VHC IT: 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.
VHC IT
Largest movements
- Cash +€14,477
up €14,477 (+12.6%), from €114,959 to €129,436
mainly Other debts (+€47,990) and Net result for the year (+€44,881)
- Tangible fixed assets -€13,054
down €13,054 (-49.5%), from €26,348 to €13,294
- Receivables within one year +€2,802
up €2,802 (+16.5%), from €17,005 to €19,808
of which Trade receivables: +€2,464
- Other debts +€47,990
up €47,990 (+130.6%), from €36,758 to €84,748
- Profit (loss) carried forward -€39,934
no longer reported in 2025 (was €39,934)
- Reserves -€8,185
down €8,185 (-15.4%), from €53,000 to €44,815
- Tax, wage and social debts +€5,333
up €5,333 (+48.3%), from €11,030 to €16,364
of which Taxes: +€5,314
- Depreciation -€14,218
down €14,218 (-50.6%), from €28,116 to €13,897
- Gross operating margin +€8,343
up €8,343 (+13.0%), from €64,080 to €72,422
- Taxes +€4,598
up €4,598 (+56.1%), from €8,189 to €12,787
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 | €160,952 | €165,509 | +€4,558 | +2.8% |
| Fixed assets | 21/28 | €26,348 | €13,294 | -€13,054 | -49.5% |
| Tangible fixed assets | 22/27 | €26,348 | €13,294 | -€13,054 | -49.5% |
| Furniture and vehicles | 24 | €26,348 | €13,294 | -€13,054 | -49.5% |
| Current assets | 29/58 | €134,604 | €152,216 | +€17,612 | +13.1% |
| Amounts receivable within one year | 40/41 | €17,005 | €19,808 | +€2,802 | +16.5% |
| Trade receivables | 40 | €15,126 | €17,590 | +€2,464 | +16.3% |
| Other amounts receivable | 41 | €1,880 | €2,218 | +€338 | +18.0% |
| Cash at bank and in hand | 54/58 | €114,959 | €129,436 | +€14,477 | +12.6% |
| Deferred charges and accrued income | 490/1 | €2,640 | €2,972 | +€332 | +12.6% |
| Total equity and liabilities | 10/49 | €160,952 | €165,509 | +€4,558 | +2.8% |
| Equity | 10/15 | €111,534 | €63,415 | -€48,119 | -43.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €53,000 | €44,815 | -€8,185 | -15.4% |
| Distributable reserves | 133 | €53,000 | €44,815 | -€8,185 | -15.4% |
| Profit (loss) carried forward | 14 | €39,934 | - | -€39,934 | |
| Amounts payable | 17/49 | €49,418 | €102,094 | +€52,677 | +106.6% |
| Amounts payable within one year | 42/48 | €49,418 | €102,094 | +€52,677 | +106.6% |
| Trade debts | 44 | €1,629 | €982 | -€647 | -39.7% |
| Suppliers | 440/4 | €1,629 | €982 | -€647 | -39.7% |
| Taxes, remuneration and social security | 45 | €11,030 | €16,364 | +€5,333 | +48.3% |
| Taxes | 450/3 | €7,552 | €12,867 | +€5,314 | +70.4% |
| Remuneration and social security | 454/9 | €3,478 | €3,497 | +€19 | +0.5% |
| Other amounts payable | 47/48 | €36,758 | €84,748 | +€47,990 | +130.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,116 | €13,897 | -€14,218 | -50.6% |
| Other operating charges | 640/8 | €804 | €763 | -€41 | -5.1% |
| Gross operating margin | 9900 | €64,080 | €72,422 | +€8,343 | +13.0% |
| Operating profit (loss) | 9901 | €35,160 | €57,762 | +€22,602 | +64.3% |
| Financial income | 75/76B | €0 | €8 | +€8 | +39900.0% |
| Recurring financial income | 75 | €0 | €8 | +€8 | +39900.0% |
| Financial charges | 65/66B | €99 | €102 | +€3 | +3.3% |
| Recurring financial charges | 65 | €99 | €102 | +€3 | +3.3% |
| Profit (loss) for the period before taxes | 9903 | €35,061 | €57,668 | +€22,606 | +64.5% |
| Income taxes | 67/77 | €8,189 | €12,787 | +€4,598 | +56.1% |
| Profit (loss) for the period | 9904 | €26,872 | €44,881 | +€18,009 | +67.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,872 | €44,881 | +€18,009 | +67.0% |
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 6 October 2026 via checked.be.