VHD: 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.
VHD
Largest movements
- Cash +€15,061
up €15,061 (+83.8%), from €17,966 to €33,027
mainly Net result for the year (+€22,807) and Depreciation (+€8,798)
- Deferred charges and accrued income +€9,322
up €9,322 (+1303.0%), from €715 to €10,038
- Tangible fixed assets -€8,798
down €8,798 (-25.6%), from €34,432 to €25,634
of which Leasing and similar rights: -€8,483
- Receivables within one year -€5,134
down €5,134 (-42.4%), from €12,101 to €6,967
of which Other amounts receivable: -€5,302
- Profit (loss) carried forward +€11,141
up €11,141 (+260.9%), from €4,270 to €15,410
- Reserves +€10,000
new in 2025: €10,000
- Debts after one year -€8,045
down €8,045 (-33.0%), from €24,349 to €16,304
- Tax, wage and social debts +€4,949
up €4,949 (+74.1%), from €6,684 to €11,633
- Other debts -€4,636
down €4,636 (-59.1%), from €7,849 to €3,213
- Gross operating margin +€10,043
up €10,043 (+31.7%), from €31,662 to €41,705
- Taxes +€1,902
up €1,902 (+37.4%), from €5,080 to €6,983
- Depreciation -€1,349
down €1,349 (-13.3%), from €10,147 to €8,798
- Other operating charges +€448
up €448 (+47.4%), from €946 to €1,394
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 | €65,214 | €75,665 | +€10,451 | +16.0% |
| Fixed assets | 21/28 | €34,432 | €25,634 | -€8,798 | -25.6% |
| Tangible fixed assets | 22/27 | €34,432 | €25,634 | -€8,798 | -25.6% |
| Plant, machinery and equipment | 23 | €716 | €463 | -€253 | -35.3% |
| Furniture and vehicles | 24 | €62 | €0 | -€62 | -100.0% |
| Leasing and similar rights | 25 | €33,654 | €25,170 | -€8,483 | -25.2% |
| Current assets | 29/58 | €30,782 | €50,031 | +€19,249 | +62.5% |
| Amounts receivable within one year | 40/41 | €12,101 | €6,967 | -€5,134 | -42.4% |
| Trade receivables | 40 | €4,743 | €4,910 | +€167 | +3.5% |
| Other amounts receivable | 41 | €7,358 | €2,056 | -€5,302 | -72.1% |
| Cash at bank and in hand | 54/58 | €17,966 | €33,027 | +€15,061 | +83.8% |
| Deferred charges and accrued income | 490/1 | €715 | €10,038 | +€9,322 | +1303.0% |
| Total equity and liabilities | 10/49 | €65,214 | €75,665 | +€10,451 | +16.0% |
| Equity | 10/15 | €12,330 | €33,470 | +€21,141 | +171.5% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | - | €10,000 | +€10,000 | |
| Distributable reserves | 133 | - | €10,000 | +€10,000 | |
| Profit (loss) carried forward | 14 | €4,270 | €15,410 | +€11,141 | +260.9% |
| Amounts payable | 17/49 | €52,884 | €42,195 | -€10,690 | -20.2% |
| Amounts payable after more than one year | 17 | €24,349 | €16,304 | -€8,045 | -33.0% |
| Financial debts | 170/4 | €24,349 | €16,304 | -€8,045 | -33.0% |
| Amounts payable within one year | 42/48 | €28,535 | €25,891 | -€2,645 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €7,744 | €8,045 | +€301 | +3.9% |
| Trade debts | 44 | €6,258 | €3,000 | -€3,259 | -52.1% |
| Suppliers | 440/4 | €6,258 | €3,000 | -€3,259 | -52.1% |
| Taxes, remuneration and social security | 45 | €6,684 | €11,633 | +€4,949 | +74.1% |
| Taxes | 450/3 | €6,684 | €11,633 | +€4,949 | +74.1% |
| Other amounts payable | 47/48 | €7,849 | €3,213 | -€4,636 | -59.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,147 | €8,798 | -€1,349 | -13.3% |
| Other operating charges | 640/8 | €946 | €1,394 | +€448 | +47.4% |
| Gross operating margin | 9900 | €31,662 | €41,705 | +€10,043 | +31.7% |
| Operating profit (loss) | 9901 | €20,569 | €31,513 | +€10,944 | +53.2% |
| Financial income | 75/76B | €7 | €0 | -€7 | -100.0% |
| Recurring financial income | 75 | €7 | €0 | -€7 | -100.0% |
| Financial charges | 65/66B | €1,997 | €1,724 | -€273 | -13.7% |
| Recurring financial charges | 65 | €1,997 | €1,724 | -€273 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €18,579 | €29,789 | +€11,210 | +60.3% |
| Income taxes | 67/77 | €5,080 | €6,983 | +€1,902 | +37.4% |
| Profit (loss) for the period | 9904 | €13,499 | €22,807 | +€9,307 | +68.9% |
| Profit (loss) for the period to be appropriated | 9905 | €13,499 | €22,807 | +€9,307 | +68.9% |
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 1 October 2026 via checked.be.