VHelec: 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.
VHelec
Largest movements
- Receivables within one year -€153,175
down €153,175 (-58.8%), from €260,324 to €107,149
of which Other amounts receivable: -€88,259
- Cash +€61,397
up €61,397 (+1,214%), from €5,055 to €66,452
mainly Receivables within one year (+€153,175) and Depreciation (+€38,760)
- Tangible fixed assets -€24,648
down €24,648 (-14.6%), from €168,912 to €144,264
of which Furniture and vehicles: -€35,392
- Deferred charges and accrued income +€6,356
new in 2025: €6,356
- Trade debts -€42,931
down €42,931 (-94.7%), from €45,319 to €2,388
- Reserves -€42,000
down €42,000 (-23.0%), from €182,860 to €140,860
of which Distributable reserves: -€42,000
- Debts after one year -€22,698
down €22,698 (-22.8%), from €99,395 to €76,697
- Tax, wage and social debts -€12,355
down €12,355 (-21.4%), from €57,785 to €45,430
- Current portion of long-term debt +€9,004
up €9,004 (+28.1%), from €32,007 to €41,011
- Gross operating margin -€48,944
down €48,944 (-45.1%), from €108,479 to €59,535
- Depreciation +€30,792
up €30,792 (+386%), from €7,968 to €38,760
- Taxes -€23,977
down €23,977 (-84.7%), from €28,311 to €4,334
- Financial charges +€3,247
up €3,247 (+129%), from €2,520 to €5,767
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 | €434,292 | €324,222 | -€110,070 | -25.3% |
| Fixed assets | 21/28 | €168,912 | €144,264 | -€24,648 | -14.6% |
| Tangible fixed assets | 22/27 | €168,912 | €144,264 | -€24,648 | -14.6% |
| Plant, machinery and equipment | 23 | €1,230 | €3,453 | +€2,223 | +181% |
| Furniture and vehicles | 24 | €154,631 | €119,238 | -€35,392 | -22.9% |
| Other tangible fixed assets | 26 | €13,052 | €21,573 | +€8,522 | +65.3% |
| Current assets | 29/58 | €265,379 | €179,957 | -€85,422 | -32.2% |
| Amounts receivable within one year | 40/41 | €260,324 | €107,149 | -€153,175 | -58.8% |
| Trade receivables | 40 | €112,589 | €47,673 | -€64,916 | -57.7% |
| Other amounts receivable | 41 | €147,735 | €59,476 | -€88,259 | -59.7% |
| Cash at bank and in hand | 54/58 | €5,055 | €66,452 | +€61,397 | +1,214% |
| Deferred charges and accrued income | 490/1 | - | €6,356 | +€6,356 | |
| Total equity and liabilities | 10/49 | €434,292 | €324,222 | -€110,070 | -25.3% |
| Equity | 10/15 | €199,786 | €158,226 | -€41,560 | -20.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | - | €18,600 | +€18,600 | |
| Issued capital | 100 | - | €18,600 | +€18,600 | |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €182,860 | €140,860 | -€42,000 | -23.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €181,000 | €139,000 | -€42,000 | -23.2% |
| Profit (loss) carried forward | 14 | -€1,674 | -€1,234 | +€440 | +26.3% |
| Amounts payable | 17/49 | €234,506 | €165,996 | -€68,510 | -29.2% |
| Amounts payable after more than one year | 17 | €99,395 | €76,697 | -€22,698 | -22.8% |
| Financial debts | 170/4 | €99,395 | €76,697 | -€22,698 | -22.8% |
| Amounts payable within one year | 42/48 | €135,111 | €89,299 | -€45,812 | -33.9% |
| Current portion of amounts payable after more than one year | 42 | €32,007 | €41,011 | +€9,004 | +28.1% |
| Trade debts | 44 | €45,319 | €2,388 | -€42,931 | -94.7% |
| Suppliers | 440/4 | €45,319 | €2,388 | -€42,931 | -94.7% |
| Taxes, remuneration and social security | 45 | €57,785 | €45,430 | -€12,355 | -21.4% |
| Taxes | 450/3 | €57,785 | €45,430 | -€12,355 | -21.4% |
| Other amounts payable | 47/48 | - | €471 | +€471 | |
| Remuneration, social security and pensions | 62 | -€262 | -€262 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,968 | €38,760 | +€30,792 | +386% |
| Other operating charges | 640/8 | €547 | €496 | -€51 | -9.3% |
| Gross operating margin | 9900 | €108,479 | €59,535 | -€48,944 | -45.1% |
| Operating profit (loss) | 9901 | €100,226 | €20,541 | -€79,685 | -79.5% |
| Financial income | 75/76B | €0 | €0 | -€0 | -93.3% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -93.3% |
| Financial charges | 65/66B | €2,520 | €5,767 | +€3,247 | +129% |
| Recurring financial charges | 65 | €2,520 | €5,767 | +€3,247 | +129% |
| Profit (loss) for the period before taxes | 9903 | €97,706 | €14,775 | -€82,931 | -84.9% |
| Income taxes | 67/77 | €28,311 | €4,334 | -€23,977 | -84.7% |
| Profit (loss) for the period | 9904 | €69,395 | €10,440 | -€58,955 | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €69,395 | €10,440 | -€58,955 | -85.0% |
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 17 October 2026 via checked.be.