VHIO: 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.
VHIO
Largest movements
- Financial fixed assets -€413,150
no longer reported in 2025 (was €413,150)
- Tangible fixed assets +€26,262
up €26,262 (+552%), from €4,754 to €31,016
- Receivables within one year +€8,518
up €8,518 (+211%), from €4,038 to €12,557
of which Other amounts receivable: +€11,043
- Cash +€4,725
up €4,725 (+147%), from €3,211 to €7,936
mainly Investment in fixed assets (net) (+€378,653) and Debts after one year (+€17,633)
- Other debts -€199,340
down €199,340 (-98.7%), from €201,960 to €2,620
- Profit (loss) carried forward -€168,001
down €168,001, from €145,118 to -€22,882
- Current portion of long-term debt -€34,070
down €34,070 (-78.9%), from €43,167 to €9,096
- Debts after one year +€17,633
up €17,633 (+243%), from €7,270 to €24,902
- Short-term financial debts +€10,019
new in 2025: €10,019
- Financial charges +€182,696
up €182,696 (+9,818%), from €1,861 to €184,557
of which Non-recurring financial charges: +€175,961
- Financial income -€99,998
down €99,998 (-100.0%), from €100,000 to €2
- Gross operating margin +€13,713
up €13,713 (+95.6%), from €14,344 to €28,058
- Depreciation +€5,881
up €5,881 (+250%), from €2,354 to €8,235
- Staff costs +€338
new in 2025: €338
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 | €425,301 | €51,508 | -€373,793 | -87.9% |
| Fixed assets | 21/28 | €417,904 | €31,016 | -€386,888 | -92.6% |
| Tangible fixed assets | 22/27 | €4,754 | €31,016 | +€26,262 | +552% |
| Furniture and vehicles | 24 | €4,754 | €31,016 | +€26,262 | +552% |
| Financial fixed assets | 28 | €413,150 | - | -€413,150 | |
| Current assets | 29/58 | €7,397 | €20,493 | +€13,096 | +177% |
| Amounts receivable within one year | 40/41 | €4,038 | €12,557 | +€8,518 | +211% |
| Trade receivables | 40 | €4,038 | €1,513 | -€2,525 | -62.5% |
| Other amounts receivable | 41 | - | €11,043 | +€11,043 | |
| Cash at bank and in hand | 54/58 | €3,211 | €7,936 | +€4,725 | +147% |
| Deferred charges and accrued income | 490/1 | €148 | - | -€148 | |
| Total equity and liabilities | 10/49 | €425,301 | €51,508 | -€373,793 | -87.9% |
| Equity | 10/15 | €164,960 | -€3,040 | -€168,001 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,242 | €1,242 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,242 | €1,242 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,242 | €1,242 | = | 0.0% |
| Profit (loss) carried forward | 14 | €145,118 | -€22,882 | -€168,001 | |
| Amounts payable | 17/49 | €260,341 | €54,549 | -€205,792 | -79.0% |
| Amounts payable after more than one year | 17 | €7,270 | €24,902 | +€17,633 | +243% |
| Financial debts | 170/4 | €7,270 | €24,902 | +€17,633 | +243% |
| Amounts payable within one year | 42/48 | €253,071 | €29,646 | -€223,425 | -88.3% |
| Current portion of amounts payable after more than one year | 42 | €43,167 | €9,096 | -€34,070 | -78.9% |
| Financial debts | 43 | - | €10,019 | +€10,019 | |
| Credit institutions | 430/8 | - | €10,019 | +€10,019 | |
| Trade debts | 44 | €4,088 | €4,349 | +€261 | +6.4% |
| Suppliers | 440/4 | €4,088 | €4,349 | +€261 | +6.4% |
| Taxes, remuneration and social security | 45 | €3,857 | €3,562 | -€294 | -7.6% |
| Taxes | 450/3 | €3,857 | €3,562 | -€294 | -7.6% |
| Other amounts payable | 47/48 | €201,960 | €2,620 | -€199,340 | -98.7% |
| Remuneration, social security and pensions | 62 | - | €338 | +€338 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,354 | €8,235 | +€5,881 | +250% |
| Other operating charges | 640/8 | €384 | €408 | +€23 | +6.0% |
| Gross operating margin | 9900 | €14,344 | €28,058 | +€13,713 | +95.6% |
| Operating profit (loss) | 9901 | €11,605 | €19,077 | +€7,471 | +64.4% |
| Financial income | 75/76B | €100,000 | €2 | -€99,998 | -100.0% |
| Recurring financial income | 75 | €100,000 | €2 | -€99,998 | -100.0% |
| Financial charges | 65/66B | €1,861 | €184,557 | +€182,696 | +9,818% |
| Recurring financial charges | 65 | €1,861 | €8,596 | +€6,735 | +362% |
| Non-recurring financial charges | 66B | - | €175,961 | +€175,961 | |
| Profit (loss) for the period before taxes | 9903 | €109,745 | -€165,478 | -€275,223 | |
| Income taxes | 67/77 | €2,608 | €2,523 | -€86 | -3.3% |
| Profit (loss) for the period | 9904 | €107,136 | -€168,001 | -€275,137 | |
| Profit (loss) for the period to be appropriated | 9905 | €107,136 | -€168,001 | -€275,137 |
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 18 October 2026 via checked.be.