VHJ: 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.
VHJ
Largest movements
- Tangible fixed assets -€13,015
down €13,015 (-14.3%), from €91,115 to €78,100
of which Plant, machinery and equipment: -€10,765
- Financial fixed assets +€5,850
up €5,850 (+118.2%), from €4,950 to €10,800
- Deferred charges and accrued income -€2,690
down €2,690 (-100.0%), from €2,690 to €0
- Cash -€2,210
down €2,210 (-90.6%), from €2,440 to €230
mainly Net result for the year (-€34,980) and Investment in fixed assets (net) (-€5,850)
- Profit (loss) carried forward -€34,980
down €34,980 (-193.4%), from -€18,084 to -€53,064
- Other debts +€25,047
up €25,047 (+21.7%), from €115,365 to €140,411
- Gross operating margin -€38,237
down €38,237, from €17,052 to -€21,185
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 | €104,270 | €92,605 | -€11,665 | -11.2% |
| Fixed assets | 21/28 | €96,065 | €88,900 | -€7,165 | -7.5% |
| Tangible fixed assets | 22/27 | €91,115 | €78,100 | -€13,015 | -14.3% |
| Plant, machinery and equipment | 23 | €87,378 | €76,613 | -€10,765 | -12.3% |
| Furniture and vehicles | 24 | €3,738 | €1,487 | -€2,250 | -60.2% |
| Financial fixed assets | 28 | €4,950 | €10,800 | +€5,850 | +118.2% |
| Current assets | 29/58 | €8,205 | €3,705 | -€4,500 | -54.8% |
| Stocks and contracts in progress | 3 | €3,075 | €3,075 | = | 0.0% |
| Stocks | 30/36 | €3,075 | €3,075 | = | 0.0% |
| Amounts receivable within one year | 40/41 | - | €400 | +€400 | |
| Other amounts receivable | 41 | - | €400 | +€400 | |
| Cash at bank and in hand | 54/58 | €2,440 | €230 | -€2,210 | -90.6% |
| Deferred charges and accrued income | 490/1 | €2,690 | €0 | -€2,690 | -100.0% |
| Total equity and liabilities | 10/49 | €104,270 | €92,605 | -€11,665 | -11.2% |
| Equity | 10/15 | -€13,084 | -€48,064 | -€34,980 | -267.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,084 | -€53,064 | -€34,980 | -193.4% |
| Amounts payable | 17/49 | €117,354 | €140,668 | +€23,315 | +19.9% |
| Amounts payable within one year | 42/48 | €116,798 | €140,668 | +€23,871 | +20.4% |
| Trade debts | 44 | €533 | €257 | -€276 | -51.8% |
| Suppliers | 440/4 | €533 | €257 | -€276 | -51.8% |
| Taxes, remuneration and social security | 45 | €900 | €0 | -€900 | -100.0% |
| Taxes | 450/3 | €900 | €0 | -€900 | -100.0% |
| Other amounts payable | 47/48 | €115,365 | €140,411 | +€25,047 | +21.7% |
| Accrued charges and deferred income | 492/3 | €556 | €0 | -€556 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,941 | €13,015 | +€74 | +0.6% |
| Other operating charges | 640/8 | €511 | €524 | +€12 | +2.4% |
| Gross operating margin | 9900 | €17,052 | -€21,185 | -€38,237 | |
| Operating profit (loss) | 9901 | €3,600 | -€34,724 | -€38,324 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €186 | €255 | +€69 | +37.2% |
| Recurring financial charges | 65 | €186 | €255 | +€69 | +37.2% |
| Profit (loss) for the period before taxes | 9903 | €3,414 | -€34,980 | -€38,393 | |
| Profit (loss) for the period | 9904 | €3,414 | -€34,980 | -€38,393 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,414 | -€34,980 | -€38,393 |
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.