VH ASSET MANAGEMENT: 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
VH ASSET MANAGEMENT
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€50,548
2024 · €2,077+€48,471
Equity
€34.5m
2024 · €34.5m+€50,548
Cash
€583,662
2024 · €446,663+€137,000
Balance sheet total
€36.6m
2024 · €51.9m-€15.3m
Largest movements
Assets
- Current investments -€15.4m
down €15.4m (-90.9%), from €16.9m to €1.5m
Equity and liabilities
- Other debts -€15.3m
down €15.3m (-89.4%), from €17.1m to €1.8m
Income statement
- Financial income +€792,999
up €792,999 (+1,834%), from €43,248 to €836,247
of which Financial income: +€792,999
- Financial charges +€638,283
up €638,283 (+426%), from €149,670 to €787,953
- Turnover -€60,000
down €60,000 (-8.7%), from €692,400 to €632,400
- Staff costs +€50,784
up €50,784 (+11.8%), from €430,899 to €481,683
- Taxes +€17,858
up €17,858 (+167%), from €10,676 to €28,534
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
€2,077
Turnover
-€60,000
Other operating income
+€5,547
Services and other goods
+€11,619
Staff costs
-€50,784
Depreciation
+€4,889
Other operating charges
+€342
Financial income
+€792,999
Financial charges
-€638,283
Taxes
-€17,858
Result 2025
€50,548
raises the resultlowers 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
-€15.2m
Investment
+€15.3m
Financing
-€10,206
Cash 2024
€446,663
From operations (derived)
-€15.2m
Net result for the year
+€50,548
Depreciation
+€23,674
Receivables within one year
+€90,614
Deferred charges and accrued income
-€1,421
Trade debts
+€47,150
Tax, wage and social debts
-€42,317
Other debts
-€15.3m
Accrued charges and deferred income
-€54,065
Investment (derived)
+€15.3m
Investment in fixed assets (net)
-€4,602
Current investments
+€15.4m
Financing
-€10,206
Current portion of long-term debt
-€10,206
Cash 2025
€583,662
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €51,874,711 | €36,551,777 | -€15.3m | -29.5% |
| Fixed assets | 21/28 | €34,273,893 | €34,254,821 | -€19,072 | -0.1% |
| Tangible fixed assets | 22/27 | €115,782 | €96,710 | -€19,072 | -16.5% |
| Furniture and vehicles | 24 | €33,481 | €16,710 | -€16,771 | -50.1% |
| Leasing and similar rights | 25 | €2,301 | €0 | -€2,301 | -100% |
| Other tangible fixed assets | 26 | €80,000 | €80,000 | = | 0.0% |
| Financial fixed assets | 28 | €34,158,111 | €34,158,111 | = | 0.0% |
| Affiliated companies | 280/1 | €34,158,111 | €34,158,111 | = | 0.0% |
| Participating interests | 280 | €34,158,111 | €34,158,111 | = | 0.0% |
| Current assets | 29/58 | €17,600,818 | €2,296,956 | -€15.3m | -86.9% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €266,645 | €176,031 | -€90,614 | -34.0% |
| Trade receivables | 40 | €263,901 | €31 | -€263,870 | -100.0% |
| Other amounts receivable | 41 | €2,744 | €176,000 | +€173,256 | +6,314% |
| Current investments | 50/53 | €16,883,358 | €1,531,688 | -€15.4m | -90.9% |
| Other investments | 51/53 | €16,883,358 | €1,531,688 | -€15.4m | -90.9% |
| Cash at bank and in hand | 54/58 | €446,663 | €583,662 | +€137,000 | +30.7% |
| Deferred charges and accrued income | 490/1 | €4,153 | €5,575 | +€1,421 | +34.2% |
| Total equity and liabilities | 10/49 | €51,874,711 | €36,551,777 | -€15.3m | -29.5% |
| Equity | 10/15 | €34,461,358 | €34,511,906 | +€50,548 | +0.1% |
| Contributions | 10/11 | €19,965,810 | €19,965,810 | = | 0.0% |
| Reserves | 13 | €664,388 | €664,388 | = | 0.0% |
| Distributable reserves | 133 | €664,388 | €664,388 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,831,161 | €13,881,708 | +€50,548 | +0.4% |
| Amounts payable | 17/49 | €17,413,353 | €2,039,871 | -€15.4m | -88.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Leasing and similar obligations | 172 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €17,349,288 | €2,029,871 | -€15.3m | -88.3% |
| Current portion of amounts payable after more than one year | 42 | €10,206 | €0 | -€10,206 | -100% |
| Trade debts | 44 | €11,506 | €58,655 | +€47,150 | +410% |
| Suppliers | 440/4 | €11,506 | €58,655 | +€47,150 | +410% |
| Taxes, remuneration and social security | 45 | €193,576 | €151,259 | -€42,317 | -21.9% |
| Taxes | 450/3 | €69,147 | €47,540 | -€21,608 | -31.2% |
| Remuneration and social security | 454/9 | €124,429 | €103,719 | -€20,710 | -16.6% |
| Other amounts payable | 47/48 | €17,134,000 | €1,819,957 | -€15.3m | -89.4% |
| Accrued charges and deferred income | 492/3 | €64,065 | €10,000 | -€54,065 | -84.4% |
| Operating income | 70/76A | €711,193 | €656,740 | -€54,453 | -7.7% |
| Turnover | 70 | €692,400 | €632,400 | -€60,000 | -8.7% |
| Other operating income | 74 | €18,793 | €24,340 | +€5,547 | +29.5% |
| Operating charges | 60/66A | €592,018 | €625,952 | +€33,933 | +5.7% |
| Services and other goods | 61 | €129,418 | €117,799 | -€11,619 | -9.0% |
| Remuneration, social security and pensions | 62 | €430,899 | €481,683 | +€50,784 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,563 | €23,674 | -€4,889 | -17.1% |
| Other operating charges | 640/8 | €3,138 | €2,796 | -€342 | -10.9% |
| Operating profit (loss) | 9901 | €119,174 | €30,788 | -€88,386 | -74.2% |
| Financial income | 75/76B | €43,248 | €836,247 | +€792,999 | +1,834% |
| Recurring financial income | 75 | €43,248 | €836,247 | +€792,999 | +1,834% |
| Income from current assets | 751 | €43,248 | €689,513 | +€646,264 | +1,494% |
| Other financial income | 752/9 | €0 | €146,735 | +€146,735 | |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €149,670 | €787,953 | +€638,283 | +426% |
| Recurring financial charges | 65 | €149,670 | €787,953 | +€638,283 | +426% |
| Debt charges | 650 | €130,647 | €778,872 | +€648,225 | +496% |
| Other financial charges | 652/9 | €19,022 | €9,081 | -€9,941 | -52.3% |
| Profit (loss) for the period before taxes | 9903 | €12,752 | €79,082 | +€66,329 | +520% |
| Income taxes | 67/77 | €10,676 | €28,534 | +€17,858 | +167% |
| Taxes | 670/3 | €10,676 | €28,534 | +€17,858 | +167% |
| Profit (loss) for the period | 9904 | €2,077 | €50,548 | +€48,471 | +2,334% |
| Profit (loss) for the period to be appropriated | 9905 | €2,077 | €50,548 | +€48,471 | +2,334% |
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 31 October 2026 via checked.be.