VHM: 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.
VHM
Largest movements
- Deferred charges and accrued income +€63,797
up €63,797 (+428.1%), from €14,903 to €78,701
- Tangible fixed assets -€37,190
down €37,190 (-2.2%), from €1.7m to €1.7m
of which Land and buildings: -€20,877
- Receivables within one year +€21,315
up €21,315 (+20.4%), from €104,339 to €125,654
- Reserves +€41,814
up €41,814 (+16.6%), from €251,490 to €293,304
of which Distributable reserves: +€49,750
- Tax, wage and social debts +€25,148
up €25,148 (+93.6%), from €26,862 to €52,009
- Other operating charges +€3,623
up €3,623 (+17.9%), from €20,299 to €23,923
- Gross operating margin -€2,214
down €2,214 (-1.3%), from €164,109 to €161,895
- Taxes -€1,714
down €1,714 (-6.4%), from €26,862 to €25,148
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 | €1,825,841 | €1,875,292 | +€49,451 | +2.7% |
| Fixed assets | 21/28 | €1,702,426 | €1,665,236 | -€37,190 | -2.2% |
| Tangible fixed assets | 22/27 | €1,702,386 | €1,665,196 | -€37,190 | -2.2% |
| Land and buildings | 22 | €1,622,611 | €1,601,735 | -€20,877 | -1.3% |
| Plant, machinery and equipment | 23 | €74,312 | €59,261 | -€15,051 | -20.3% |
| Furniture and vehicles | 24 | €5,463 | €4,200 | -€1,262 | -23.1% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €123,415 | €210,057 | +€86,641 | +70.2% |
| Amounts receivable within one year | 40/41 | €104,339 | €125,654 | +€21,315 | +20.4% |
| Other amounts receivable | 41 | €104,339 | €125,654 | +€21,315 | +20.4% |
| Cash at bank and in hand | 54/58 | €4,173 | €5,702 | +€1,529 | +36.6% |
| Deferred charges and accrued income | 490/1 | €14,903 | €78,701 | +€63,797 | +428.1% |
| Total equity and liabilities | 10/49 | €1,825,841 | €1,875,292 | +€49,451 | +2.7% |
| Equity | 10/15 | €551,629 | €593,443 | +€41,814 | +7.6% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €251,490 | €293,304 | +€41,814 | +16.6% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €105,934 | €97,997 | -€7,936 | -7.5% |
| Distributable reserves | 133 | €138,056 | €187,806 | +€49,750 | +36.0% |
| Profit (loss) carried forward | 14 | €225,139 | €225,139 | +€0 | 0.0% |
| Provisions and deferred taxes | 16 | €46,250 | €43,604 | -€2,645 | -5.7% |
| Deferred taxes | 168 | €46,250 | €43,604 | -€2,645 | -5.7% |
| Amounts payable | 17/49 | €1,227,963 | €1,238,246 | +€10,283 | +0.8% |
| Amounts payable after more than one year | 17 | €1,152,518 | €1,162,777 | +€10,260 | +0.9% |
| Financial debts | 170/4 | €234,844 | €212,579 | -€22,265 | -9.5% |
| Other amounts payable | 178/9 | €917,674 | €950,198 | +€32,524 | +3.5% |
| Amounts payable within one year | 42/48 | €75,445 | €75,469 | +€24 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €35,172 | €22,265 | -€12,907 | -36.7% |
| Trade debts | 44 | €13,412 | €1,195 | -€12,217 | -91.1% |
| Suppliers | 440/4 | €13,412 | €1,195 | -€12,217 | -91.1% |
| Taxes, remuneration and social security | 45 | €26,862 | €52,009 | +€25,148 | +93.6% |
| Taxes | 450/3 | €26,862 | €52,009 | +€25,148 | +93.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,598 | €37,190 | +€1,592 | +4.5% |
| Other operating charges | 640/8 | €20,299 | €23,923 | +€3,623 | +17.9% |
| Gross operating margin | 9900 | €164,109 | €161,895 | -€2,214 | -1.3% |
| Operating profit (loss) | 9901 | €108,211 | €100,782 | -€7,429 | -6.9% |
| Financial income | 75/76B | €4,733 | €5,569 | +€835 | +17.6% |
| Recurring financial income | 75 | €4,733 | €5,569 | +€835 | +17.6% |
| Financial charges | 65/66B | €41,934 | €42,035 | +€100 | +0.2% |
| Recurring financial charges | 65 | €41,934 | €42,035 | +€100 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €71,010 | €64,316 | -€6,694 | -9.4% |
| Transfer from deferred taxes | 780 | €2,645 | €2,645 | = | 0.0% |
| Income taxes | 67/77 | €26,862 | €25,148 | -€1,714 | -6.4% |
| Profit (loss) for the period | 9904 | €46,794 | €41,814 | -€4,980 | -10.6% |
| Transfer from tax-exempt reserves | 789 | €7,936 | €7,936 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,730 | €49,750 | -€4,980 | -9.1% |
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 30 September 2026 via checked.be.