VHAD: 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.
VHAD
Largest movements
- Cash +€44,510
up €44,510 (+333.9%), from €13,330 to €57,840
mainly Net result for the year (+€38,950) and Tax, wage and social debts (+€11,398)
- Tangible fixed assets -€6,082
down €6,082 (-16.7%), from €36,348 to €30,267
of which Furniture and vehicles: -€9,258
- Receivables within one year +€3,032
up €3,032 (+33.4%), from €9,075 to €12,107
of which Trade receivables: +€3,031
- Reserves +€38,950
up €38,950 (+354.6%), from €10,985 to €49,935
of which Distributable reserves: +€38,950
- Debts after one year -€11,842
down €11,842 (-48.8%), from €24,278 to €12,436
of which Financial debts: -€11,842
- Tax, wage and social debts +€11,398
up €11,398 (+147.6%), from €7,723 to €19,122
of which Taxes: +€11,398
- Trade debts +€2,365
up €2,365 (+244.4%), from €968 to €3,333
of which Suppliers: +€2,365
- Gross operating margin +€37,169
up €37,169 (+130.4%), from €28,498 to €65,667
- Taxes +€10,654
up €10,654 (+230.2%), from €4,628 to €15,282
- Depreciation -€1,051
down €1,051 (-10.0%), from €10,511 to €9,460
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 | €60,382 | €101,819 | +€41,437 | +68.6% |
| Formation expenses | 20 | €132 | €0 | -€132 | -100.0% |
| Fixed assets | 21/28 | €36,348 | €30,267 | -€6,082 | -16.7% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €36,348 | €30,267 | -€6,082 | -16.7% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €0 | €3,177 | +€3,177 | |
| Furniture and vehicles | 24 | €36,348 | €27,090 | -€9,258 | -25.5% |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Assets under construction and advance payments | 27 | €0 | €0 | = | |
| Financial fixed assets | 28 | €0 | €0 | = | |
| Current assets | 29/58 | €23,901 | €71,552 | +€47,651 | +199.4% |
| Amounts receivable after more than one year | 29 | €0 | €0 | = | |
| Trade receivables | 290 | €0 | €0 | = | |
| Other amounts receivable | 291 | €0 | €0 | = | |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Stocks | 30/36 | €0 | €0 | = | |
| Contracts in progress | 37 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €9,075 | €12,107 | +€3,032 | +33.4% |
| Trade receivables | 40 | €9,075 | €12,106 | +€3,031 | +33.4% |
| Other amounts receivable | 41 | €0 | €1 | +€1 | |
| Current investments | 50/53 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €13,330 | €57,840 | +€44,510 | +333.9% |
| Deferred charges and accrued income | 490/1 | €1,496 | €1,605 | +€109 | +7.3% |
| Total equity and liabilities | 10/49 | €60,382 | €101,819 | +€41,437 | +68.6% |
| Equity | 10/15 | €15,985 | €54,935 | +€38,950 | +243.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Revaluation surpluses | 12 | €0 | €0 | = | |
| Reserves | 13 | €10,985 | €49,935 | +€38,950 | +354.6% |
| Non-distributable reserves | 130/1 | €0 | €0 | = | |
| Reserves not available under the articles | 1311 | €0 | €0 | = | |
| Own shares acquired | 1312 | €0 | €0 | = | |
| Financial assistance | 1313 | €0 | €0 | = | |
| Other | 1319 | €0 | €0 | = | |
| Tax-exempt reserves | 132 | €0 | €0 | = | |
| Distributable reserves | 133 | €10,985 | €49,935 | +€38,950 | +354.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €0 | €0 | = | |
| Advance to shareholders on the distribution of net assets | 19 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €0 | €0 | = | |
| Provisions for liabilities and charges | 160/5 | €0 | €0 | = | |
| Pensions and similar obligations | 160 | €0 | €0 | = | |
| Taxes | 161 | €0 | €0 | = | |
| Major repairs and maintenance | 162 | €0 | €0 | = | |
| Environmental obligations | 163 | €0 | €0 | = | |
| Other liabilities and charges | 164/5 | €0 | €0 | = | |
| Deferred taxes | 168 | €0 | €0 | = | |
| Amounts payable | 17/49 | €44,396 | €46,884 | +€2,488 | +5.6% |
| Amounts payable after more than one year | 17 | €24,278 | €12,436 | -€11,842 | -48.8% |
| Financial debts | 170/4 | €24,278 | €12,436 | -€11,842 | -48.8% |
| Trade debts | 175 | €0 | €0 | = | |
| Advances received on contracts in progress | 176 | €0 | €0 | = | |
| Other amounts payable | 178/9 | €0 | €0 | = | |
| Amounts payable within one year | 42/48 | €19,967 | €34,296 | +€14,329 | +71.8% |
| Current portion of amounts payable after more than one year | 42 | €11,276 | €11,842 | +€566 | +5.0% |
| Financial debts | 43 | €0 | €0 | = | |
| Credit institutions | 430/8 | €0 | €0 | = | |
| Other loans | 439 | €0 | €0 | = | |
| Trade debts | 44 | €968 | €3,333 | +€2,365 | +244.4% |
| Suppliers | 440/4 | €968 | €3,333 | +€2,365 | +244.4% |
| Bills of exchange payable | 441 | €0 | €0 | = | |
| Advances received on contracts in progress | 46 | €0 | €0 | = | |
| Taxes, remuneration and social security | 45 | €7,723 | €19,122 | +€11,398 | +147.6% |
| Taxes | 450/3 | €7,723 | €19,122 | +€11,398 | +147.6% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €0 | €0 | = | |
| Accrued charges and deferred income | 492/3 | €152 | €152 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,511 | €9,460 | -€1,051 | -10.0% |
| Other operating charges | 640/8 | €50 | €307 | +€257 | +514.0% |
| Gross operating margin | 9900 | €28,498 | €65,667 | +€37,169 | +130.4% |
| Operating profit (loss) | 9901 | €17,937 | €55,900 | +€37,963 | +211.6% |
| Financial charges | 65/66B | €2,324 | €1,668 | -€656 | -28.2% |
| Recurring financial charges | 65 | €2,324 | €1,668 | -€656 | -28.2% |
| Profit (loss) for the period before taxes | 9903 | €15,613 | €54,232 | +€38,619 | +247.3% |
| Income taxes | 67/77 | €4,628 | €15,282 | +€10,654 | +230.2% |
| Profit (loss) for the period | 9904 | €10,985 | €38,950 | +€27,964 | +254.6% |
| Profit (loss) for the period to be appropriated | 9905 | €10,985 | €38,950 | +€27,964 | +254.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.