VH & G: 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 & G
Largest movements
- Tangible fixed assets +€391,070
up €391,070 (+65.6%), from €596,333 to €987,403
- Debts after one year +€224,551
up €224,551 (+81.2%), from €276,394 to €500,945
- Other debts +€172,218
up €172,218 (+77.8%), from €221,307 to €393,525
- Profit (loss) carried forward -€10,533
down €10,533 (-178%), from -€5,906 to -€16,439
- Depreciation -€9,946
down €9,946 (-29.8%), from €33,372 to €23,426
- Financial charges -€6,071
down €6,071 (-41.5%), from €14,623 to €8,552
- Other operating charges -€1,915
down €1,915 (-71.1%), from €2,695 to €780
- Gross operating margin -€563
down €563 (-2.5%), from €22,777 to €22,214
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 | €613,021 | €1,004,376 | +€391,355 | +63.8% |
| Fixed assets | 21/28 | €596,333 | €987,403 | +€391,070 | +65.6% |
| Tangible fixed assets | 22/27 | €596,333 | €987,403 | +€391,070 | +65.6% |
| Land and buildings | 22 | €596,333 | €987,403 | +€391,070 | +65.6% |
| Current assets | 29/58 | €16,688 | €16,973 | +€285 | +1.7% |
| Amounts receivable within one year | 40/41 | €750 | €1,033 | +€283 | +37.7% |
| Other amounts receivable | 41 | €750 | €1,033 | +€283 | +37.7% |
| Cash at bank and in hand | 54/58 | €15,911 | €15,564 | -€348 | -2.2% |
| Deferred charges and accrued income | 490/1 | €27 | €377 | +€350 | +1,293% |
| Total equity and liabilities | 10/49 | €613,021 | €1,004,376 | +€391,355 | +63.8% |
| Equity | 10/15 | €70,324 | €59,791 | -€10,533 | -15.0% |
| Contributions | 10/11 | €69,300 | €69,300 | = | 0.0% |
| Reserves | 13 | €6,930 | €6,930 | = | 0.0% |
| Distributable reserves | 133 | €6,930 | €6,930 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,906 | -€16,439 | -€10,533 | -178% |
| Amounts payable | 17/49 | €542,697 | €944,586 | +€401,889 | +74.1% |
| Amounts payable after more than one year | 17 | €276,394 | €500,945 | +€224,551 | +81.2% |
| Financial debts | 170/4 | €276,394 | €500,945 | +€224,551 | +81.2% |
| Amounts payable within one year | 42/48 | €242,171 | €423,713 | +€181,542 | +75.0% |
| Current portion of amounts payable after more than one year | 42 | €20,855 | €29,131 | +€8,276 | +39.7% |
| Trade debts | 44 | €9 | €1,057 | +€1,048 | +11,642% |
| Suppliers | 440/4 | €9 | €1,057 | +€1,048 | +11,642% |
| Other amounts payable | 47/48 | €221,307 | €393,525 | +€172,218 | +77.8% |
| Accrued charges and deferred income | 492/3 | €24,133 | €19,928 | -€4,205 | -17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,372 | €23,426 | -€9,946 | -29.8% |
| Other operating charges | 640/8 | €2,695 | €780 | -€1,915 | -71.1% |
| Gross operating margin | 9900 | €22,777 | €22,214 | -€563 | -2.5% |
| Operating profit (loss) | 9901 | -€13,289 | -€1,991 | +€11,298 | +85.0% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €14,623 | €8,552 | -€6,071 | -41.5% |
| Recurring financial charges | 65 | €14,623 | €8,552 | -€6,071 | -41.5% |
| Profit (loss) for the period before taxes | 9903 | -€27,912 | -€10,533 | +€17,379 | +62.3% |
| Profit (loss) for the period | 9904 | -€27,912 | -€10,533 | +€17,379 | +62.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,912 | -€10,533 | +€17,379 | +62.3% |
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 17 October 2026 via checked.be.