VH Development: 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 Development
Largest movements
- Stocks and contracts +€641,685
up €641,685 (+46.5%), from €1.4m to €2.0m
- Cash +€226,187
up €226,187 (+497.7%), from €45,449 to €271,636
mainly Short-term financial debts (+€3.0m) and Trade debts (+€346,873)
- Short-term financial debts +€3.0m
new in 2025: €3.0m
- Debts after one year -€2.1m
down €2.1m (-53.9%), from €3.9m to €1.8m
- Other debts -€469,619
down €469,619 (-56.9%), from €824,999 to €355,380
- Trade debts +€346,873
up €346,873 (+7803.5%), from €4,445 to €351,318
- Advances received +€99,926
new in 2025: €99,926
- Other operating charges +€43,392
up €43,392 (+48391.2%), from €90 to €43,482
- Gross operating margin -€16,944
down €16,944 (-207.4%), from -€8,170 to -€25,114
- Financial charges -€6,382
down €6,382 (-91.7%), from €6,956 to €574
- Financial income -€502
down €502 (-24.7%), from €2,032 to €1,530
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 | €4,753,795 | €5,575,026 | +€821,230 | +17.3% |
| Fixed assets | 21/28 | €3,216,653 | €3,216,653 | = | 0.0% |
| Financial fixed assets | 28 | €3,216,653 | €3,216,653 | = | 0.0% |
| Current assets | 29/58 | €1,537,142 | €2,358,372 | +€821,230 | +53.4% |
| Stocks and contracts in progress | 3 | €1,380,089 | €2,021,775 | +€641,685 | +46.5% |
| Stocks | 30/36 | €1,380,089 | €2,021,775 | +€641,685 | +46.5% |
| Amounts receivable within one year | 40/41 | €111,604 | €64,962 | -€46,642 | -41.8% |
| Trade receivables | 40 | - | €5,295 | +€5,295 | |
| Other amounts receivable | 41 | €111,604 | €59,667 | -€51,937 | -46.5% |
| Cash at bank and in hand | 54/58 | €45,449 | €271,636 | +€226,187 | +497.7% |
| Total equity and liabilities | 10/49 | €4,753,795 | €5,575,026 | +€821,230 | +17.3% |
| Equity | 10/15 | €3,233 | -€64,407 | -€67,640 | |
| Contributions | 10/11 | €56,000 | €56,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€52,767 | -€120,407 | -€67,640 | -128.2% |
| Amounts payable | 17/49 | €4,750,562 | €5,639,432 | +€888,870 | +18.7% |
| Amounts payable after more than one year | 17 | €3,913,530 | €1,802,843 | -€2.1m | -53.9% |
| Financial debts | 170/4 | €3,913,530 | €1,802,843 | -€2.1m | -53.9% |
| Amounts payable within one year | 42/48 | €829,444 | €3,820,988 | +€3.0m | +360.7% |
| Financial debts | 43 | - | €3,014,364 | +€3.0m | |
| Credit institutions | 430/8 | - | €3,014,364 | +€3.0m | |
| Trade debts | 44 | €4,445 | €351,318 | +€346,873 | +7803.5% |
| Suppliers | 440/4 | €4,445 | €351,318 | +€346,873 | +7803.5% |
| Advances received on contracts in progress | 46 | - | €99,926 | +€99,926 | |
| Other amounts payable | 47/48 | €824,999 | €355,380 | -€469,619 | -56.9% |
| Accrued charges and deferred income | 492/3 | €7,589 | €15,601 | +€8,013 | +105.6% |
| Other operating charges | 640/8 | €90 | €43,482 | +€43,392 | +48391.2% |
| Gross operating margin | 9900 | -€8,170 | -€25,114 | -€16,944 | -207.4% |
| Operating profit (loss) | 9901 | -€8,259 | -€68,596 | -€60,336 | -730.5% |
| Financial income | 75/76B | €2,032 | €1,530 | -€502 | -24.7% |
| Recurring financial income | 75 | €2,032 | €1,530 | -€502 | -24.7% |
| Financial charges | 65/66B | €6,956 | €574 | -€6,382 | -91.7% |
| Recurring financial charges | 65 | €6,956 | €574 | -€6,382 | -91.7% |
| Profit (loss) for the period before taxes | 9903 | -€13,184 | -€67,640 | -€54,456 | -413.1% |
| Profit (loss) for the period | 9904 | -€13,184 | -€67,640 | -€54,456 | -413.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,184 | -€67,640 | -€54,456 | -413.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.