VHL Holding: 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.
VHL Holding
Largest movements
- Receivables within one year +€23,546
up €23,546 (+17.2%), from €136,962 to €160,508
of which Other amounts receivable: +€34,436
- Tangible fixed assets -€8,823
down €8,823 (-18.4%), from €47,931 to €39,108
of which Other tangible fixed assets: -€6,105
- Cash +€6,521
up €6,521 (+10,804%), from €60 to €6,582
mainly Net result for the year (+€46,117) and Depreciation (+€8,823)
- Receivables after one year +€3,223
up €3,223 (+4.5%), from €71,405 to €74,629
- Reserves +€46,117
up €46,117 (+43.3%), from €106,561 to €152,678
- Other debts -€19,889
down €19,889 (-92.2%), from €21,578 to €1,689
- Trade debts +€4,829
up €4,829 (+11.5%), from €41,916 to €46,746
- Tax, wage and social debts -€3,443
down €3,443 (-13.7%), from €25,056 to €21,613
- Gross operating margin +€50,789
up €50,789 (+252%), from €20,186 to €70,976
- Taxes +€9,376
up €9,376 (+359%), from €2,610 to €11,986
- Other operating charges -€3,205
down €3,205 (-57.3%), from €5,589 to €2,385
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 | €267,311 | €292,926 | +€25,615 | +9.6% |
| Fixed assets | 21/28 | €55,431 | €46,608 | -€8,823 | -15.9% |
| Tangible fixed assets | 22/27 | €47,931 | €39,108 | -€8,823 | -18.4% |
| Plant, machinery and equipment | 23 | €1,297 | €272 | -€1,025 | -79.0% |
| Furniture and vehicles | 24 | €2,771 | €1,078 | -€1,693 | -61.1% |
| Other tangible fixed assets | 26 | €43,863 | €37,758 | -€6,105 | -13.9% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €211,880 | €246,318 | +€34,438 | +16.3% |
| Amounts receivable after more than one year | 29 | €71,405 | €74,629 | +€3,223 | +4.5% |
| Other amounts receivable | 291 | €71,405 | €74,629 | +€3,223 | +4.5% |
| Amounts receivable within one year | 40/41 | €136,962 | €160,508 | +€23,546 | +17.2% |
| Trade receivables | 40 | €21,158 | €10,268 | -€10,890 | -51.5% |
| Other amounts receivable | 41 | €115,804 | €150,240 | +€34,436 | +29.7% |
| Cash at bank and in hand | 54/58 | €60 | €6,582 | +€6,521 | +10,804% |
| Deferred charges and accrued income | 490/1 | €3,453 | €4,600 | +€1,147 | +33.2% |
| Total equity and liabilities | 10/49 | €267,311 | €292,926 | +€25,615 | +9.6% |
| Equity | 10/15 | €125,161 | €171,278 | +€46,117 | +36.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €106,561 | €152,678 | +€46,117 | +43.3% |
| Distributable reserves | 133 | €106,561 | €152,678 | +€46,117 | +43.3% |
| Amounts payable | 17/49 | €142,150 | €121,649 | -€20,502 | -14.4% |
| Amounts payable after more than one year | 17 | €53,600 | €51,600 | -€2,000 | -3.7% |
| Other amounts payable | 178/9 | €53,600 | €51,600 | -€2,000 | -3.7% |
| Amounts payable within one year | 42/48 | €88,550 | €70,049 | -€18,502 | -20.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €41,916 | €46,746 | +€4,829 | +11.5% |
| Suppliers | 440/4 | €41,916 | €46,746 | +€4,829 | +11.5% |
| Taxes, remuneration and social security | 45 | €25,056 | €21,613 | -€3,443 | -13.7% |
| Taxes | 450/3 | €25,056 | €21,613 | -€3,443 | -13.7% |
| Other amounts payable | 47/48 | €21,578 | €1,689 | -€19,889 | -92.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,823 | €8,823 | = | 0.0% |
| Other operating charges | 640/8 | €5,589 | €2,385 | -€3,205 | -57.3% |
| Gross operating margin | 9900 | €20,186 | €70,976 | +€50,789 | +252% |
| Operating profit (loss) | 9901 | €5,774 | €59,768 | +€53,994 | +935% |
| Financial income | 75/76B | €1,480 | €1,529 | +€49 | +3.3% |
| Recurring financial income | 75 | €1,480 | €1,529 | +€49 | +3.3% |
| Financial charges | 65/66B | €2,825 | €3,194 | +€369 | +13.1% |
| Recurring financial charges | 65 | €2,825 | €3,194 | +€369 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €4,429 | €58,103 | +€53,674 | +1,212% |
| Income taxes | 67/77 | €2,610 | €11,986 | +€9,376 | +359% |
| Profit (loss) for the period | 9904 | €1,819 | €46,117 | +€44,298 | +2,435% |
| Profit (loss) for the period to be appropriated | 9905 | €1,819 | €46,117 | +€44,298 | +2,435% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.