VHi: 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.
VHi
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Reserves +€313,900
up €313,900 (+18.7%), from €1.7m to €2.0m
of which Distributable reserves: +€313,900
- Other debts -€289,104
down €289,104 (-35.3%), from €819,210 to €530,107
- Financial income +€200,108
up €200,108 (+200.0%), from €100,041 to €300,149
- Taxes +€16,509
up €16,509 (+22.8%), from €72,288 to €88,797
- Gross operating margin -€14,243
down €14,243 (-6.9%), from €205,503 to €191,260
- Financial charges +€2,759
up €2,759 (+53.3%), from €5,181 to €7,940
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 | €2,588,186 | €2,625,809 | +€37,623 | +1.5% |
| Fixed assets | 21/28 | €2,550,171 | €2,547,732 | -€2,439 | -0.1% |
| Tangible fixed assets | 22/27 | €7,311 | €4,872 | -€2,439 | -33.4% |
| Furniture and vehicles | 24 | €7,311 | €4,872 | -€2,439 | -33.4% |
| Financial fixed assets | 28 | €2,542,860 | €2,542,860 | = | 0.0% |
| Current assets | 29/58 | €38,015 | €78,077 | +€40,062 | +105.4% |
| Amounts receivable within one year | 40/41 | €11,635 | €33,790 | +€22,155 | +190.4% |
| Trade receivables | 40 | €11,635 | €33,790 | +€22,155 | +190.4% |
| Cash at bank and in hand | 54/58 | €22,294 | €40,046 | +€17,752 | +79.6% |
| Deferred charges and accrued income | 490/1 | €4,087 | €4,241 | +€155 | +3.8% |
| Total equity and liabilities | 10/49 | €2,588,186 | €2,625,809 | +€37,623 | +1.5% |
| Equity | 10/15 | €1,682,864 | €1,996,764 | +€313,900 | +18.7% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €1,682,764 | €1,996,664 | +€313,900 | +18.7% |
| Tax-exempt reserves | 132 | €764 | €764 | = | 0.0% |
| Distributable reserves | 133 | €1,682,000 | €1,995,900 | +€313,900 | +18.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €47,368 | €47,368 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €47,368 | €47,368 | = | 0.0% |
| Pensions and similar obligations | 160 | €47,368 | €47,368 | = | 0.0% |
| Amounts payable | 17/49 | €857,955 | €581,678 | -€276,277 | -32.2% |
| Amounts payable within one year | 42/48 | €857,955 | €581,678 | -€276,277 | -32.2% |
| Trade debts | 44 | €5,082 | €2,983 | -€2,099 | -41.3% |
| Suppliers | 440/4 | €5,082 | €2,983 | -€2,099 | -41.3% |
| Taxes, remuneration and social security | 45 | €33,662 | €48,588 | +€14,926 | +44.3% |
| Taxes | 450/3 | €33,662 | €48,588 | +€14,926 | +44.3% |
| Other amounts payable | 47/48 | €819,210 | €530,107 | -€289,104 | -35.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,788 | €3,843 | +€55 | +1.5% |
| Other operating charges | 640/8 | €2,202 | €2,227 | +€25 | +1.1% |
| Gross operating margin | 9900 | €205,503 | €191,260 | -€14,243 | -6.9% |
| Operating profit (loss) | 9901 | €199,513 | €185,190 | -€14,323 | -7.2% |
| Financial income | 75/76B | €100,041 | €300,149 | +€200,108 | +200.0% |
| Recurring financial income | 75 | €100,041 | €300,149 | +€200,108 | +200.0% |
| Financial charges | 65/66B | €5,181 | €7,940 | +€2,759 | +53.3% |
| Recurring financial charges | 65 | €5,181 | €7,940 | +€2,759 | +53.3% |
| Profit (loss) for the period before taxes | 9903 | €294,373 | €477,399 | +€183,025 | +62.2% |
| Income taxes | 67/77 | €72,288 | €88,797 | +€16,509 | +22.8% |
| Profit (loss) for the period | 9904 | €222,086 | €388,602 | +€166,516 | +75.0% |
| Profit (loss) for the period to be appropriated | 9905 | €222,086 | €388,602 | +€166,516 | +75.0% |
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 6 October 2026 via checked.be.