VHLM: what changed
What changed
VHLM
NACE 43.240, Other construction installation
filed annual accounts (NBB)
Net result for the year
-€117,538
2024 · -€20,721-€96,817
Equity
€96,386
2024 · €213,924-€117,538
Cash
€4,575
2024 · €7,888-€3,312
Balance sheet total
€921,870
2024 · €937,049-€15,179
Largest movements
Assets
- Receivables within one year +€64,958
up €64,958 (+18.7%), from €347,031 to €411,989
of which Trade receivables: +€104,356
- Tangible fixed assets -€62,506
down €62,506 (-16.6%), from €376,153 to €313,647
- Stocks and contracts -€13,422
down €13,422 (-6.8%), from €198,750 to €185,328
Equity and liabilities
- Reserves -€117,538
down €117,538 (-60.2%), from €195,324 to €77,786
of which Distributable reserves: -€117,538
- Tax, wage and social debts +€77,491
up €77,491 (+460%), from €16,841 to €94,332
of which Taxes: +€70,774
- Trade debts +€31,800
up €31,800 (+38.4%), from €82,811 to €114,611
- Debts after one year -€21,534
down €21,534 (-7.1%), from €304,555 to €283,021
of which Financial debts: -€21,534
- Other debts +€10,883
up €10,883 (+13.0%), from €83,445 to €94,328
Income statement
- Gross operating margin -€103,813
down €103,813 (-50.1%), from €207,286 to €103,473
- Staff costs -€18,847
down €18,847 (-17.3%), from €109,050 to €90,203
- Depreciation -€15,711
down €15,711 (-19.8%), from €79,216 to €63,505
- Financial charges +€3,979
up €3,979 (+13.0%), from €30,571 to €34,550
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€20,721
Gross operating margin
-€103,813
Staff costs
+€18,847
Depreciation
+€15,711
Other operating charges
-€933
Other operating items
-€23,126
Financial income
-€97
Financial charges
-€3,979
Taxes
+€573
Result 2025
-€117,538
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€15,616
Investment
+€1,426
Financing
-€20,354
Cash 2024
€7,888
From operations (derived)
+€15,616
Net result for the year
-€117,538
Depreciation
+€63,505
Stocks and contracts
+€13,422
Receivables within one year
-€64,958
Deferred charges and accrued income
-€1,528
Trade debts
+€31,800
Tax, wage and social debts
+€77,491
Other debts
+€10,883
Accrued charges and deferred income
+€2,540
Investment (derived)
+€1,426
Investment in fixed assets (net)
+€1,426
Financing
-€20,354
Debts after one year
-€21,534
Current portion of long-term debt
+€1,180
Cash 2025
€4,575
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €937,049 | €921,870 | -€15,179 | -1.6% |
| Fixed assets | 21/28 | €381,300 | €316,369 | -€64,931 | -17.0% |
| Intangible fixed assets | 21 | €4,462 | €2,722 | -€1,740 | -39.0% |
| Tangible fixed assets | 22/27 | €376,153 | €313,647 | -€62,506 | -16.6% |
| Land and buildings | 22 | €233,145 | €206,258 | -€26,887 | -11.5% |
| Plant, machinery and equipment | 23 | €122,378 | €95,290 | -€27,089 | -22.1% |
| Furniture and vehicles | 24 | €20,629 | €12,099 | -€8,530 | -41.3% |
| Financial fixed assets | 28 | €685 | - | -€685 | |
| Current assets | 29/58 | €555,749 | €605,500 | +€49,751 | +9.0% |
| Stocks and contracts in progress | 3 | €198,750 | €185,328 | -€13,422 | -6.8% |
| Stocks | 30/36 | €198,750 | €185,328 | -€13,422 | -6.8% |
| Amounts receivable within one year | 40/41 | €347,031 | €411,989 | +€64,958 | +18.7% |
| Trade receivables | 40 | €43,741 | €148,097 | +€104,356 | +239% |
| Other amounts receivable | 41 | €303,290 | €263,892 | -€39,398 | -13.0% |
| Cash at bank and in hand | 54/58 | €7,888 | €4,575 | -€3,312 | -42.0% |
| Deferred charges and accrued income | 490/1 | €2,080 | €3,608 | +€1,528 | +73.5% |
| Total equity and liabilities | 10/49 | €937,049 | €921,870 | -€15,179 | -1.6% |
| Equity | 10/15 | €213,924 | €96,386 | -€117,538 | -54.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €195,324 | €77,786 | -€117,538 | -60.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €193,464 | €75,926 | -€117,538 | -60.8% |
| Amounts payable | 17/49 | €723,125 | €825,484 | +€102,359 | +14.2% |
| Amounts payable after more than one year | 17 | €304,555 | €283,021 | -€21,534 | -7.1% |
| Financial debts | 170/4 | €204,555 | €183,021 | -€21,534 | -10.5% |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €418,451 | €539,804 | +€121,353 | +29.0% |
| Current portion of amounts payable after more than one year | 42 | €20,354 | €21,534 | +€1,180 | +5.8% |
| Financial debts | 43 | €215,000 | €215,000 | = | 0.0% |
| Credit institutions | 430/8 | €215,000 | €215,000 | = | 0.0% |
| Trade debts | 44 | €82,811 | €114,611 | +€31,800 | +38.4% |
| Suppliers | 440/4 | €82,811 | €114,611 | +€31,800 | +38.4% |
| Taxes, remuneration and social security | 45 | €16,841 | €94,332 | +€77,491 | +460% |
| Taxes | 450/3 | €6,036 | €76,809 | +€70,774 | +1,173% |
| Remuneration and social security | 454/9 | €10,805 | €17,522 | +€6,717 | +62.2% |
| Other amounts payable | 47/48 | €83,445 | €94,328 | +€10,883 | +13.0% |
| Accrued charges and deferred income | 492/3 | €120 | €2,659 | +€2,540 | +2,124% |
| Non-recurring operating income | 76A | €5,600 | €34,384 | +€28,784 | +514% |
| Remuneration, social security and pensions | 62 | €109,050 | €90,203 | -€18,847 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,216 | €63,505 | -€15,711 | -19.8% |
| Other operating charges | 640/8 | €7,669 | €8,602 | +€933 | +12.2% |
| Non-recurring operating charges | 66A | €641 | €23,767 | +€23,126 | +3,606% |
| Gross operating margin | 9900 | €207,286 | €103,473 | -€103,813 | -50.1% |
| Operating profit (loss) | 9901 | €10,710 | -€82,604 | -€93,314 | |
| Financial income | 75/76B | €257 | €160 | -€97 | -37.7% |
| Recurring financial income | 75 | €257 | €160 | -€97 | -37.7% |
| Financial charges | 65/66B | €30,571 | €34,550 | +€3,979 | +13.0% |
| Recurring financial charges | 65 | €30,571 | €34,550 | +€3,979 | +13.0% |
| Profit (loss) for the period before taxes | 9903 | -€19,603 | -€116,993 | -€97,390 | -497% |
| Income taxes | 67/77 | €1,117 | €545 | -€573 | -51.3% |
| Profit (loss) for the period | 9904 | -€20,721 | -€117,538 | -€96,817 | -467% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,721 | -€117,538 | -€96,817 | -467% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.