VHLM PRODUCTS: 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.
VHLM PRODUCTS
Largest movements
- Receivables within one year +€5,540
up €5,540 (+14.8%), from €37,390 to €42,930
of which Other amounts receivable: +€4,875
- Intangible fixed assets -€884
down €884 (-54.3%), from €1,627 to €743
- Trade debts +€6,830
up €6,830 (+39.0%), from €17,526 to €24,355
- Other debts -€5,971
down €5,971 (-63.2%), from €9,451 to €3,481
- Reserves +€4,424
up €4,424 (+57.6%), from €7,676 to €12,100
- Tax, wage and social debts -€793
down €793 (-40.2%), from €1,976 to €1,182
- Gross operating margin +€7,776
up €7,776 (+2,711%), from €287 to €8,063
- Taxes +€1,182
new in 2025: €1,182
- Financial charges +€547
up €547 (+387%), from €142 to €689
- Other operating charges +€356
up €356 (+67.5%), from €528 to €884
- Depreciation -€295
down €295 (-25.0%), from €1,178 to €884
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 | €39,016 | €43,906 | +€4,889 | +12.5% |
| Fixed assets | 21/28 | €1,627 | €743 | -€884 | -54.3% |
| Intangible fixed assets | 21 | €1,627 | €743 | -€884 | -54.3% |
| Current assets | 29/58 | €37,390 | €43,162 | +€5,773 | +15.4% |
| Amounts receivable within one year | 40/41 | €37,390 | €42,930 | +€5,540 | +14.8% |
| Trade receivables | 40 | €5,357 | €6,023 | +€665 | +12.4% |
| Other amounts receivable | 41 | €32,032 | €36,907 | +€4,875 | +15.2% |
| Cash at bank and in hand | 54/58 | - | €233 | +€233 | |
| Total equity and liabilities | 10/49 | €39,016 | €43,906 | +€4,889 | +12.5% |
| Equity | 10/15 | €9,676 | €14,100 | +€4,424 | +45.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €7,676 | €12,100 | +€4,424 | +57.6% |
| Distributable reserves | 133 | €7,676 | €12,100 | +€4,424 | +57.6% |
| Amounts payable | 17/49 | €29,340 | €29,805 | +€465 | +1.6% |
| Amounts payable within one year | 42/48 | €28,953 | €29,018 | +€66 | +0.2% |
| Trade debts | 44 | €17,526 | €24,355 | +€6,830 | +39.0% |
| Suppliers | 440/4 | €17,526 | €24,355 | +€6,830 | +39.0% |
| Taxes, remuneration and social security | 45 | €1,976 | €1,182 | -€793 | -40.2% |
| Taxes | 450/3 | €1,976 | €1,182 | -€793 | -40.2% |
| Other amounts payable | 47/48 | €9,451 | €3,481 | -€5,971 | -63.2% |
| Accrued charges and deferred income | 492/3 | €387 | €787 | +€400 | +103% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,178 | €884 | -€295 | -25.0% |
| Other operating charges | 640/8 | €528 | €884 | +€356 | +67.5% |
| Gross operating margin | 9900 | €287 | €8,063 | +€7,776 | +2,711% |
| Operating profit (loss) | 9901 | -€1,419 | €6,295 | +€7,714 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -33.3% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -33.3% |
| Financial charges | 65/66B | €142 | €689 | +€547 | +387% |
| Recurring financial charges | 65 | €142 | €689 | +€547 | +387% |
| Profit (loss) for the period before taxes | 9903 | -€1,561 | €5,606 | +€7,167 | |
| Income taxes | 67/77 | - | €1,182 | +€1,182 | |
| Profit (loss) for the period | 9904 | -€1,561 | €4,424 | +€5,985 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,561 | €4,424 | +€5,985 |
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 25 October 2026 via checked.be.