VH&V: 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&V
Largest movements
- Financial fixed assets +€72,000
new in 2025: €72,000
- Cash -€52,288
down €52,288 (-38.2%), from €136,996 to €84,709
mainly Investment in fixed assets (net) (-€73,446) and Contributions, distributions and other (-€46,975)
- Receivables within one year -€2,712
down €2,712 (-12.5%), from €21,659 to €18,947
of which Trade receivables: -€1,997
- Other debts +€20,616
up €20,616 (+56.9%), from €36,217 to €56,833
- Tax, wage and social debts -€3,677
down €3,677 (-43.3%), from €8,495 to €4,818
of which Taxes: -€3,602
- Gross operating margin -€10,378
down €10,378 (-14.5%), from €71,446 to €61,068
- Taxes -€7,095
down €7,095 (-37.4%), from €18,962 to €11,867
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 | €161,265 | €178,130 | +€16,865 | +10.5% |
| Fixed assets | 21/28 | €2,507 | €74,347 | +€71,839 | +2865.1% |
| Tangible fixed assets | 22/27 | €2,507 | €2,347 | -€160 | -6.4% |
| Furniture and vehicles | 24 | €2,507 | €2,347 | -€160 | -6.4% |
| Financial fixed assets | 28 | - | €72,000 | +€72,000 | |
| Current assets | 29/58 | €158,758 | €103,783 | -€54,974 | -34.6% |
| Amounts receivable within one year | 40/41 | €21,659 | €18,947 | -€2,712 | -12.5% |
| Trade receivables | 40 | €13,310 | €11,314 | -€1,997 | -15.0% |
| Other amounts receivable | 41 | €8,349 | €7,633 | -€716 | -8.6% |
| Cash at bank and in hand | 54/58 | €136,996 | €84,709 | -€52,288 | -38.2% |
| Deferred charges and accrued income | 490/1 | €102 | €128 | +€26 | +25.1% |
| Total equity and liabilities | 10/49 | €161,265 | €178,130 | +€16,865 | +10.5% |
| Equity | 10/15 | €116,044 | €116,044 | = | 0.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €113,544 | €113,544 | = | 0.0% |
| Distributable reserves | 133 | €113,544 | €113,544 | = | 0.0% |
| Amounts payable | 17/49 | €45,221 | €62,087 | +€16,865 | +37.3% |
| Amounts payable within one year | 42/48 | €45,221 | €62,087 | +€16,865 | +37.3% |
| Trade debts | 44 | €510 | €436 | -€74 | -14.5% |
| Suppliers | 440/4 | €510 | €436 | -€74 | -14.5% |
| Taxes, remuneration and social security | 45 | €8,495 | €4,818 | -€3,677 | -43.3% |
| Taxes | 450/3 | €8,420 | €4,818 | -€3,602 | -42.8% |
| Remuneration and social security | 454/9 | €75 | - | -€75 | |
| Other amounts payable | 47/48 | €36,217 | €56,833 | +€20,616 | +56.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,432 | €1,607 | +€174 | +12.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €32 | +€32 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €71,446 | €61,068 | -€10,378 | -14.5% |
| Operating profit (loss) | 9901 | €69,626 | €59,030 | -€10,596 | -15.2% |
| Financial income | 75/76B | €13 | - | -€13 | |
| Recurring financial income | 75 | €13 | - | -€13 | |
| Financial charges | 65/66B | €117 | €188 | +€71 | +60.2% |
| Recurring financial charges | 65 | €117 | €188 | +€71 | +60.2% |
| Profit (loss) for the period before taxes | 9903 | €69,522 | €58,842 | -€10,680 | -15.4% |
| Income taxes | 67/77 | €18,962 | €11,867 | -€7,095 | -37.4% |
| Profit (loss) for the period | 9904 | €50,560 | €46,975 | -€3,585 | -7.1% |
| Profit (loss) for the period to be appropriated | 9905 | €50,560 | €46,975 | -€3,585 | -7.1% |
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 10 October 2026 via checked.be.