VH Advisory: 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 Advisory
Largest movements
- Current investments +€18,329
up €18,329 (+28.7%), from €63,933 to €82,262
- Cash -€15,804
down €15,804 (-43.8%), from €36,100 to €20,296
mainly Contributions, distributions and other (-€89,000) and Investment in fixed assets (net) (-€22,795)
- Tangible fixed assets +€14,640
up €14,640 (+24.9%), from €58,707 to €73,347
of which Furniture and vehicles: +€20,187
- Deferred charges and accrued income +€4,022
up €4,022 (+117%), from €3,429 to €7,451
- Reserves -€89,000
down €89,000 (-99.2%), from €89,678 to €678
- Other debts +€67,727
up €67,727 (+331%), from €20,480 to €88,207
- Profit (loss) carried forward +€48,976
new in 2025: €48,976
- Tax, wage and social debts -€10,224
down €10,224 (-44.7%), from €22,869 to €12,644
- Trade debts +€4,823
up €4,823 (+1,329%), from €363 to €5,186
- Financial charges +€3,551
up €3,551 (+129%), from €2,748 to €6,299
- Depreciation +€2,950
up €2,950 (+56.7%), from €5,206 to €8,155
- Taxes -€2,432
down €2,432 (-12.6%), from €19,312 to €16,880
- Gross operating margin -€2,039
down €2,039 (-2.5%), from €82,451 to €80,412
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 | €175,766 | €197,396 | +€21,629 | +12.3% |
| Fixed assets | 21/28 | €58,707 | €73,347 | +€14,640 | +24.9% |
| Tangible fixed assets | 22/27 | €58,707 | €73,347 | +€14,640 | +24.9% |
| Land and buildings | 22 | €53,362 | €50,417 | -€2,946 | -5.5% |
| Plant, machinery and equipment | 23 | €5,345 | €2,743 | -€2,602 | -48.7% |
| Furniture and vehicles | 24 | - | €20,187 | +€20,187 | |
| Current assets | 29/58 | €117,059 | €124,049 | +€6,990 | +6.0% |
| Amounts receivable within one year | 40/41 | €13,597 | €14,040 | +€442 | +3.3% |
| Trade receivables | 40 | €13,597 | €13,159 | -€439 | -3.2% |
| Other amounts receivable | 41 | - | €881 | +€881 | |
| Current investments | 50/53 | €63,933 | €82,262 | +€18,329 | +28.7% |
| Cash at bank and in hand | 54/58 | €36,100 | €20,296 | -€15,804 | -43.8% |
| Deferred charges and accrued income | 490/1 | €3,429 | €7,451 | +€4,022 | +117% |
| Total equity and liabilities | 10/49 | €175,766 | €197,396 | +€21,629 | +12.3% |
| Equity | 10/15 | €94,678 | €54,655 | -€40,024 | -42.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €89,678 | €678 | -€89,000 | -99.2% |
| Distributable reserves | 133 | €89,678 | €678 | -€89,000 | -99.2% |
| Profit (loss) carried forward | 14 | - | €48,976 | +€48,976 | |
| Amounts payable | 17/49 | €81,088 | €142,741 | +€61,653 | +76.0% |
| Amounts payable after more than one year | 17 | €32,737 | €28,974 | -€3,762 | -11.5% |
| Financial debts | 170/4 | €32,737 | €28,974 | -€3,762 | -11.5% |
| Amounts payable within one year | 42/48 | €48,351 | €109,919 | +€61,568 | +127% |
| Current portion of amounts payable after more than one year | 42 | €3,675 | €3,762 | +€88 | +2.4% |
| Financial debts | 43 | €965 | €120 | -€845 | -87.6% |
| Credit institutions | 430/8 | €965 | €120 | -€845 | -87.6% |
| Trade debts | 44 | €363 | €5,186 | +€4,823 | +1,329% |
| Suppliers | 440/4 | €363 | €5,186 | +€4,823 | +1,329% |
| Taxes, remuneration and social security | 45 | €22,869 | €12,644 | -€10,224 | -44.7% |
| Taxes | 450/3 | €22,869 | €12,644 | -€10,224 | -44.7% |
| Other amounts payable | 47/48 | €20,480 | €88,207 | +€67,727 | +331% |
| Accrued charges and deferred income | 492/3 | - | €3,848 | +€3,848 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,206 | €8,155 | +€2,950 | +56.7% |
| Other operating charges | 640/8 | €508 | €571 | +€63 | +12.5% |
| Gross operating margin | 9900 | €82,451 | €80,412 | -€2,039 | -2.5% |
| Operating profit (loss) | 9901 | €76,737 | €71,685 | -€5,052 | -6.6% |
| Financial income | 75/76B | €280 | €470 | +€191 | +68.1% |
| Recurring financial income | 75 | €280 | €470 | +€191 | +68.1% |
| Financial charges | 65/66B | €2,748 | €6,299 | +€3,551 | +129% |
| Recurring financial charges | 65 | €2,748 | €6,299 | +€3,551 | +129% |
| Profit (loss) for the period before taxes | 9903 | €74,269 | €65,857 | -€8,412 | -11.3% |
| Income taxes | 67/77 | €19,312 | €16,880 | -€2,432 | -12.6% |
| Profit (loss) for the period | 9904 | €54,957 | €48,976 | -€5,980 | -10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €54,957 | €48,976 | -€5,980 | -10.9% |
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.