VHEC: 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.
VHEC
Largest movements
- Cash -€19,874
down €19,874 (-24.6%), from €80,634 to €60,761
mainly Contributions, distributions and other (-€65,000) and Receivables within one year (-€7,821)
- Receivables within one year +€7,821
up €7,821 (+18.5%), from €42,301 to €50,121
of which Trade receivables: +€9,547
- Profit (loss) carried forward -€65,000
down €65,000 (-99.0%), from €65,628 to €628
- Reserves +€48,978
up €48,978 (+140%), from €35,000 to €83,978
- Tax, wage and social debts +€5,564
up €5,564 (+119%), from €4,686 to €10,251
- Gross operating margin +€11,458
up €11,458 (+14.3%), from €80,079 to €91,537
- Taxes +€10,745
up €10,745 (+75.6%), from €14,217 to €24,962
- Provisions -€7,068
down €7,068 (-100.0%), from €7,070 to €2
- Financial charges +€6,133
up €6,133 (+55.1%), from €11,139 to €17,273
- Depreciation -€5,491
down €5,491 (-89.5%), from €6,133 to €642
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 | €126,431 | €114,489 | -€11,941 | -9.4% |
| Fixed assets | 21/28 | €1,996 | €1,904 | -€92 | -4.6% |
| Tangible fixed assets | 22/27 | €1,996 | €1,904 | -€92 | -4.6% |
| Furniture and vehicles | 24 | €1,996 | €1,904 | -€92 | -4.6% |
| Current assets | 29/58 | €124,435 | €112,585 | -€11,849 | -9.5% |
| Amounts receivable within one year | 40/41 | €42,301 | €50,121 | +€7,821 | +18.5% |
| Trade receivables | 40 | €23,547 | €33,094 | +€9,547 | +40.5% |
| Other amounts receivable | 41 | €18,753 | €17,027 | -€1,726 | -9.2% |
| Cash at bank and in hand | 54/58 | €80,634 | €60,761 | -€19,874 | -24.6% |
| Deferred charges and accrued income | 490/1 | €1,500 | €1,703 | +€203 | +13.6% |
| Total equity and liabilities | 10/49 | €126,431 | €114,489 | -€11,941 | -9.4% |
| Equity | 10/15 | €105,628 | €89,606 | -€16,022 | -15.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €35,000 | €83,978 | +€48,978 | +140% |
| Distributable reserves | 133 | €35,000 | €83,978 | +€48,978 | +140% |
| Profit (loss) carried forward | 14 | €65,628 | €628 | -€65,000 | -99.0% |
| Provisions and deferred taxes | 16 | €14,528 | €14,530 | +€2 | 0.0% |
| Provisions for liabilities and charges | 160/5 | €14,528 | €14,530 | +€2 | 0.0% |
| Other liabilities and charges | 164/5 | €14,528 | €14,530 | +€2 | 0.0% |
| Amounts payable | 17/49 | €6,275 | €10,353 | +€4,079 | +65.0% |
| Amounts payable within one year | 42/48 | €6,275 | €10,353 | +€4,079 | +65.0% |
| Trade debts | 44 | €922 | €103 | -€819 | -88.8% |
| Suppliers | 440/4 | €922 | €103 | -€819 | -88.8% |
| Taxes, remuneration and social security | 45 | €4,686 | €10,251 | +€5,564 | +119% |
| Taxes | 450/3 | €4,686 | €10,251 | +€5,564 | +119% |
| Other amounts payable | 47/48 | €666 | - | -€666 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,133 | €642 | -€5,491 | -89.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €7,070 | €2 | -€7,068 | -100.0% |
| Other operating charges | 640/8 | €100 | €387 | +€287 | +287% |
| Gross operating margin | 9900 | €80,079 | €91,537 | +€11,458 | +14.3% |
| Operating profit (loss) | 9901 | €66,776 | €90,506 | +€23,730 | +35.5% |
| Financial income | 75/76B | - | €707 | +€707 | |
| Recurring financial income | 75 | - | €707 | +€707 | |
| Financial charges | 65/66B | €11,139 | €17,273 | +€6,133 | +55.1% |
| Recurring financial charges | 65 | €11,139 | €17,273 | +€6,133 | +55.1% |
| Profit (loss) for the period before taxes | 9903 | €55,637 | €73,940 | +€18,304 | +32.9% |
| Income taxes | 67/77 | €14,217 | €24,962 | +€10,745 | +75.6% |
| Profit (loss) for the period | 9904 | €41,420 | €48,978 | +€7,559 | +18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €41,420 | €48,978 | +€7,559 | +18.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.