VH&C: 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.
VH&C
Largest movements
- Receivables within one year +€7,422
up €7,422 (+17.4%), from €42,664 to €50,085
of which Trade receivables: +€8,704
- Tangible fixed assets -€3,535
down €3,535 (-32.8%), from €10,784 to €7,249
- Cash +€3,360
up €3,360 (+89.1%), from €3,773 to €7,133
mainly Net result for the year (+€11,532) and Advances received (+€5,151)
- Deferred charges and accrued income +€2,680
up €2,680 (+688.2%), from €389 to €3,069
- Reserves +€11,527
up €11,527 (+3925.9%), from €294 to €11,821
- Advances received +€5,151
new in 2025: €5,151
- Trade debts -€3,073
down €3,073 (-10.1%), from €30,451 to €27,378
- Current portion of long-term debt -€2,892
down €2,892 (-51.5%), from €5,616 to €2,724
- Debts after one year -€2,724
down €2,724 (-75.2%), from €3,620 to €896
- Gross operating margin +€8,477
up €8,477 (+12.0%), from €70,464 to €78,941
- Staff costs +€6,822
up €6,822 (+14.2%), from €47,996 to €54,818
- Taxes +€1,575
up €1,575 (+29.9%), from €5,276 to €6,852
- Other operating charges +€1,334
up €1,334 (+1130.3%), from €118 to €1,452
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 | €58,770 | €68,697 | +€9,927 | +16.9% |
| Fixed assets | 21/28 | €11,944 | €8,409 | -€3,535 | -29.6% |
| Tangible fixed assets | 22/27 | €10,784 | €7,249 | -€3,535 | -32.8% |
| Plant, machinery and equipment | 23 | €10,784 | €7,249 | -€3,535 | -32.8% |
| Financial fixed assets | 28 | €1,160 | €1,160 | = | 0.0% |
| Current assets | 29/58 | €46,826 | €60,288 | +€13,462 | +28.7% |
| Amounts receivable within one year | 40/41 | €42,664 | €50,085 | +€7,422 | +17.4% |
| Trade receivables | 40 | €39,313 | €48,017 | +€8,704 | +22.1% |
| Other amounts receivable | 41 | €3,351 | €2,068 | -€1,282 | -38.3% |
| Cash at bank and in hand | 54/58 | €3,773 | €7,133 | +€3,360 | +89.1% |
| Deferred charges and accrued income | 490/1 | €389 | €3,069 | +€2,680 | +688.2% |
| Total equity and liabilities | 10/49 | €58,770 | €68,697 | +€9,927 | +16.9% |
| Equity | 10/15 | €6,489 | €18,021 | +€11,532 | +177.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €294 | €11,821 | +€11,527 | +3925.9% |
| Distributable reserves | 133 | €294 | €11,821 | +€11,527 | +3925.9% |
| Profit (loss) carried forward | 14 | -€5 | €0 | +€5 | |
| Amounts payable | 17/49 | €52,282 | €50,676 | -€1,605 | -3.1% |
| Amounts payable after more than one year | 17 | €3,620 | €896 | -€2,724 | -75.2% |
| Financial debts | 170/4 | €3,620 | €896 | -€2,724 | -75.2% |
| Amounts payable within one year | 42/48 | €47,505 | €49,255 | +€1,750 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €5,616 | €2,724 | -€2,892 | -51.5% |
| Trade debts | 44 | €30,451 | €27,378 | -€3,073 | -10.1% |
| Suppliers | 440/4 | €30,451 | €27,378 | -€3,073 | -10.1% |
| Advances received on contracts in progress | 46 | - | €5,151 | +€5,151 | |
| Taxes, remuneration and social security | 45 | €11,317 | €12,838 | +€1,521 | +13.4% |
| Taxes | 450/3 | €5,989 | €6,748 | +€759 | +12.7% |
| Remuneration and social security | 454/9 | €5,328 | €6,090 | +€762 | +14.3% |
| Other amounts payable | 47/48 | €121 | €1,164 | +€1,043 | +861.6% |
| Accrued charges and deferred income | 492/3 | €1,156 | €525 | -€631 | -54.6% |
| Remuneration, social security and pensions | 62 | €47,996 | €54,818 | +€6,822 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,344 | €3,535 | +€191 | +5.7% |
| Other operating charges | 640/8 | €118 | €1,452 | +€1,334 | +1130.3% |
| Gross operating margin | 9900 | €70,464 | €78,941 | +€8,477 | +12.0% |
| Operating profit (loss) | 9901 | €19,006 | €19,136 | +€130 | +0.7% |
| Financial income | 75/76B | - | €48 | +€48 | |
| Recurring financial income | 75 | - | €48 | +€48 | |
| Financial charges | 65/66B | €1,353 | €801 | -€553 | -40.8% |
| Recurring financial charges | 65 | €1,353 | €801 | -€553 | -40.8% |
| Profit (loss) for the period before taxes | 9903 | €17,653 | €18,384 | +€731 | +4.1% |
| Income taxes | 67/77 | €5,276 | €6,852 | +€1,575 | +29.9% |
| Profit (loss) for the period | 9904 | €12,377 | €11,532 | -€844 | -6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €12,377 | €11,532 | -€844 | -6.8% |
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 7 October 2026 via checked.be.