VHMco: 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.
VHMco
Largest movements
- Deferred charges and accrued income +€24,346
up €24,346 (+1126.9%), from €2,160 to €26,506
- Cash +€21,635
up €21,635 (+27.7%), from €77,967 to €99,601
mainly Debts after one year (+€25,000) and Receivables within one year (+€16,335)
- Receivables within one year -€16,335
down €16,335 (-93.9%), from €17,398 to €1,063
of which Trade receivables: -€16,335
- Tangible fixed assets -€2,305
down €2,305 (-27.5%), from €8,375 to €6,070
of which Furniture and vehicles: -€2,008
- Debts after one year +€25,000
new in 2025: €25,000
- Trade debts -€7,639
down €7,639 (-79.7%), from €9,589 to €1,949
- Tax, wage and social debts +€5,180
up €5,180 (+49.2%), from €10,523 to €15,704
- Reserves +€4,787
up €4,787 (+20.0%), from €23,979 to €28,766
- Other debts -€2,204
down €2,204 (-4.0%), from €55,610 to €53,406
- Gross operating margin +€24,289
up €24,289 (+40.9%), from €59,334 to €83,623
- Financial charges +€21,747
up €21,747 (+40.6%), from €53,528 to €75,275
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 | €105,901 | €133,240 | +€27,340 | +25.8% |
| Fixed assets | 21/28 | €8,375 | €6,070 | -€2,305 | -27.5% |
| Tangible fixed assets | 22/27 | €8,375 | €6,070 | -€2,305 | -27.5% |
| Plant, machinery and equipment | 23 | €492 | €195 | -€297 | -60.4% |
| Furniture and vehicles | 24 | €7,883 | €5,875 | -€2,008 | -25.5% |
| Current assets | 29/58 | €97,525 | €127,170 | +€29,645 | +30.4% |
| Amounts receivable within one year | 40/41 | €17,398 | €1,063 | -€16,335 | -93.9% |
| Trade receivables | 40 | €16,335 | - | -€16,335 | |
| Other amounts receivable | 41 | €1,063 | €1,063 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €77,967 | €99,601 | +€21,635 | +27.7% |
| Deferred charges and accrued income | 490/1 | €2,160 | €26,506 | +€24,346 | +1126.9% |
| Total equity and liabilities | 10/49 | €105,901 | €133,240 | +€27,340 | +25.8% |
| Equity | 10/15 | €30,179 | €34,966 | +€4,787 | +15.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €23,979 | €28,766 | +€4,787 | +20.0% |
| Distributable reserves | 133 | €23,979 | €28,766 | +€4,787 | +20.0% |
| Amounts payable | 17/49 | €75,722 | €98,275 | +€22,553 | +29.8% |
| Amounts payable after more than one year | 17 | - | €25,000 | +€25,000 | |
| Other amounts payable | 178/9 | - | €25,000 | +€25,000 | |
| Amounts payable within one year | 42/48 | €75,722 | €72,036 | -€3,686 | -4.9% |
| Financial debts | 43 | - | €977 | +€977 | |
| Credit institutions | 430/8 | - | €977 | +€977 | |
| Trade debts | 44 | €9,589 | €1,949 | -€7,639 | -79.7% |
| Suppliers | 440/4 | €9,589 | €1,949 | -€7,639 | -79.7% |
| Taxes, remuneration and social security | 45 | €10,523 | €15,704 | +€5,180 | +49.2% |
| Taxes | 450/3 | €10,523 | €15,704 | +€5,180 | +49.2% |
| Other amounts payable | 47/48 | €55,610 | €53,406 | -€2,204 | -4.0% |
| Accrued charges and deferred income | 492/3 | - | €1,239 | +€1,239 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,732 | €2,305 | +€573 | +33.1% |
| Other operating charges | 640/8 | €635 | €596 | -€38 | -6.0% |
| Gross operating margin | 9900 | €59,334 | €83,623 | +€24,289 | +40.9% |
| Operating profit (loss) | 9901 | €56,968 | €80,721 | +€23,754 | +41.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €53,528 | €75,275 | +€21,747 | +40.6% |
| Recurring financial charges | 65 | €53,528 | €75,275 | +€21,747 | +40.6% |
| Profit (loss) for the period before taxes | 9903 | €3,440 | €5,447 | +€2,007 | +58.4% |
| Income taxes | 67/77 | €437 | €660 | +€223 | +51.1% |
| Profit (loss) for the period | 9904 | €3,003 | €4,787 | +€1,784 | +59.4% |
| Profit (loss) for the period to be appropriated | 9905 | €3,003 | €4,787 | +€1,784 | +59.4% |
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 2 October 2026 via checked.be.