VH Consult: 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 Consult
Largest movements
- Cash +€45,498
up €45,498 (+110%), from €41,272 to €86,770
mainly Net result for the year (+€118,968) and Depreciation (+€108,172)
- Tangible fixed assets +€44,007
up €44,007 (+8.5%), from €514,808 to €558,814
of which Plant, machinery and equipment: +€141,579
- Current investments -€6,800
down €6,800 (-100%), from €6,800 to €0
- Reserves +€118,968
up €118,968 (+128%), from €92,641 to €211,609
- Other debts -€39,739
down €39,739 (-57.1%), from €69,614 to €29,875
- Debts after one year +€20,353
up €20,353 (+6.7%), from €304,540 to €324,893
- Tax, wage and social debts -€8,316
down €8,316 (-56.8%), from €14,629 to €6,313
of which Taxes: -€8,316
- Gross operating margin +€151,336
up €151,336 (+110%), from €137,844 to €289,180
- Taxes +€28,631
up €28,631 (+413%), from €6,930 to €35,561
- Depreciation +€18,093
up €18,093 (+20.1%), from €90,079 to €108,172
- Financial charges -€3,646
down €3,646 (-23.9%), from €15,251 to €11,604
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 | €572,975 | €660,166 | +€87,191 | +15.2% |
| Fixed assets | 21/28 | €514,808 | €558,814 | +€44,007 | +8.5% |
| Tangible fixed assets | 22/27 | €514,808 | €558,814 | +€44,007 | +8.5% |
| Land and buildings | 22 | €153,547 | €156,415 | +€2,868 | +1.9% |
| Plant, machinery and equipment | 23 | €40,526 | €182,105 | +€141,579 | +349% |
| Furniture and vehicles | 24 | €320,735 | €213,494 | -€107,241 | -33.4% |
| Other tangible fixed assets | 26 | - | €6,800 | +€6,800 | |
| Current assets | 29/58 | €58,167 | €101,352 | +€43,185 | +74.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €8,295 | €13,756 | +€5,461 | +65.8% |
| Trade receivables | 40 | €5,087 | €0 | -€5,087 | -100% |
| Other amounts receivable | 41 | €3,208 | €13,756 | +€10,547 | +329% |
| Current investments | 50/53 | €6,800 | €0 | -€6,800 | -100% |
| Cash at bank and in hand | 54/58 | €41,272 | €86,770 | +€45,498 | +110% |
| Deferred charges and accrued income | 490/1 | €1,799 | €825 | -€974 | -54.1% |
| Total equity and liabilities | 10/49 | €572,975 | €660,166 | +€87,191 | +15.2% |
| Equity | 10/15 | €111,241 | €230,209 | +€118,968 | +107% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €92,641 | €211,609 | +€118,968 | +128% |
| Distributable reserves | 133 | €92,641 | €211,609 | +€118,968 | +128% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €461,733 | €429,956 | -€31,777 | -6.9% |
| Amounts payable after more than one year | 17 | €304,540 | €324,893 | +€20,353 | +6.7% |
| Financial debts | 170/4 | €304,540 | €324,893 | +€20,353 | +6.7% |
| Amounts payable within one year | 42/48 | €153,844 | €101,372 | -€52,472 | -34.1% |
| Current portion of amounts payable after more than one year | 42 | €64,598 | €60,675 | -€3,923 | -6.1% |
| Financial debts | 43 | €3,412 | €3,422 | +€10 | +0.3% |
| Credit institutions | 430/8 | €3,412 | €3,422 | +€10 | +0.3% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €1,591 | €1,087 | -€504 | -31.7% |
| Suppliers | 440/4 | €1,591 | €1,087 | -€504 | -31.7% |
| Taxes, remuneration and social security | 45 | €14,629 | €6,313 | -€8,316 | -56.8% |
| Taxes | 450/3 | €14,629 | €6,313 | -€8,316 | -56.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €69,614 | €29,875 | -€39,739 | -57.1% |
| Accrued charges and deferred income | 492/3 | €3,350 | €3,691 | +€341 | +10.2% |
| Non-recurring operating income | 76A | €429 | €0 | -€429 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,079 | €108,172 | +€18,093 | +20.1% |
| Other operating charges | 640/8 | €845 | €2,973 | +€2,128 | +252% |
| Non-recurring operating charges | 66A | - | €11,906 | +€11,906 | |
| Gross operating margin | 9900 | €137,844 | €289,180 | +€151,336 | +110% |
| Operating profit (loss) | 9901 | €46,920 | €166,128 | +€119,208 | +254% |
| Financial income | 75/76B | €16 | €6 | -€10 | -63.8% |
| Recurring financial income | 75 | €16 | €6 | -€10 | -63.8% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €15,251 | €11,604 | -€3,646 | -23.9% |
| Recurring financial charges | 65 | €15,251 | €11,604 | -€3,646 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | €31,685 | €154,530 | +€122,844 | +388% |
| Income taxes | 67/77 | €6,930 | €35,561 | +€28,631 | +413% |
| Profit (loss) for the period | 9904 | €24,755 | €118,968 | +€94,213 | +381% |
| Profit (loss) for the period to be appropriated | 9905 | €24,755 | €118,968 | +€94,213 | +381% |
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 28 October 2026 via checked.be.