VHE MANAGEMENT: 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.
VHE MANAGEMENT
Largest movements
- Deferred charges and accrued income +€7,000
new in 2025: €7,000
- Cash +€6,900
up €6,900 (+503.2%), from €1,371 to €8,271
mainly Net result for the year (+€56,526) and Short-term financial debts (+€11,643)
- Receivables within one year -€6,452
down €6,452 (-4.4%), from €147,446 to €140,995
of which Trade receivables: -€3,950
- Profit (loss) carried forward +€56,526
up €56,526 (+26.0%), from €217,209 to €273,735
- Debts after one year -€20,936
down €20,936 (-21.4%), from €97,664 to €76,728
- Current portion of long-term debt -€13,213
down €13,213 (-23.6%), from €55,968 to €42,755
- Trade debts -€11,889
down €11,889 (-85.9%), from €13,842 to €1,952
- Short-term financial debts +€11,643
new in 2025: €11,643
- Gross operating margin +€12,103
up €12,103 (+16.0%), from €75,812 to €87,915
- Taxes +€3,791
up €3,791 (+22.6%), from €16,749 to €20,540
- Other operating charges -€2,559
no longer reported in 2025 (was €2,559)
- Financial charges -€1,106
down €1,106 (-15.9%), from €6,958 to €5,852
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 | €569,462 | €578,584 | +€9,121 | +1.6% |
| Fixed assets | 21/28 | €420,645 | €422,318 | +€1,673 | +0.4% |
| Tangible fixed assets | 22/27 | €12,645 | €14,318 | +€1,673 | +13.2% |
| Plant, machinery and equipment | 23 | €1,309 | €778 | -€531 | -40.6% |
| Furniture and vehicles | 24 | €11,336 | €13,540 | +€2,204 | +19.4% |
| Financial fixed assets | 28 | €408,000 | €408,000 | = | 0.0% |
| Current assets | 29/58 | €148,818 | €156,266 | +€7,448 | +5.0% |
| Amounts receivable within one year | 40/41 | €147,446 | €140,995 | -€6,452 | -4.4% |
| Trade receivables | 40 | €6,587 | €2,637 | -€3,950 | -60.0% |
| Other amounts receivable | 41 | €140,860 | €138,358 | -€2,502 | -1.8% |
| Cash at bank and in hand | 54/58 | €1,371 | €8,271 | +€6,900 | +503.2% |
| Deferred charges and accrued income | 490/1 | - | €7,000 | +€7,000 | |
| Total equity and liabilities | 10/49 | €569,462 | €578,584 | +€9,121 | +1.6% |
| Equity | 10/15 | €219,709 | €276,235 | +€56,526 | +25.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €217,209 | €273,735 | +€56,526 | +26.0% |
| Amounts payable | 17/49 | €349,753 | €302,349 | -€47,405 | -13.6% |
| Amounts payable after more than one year | 17 | €97,664 | €76,728 | -€20,936 | -21.4% |
| Financial debts | 170/4 | €97,664 | €76,728 | -€20,936 | -21.4% |
| Amounts payable within one year | 42/48 | €252,090 | €225,621 | -€26,469 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €55,968 | €42,755 | -€13,213 | -23.6% |
| Financial debts | 43 | - | €11,643 | +€11,643 | |
| Credit institutions | 430/8 | - | €11,643 | +€11,643 | |
| Trade debts | 44 | €13,842 | €1,952 | -€11,889 | -85.9% |
| Suppliers | 440/4 | €13,842 | €1,952 | -€11,889 | -85.9% |
| Taxes, remuneration and social security | 45 | €17,382 | €14,176 | -€3,206 | -18.4% |
| Taxes | 450/3 | €17,382 | €14,176 | -€3,206 | -18.4% |
| Other amounts payable | 47/48 | €164,898 | €155,094 | -€9,804 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,464 | €4,996 | +€532 | +11.9% |
| Other operating charges | 640/8 | €2,559 | - | -€2,559 | |
| Gross operating margin | 9900 | €75,812 | €87,915 | +€12,103 | +16.0% |
| Operating profit (loss) | 9901 | €68,790 | €82,919 | +€14,129 | +20.5% |
| Financial charges | 65/66B | €6,958 | €5,852 | -€1,106 | -15.9% |
| Recurring financial charges | 65 | €6,958 | €5,852 | -€1,106 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €61,831 | €77,066 | +€15,235 | +24.6% |
| Income taxes | 67/77 | €16,749 | €20,540 | +€3,791 | +22.6% |
| Profit (loss) for the period | 9904 | €45,082 | €56,526 | +€11,444 | +25.4% |
| Profit (loss) for the period to be appropriated | 9905 | €45,082 | €56,526 | +€11,444 | +25.4% |
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 4 October 2026 via checked.be.