VHADEL: 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.
VHADEL
Largest movements
- Cash +€50,023
up €50,023 (+141.2%), from €35,436 to €85,459
mainly Net result for the year (+€39,457) and Tax, wage and social debts (+€9,639)
- Profit (loss) carried forward +€39,457
up €39,457, from -€18,334 to €21,123
- Tax, wage and social debts +€9,639
up €9,639 (+694.8%), from €1,387 to €11,026
- Other debts +€1,953
up €1,953 (+13.8%), from €14,162 to €16,116
- Trade debts -€1,258
down €1,258 (-41.6%), from €3,023 to €1,765
- Gross operating margin +€52,901
up €52,901 (+967.7%), from €5,467 to €58,367
- Taxes +€9,884
up €9,884 (+2083.0%), from €475 to €10,359
- Other operating charges -€1,823
down €1,823 (-47.7%), from €3,826 to €2,003
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 | €37,061 | €86,819 | +€49,758 | +134.3% |
| Fixed assets | 21/28 | €1,625 | €1,361 | -€265 | -16.3% |
| Tangible fixed assets | 22/27 | €1,125 | €861 | -€265 | -23.5% |
| Plant, machinery and equipment | 23 | €1,125 | €861 | -€265 | -23.5% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €35,436 | €85,459 | +€50,023 | +141.2% |
| Cash at bank and in hand | 54/58 | €35,436 | €85,459 | +€50,023 | +141.2% |
| Total equity and liabilities | 10/49 | €37,061 | €86,819 | +€49,758 | +134.3% |
| Equity | 10/15 | €14,676 | €54,133 | +€39,457 | +268.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €20,610 | €20,610 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,334 | €21,123 | +€39,457 | |
| Amounts payable | 17/49 | €22,385 | €32,687 | +€10,302 | +46.0% |
| Amounts payable within one year | 42/48 | €18,573 | €28,907 | +€10,334 | +55.6% |
| Trade debts | 44 | €3,023 | €1,765 | -€1,258 | -41.6% |
| Suppliers | 440/4 | €3,023 | €1,765 | -€1,258 | -41.6% |
| Taxes, remuneration and social security | 45 | €1,387 | €11,026 | +€9,639 | +694.8% |
| Taxes | 450/3 | €1,387 | €11,026 | +€9,639 | +694.8% |
| Other amounts payable | 47/48 | €14,162 | €16,116 | +€1,953 | +13.8% |
| Accrued charges and deferred income | 492/3 | €3,813 | €3,780 | -€33 | -0.9% |
| Remuneration, social security and pensions | 62 | €6,636 | €6,160 | -€476 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66 | €265 | +€199 | +300.0% |
| Other operating charges | 640/8 | €3,826 | €2,003 | -€1,823 | -47.7% |
| Gross operating margin | 9900 | €5,467 | €58,367 | +€52,901 | +967.7% |
| Operating profit (loss) | 9901 | -€5,061 | €49,940 | +€55,001 | |
| Financial charges | 65/66B | €128 | €125 | -€4 | -2.8% |
| Recurring financial charges | 65 | €128 | €125 | -€4 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | -€5,189 | €49,816 | +€55,005 | |
| Income taxes | 67/77 | €475 | €10,359 | +€9,884 | +2083.0% |
| Profit (loss) for the period | 9904 | -€5,664 | €39,457 | +€45,121 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,664 | €39,457 | +€45,121 |
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 8 October 2026 via checked.be.