VH STABLES: 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 STABLES
Largest movements
- Cash +€14,330
up €14,330 (+330%), from €4,342 to €18,672
mainly Net result for the year (+€37,814) and Receivables within one year (+€9,603)
- Receivables within one year -€9,603
down €9,603 (-87.4%), from €10,983 to €1,379
of which Trade receivables: -€9,324
- Profit (loss) carried forward +€37,814
up €37,814 (+19.5%), from €193,992 to €231,806
- Debts after one year -€34,358
down €34,358 (-35.5%), from €96,842 to €62,484
- Gross operating margin +€1,827
up €1,827 (+49.2%), from -€3,709 to -€1,883
- Financial charges -€1,501
down €1,501 (-19.3%), from €7,793 to €6,292
- Depreciation +€592
up €592 (+129%), from €458 to €1,050
- Other operating charges +€38
up €38 (+2.0%), from €1,924 to €1,962
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 | €458,201 | €462,962 | +€4,761 | +1.0% |
| Fixed assets | 21/28 | €442,490 | €441,441 | -€1,050 | -0.2% |
| Tangible fixed assets | 22/27 | €378,790 | €377,741 | -€1,050 | -0.3% |
| Land and buildings | 22 | €375,798 | €375,349 | -€450 | -0.1% |
| Plant, machinery and equipment | 23 | €2,992 | €2,392 | -€600 | -20.1% |
| Financial fixed assets | 28 | €63,700 | €63,700 | = | 0.0% |
| Current assets | 29/58 | €15,711 | €21,522 | +€5,811 | +37.0% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €10,983 | €1,379 | -€9,603 | -87.4% |
| Trade receivables | 40 | €10,704 | €1,379 | -€9,324 | -87.1% |
| Other amounts receivable | 41 | €279 | €0 | -€279 | -100% |
| Cash at bank and in hand | 54/58 | €4,342 | €18,672 | +€14,330 | +330% |
| Deferred charges and accrued income | 490/1 | €385 | €1,470 | +€1,085 | +282% |
| Total equity and liabilities | 10/49 | €458,201 | €462,962 | +€4,761 | +1.0% |
| Equity | 10/15 | €214,443 | €252,257 | +€37,814 | +17.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €193,992 | €231,806 | +€37,814 | +19.5% |
| Provisions and deferred taxes | 16 | €14,184 | €14,184 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €14,184 | €14,184 | = | 0.0% |
| Pensions and similar obligations | 160 | €14,184 | €14,184 | = | 0.0% |
| Amounts payable | 17/49 | €229,573 | €196,521 | -€33,053 | -14.4% |
| Amounts payable after more than one year | 17 | €96,842 | €62,484 | -€34,358 | -35.5% |
| Financial debts | 170/4 | €96,842 | €62,484 | -€34,358 | -35.5% |
| Amounts payable within one year | 42/48 | €132,731 | €134,037 | +€1,305 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €29,607 | €31,358 | +€1,751 | +5.9% |
| Trade debts | 44 | €941 | €196 | -€745 | -79.2% |
| Suppliers | 440/4 | €941 | €196 | -€745 | -79.2% |
| Taxes, remuneration and social security | 45 | - | €300 | +€300 | |
| Taxes | 450/3 | - | €300 | +€300 | |
| Other amounts payable | 47/48 | €102,183 | €102,183 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €458 | €1,050 | +€592 | +129% |
| Other operating charges | 640/8 | €1,924 | €1,962 | +€38 | +2.0% |
| Gross operating margin | 9900 | -€3,709 | -€1,883 | +€1,827 | +49.2% |
| Operating profit (loss) | 9901 | -€6,091 | -€4,894 | +€1,197 | +19.7% |
| Financial income | 75/76B | €49,000 | €49,000 | = | 0.0% |
| Recurring financial income | 75 | €49,000 | €49,000 | = | 0.0% |
| Financial charges | 65/66B | €7,793 | €6,292 | -€1,501 | -19.3% |
| Recurring financial charges | 65 | €7,793 | €6,292 | -€1,501 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €35,116 | €37,814 | +€2,698 | +7.7% |
| Profit (loss) for the period | 9904 | €35,116 | €37,814 | +€2,698 | +7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €35,116 | €37,814 | +€2,698 | +7.7% |
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 15 October 2026 via checked.be.