VHM: 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.
VHM
Largest movements
- Stocks and contracts -€317,032
no longer reported in 2025 (was €317,032)
- Tangible fixed assets +€241,729
up €241,729 (+3,938%), from €6,138 to €247,867
of which Land and buildings: +€245,495
- Receivables within one year +€78,939
up €78,939 (+1,770%), from €4,460 to €83,399
of which Other amounts receivable: +€68,693
- Cash +€19,840
up €19,840 (+255%), from €7,784 to €27,624
mainly Stocks and contracts (+€317,032) and Debts after one year (+€217,095)
- Debts after one year +€217,095
new in 2025: €217,095
- Short-term financial debts -€171,500
no longer reported in 2025 (was €171,500)
- Other debts -€95,908
no longer reported in 2025 (was €95,908)
- Reserves +€47,516
up €47,516 (+84.5%), from €56,210 to €103,726
- Tax, wage and social debts +€17,696
up €17,696 (+138%), from €12,788 to €30,484
of which Taxes: +€19,254
- Gross operating margin +€69,201
up €69,201 (+156%), from €44,392 to €113,593
- Depreciation +€29,784
up €29,784 (+574%), from €5,190 to €34,974
- Taxes +€11,668
up €11,668 (+179%), from €6,512 to €18,179
- Other operating charges +€2,283
up €2,283 (+152%), from €1,497 to €3,780
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 | €337,946 | €360,392 | +€22,446 | +6.6% |
| Fixed assets | 21/28 | €6,138 | €247,867 | +€241,729 | +3,938% |
| Tangible fixed assets | 22/27 | €6,138 | €247,867 | +€241,729 | +3,938% |
| Land and buildings | 22 | - | €245,495 | +€245,495 | |
| Plant, machinery and equipment | 23 | €4,548 | - | -€4,548 | |
| Furniture and vehicles | 24 | €1,590 | €2,371 | +€782 | +49.2% |
| Current assets | 29/58 | €331,808 | €112,525 | -€219,283 | -66.1% |
| Stocks and contracts in progress | 3 | €317,032 | - | -€317,032 | |
| Stocks | 30/36 | €317,032 | - | -€317,032 | |
| Amounts receivable within one year | 40/41 | €4,460 | €83,399 | +€78,939 | +1,770% |
| Trade receivables | 40 | €1,741 | €11,987 | +€10,246 | +589% |
| Other amounts receivable | 41 | €2,719 | €71,412 | +€68,693 | +2,526% |
| Cash at bank and in hand | 54/58 | €7,784 | €27,624 | +€19,840 | +255% |
| Deferred charges and accrued income | 490/1 | €2,532 | €1,502 | -€1,029 | -40.7% |
| Total equity and liabilities | 10/49 | €337,946 | €360,392 | +€22,446 | +6.6% |
| Equity | 10/15 | €57,210 | €104,726 | +€47,516 | +83.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €56,210 | €103,726 | +€47,516 | +84.5% |
| Distributable reserves | 133 | €56,210 | €103,726 | +€47,516 | +84.5% |
| Amounts payable | 17/49 | €280,737 | €255,666 | -€25,070 | -8.9% |
| Amounts payable after more than one year | 17 | - | €217,095 | +€217,095 | |
| Financial debts | 170/4 | - | €217,095 | +€217,095 | |
| Amounts payable within one year | 42/48 | €280,737 | €38,572 | -€242,165 | -86.3% |
| Current portion of amounts payable after more than one year | 42 | - | €7,853 | +€7,853 | |
| Financial debts | 43 | €171,500 | - | -€171,500 | |
| Credit institutions | 430/8 | €171,500 | - | -€171,500 | |
| Trade debts | 44 | €541 | €235 | -€305 | -56.5% |
| Suppliers | 440/4 | €541 | €235 | -€305 | -56.5% |
| Taxes, remuneration and social security | 45 | €12,788 | €30,484 | +€17,696 | +138% |
| Taxes | 450/3 | €11,230 | €30,484 | +€19,254 | +171% |
| Remuneration and social security | 454/9 | €1,558 | - | -€1,558 | |
| Other amounts payable | 47/48 | €95,908 | - | -€95,908 | |
| Non-recurring operating income | 76A | - | €12,758 | +€12,758 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,190 | €34,974 | +€29,784 | +574% |
| Other operating charges | 640/8 | €1,497 | €3,780 | +€2,283 | +152% |
| Non-recurring operating charges | 66A | - | €488 | +€488 | |
| Gross operating margin | 9900 | €44,392 | €113,593 | +€69,201 | +156% |
| Operating profit (loss) | 9901 | €37,705 | €74,352 | +€36,647 | +97.2% |
| Financial income | 75/76B | €122 | €46 | -€76 | -62.2% |
| Recurring financial income | 75 | €122 | €46 | -€76 | -62.2% |
| Financial charges | 65/66B | €9,413 | €8,703 | -€710 | -7.5% |
| Recurring financial charges | 65 | €9,413 | €8,703 | -€710 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €28,415 | €65,695 | +€37,281 | +131% |
| Income taxes | 67/77 | €6,512 | €18,179 | +€11,668 | +179% |
| Profit (loss) for the period | 9904 | €21,903 | €47,516 | +€25,613 | +117% |
| Profit (loss) for the period to be appropriated | 9905 | €21,903 | €47,516 | +€25,613 | +117% |
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 1 November 2026 via checked.be.