VHBC: 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.
VHBC
Largest movements
- Cash +€36,302
up €36,302 (+173%), from €20,997 to €57,298
mainly Net result for the year (+€62,030) and Depreciation (+€3,998)
- Receivables within one year +€14,940
up €14,940 (+89.2%), from €16,751 to €31,690
of which Trade receivables: +€16,370
- Tangible fixed assets +€1,862
up €1,862 (+17.4%), from €10,677 to €12,539
of which Furniture and vehicles: +€3,758
- Profit (loss) carried forward +€62,030
up €62,030, from €0 to €62,030
- Other debts -€5,574
down €5,574 (-9.0%), from €62,180 to €56,606
- Tax, wage and social debts -€2,288
down €2,288 (-28.4%), from €8,059 to €5,771
- Gross operating margin +€3,211
up €3,211 (+4.0%), from €80,750 to €83,961
- Taxes +€997
up €997 (+6.3%), from €15,736 to €16,733
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €115,448 | €168,921 | +€53,473 | +46.3% |
| Fixed assets | 21/28 | €10,677 | €12,539 | +€1,862 | +17.4% |
| Tangible fixed assets | 22/27 | €10,677 | €12,539 | +€1,862 | +17.4% |
| Plant, machinery and equipment | 23 | €781 | €579 | -€202 | -25.8% |
| Furniture and vehicles | 24 | €5,700 | €9,458 | +€3,758 | +65.9% |
| Other tangible fixed assets | 26 | €4,196 | €2,502 | -€1,694 | -40.4% |
| Current assets | 29/58 | €104,771 | €156,382 | +€51,611 | +49.3% |
| Amounts receivable within one year | 40/41 | €16,751 | €31,690 | +€14,940 | +89.2% |
| Trade receivables | 40 | €14,157 | €30,527 | +€16,370 | +116% |
| Other amounts receivable | 41 | €2,594 | €1,163 | -€1,431 | -55.2% |
| Current investments | 50/53 | €65,000 | €65,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €20,997 | €57,298 | +€36,302 | +173% |
| Deferred charges and accrued income | 490/1 | €2,024 | €2,393 | +€370 | +18.3% |
| Total equity and liabilities | 10/49 | €115,448 | €168,921 | +€53,473 | +46.3% |
| Equity | 10/15 | €43,235 | €105,264 | +€62,030 | +143% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €40,235 | €40,235 | = | 0.0% |
| Distributable reserves | 133 | €40,235 | €40,235 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €62,030 | +€62,030 | |
| Amounts payable | 17/49 | €72,213 | €63,657 | -€8,556 | -11.8% |
| Amounts payable within one year | 42/48 | €72,213 | €63,657 | -€8,556 | -11.8% |
| Financial debts | 43 | €20 | €0 | -€20 | -100% |
| Credit institutions | 430/8 | €20 | €0 | -€20 | -100% |
| Trade debts | 44 | €1,955 | €1,280 | -€675 | -34.5% |
| Suppliers | 440/4 | €1,955 | €1,280 | -€675 | -34.5% |
| Taxes, remuneration and social security | 45 | €8,059 | €5,771 | -€2,288 | -28.4% |
| Taxes | 450/3 | €8,059 | €5,771 | -€2,288 | -28.4% |
| Other amounts payable | 47/48 | €62,180 | €56,606 | -€5,574 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,357 | €3,998 | +€640 | +19.1% |
| Other operating charges | 640/8 | €1,298 | €520 | -€778 | -60.0% |
| Gross operating margin | 9900 | €80,750 | €83,961 | +€3,211 | +4.0% |
| Operating profit (loss) | 9901 | €76,094 | €79,443 | +€3,350 | +4.4% |
| Financial income | 75/76B | €1,147 | €1,436 | +€289 | +25.2% |
| Recurring financial income | 75 | €1,147 | €1,436 | +€289 | +25.2% |
| Financial charges | 65/66B | €2,111 | €2,117 | +€5 | +0.3% |
| Recurring financial charges | 65 | €2,111 | €2,117 | +€5 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €75,129 | €78,763 | +€3,633 | +4.8% |
| Income taxes | 67/77 | €15,736 | €16,733 | +€997 | +6.3% |
| Profit (loss) for the period | 9904 | €59,393 | €62,030 | +€2,636 | +4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €59,393 | €62,030 | +€2,636 | +4.4% |
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 16 October 2026 via checked.be.