks and contracts in progress | 3 | €160,726 | €160,726 | = | 0.0% |
| Stocks | 30/36 | €160,726 | €160,726 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €214,898 | €448,711 | +€233,813 | +109% |
| Trade receivables | 40 | €29,194 | €239,304 | +€210,110 | +720% |
| Other amounts receivable | 41 | €185,704 | €209,407 | +€23,702 | +12.8% |
| Cash at bank and in hand | 54/58 | €70,162 | €46,403 | -€23,759 | -33.9% |
| Deferred charges and accrued income | 490/1 | €2,169 | €2,034 | -€135 | -6.2% |
| Total equity and liabilities | 10/49 | €755,840 | €879,044 | +€123,203 | +16.3% |
| Equity | 10/15 | €143,844 | €193,927 | +€50,083 | +34.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €133,844 | €183,927 | +€50,083 | +37.4% |
| Distributable reserves | 133 | €133,844 | €183,927 | +€50,083 | +37.4% |
| Amounts payable | 17/49 | €611,996 | €685,116 | +€73,120 | +11.9% |
| Amounts payable after more than one year | 17 | €362,576 | €333,935 | -€28,641 | -7.9% |
| Financial debts | 170/4 | €208,919 | €181,176 | -€27,743 | -13.3% |
| Other amounts payable | 178/9 | €153,657 | €152,759 | -€898 | -0.6% |
| Amounts payable within one year | 42/48 | €156,341 | €249,643 | +€93,302 | +59.7% |
| Current portion of amounts payable after more than one year | 42 | €39,328 | €53,641 | +€14,313 | +36.4% |
| Trade debts | 44 | €74,701 | €170,819 | +€96,118 | +129% |
| Suppliers | 440/4 | €74,701 | €170,819 | +€96,118 | +129% |
| Taxes, remuneration and social security | 45 | €29,461 | €25,183 | -€4,278 | -14.5% |
| Taxes | 450/3 | €27,203 | €22,063 | -€5,140 | -18.9% |
| Remuneration and social security | 454/9 | €2,258 | €3,120 | +€862 | +38.2% |
| Other amounts payable | 47/48 | €12,850 | - | -€12,850 | |
| Accrued charges and deferred income | 492/3 | €93,080 | €101,539 | +€8,459 | +9.1% |
| Non-recurring operating income | 76A | - | €1,135 | +€1,135 | |
| Remuneration, social security and pensions | 62 | €2,622 | - | -€2,622 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,765 | €23,659 | -€10,106 | -29.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €18,344 | +€18,344 | |
| Other operating charges | 640/8 | €4,836 | €2,735 | -€2,100 | -43.4% |
| Non-recurring operating charges | 66A | - | €17,191 | +€17,191 | |
| Gross operating margin | 9900 | €109,069 | €153,383 | +€44,314 | +40.6% |
| Operating profit (loss) | 9901 | €67,846 | €91,454 | +€23,607 | +34.8% |
| Financial income | 75/76B | €30 | €27 | -€3 | -11.3% |
| Recurring financial income | 75 | €30 | €27 | -€3 | -11.3% |
| Financial charges | 65/66B | €26,780 | €21,918 | -€4,862 | -18.2% |
| Recurring financial charges | 65 | €26,780 | €21,918 | -€4,862 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €41,096 | €69,562 | +€28,466 | +69.3% |
| Income taxes | 67/77 | €12,353 | €19,479 | +€7,126 | +57.7% |
| Profit (loss) for the period | 9904 | €28,743 | €50,083 | +€21,340 | +74.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,743 | €50,083 | +€21,340 | +74.2% |
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 29 October 2026 via checked.be.