VHF 07: 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.
VHF 07
Largest movements
- Tangible fixed assets -€97,391
down €97,391 (-22.4%), from €435,142 to €337,751
- Cash +€35,203
up €35,203 (+166.9%), from €21,089 to €56,292
mainly Depreciation (+€101,601) and Receivables within one year (+€21,348)
- Receivables within one year -€21,348
down €21,348 (-8.3%), from €258,331 to €236,983
of which Other amounts receivable: -€40,631
- Debts after one year -€80,150
down €80,150 (-42.2%), from €189,775 to €109,626
- Current portion of long-term debt -€15,525
down €15,525 (-16.2%), from €96,019 to €80,494
- Other debts +€12,000
up €12,000 (+6.1%), from €197,371 to €209,371
- Depreciation +€13,804
up €13,804 (+15.7%), from €87,798 to €101,601
- Gross operating margin +€7,939
up €7,939 (+6.7%), from €117,821 to €125,760
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 | €719,334 | €634,955 | -€84,378 | -11.7% |
| Fixed assets | 21/28 | €435,142 | €337,751 | -€97,391 | -22.4% |
| Tangible fixed assets | 22/27 | €435,142 | €337,751 | -€97,391 | -22.4% |
| Plant, machinery and equipment | 23 | €224,027 | €178,087 | -€45,940 | -20.5% |
| Furniture and vehicles | 24 | €60,878 | €45,437 | -€15,441 | -25.4% |
| Leasing and similar rights | 25 | €150,237 | €114,227 | -€36,010 | -24.0% |
| Current assets | 29/58 | €284,192 | €297,204 | +€13,012 | +4.6% |
| Amounts receivable within one year | 40/41 | €258,331 | €236,983 | -€21,348 | -8.3% |
| Trade receivables | 40 | €44,629 | €63,912 | +€19,283 | +43.2% |
| Other amounts receivable | 41 | €213,701 | €173,071 | -€40,631 | -19.0% |
| Cash at bank and in hand | 54/58 | €21,089 | €56,292 | +€35,203 | +166.9% |
| Deferred charges and accrued income | 490/1 | €4,772 | €3,929 | -€843 | -17.7% |
| Total equity and liabilities | 10/49 | €719,334 | €634,955 | -€84,378 | -11.7% |
| Equity | 10/15 | €221,744 | €222,710 | +€966 | +0.4% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €214,244 | €215,210 | +€966 | +0.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €212,384 | €213,350 | +€966 | +0.5% |
| Amounts payable | 17/49 | €497,590 | €412,246 | -€85,344 | -17.2% |
| Amounts payable after more than one year | 17 | €189,775 | €109,626 | -€80,150 | -42.2% |
| Financial debts | 170/4 | €189,775 | €109,626 | -€80,150 | -42.2% |
| Amounts payable within one year | 42/48 | €305,457 | €300,283 | -€5,174 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €96,019 | €80,494 | -€15,525 | -16.2% |
| Trade debts | 44 | €11,570 | €8,531 | -€3,039 | -26.3% |
| Suppliers | 440/4 | €11,570 | €8,531 | -€3,039 | -26.3% |
| Taxes, remuneration and social security | 45 | €497 | €1,887 | +€1,390 | +279.9% |
| Taxes | 450/3 | €497 | €1,887 | +€1,390 | +279.9% |
| Other amounts payable | 47/48 | €197,371 | €209,371 | +€12,000 | +6.1% |
| Accrued charges and deferred income | 492/3 | €2,357 | €2,337 | -€20 | -0.9% |
| Non-recurring operating income | 76A | €7,500 | - | -€7,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,798 | €101,601 | +€13,804 | +15.7% |
| Other operating charges | 640/8 | €3,569 | €4,182 | +€613 | +17.2% |
| Non-recurring operating charges | 66A | €315 | - | -€315 | |
| Gross operating margin | 9900 | €117,821 | €125,760 | +€7,939 | +6.7% |
| Operating profit (loss) | 9901 | €26,139 | €19,976 | -€6,163 | -23.6% |
| Financial income | 75/76B | €0 | €1 | +€0 | +190.0% |
| Recurring financial income | 75 | €0 | €1 | +€0 | +190.0% |
| Financial charges | 65/66B | €7,428 | €6,674 | -€753 | -10.1% |
| Recurring financial charges | 65 | €7,428 | €6,674 | -€753 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | €18,712 | €13,303 | -€5,409 | -28.9% |
| Income taxes | 67/77 | €0 | €337 | +€337 | +560966.7% |
| Profit (loss) for the period | 9904 | €18,712 | €12,966 | -€5,746 | -30.7% |
| Profit (loss) for the period to be appropriated | 9905 | €18,712 | €12,966 | -€5,746 | -30.7% |
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 9 October 2026 via checked.be.