VHC Management: 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.
VHC Management
Largest movements
- Current investments +€80,000
new in 2025: €80,000
- Receivables within one year -€50,772
down €50,772 (-55.0%), from €92,233 to €41,461
of which Trade receivables: -€29,766
- Cash +€41,935
up €41,935 (+30.7%), from €136,460 to €178,396
mainly Other debts (+€65,921) and Receivables within one year (+€50,772)
- Tangible fixed assets -€5,678
down €5,678 (-12.6%), from €44,979 to €39,301
of which Other tangible fixed assets: -€4,521
- Other debts +€65,921
up €65,921 (+68.0%), from €96,959 to €162,880
- Gross operating margin +€51,572
up €51,572 (+243%), from €21,217 to €72,789
- Taxes +€14,395
up €14,395 (+706%), from €2,039 to €16,434
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 | €275,264 | €340,918 | +€65,654 | +23.9% |
| Fixed assets | 21/28 | €44,979 | €39,301 | -€5,678 | -12.6% |
| Tangible fixed assets | 22/27 | €44,979 | €39,301 | -€5,678 | -12.6% |
| Furniture and vehicles | 24 | €5,196 | €4,039 | -€1,157 | -22.3% |
| Other tangible fixed assets | 26 | €39,783 | €35,262 | -€4,521 | -11.4% |
| Current assets | 29/58 | €230,285 | €301,617 | +€71,332 | +31.0% |
| Amounts receivable within one year | 40/41 | €92,233 | €41,461 | -€50,772 | -55.0% |
| Trade receivables | 40 | €67,518 | €37,752 | -€29,766 | -44.1% |
| Other amounts receivable | 41 | €24,715 | €3,709 | -€21,006 | -85.0% |
| Current investments | 50/53 | - | €80,000 | +€80,000 | |
| Cash at bank and in hand | 54/58 | €136,460 | €178,396 | +€41,935 | +30.7% |
| Deferred charges and accrued income | 490/1 | €1,592 | €1,761 | +€169 | +10.6% |
| Total equity and liabilities | 10/49 | €275,264 | €340,918 | +€65,654 | +23.9% |
| Equity | 10/15 | €155,041 | €155,901 | +€860 | +0.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €136,441 | €137,301 | +€860 | +0.6% |
| Distributable reserves | 133 | €136,441 | €137,301 | +€860 | +0.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €120,223 | €185,017 | +€64,794 | +53.9% |
| Amounts payable within one year | 42/48 | €120,223 | €185,017 | +€64,794 | +53.9% |
| Trade debts | 44 | €6,020 | €3,295 | -€2,725 | -45.3% |
| Suppliers | 440/4 | €6,020 | €3,295 | -€2,725 | -45.3% |
| Taxes, remuneration and social security | 45 | €17,244 | €18,841 | +€1,598 | +9.3% |
| Taxes | 450/3 | €17,244 | €18,841 | +€1,598 | +9.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €96,959 | €162,880 | +€65,921 | +68.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,111 | €5,678 | +€568 | +11.1% |
| Other operating charges | 640/8 | €2,605 | €2,504 | -€101 | -3.9% |
| Gross operating margin | 9900 | €21,217 | €72,789 | +€51,572 | +243% |
| Operating profit (loss) | 9901 | €13,502 | €64,607 | +€51,105 | +379% |
| Financial income | 75/76B | €92 | €431 | +€339 | +368% |
| Recurring financial income | 75 | €92 | €431 | +€339 | +368% |
| Financial charges | 65/66B | €7,105 | €7,723 | +€618 | +8.7% |
| Recurring financial charges | 65 | €7,105 | €7,723 | +€618 | +8.7% |
| Profit (loss) for the period before taxes | 9903 | €6,489 | €57,315 | +€50,826 | +783% |
| Income taxes | 67/77 | €2,039 | €16,434 | +€14,395 | +706% |
| Profit (loss) for the period | 9904 | €4,450 | €40,881 | +€36,431 | +819% |
| Profit (loss) for the period to be appropriated | 9905 | €4,450 | €40,881 | +€36,431 | +819% |
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 21 October 2026 via checked.be.