VHB PROJECTS: 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.
What changed
VHB PROJECTS
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€13,182
2024 · €12,869+€314
Equity
€198,362
2024 · €185,179+€13,182
Cash
€1,165
2024 · €1,149+€16
Balance sheet total
€273,410
2024 · €264,206+€9,205
Largest movements
Assets
- Receivables after one year +€13,657
up €13,657 (+6.0%), from €228,920 to €242,578
- Current investments -€3,702
down €3,702 (-61.9%), from €5,985 to €2,282
Equity and liabilities
- Reserves +€13,182
up €13,182 (+24.6%), from €53,633 to €66,815
of which Distributable reserves: +€13,182
Income statement
- Taxes +€1,415
up €1,415 (+19.6%), from €7,235 to €8,650
- Financial charges -€1,046
down €1,046 (-61.0%), from €1,716 to €670
- Gross operating margin +€837
up €837 (+5.1%), from €16,344 to €17,181
- Other operating charges +€624
up €624 (+64.5%), from €967 to €1,590
- Financial income +€339
up €339 (+4.2%), from €8,040 to €8,379
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.
Result 2024
€12,869
Gross operating margin
+€837
Depreciation
+€131
Other operating charges
-€624
Financial income
+€339
Financial charges
+€1,046
Taxes
-€1,415
Result 2025
€13,182
raises the resultlowers the result
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.
From operations
-€1,041
Investment
+€3,702
Financing
-€2,646
Cash 2024
€1,149
From operations (derived)
-€1,041
Net result for the year
+€13,182
Depreciation
+€1,468
Receivables after one year
-€13,657
Receivables within one year
+€202
Deferred charges and accrued income
-€903
Trade debts
+€2,386
Tax, wage and social debts
-€2,304
Other debts
-€1,414
Investment (derived)
+€3,702
Current investments
+€3,702
Financing
-€2,646
Debts after one year
-€2,569
Current portion of long-term debt
+€142
Short-term financial debts
-€219
Cash 2025
€1,165
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €264,206 | €273,410 | +€9,205 | +3.5% |
| Fixed assets | 21/28 | €12,345 | €10,877 | -€1,468 | -11.9% |
| Tangible fixed assets | 22/27 | €12,345 | €10,877 | -€1,468 | -11.9% |
| Plant, machinery and equipment | 23 | €12,345 | €10,877 | -€1,468 | -11.9% |
| Current assets | 29/58 | €251,861 | €262,533 | +€10,672 | +4.2% |
| Amounts receivable after more than one year | 29 | €228,920 | €242,578 | +€13,657 | +6.0% |
| Trade receivables | 290 | €228,920 | €242,578 | +€13,657 | +6.0% |
| Amounts receivable within one year | 40/41 | €13,310 | €13,108 | -€202 | -1.5% |
| Trade receivables | 40 | €13,108 | €13,108 | = | 0.0% |
| Other amounts receivable | 41 | €202 | €0 | -€202 | -100% |
| Current investments | 50/53 | €5,985 | €2,282 | -€3,702 | -61.9% |
| Cash at bank and in hand | 54/58 | €1,149 | €1,165 | +€16 | +1.4% |
| Deferred charges and accrued income | 490/1 | €2,496 | €3,399 | +€903 | +36.2% |
| Total equity and liabilities | 10/49 | €264,206 | €273,410 | +€9,205 | +3.5% |
| Equity | 10/15 | €185,179 | €198,362 | +€13,182 | +7.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €53,633 | €66,815 | +€13,182 | +24.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €51,773 | €64,955 | +€13,182 | +25.5% |
| Profit (loss) carried forward | 14 | €125,346 | €125,346 | = | 0.0% |
| Amounts payable | 17/49 | €79,027 | €75,049 | -€3,978 | -5.0% |
| Amounts payable after more than one year | 17 | €36,468 | €33,899 | -€2,569 | -7.0% |
| Financial debts | 170/4 | €36,468 | €33,899 | -€2,569 | -7.0% |
| Amounts payable within one year | 42/48 | €42,559 | €41,150 | -€1,409 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €2,427 | €2,569 | +€142 | +5.9% |
| Financial debts | 43 | €228 | €10 | -€219 | -95.7% |
| Credit institutions | 430/8 | €228 | €10 | -€219 | -95.7% |
| Trade debts | 44 | €3,900 | €6,286 | +€2,386 | +61.2% |
| Suppliers | 440/4 | €3,900 | €6,286 | +€2,386 | +61.2% |
| Taxes, remuneration and social security | 45 | €15,554 | €13,249 | -€2,304 | -14.8% |
| Taxes | 450/3 | €12,740 | €10,413 | -€2,327 | -18.3% |
| Remuneration and social security | 454/9 | €2,813 | €2,836 | +€23 | +0.8% |
| Other amounts payable | 47/48 | €20,449 | €19,036 | -€1,414 | -6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,599 | €1,468 | -€131 | -8.2% |
| Other operating charges | 640/8 | €967 | €1,590 | +€624 | +64.5% |
| Gross operating margin | 9900 | €16,344 | €17,181 | +€837 | +5.1% |
| Operating profit (loss) | 9901 | €13,779 | €14,123 | +€344 | +2.5% |
| Financial income | 75/76B | €8,040 | €8,379 | +€339 | +4.2% |
| Recurring financial income | 75 | €8,040 | €8,379 | +€339 | +4.2% |
| Financial charges | 65/66B | €1,716 | €670 | -€1,046 | -61.0% |
| Recurring financial charges | 65 | €1,716 | €670 | -€1,046 | -61.0% |
| Profit (loss) for the period before taxes | 9903 | €20,103 | €21,832 | +€1,729 | +8.6% |
| Income taxes | 67/77 | €7,235 | €8,650 | +€1,415 | +19.6% |
| Profit (loss) for the period | 9904 | €12,869 | €13,182 | +€314 | +2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,869 | €13,182 | +€314 | +2.4% |
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 18 October 2026 via checked.be.