VHM Projects: 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 Projects
Largest movements
- Cash +€14,319
up €14,319 (+56.3%), from €25,441 to €39,760
mainly Depreciation (+€8,509) and Tax, wage and social debts (+€7,933)
- Receivables within one year +€13,722
up €13,722 (+55.4%), from €24,781 to €38,503
of which Other amounts receivable: +€7,790
- Tangible fixed assets -€8,509
down €8,509 (-66.3%), from €12,833 to €4,324
- Tax, wage and social debts +€7,933
up €7,933 (+79.7%), from €9,955 to €17,888
- Trade debts +€6,477
new in 2025: €6,477
- Reserves +€5,250
up €5,250 (+14.4%), from €36,500 to €41,750
- Gross operating margin -€7,390
down €7,390 (-27.9%), from €26,483 to €19,093
- Taxes -€1,353
down €1,353 (-23.1%), from €5,852 to €4,499
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 | €64,175 | €83,811 | +€19,636 | +30.6% |
| Fixed assets | 21/28 | €12,833 | €4,324 | -€8,509 | -66.3% |
| Tangible fixed assets | 22/27 | €12,833 | €4,324 | -€8,509 | -66.3% |
| Furniture and vehicles | 24 | €12,833 | €4,324 | -€8,509 | -66.3% |
| Current assets | 29/58 | €51,342 | €79,487 | +€28,145 | +54.8% |
| Amounts receivable within one year | 40/41 | €24,781 | €38,503 | +€13,722 | +55.4% |
| Trade receivables | 40 | €10,331 | €16,262 | +€5,932 | +57.4% |
| Other amounts receivable | 41 | €14,450 | €22,240 | +€7,790 | +53.9% |
| Cash at bank and in hand | 54/58 | €25,441 | €39,760 | +€14,319 | +56.3% |
| Deferred charges and accrued income | 490/1 | €1,120 | €1,224 | +€104 | +9.3% |
| Total equity and liabilities | 10/49 | €64,175 | €83,811 | +€19,636 | +30.6% |
| Equity | 10/15 | €54,220 | €59,446 | +€5,226 | +9.6% |
| Contributions | 10/11 | €17,500 | €17,500 | = | 0.0% |
| Reserves | 13 | €36,500 | €41,750 | +€5,250 | +14.4% |
| Distributable reserves | 133 | €36,500 | €41,750 | +€5,250 | +14.4% |
| Profit (loss) carried forward | 14 | €220 | €196 | -€24 | -10.8% |
| Amounts payable | 17/49 | €9,955 | €24,366 | +€14,410 | +144.7% |
| Amounts payable within one year | 42/48 | €9,955 | €24,366 | +€14,410 | +144.7% |
| Trade debts | 44 | - | €6,477 | +€6,477 | |
| Suppliers | 440/4 | - | €6,477 | +€6,477 | |
| Taxes, remuneration and social security | 45 | €9,955 | €17,888 | +€7,933 | +79.7% |
| Taxes | 450/3 | €9,955 | €17,888 | +€7,933 | +79.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,509 | €8,509 | = | 0.0% |
| Other operating charges | 640/8 | €1,632 | €1,464 | -€168 | -10.3% |
| Gross operating margin | 9900 | €26,483 | €19,093 | -€7,390 | -27.9% |
| Operating profit (loss) | 9901 | €16,342 | €9,121 | -€7,222 | -44.2% |
| Financial income | 75/76B | €644 | €810 | +€166 | +25.8% |
| Recurring financial income | 75 | €644 | €810 | +€166 | +25.8% |
| Financial charges | 65/66B | €273 | €206 | -€67 | -24.6% |
| Recurring financial charges | 65 | €273 | €206 | -€67 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | €16,714 | €9,725 | -€6,988 | -41.8% |
| Income taxes | 67/77 | €5,852 | €4,499 | -€1,353 | -23.1% |
| Profit (loss) for the period | 9904 | €10,861 | €5,226 | -€5,635 | -51.9% |
| Profit (loss) for the period to be appropriated | 9905 | €10,861 | €5,226 | -€5,635 | -51.9% |
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 10 October 2026 via checked.be.