VHD CONCEPT: 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.
VHD CONCEPT
Largest movements
- Tangible fixed assets -€625,499
down €625,499 (-57.5%), from €1.1m to €462,628
of which Land and buildings: -€562,023
- Debts after one year -€427,454
down €427,454 (-54.6%), from €782,764 to €355,310
- Current portion of long-term debt -€228,288
down €228,288 (-89.7%), from €254,439 to €26,151
- Other debts +€41,100
up €41,100 (+20.7%), from €198,491 to €239,591
- Profit (loss) carried forward -€20,344
down €20,344 (-10.5%), from -€194,028 to -€214,372
- Gross operating margin -€39,474
down €39,474 (-54.7%), from €72,121 to €32,648
- Depreciation -€27,665
down €27,665 (-58.5%), from €47,329 to €19,663
- Other operating charges +€4,160
up €4,160 (+60.7%), from €6,851 to €11,011
- Financial charges -€3,376
down €3,376 (-12.8%), from €26,344 to €22,969
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 | €1,100,239 | €471,184 | -€629,055 | -57.2% |
| Fixed assets | 21/28 | €1,088,127 | €462,628 | -€625,499 | -57.5% |
| Tangible fixed assets | 22/27 | €1,088,127 | €462,628 | -€625,499 | -57.5% |
| Land and buildings | 22 | €821,041 | €259,018 | -€562,023 | -68.5% |
| Plant, machinery and equipment | 23 | €263,626 | €203,317 | -€60,310 | -22.9% |
| Furniture and vehicles | 24 | €3,460 | €294 | -€3,166 | -91.5% |
| Current assets | 29/58 | €12,112 | €8,556 | -€3,556 | -29.4% |
| Amounts receivable within one year | 40/41 | €11,815 | €6,832 | -€4,983 | -42.2% |
| Trade receivables | 40 | €11,812 | €3,344 | -€8,468 | -71.7% |
| Other amounts receivable | 41 | €3 | €3,489 | +€3,485 | +107,575% |
| Cash at bank and in hand | 54/58 | €281 | €1,404 | +€1,123 | +400% |
| Deferred charges and accrued income | 490/1 | €16 | €320 | +€303 | +1,890% |
| Total equity and liabilities | 10/49 | €1,100,239 | €471,184 | -€629,055 | -57.2% |
| Equity | 10/15 | -€139,028 | -€159,371 | -€20,344 | -14.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €5,000 | €5,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€194,028 | -€214,372 | -€20,344 | -10.5% |
| Amounts payable | 17/49 | €1,239,267 | €630,556 | -€608,711 | -49.1% |
| Amounts payable after more than one year | 17 | €782,764 | €355,310 | -€427,454 | -54.6% |
| Financial debts | 170/4 | €782,764 | €355,310 | -€427,454 | -54.6% |
| Amounts payable within one year | 42/48 | €456,479 | €275,246 | -€181,233 | -39.7% |
| Current portion of amounts payable after more than one year | 42 | €254,439 | €26,151 | -€228,288 | -89.7% |
| Trade debts | 44 | €3,384 | €2,562 | -€823 | -24.3% |
| Suppliers | 440/4 | €3,384 | €2,562 | -€823 | -24.3% |
| Taxes, remuneration and social security | 45 | €165 | €6,942 | +€6,777 | +4,110% |
| Taxes | 450/3 | €165 | €6,942 | +€6,777 | +4,110% |
| Other amounts payable | 47/48 | €198,491 | €239,591 | +€41,100 | +20.7% |
| Accrued charges and deferred income | 492/3 | €24 | - | -€24 | |
| Non-recurring operating income | 76A | - | €34,164 | +€34,164 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,329 | €19,663 | -€27,665 | -58.5% |
| Other operating charges | 640/8 | €6,851 | €11,011 | +€4,160 | +60.7% |
| Gross operating margin | 9900 | €72,121 | €32,648 | -€39,474 | -54.7% |
| Operating profit (loss) | 9901 | €17,942 | €1,973 | -€15,968 | -89.0% |
| Financial income | 75/76B | - | €652 | +€652 | |
| Recurring financial income | 75 | - | €652 | +€652 | |
| Financial charges | 65/66B | €26,344 | €22,969 | -€3,376 | -12.8% |
| Recurring financial charges | 65 | €26,344 | €22,969 | -€3,376 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | -€8,402 | -€20,344 | -€11,941 | -142% |
| Profit (loss) for the period | 9904 | -€8,402 | -€20,344 | -€11,941 | -142% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,402 | -€20,344 | -€11,941 | -142% |
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 29 October 2026 via checked.be.