VH Engineering: 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 Engineering
Largest movements
- Stocks and contracts +€73,378
up €73,378 (+183.4%), from €40,000 to €113,378
of which Stocks: +€73,800
- Receivables within one year -€17,975
down €17,975 (-28.5%), from €63,153 to €45,178
of which Trade receivables: -€18,959
- Cash +€15,115
up €15,115 (+226.5%), from €6,674 to €21,789
mainly Trade debts (+€36,793) and Depreciation (+€22,446)
- Tangible fixed assets +€5,076
up €5,076 (+9.1%), from €55,524 to €60,600
of which Plant, machinery and equipment: +€12,907
- Trade debts +€36,793
up €36,793 (+46.8%), from €78,536 to €115,329
- Short-term financial debts +€22,183
up €22,183 (+104.7%), from €21,197 to €43,380
- Tax, wage and social debts +€15,742
up €15,742 (+144.9%), from €10,862 to €26,603
- Profit (loss) carried forward +€6,007
up €6,007 (+19.4%), from €30,947 to €36,955
- Current portion of long-term debt -€4,005
no longer reported in 2025 (was €4,005)
- Gross operating margin +€43,197
up €43,197 (+122.8%), from €35,164 to €78,361
- Taxes +€12,102
up €12,102 (+526.8%), from €2,297 to €14,399
- Financial charges +€11,106
up €11,106 (+157.0%), from €7,075 to €18,181
- Other operating charges +€9,654
up €9,654 (+120.1%), from €8,035 to €17,689
- Depreciation +€4,362
up €4,362 (+24.1%), from €18,084 to €22,446
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 | €169,072 | €244,744 | +€75,672 | +44.8% |
| Fixed assets | 21/28 | €55,524 | €60,600 | +€5,076 | +9.1% |
| Tangible fixed assets | 22/27 | €55,524 | €60,600 | +€5,076 | +9.1% |
| Plant, machinery and equipment | 23 | €33,000 | €45,906 | +€12,907 | +39.1% |
| Furniture and vehicles | 24 | €8,620 | €5,675 | -€2,945 | -34.2% |
| Leasing and similar rights | 25 | €5,789 | €2,805 | -€2,984 | -51.6% |
| Other tangible fixed assets | 26 | €8,115 | €6,214 | -€1,901 | -23.4% |
| Current assets | 29/58 | €113,548 | €184,144 | +€70,596 | +62.2% |
| Stocks and contracts in progress | 3 | €40,000 | €113,378 | +€73,378 | +183.4% |
| Stocks | 30/36 | €18,000 | €91,800 | +€73,800 | +410.0% |
| Contracts in progress | 37 | €22,000 | €21,578 | -€422 | -1.9% |
| Amounts receivable within one year | 40/41 | €63,153 | €45,178 | -€17,975 | -28.5% |
| Trade receivables | 40 | €59,449 | €40,490 | -€18,959 | -31.9% |
| Other amounts receivable | 41 | €3,703 | €4,688 | +€984 | +26.6% |
| Cash at bank and in hand | 54/58 | €6,674 | €21,789 | +€15,115 | +226.5% |
| Deferred charges and accrued income | 490/1 | €3,721 | €3,800 | +€79 | +2.1% |
| Total equity and liabilities | 10/49 | €169,072 | €244,744 | +€75,672 | +44.8% |
| Equity | 10/15 | €51,407 | €57,415 | +€6,007 | +11.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,947 | €36,955 | +€6,007 | +19.4% |
| Amounts payable | 17/49 | €117,665 | €187,330 | +€69,665 | +59.2% |
| Amounts payable within one year | 42/48 | €117,665 | €187,330 | +€69,665 | +59.2% |
| Current portion of amounts payable after more than one year | 42 | €4,005 | - | -€4,005 | |
| Financial debts | 43 | €21,197 | €43,380 | +€22,183 | +104.7% |
| Credit institutions | 430/8 | €21,197 | €43,380 | +€22,183 | +104.7% |
| Trade debts | 44 | €78,536 | €115,329 | +€36,793 | +46.8% |
| Suppliers | 440/4 | €78,536 | €115,329 | +€36,793 | +46.8% |
| Taxes, remuneration and social security | 45 | €10,862 | €26,603 | +€15,742 | +144.9% |
| Taxes | 450/3 | €10,862 | €26,603 | +€15,742 | +144.9% |
| Other amounts payable | 47/48 | €3,066 | €2,018 | -€1,048 | -34.2% |
| Non-recurring operating income | 76A | €6,000 | €1,351 | -€4,649 | -77.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,084 | €22,446 | +€4,362 | +24.1% |
| Other operating charges | 640/8 | €8,035 | €17,689 | +€9,654 | +120.1% |
| Gross operating margin | 9900 | €35,164 | €78,361 | +€43,197 | +122.8% |
| Operating profit (loss) | 9901 | €9,045 | €38,226 | +€29,181 | +322.6% |
| Financial income | 75/76B | €950 | €361 | -€588 | -62.0% |
| Recurring financial income | 75 | €950 | €361 | -€588 | -62.0% |
| Financial charges | 65/66B | €7,075 | €18,181 | +€11,106 | +157.0% |
| Recurring financial charges | 65 | €7,075 | €18,181 | +€11,106 | +157.0% |
| Profit (loss) for the period before taxes | 9903 | €2,920 | €20,406 | +€17,487 | +598.9% |
| Income taxes | 67/77 | €2,297 | €14,399 | +€12,102 | +526.8% |
| Profit (loss) for the period | 9904 | €622 | €6,007 | +€5,385 | +865.1% |
| Profit (loss) for the period to be appropriated | 9905 | €622 | €6,007 | +€5,385 | +865.1% |
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 8 October 2026 via checked.be.