VH PARTNERS: 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 PARTNERS
Largest movements
- Receivables within one year +€807,961
up €807,961 (+291%), from €278,103 to €1.1m
of which Other amounts receivable: +€803,225
- Financial fixed assets +€50,000
up €50,000 (+51.5%), from €97,100 to €147,100
- Profit (loss) carried forward +€452,797
up €452,797 (+13,453%), from €3,366 to €456,163
- Other debts +€400,450
up €400,450 (+402%), from €99,550 to €500,000
- Financial income +€1.0m
new in 2025: €1.0m
- Financial charges +€74,931
up €74,931 (+26,354%), from €284 to €75,215
of which Non-recurring financial charges: +€75,000
- Gross operating margin +€7,109
up €7,109 (+55.4%), from -€12,832 to -€5,723
- Depreciation -€910
down €910 (-14.2%), from €6,427 to €5,517
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 | €385,202 | €1,238,415 | +€853,213 | +221% |
| Fixed assets | 21/28 | €106,569 | €151,052 | +€44,483 | +41.7% |
| Tangible fixed assets | 22/27 | €9,469 | €3,952 | -€5,517 | -58.3% |
| Furniture and vehicles | 24 | €9,469 | €3,952 | -€5,517 | -58.3% |
| Financial fixed assets | 28 | €97,100 | €147,100 | +€50,000 | +51.5% |
| Current assets | 29/58 | €278,633 | €1,087,362 | +€808,730 | +290% |
| Amounts receivable within one year | 40/41 | €278,103 | €1,086,064 | +€807,961 | +291% |
| Trade receivables | 40 | €15,125 | €19,861 | +€4,736 | +31.3% |
| Other amounts receivable | 41 | €262,978 | €1,066,203 | +€803,225 | +305% |
| Cash at bank and in hand | 54/58 | €530 | €1,086 | +€556 | +105% |
| Deferred charges and accrued income | 490/1 | - | €212 | +€212 | |
| Total equity and liabilities | 10/49 | €385,202 | €1,238,415 | +€853,213 | +221% |
| Equity | 10/15 | €23,826 | €476,623 | +€452,797 | +1,900% |
| 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 | €3,366 | €456,163 | +€452,797 | +13,453% |
| Provisions and deferred taxes | 16 | €260,636 | €260,636 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €260,636 | €260,636 | = | 0.0% |
| Pensions and similar obligations | 160 | €260,636 | €260,636 | = | 0.0% |
| Amounts payable | 17/49 | €100,740 | €501,157 | +€400,416 | +397% |
| Amounts payable within one year | 42/48 | €100,740 | €501,157 | +€400,416 | +397% |
| Trade debts | 44 | €151 | €140 | -€10 | -6.8% |
| Suppliers | 440/4 | €151 | €140 | -€10 | -6.8% |
| Taxes, remuneration and social security | 45 | €1,040 | €1,016 | -€24 | -2.3% |
| Taxes | 450/3 | €1,040 | €1,016 | -€24 | -2.3% |
| Other amounts payable | 47/48 | €99,550 | €500,000 | +€400,450 | +402% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,427 | €5,517 | -€910 | -14.2% |
| Other operating charges | 640/8 | €505 | €573 | +€67 | +13.3% |
| Gross operating margin | 9900 | -€12,832 | -€5,723 | +€7,109 | +55.4% |
| Operating profit (loss) | 9901 | -€19,764 | -€11,812 | +€7,952 | +40.2% |
| Financial income | 75/76B | - | €1,040,000 | +€1.0m | |
| Recurring financial income | 75 | - | €1,040,000 | +€1.0m | |
| Financial charges | 65/66B | €284 | €75,215 | +€74,931 | +26,354% |
| Recurring financial charges | 65 | €284 | €215 | -€69 | -24.4% |
| Non-recurring financial charges | 66B | - | €75,000 | +€75,000 | |
| Profit (loss) for the period before taxes | 9903 | -€20,048 | €952,973 | +€973,021 | |
| Income taxes | 67/77 | €200 | €176 | -€24 | -11.9% |
| Profit (loss) for the period | 9904 | -€20,248 | €952,797 | +€973,045 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,248 | €952,797 | +€973,045 |
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 24 October 2026 via checked.be.