VHBSolidus: 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.
VHBSolidus
Largest movements
- Cash -€577,377
down €577,377 (-78.0%), from €739,954 to €162,578
mainly Other debts (-€269,239) and Debts after one year (-€252,384)
- Current investments +€150,000
up €150,000 (+42.9%), from €350,000 to €500,000
- Tangible fixed assets -€79,544
down €79,544 (-67.8%), from €117,354 to €37,809
of which Other tangible fixed assets: -€56,481
- Receivables within one year +€57,204
up €57,204 (+6.0%), from €954,125 to €1.0m
of which Other amounts receivable: +€190,304
- Other debts -€269,239
down €269,239 (-73.8%), from €364,944 to €95,705
- Debts after one year -€252,384
down €252,384 (-24.2%), from €1.0m to €790,000
- Reserves +€99,480
up €99,480 (+5.7%), from €1.8m to €1.9m
of which Distributable reserves: +€102,000
- Gross operating margin -€43,038
down €43,038 (-16.8%), from €255,660 to €212,622
- Financial income -€26,114
down €26,114 (-59.1%), from €44,158 to €18,044
- Depreciation -€26,073
down €26,073 (-97.5%), from €26,747 to €674
- Financial charges -€10,819
down €10,819 (-11.8%), from €91,628 to €80,809
- Taxes -€8,312
down €8,312 (-16.6%), from €50,014 to €41,702
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,329,483 | €2,879,766 | -€449,717 | -13.5% |
| Fixed assets | 21/28 | €1,285,404 | €1,205,859 | -€79,544 | -6.2% |
| Tangible fixed assets | 22/27 | €117,354 | €37,809 | -€79,544 | -67.8% |
| Land and buildings | 22 | €23,064 | - | -€23,064 | |
| Other tangible fixed assets | 26 | €94,290 | €37,809 | -€56,481 | -59.9% |
| Financial fixed assets | 28 | €1,168,050 | €1,168,050 | = | 0.0% |
| Current assets | 29/58 | €2,044,079 | €1,673,907 | -€370,172 | -18.1% |
| Amounts receivable within one year | 40/41 | €954,125 | €1,011,329 | +€57,204 | +6.0% |
| Trade receivables | 40 | €181,500 | €48,400 | -€133,100 | -73.3% |
| Other amounts receivable | 41 | €772,625 | €962,929 | +€190,304 | +24.6% |
| Current investments | 50/53 | €350,000 | €500,000 | +€150,000 | +42.9% |
| Cash at bank and in hand | 54/58 | €739,954 | €162,578 | -€577,377 | -78.0% |
| Total equity and liabilities | 10/49 | €3,329,483 | €2,879,766 | -€449,717 | -13.5% |
| Equity | 10/15 | €1,793,629 | €1,895,801 | +€102,171 | +5.7% |
| Contributions | 10/11 | €25,200 | €25,200 | = | 0.0% |
| Reserves | 13 | €1,755,520 | €1,855,000 | +€99,480 | +5.7% |
| Non-distributable reserves | 130/1 | €2,520 | - | -€2,520 | |
| Reserves not available under the articles | 1311 | €2,520 | - | -€2,520 | |
| Distributable reserves | 133 | €1,753,000 | €1,855,000 | +€102,000 | +5.8% |
| Profit (loss) carried forward | 14 | €12,909 | €15,601 | +€2,691 | +20.8% |
| Amounts payable | 17/49 | €1,535,854 | €983,966 | -€551,888 | -35.9% |
| Amounts payable after more than one year | 17 | €1,042,384 | €790,000 | -€252,384 | -24.2% |
| Financial debts | 170/4 | €1,042,384 | €790,000 | -€252,384 | -24.2% |
| Amounts payable within one year | 42/48 | €404,526 | €112,439 | -€292,088 | -72.2% |
| Current portion of amounts payable after more than one year | 42 | €22,450 | - | -€22,450 | |
| Trade debts | 44 | €2,306 | €1,996 | -€311 | -13.5% |
| Suppliers | 440/4 | €2,306 | €1,996 | -€311 | -13.5% |
| Taxes, remuneration and social security | 45 | €14,827 | €14,738 | -€88 | -0.6% |
| Taxes | 450/3 | €14,827 | €14,738 | -€88 | -0.6% |
| Other amounts payable | 47/48 | €364,944 | €95,705 | -€269,239 | -73.8% |
| Accrued charges and deferred income | 492/3 | €88,943 | €81,527 | -€7,416 | -8.3% |
| Non-recurring operating income | 76A | - | €38,089 | +€38,089 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,747 | €674 | -€26,073 | -97.5% |
| Other operating charges | 640/8 | €3,431 | €3,643 | +€212 | +6.2% |
| Gross operating margin | 9900 | €255,660 | €212,622 | -€43,038 | -16.8% |
| Operating profit (loss) | 9901 | €225,482 | €208,305 | -€17,177 | -7.6% |
| Financial income | 75/76B | €44,158 | €18,044 | -€26,114 | -59.1% |
| Recurring financial income | 75 | €44,158 | €18,044 | -€26,114 | -59.1% |
| Financial charges | 65/66B | €91,628 | €80,809 | -€10,819 | -11.8% |
| Recurring financial charges | 65 | €91,628 | €80,809 | -€10,819 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €178,012 | €145,540 | -€32,472 | -18.2% |
| Income taxes | 67/77 | €50,014 | €41,702 | -€8,312 | -16.6% |
| Profit (loss) for the period | 9904 | €127,998 | €103,837 | -€24,161 | -18.9% |
| Profit (loss) for the period to be appropriated | 9905 | €127,998 | €103,837 | -€24,161 | -18.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.