VHINCO: 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.
VHINCO
Largest movements
- Cash -€30,762
down €30,762 (-33.7%), from €91,310 to €60,548
mainly Contributions, distributions and other (-€184,650) and Debts after one year (-€13,596)
- Tangible fixed assets -€21,596
down €21,596 (-22.1%), from €97,804 to €76,207
of which Leasing and similar rights: -€15,989
- Receivables within one year +€4,887
up €4,887 (+6.5%), from €75,341 to €80,228
of which Trade receivables: +€4,869
- Profit (loss) carried forward -€45,810
down €45,810 (-100.0%), from €45,810 to €0
- Debts after one year -€13,596
down €13,596 (-41.6%), from €32,657 to €19,061
- Other debts +€7,935
up €7,935 (+4.9%), from €161,203 to €169,138
- Gross operating margin -€12,004
down €12,004 (-5.5%), from €217,862 to €205,858
- Taxes -€3,145
down €3,145 (-7.1%), from €44,345 to €41,200
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 | €287,755 | €240,132 | -€47,623 | -16.5% |
| Fixed assets | 21/28 | €97,804 | €76,207 | -€21,596 | -22.1% |
| Tangible fixed assets | 22/27 | €97,804 | €76,207 | -€21,596 | -22.1% |
| Plant, machinery and equipment | 23 | €39,732 | €35,334 | -€4,398 | -11.1% |
| Furniture and vehicles | 24 | €3,504 | €2,295 | -€1,209 | -34.5% |
| Leasing and similar rights | 25 | €54,568 | €38,578 | -€15,989 | -29.3% |
| Current assets | 29/58 | €189,951 | €163,924 | -€26,027 | -13.7% |
| Amounts receivable after more than one year | 29 | €21,413 | €19,976 | -€1,437 | -6.7% |
| Other amounts receivable | 291 | €21,413 | €19,976 | -€1,437 | -6.7% |
| Amounts receivable within one year | 40/41 | €75,341 | €80,228 | +€4,887 | +6.5% |
| Trade receivables | 40 | €73,922 | €78,791 | +€4,869 | +6.6% |
| Other amounts receivable | 41 | €1,419 | €1,437 | +€18 | +1.3% |
| Cash at bank and in hand | 54/58 | €91,310 | €60,548 | -€30,762 | -33.7% |
| Deferred charges and accrued income | 490/1 | €1,888 | €3,172 | +€1,285 | +68.1% |
| Total equity and liabilities | 10/49 | €287,755 | €240,132 | -€47,623 | -16.5% |
| Equity | 10/15 | €64,410 | €18,600 | -€45,810 | -71.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,810 | €0 | -€45,810 | -100.0% |
| Amounts payable | 17/49 | €223,345 | €221,532 | -€1,813 | -0.8% |
| Amounts payable after more than one year | 17 | €32,657 | €19,061 | -€13,596 | -41.6% |
| Financial debts | 170/4 | €32,657 | €19,061 | -€13,596 | -41.6% |
| Amounts payable within one year | 42/48 | €190,688 | €202,470 | +€11,783 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €13,024 | €13,596 | +€572 | +4.4% |
| Trade debts | 44 | €559 | €1,191 | +€632 | +113.1% |
| Suppliers | 440/4 | €559 | €1,191 | +€632 | +113.1% |
| Taxes, remuneration and social security | 45 | €15,902 | €18,546 | +€2,644 | +16.6% |
| Taxes | 450/3 | €15,902 | €18,546 | +€2,644 | +16.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €161,203 | €169,138 | +€7,935 | +4.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,876 | €21,596 | +€720 | +3.5% |
| Other operating charges | 640/8 | €2,347 | €2,379 | +€31 | +1.3% |
| Gross operating margin | 9900 | €217,862 | €205,858 | -€12,004 | -5.5% |
| Operating profit (loss) | 9901 | €194,639 | €181,883 | -€12,755 | -6.6% |
| Financial income | 75/76B | €403 | €497 | +€94 | +23.4% |
| Recurring financial income | 75 | €403 | €497 | +€94 | +23.4% |
| Financial charges | 65/66B | €2,914 | €2,341 | -€573 | -19.7% |
| Recurring financial charges | 65 | €2,914 | €2,341 | -€573 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €192,127 | €180,040 | -€12,088 | -6.3% |
| Income taxes | 67/77 | €44,345 | €41,200 | -€3,145 | -7.1% |
| Profit (loss) for the period | 9904 | €147,782 | €138,840 | -€8,943 | -6.1% |
| Profit (loss) for the period to be appropriated | 9905 | €147,782 | €138,840 | -€8,943 | -6.1% |
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 8 October 2026 via checked.be.