VHINVEST: 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.
VHINVEST
Largest movements
- Current investments -€1.7m
down €1.7m (-13.5%), from €12.4m to €10.7m
- Cash +€1.6m
up €1.6m (+1,197%), from €136,506 to €1.8m
mainly Current investments (+€1.7m) and Net result for the year (+€468,175)
- Tangible fixed assets +€541,159
up €541,159 (+10.9%), from €5.0m to €5.5m
of which Land and buildings: +€4.0m
- Receivables after one year -€359,245
down €359,245 (-12.9%), from €2.8m to €2.4m
- Profit (loss) carried forward +€468,175
up €468,175 (+125%), from €374,163 to €842,338
- Reserves -€400,000
down €400,000 (-1.7%), from €23.0m to €22.6m
of which Distributable reserves: -€400,000
- Financial income +€194,897
up €194,897 (+40.8%), from €477,384 to €672,281
- Depreciation +€175,205
up €175,205 (+278%), from €63,012 to €238,217
- Taxes -€70,515
down €70,515 (-53.2%), from €132,437 to €61,922
- Gross operating margin +€7,469
up €7,469 (+5.1%), from €146,987 to €154,456
- Other operating charges +€2,418
up €2,418 (+349%), from €693 to €3,111
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 | €24,234,418 | €24,281,434 | +€47,016 | +0.2% |
| Fixed assets | 21/28 | €8,676,858 | €9,223,016 | +€546,159 | +6.3% |
| Tangible fixed assets | 22/27 | €4,977,418 | €5,518,576 | +€541,159 | +10.9% |
| Land and buildings | 22 | €1,421,804 | €5,391,846 | +€4.0m | +279% |
| Furniture and vehicles | 24 | €198,847 | €126,730 | -€72,117 | -36.3% |
| Assets under construction and advance payments | 27 | €3,356,767 | €0 | -€3.4m | -100% |
| Financial fixed assets | 28 | €3,699,440 | €3,704,440 | +€5,000 | +0.1% |
| Current assets | 29/58 | €15,557,560 | €15,058,418 | -€499,142 | -3.2% |
| Amounts receivable after more than one year | 29 | €2,788,861 | €2,429,616 | -€359,245 | -12.9% |
| Other amounts receivable | 291 | €2,788,861 | €2,429,616 | -€359,245 | -12.9% |
| Stocks and contracts in progress | 3 | €123,750 | €0 | -€123,750 | -100% |
| Stocks | 30/36 | €123,750 | €0 | -€123,750 | -100% |
| Amounts receivable within one year | 40/41 | €53,240 | €102,067 | +€48,827 | +91.7% |
| Trade receivables | 40 | €53,240 | €58,039 | +€4,799 | +9.0% |
| Other amounts receivable | 41 | - | €44,028 | +€44,028 | |
| Current investments | 50/53 | €12,421,031 | €10,745,443 | -€1.7m | -13.5% |
| Cash at bank and in hand | 54/58 | €136,506 | €1,770,616 | +€1.6m | +1,197% |
| Deferred charges and accrued income | 490/1 | €34,172 | €10,676 | -€23,497 | -68.8% |
| Total equity and liabilities | 10/49 | €24,234,418 | €24,281,434 | +€47,016 | +0.2% |
| Equity | 10/15 | €24,192,029 | €24,260,204 | +€68,175 | +0.3% |
| Contributions | 10/11 | €770,000 | €770,000 | = | 0.0% |
| Reserves | 13 | €23,047,866 | €22,647,866 | -€400,000 | -1.7% |
| Tax-exempt reserves | 132 | €1,546 | €1,546 | = | 0.0% |
| Distributable reserves | 133 | €23,046,320 | €22,646,320 | -€400,000 | -1.7% |
| Profit (loss) carried forward | 14 | €374,163 | €842,338 | +€468,175 | +125% |
| Amounts payable | 17/49 | €42,389 | €21,230 | -€21,159 | -49.9% |
| Amounts payable within one year | 42/48 | €39,208 | €17,594 | -€21,614 | -55.1% |
| Trade debts | 44 | €1,531 | €3,195 | +€1,664 | +109% |
| Suppliers | 440/4 | €1,531 | €3,195 | +€1,664 | +109% |
| Taxes, remuneration and social security | 45 | €37,678 | €14,400 | -€23,278 | -61.8% |
| Taxes | 450/3 | €37,678 | €14,400 | -€23,278 | -61.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €3,181 | €3,636 | +€455 | +14.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,012 | €238,217 | +€175,205 | +278% |
| Other operating charges | 640/8 | €693 | €3,111 | +€2,418 | +349% |
| Gross operating margin | 9900 | €146,987 | €154,456 | +€7,469 | +5.1% |
| Operating profit (loss) | 9901 | €83,281 | -€86,872 | -€170,153 | |
| Financial income | 75/76B | €477,384 | €672,281 | +€194,897 | +40.8% |
| Recurring financial income | 75 | €477,384 | €672,281 | +€194,897 | +40.8% |
| Financial charges | 65/66B | €54,066 | €55,311 | +€1,245 | +2.3% |
| Recurring financial charges | 65 | €54,066 | €55,311 | +€1,245 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €506,600 | €530,097 | +€23,498 | +4.6% |
| Income taxes | 67/77 | €132,437 | €61,922 | -€70,515 | -53.2% |
| Profit (loss) for the period | 9904 | €374,163 | €468,175 | +€94,013 | +25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €374,163 | €468,175 | +€94,013 | +25.1% |
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 19 October 2026 via checked.be.