VHC: 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
VHC
NACE 47.251, Retail sale of wines and spirits
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€42,066
2024 · -€1,772-€40,294
Equity
€471,346
2024 · €513,412-€42,066
Cash
€8,438
2024 · €3,268+€5,171
Balance sheet total
€1.2m
2024 · €1.4m-€168,106
Largest movements
Assets
- Current investments -€160,000
down €160,000 (-65.6%), from €243,984 to €83,984
Equity and liabilities
- Other debts -€87,519
down €87,519 (-67.5%), from €129,672 to €42,153
- Debts after one year -€42,349
down €42,349 (-6.9%), from €610,629 to €568,280
- Profit (loss) carried forward -€26,560
down €26,560 (-20.7%), from €128,044 to €101,484
- Reserves -€15,506
down €15,506 (-4.2%), from €366,768 to €351,262
of which Tax-exempt reserves: -€15,506
Income statement
- Gross operating margin -€38,257
down €38,257 (-91.0%), from €42,019 to €3,762
- Other operating charges +€3,355
up €3,355 (+31.9%), from €10,502 to €13,857
- Taxes -€1,293
no longer reported in 2025 (was €1,293)
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
-€1,772
Gross operating margin
-€38,257
Depreciation
-€62
Other operating charges
-€3,355
Financial income
+€158
Financial charges
-€71
Taxes
+€1,293
Result 2025
-€42,066
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
-€76,739
Investment
+€123,676
Financing
-€41,767
Cash 2024
€3,268
From operations (derived)
-€76,739
Net result for the year
-€42,066
Depreciation
+€40,481
Stocks and contracts
+€1,956
Receivables within one year
+€5,963
Deferred charges and accrued income
+€1,201
Provisions
-€10,337
Trade debts
+€8,269
Tax, wage and social debts
+€3,036
Other debts
-€87,519
Accrued charges and deferred income
+€2,277
Investment (derived)
+€123,676
Investment in fixed assets (net)
-€36,324
Current investments
+€160,000
Financing
-€41,767
Debts after one year
-€42,349
Current portion of long-term debt
+€583
Cash 2025
€8,438
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,399,950 | €1,231,844 | -€168,106 | -12.0% |
| Fixed assets | 21/28 | €1,140,872 | €1,136,715 | -€4,157 | -0.4% |
| Tangible fixed assets | 22/27 | €825,992 | €821,835 | -€4,157 | -0.5% |
| Land and buildings | 22 | €825,291 | €785,881 | -€39,410 | -4.8% |
| Furniture and vehicles | 24 | €700 | €2,673 | +€1,973 | +282% |
| Assets under construction and advance payments | 27 | - | €33,280 | +€33,280 | |
| Financial fixed assets | 28 | €314,880 | €314,880 | = | 0.0% |
| Current assets | 29/58 | €259,078 | €95,129 | -€163,949 | -63.3% |
| Stocks and contracts in progress | 3 | €2,281 | €325 | -€1,956 | -85.8% |
| Stocks | 30/36 | €2,281 | €325 | -€1,956 | -85.8% |
| Amounts receivable within one year | 40/41 | €7,209 | €1,246 | -€5,963 | -82.7% |
| Trade receivables | 40 | €7,209 | €726 | -€6,483 | -89.9% |
| Other amounts receivable | 41 | - | €520 | +€520 | |
| Current investments | 50/53 | €243,984 | €83,984 | -€160,000 | -65.6% |
| Cash at bank and in hand | 54/58 | €3,268 | €8,438 | +€5,171 | +158% |
| Deferred charges and accrued income | 490/1 | €2,337 | €1,135 | -€1,201 | -51.4% |
| Total equity and liabilities | 10/49 | €1,399,950 | €1,231,844 | -€168,106 | -12.0% |
| Equity | 10/15 | €513,412 | €471,346 | -€42,066 | -8.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €366,768 | €351,262 | -€15,506 | -4.2% |
| Tax-exempt reserves | 132 | €132,312 | €116,806 | -€15,506 | -11.7% |
| Distributable reserves | 133 | €234,456 | €234,456 | = | 0.0% |
| Profit (loss) carried forward | 14 | €128,044 | €101,484 | -€26,560 | -20.7% |
| Provisions and deferred taxes | 16 | €88,208 | €77,871 | -€10,337 | -11.7% |
| Deferred taxes | 168 | €88,208 | €77,871 | -€10,337 | -11.7% |
| Amounts payable | 17/49 | €798,330 | €682,627 | -€115,703 | -14.5% |
| Amounts payable after more than one year | 17 | €610,629 | €568,280 | -€42,349 | -6.9% |
| Financial debts | 170/4 | €610,629 | €568,280 | -€42,349 | -6.9% |
| Amounts payable within one year | 42/48 | €177,615 | €101,983 | -€75,631 | -42.6% |
| Current portion of amounts payable after more than one year | 42 | €41,767 | €42,349 | +€583 | +1.4% |
| Trade debts | 44 | €4,682 | €12,951 | +€8,269 | +177% |
| Suppliers | 440/4 | €4,682 | €12,951 | +€8,269 | +177% |
| Taxes, remuneration and social security | 45 | €1,495 | €4,531 | +€3,036 | +203% |
| Taxes | 450/3 | €1,495 | €4,531 | +€3,036 | +203% |
| Other amounts payable | 47/48 | €129,672 | €42,153 | -€87,519 | -67.5% |
| Accrued charges and deferred income | 492/3 | €10,087 | €12,364 | +€2,277 | +22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,419 | €40,481 | +€62 | +0.2% |
| Other operating charges | 640/8 | €10,502 | €13,857 | +€3,355 | +31.9% |
| Gross operating margin | 9900 | €42,019 | €3,762 | -€38,257 | -91.0% |
| Operating profit (loss) | 9901 | -€8,902 | -€50,576 | -€41,674 | -468% |
| Financial income | 75/76B | €9,842 | €10,000 | +€158 | +1.6% |
| Recurring financial income | 75 | €9,842 | €10,000 | +€158 | +1.6% |
| Financial charges | 65/66B | €11,757 | €11,828 | +€71 | +0.6% |
| Recurring financial charges | 65 | €11,757 | €11,828 | +€71 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | -€10,816 | -€52,403 | -€41,587 | -384% |
| Transfer from deferred taxes | 780 | €10,337 | €10,337 | = | 0.0% |
| Income taxes | 67/77 | €1,293 | - | -€1,293 | |
| Profit (loss) for the period | 9904 | -€1,772 | -€42,066 | -€40,294 | -2,273% |
| Transfer from tax-exempt reserves | 789 | €15,506 | €15,506 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,733 | -€26,560 | -€40,294 |
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 15 October 2026 via checked.be.