VH4U: 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.
VH4U
Largest movements
- Receivables within one year +€98,284
up €98,284 (+126.2%), from €77,889 to €176,173
of which Other amounts receivable: +€103,095
- Cash +€18,516
up €18,516 (+29.0%), from €63,849 to €82,365
mainly Net result for the year (+€128,664) and Other debts (+€127,345)
- Other debts +€127,345
up €127,345 (+9655.8%), from €1,319 to €128,664
- Tax, wage and social debts -€8,719
down €8,719 (-74.6%), from €11,687 to €2,968
- Gross operating margin +€2,702
up €2,702 (+1.6%), from €164,132 to €166,833
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 | €143,705 | €259,833 | +€116,128 | +80.8% |
| Fixed assets | 21/28 | €1,966 | €1,295 | -€672 | -34.2% |
| Tangible fixed assets | 22/27 | €1,966 | €1,295 | -€672 | -34.2% |
| Furniture and vehicles | 24 | €1,966 | €1,295 | -€672 | -34.2% |
| Current assets | 29/58 | €141,738 | €258,538 | +€116,800 | +82.4% |
| Amounts receivable within one year | 40/41 | €77,889 | €176,173 | +€98,284 | +126.2% |
| Trade receivables | 40 | €77,889 | €73,078 | -€4,811 | -6.2% |
| Other amounts receivable | 41 | - | €103,095 | +€103,095 | |
| Cash at bank and in hand | 54/58 | €63,849 | €82,365 | +€18,516 | +29.0% |
| Total equity and liabilities | 10/49 | €143,705 | €259,833 | +€116,128 | +80.8% |
| Equity | 10/15 | €128,201 | €128,201 | = | 0.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €125,701 | €125,701 | = | 0.0% |
| Distributable reserves | 133 | €125,701 | €125,701 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €15,504 | €131,632 | +€116,128 | +749.0% |
| Amounts payable within one year | 42/48 | €13,584 | €131,632 | +€118,048 | +869.0% |
| Trade debts | 44 | €578 | €0 | -€578 | -100.0% |
| Suppliers | 440/4 | €578 | €0 | -€578 | -100.0% |
| Taxes, remuneration and social security | 45 | €11,687 | €2,968 | -€8,719 | -74.6% |
| Taxes | 450/3 | €11,687 | €2,968 | -€8,719 | -74.6% |
| Other amounts payable | 47/48 | €1,319 | €128,664 | +€127,345 | +9655.8% |
| Accrued charges and deferred income | 492/3 | €1,920 | €0 | -€1,920 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €816 | €672 | -€144 | -17.7% |
| Other operating charges | 640/8 | €586 | €758 | +€172 | +29.3% |
| Gross operating margin | 9900 | €164,132 | €166,833 | +€2,702 | +1.6% |
| Operating profit (loss) | 9901 | €162,730 | €165,404 | +€2,674 | +1.6% |
| Financial income | 75/76B | €3 | €736 | +€733 | +24101.6% |
| Recurring financial income | 75 | €3 | €736 | +€733 | +24101.6% |
| Financial charges | 65/66B | €742 | €434 | -€308 | -41.5% |
| Recurring financial charges | 65 | €742 | €434 | -€308 | -41.5% |
| Profit (loss) for the period before taxes | 9903 | €161,991 | €165,706 | +€3,715 | +2.3% |
| Income taxes | 67/77 | €36,290 | €37,042 | +€752 | +2.1% |
| Profit (loss) for the period | 9904 | €125,701 | €128,664 | +€2,963 | +2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €125,701 | €128,664 | +€2,963 | +2.4% |
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 7 October 2026 via checked.be.