VHM Solutions: 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 Solutions
Largest movements
- Receivables after one year -€43,597
down €43,597 (-17.4%), from €251,245 to €207,648
- Cash -€4,152
down €4,152 (-100.0%), from €4,152 to €0
mainly Contributions, distributions and other (-€58,824) and Investment in fixed assets (net) (-€7,990)
- Reserves -€46,236
down €46,236 (-17.7%), from €261,136 to €214,900
- Trade debts -€3,644
down €3,644 (-62.1%), from €5,870 to €2,227
- Gross operating margin -€37,033
down €37,033 (-48.3%), from €76,607 to €39,574
- Taxes -€7,042
down €7,042 (-52.1%), from €13,521 to €6,480
- Staff costs +€5,293
up €5,293 (+174.2%), from €3,038 to €8,331
- Financial income +€3,127
up €3,127 (+83.8%), from €3,733 to €6,860
- Financial charges -€2,629
down €2,629 (-22.5%), from €11,710 to €9,081
of which Financial charges: -€2,629
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 | €302,924 | €256,007 | -€46,917 | -15.5% |
| Fixed assets | 21/28 | €32,251 | €31,474 | -€777 | -2.4% |
| Tangible fixed assets | 22/27 | €32,251 | €31,474 | -€777 | -2.4% |
| Plant, machinery and equipment | 23 | €23,814 | €25,113 | +€1,299 | +5.5% |
| Furniture and vehicles | 24 | €8,437 | €6,361 | -€2,076 | -24.6% |
| Current assets | 29/58 | €270,673 | €224,533 | -€46,140 | -17.0% |
| Amounts receivable after more than one year | 29 | €251,245 | €207,648 | -€43,597 | -17.4% |
| Other amounts receivable | 291 | €251,245 | €207,648 | -€43,597 | -17.4% |
| Amounts receivable within one year | 40/41 | €9,443 | €8,674 | -€769 | -8.1% |
| Trade receivables | 40 | €1,133 | €0 | -€1,133 | -100.0% |
| Other amounts receivable | 41 | €8,310 | €8,674 | +€363 | +4.4% |
| Cash at bank and in hand | 54/58 | €4,152 | €0 | -€4,152 | -100.0% |
| Deferred charges and accrued income | 490/1 | €5,833 | €8,212 | +€2,378 | +40.8% |
| Total equity and liabilities | 10/49 | €302,924 | €256,007 | -€46,917 | -15.5% |
| Equity | 10/15 | €264,136 | €217,900 | -€46,236 | -17.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €261,136 | €214,900 | -€46,236 | -17.7% |
| Distributable reserves | 133 | €261,136 | €214,900 | -€46,236 | -17.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €38,789 | €38,107 | -€681 | -1.8% |
| Amounts payable within one year | 42/48 | €38,789 | €38,107 | -€681 | -1.8% |
| Financial debts | 43 | - | €2,060 | +€2,060 | |
| Credit institutions | 430/8 | - | €2,060 | +€2,060 | |
| Trade debts | 44 | €5,870 | €2,227 | -€3,644 | -62.1% |
| Suppliers | 440/4 | €5,870 | €2,227 | -€3,644 | -62.1% |
| Taxes, remuneration and social security | 45 | €32,918 | €33,820 | +€902 | +2.7% |
| Taxes | 450/3 | €32,918 | €33,820 | +€902 | +2.7% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €3,038 | €8,331 | +€5,293 | +174.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,985 | €8,767 | +€1,782 | +25.5% |
| Other operating charges | 640/8 | €201 | €1,188 | +€986 | +490.3% |
| Gross operating margin | 9900 | €76,607 | €39,574 | -€37,033 | -48.3% |
| Operating profit (loss) | 9901 | €66,382 | €21,288 | -€45,094 | -67.9% |
| Financial income | 75/76B | €3,733 | €6,860 | +€3,127 | +83.8% |
| Recurring financial income | 75 | €3,733 | €6,860 | +€3,127 | +83.8% |
| Financial charges | 65/66B | €11,710 | €9,081 | -€2,629 | -22.5% |
| Recurring financial charges | 65 | €11,710 | €9,081 | -€2,629 | -22.5% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €58,404 | €19,067 | -€39,337 | -67.4% |
| Income taxes | 67/77 | €13,521 | €6,480 | -€7,042 | -52.1% |
| Profit (loss) for the period | 9904 | €44,883 | €12,588 | -€32,296 | -72.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,883 | €12,588 | -€32,296 | -72.0% |
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 7 October 2026 via checked.be.