VHNC: 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.
VHNC
Largest movements
- Cash -€40,500
down €40,500 (-60.7%), from €66,774 to €26,274
mainly Investment in fixed assets (net) (-€74,731) and Other debts (-€56,126)
- Tangible fixed assets +€15,962
up €15,962 (+6.7%), from €238,870 to €254,832
of which Plant, machinery and equipment: +€36,461
- Receivables within one year -€8,699
down €8,699 (-19.2%), from €45,408 to €36,709
of which Trade receivables: -€7,915
- Other debts -€56,126
down €56,126 (-80.8%), from €69,490 to €13,363
- Debts after one year -€39,223
down €39,223 (-17.5%), from €224,529 to €185,306
- Profit (loss) carried forward +€37,439
up €37,439 (+23.3%), from -€160,484 to -€123,045
- Trade debts +€12,953
up €12,953 (+22.2%), from €58,246 to €71,199
- Tax, wage and social debts +€8,502
up €8,502 (+131%), from €6,512 to €15,014
- Gross operating margin +€21,334
up €21,334 (+23.6%), from €90,292 to €111,626
- Depreciation +€6,924
up €6,924 (+13.4%), from €51,844 to €58,769
- Other operating charges -€2,973
down €2,973 (-68.6%), from €4,336 to €1,363
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 | €616,108 | €581,249 | -€34,859 | -5.7% |
| Fixed assets | 21/28 | €489,370 | €505,332 | +€15,962 | +3.3% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €238,870 | €254,832 | +€15,962 | +6.7% |
| Land and buildings | 22 | €11,411 | €8,766 | -€2,645 | -23.2% |
| Plant, machinery and equipment | 23 | €85,208 | €121,669 | +€36,461 | +42.8% |
| Furniture and vehicles | 24 | €142,251 | €124,398 | -€17,854 | -12.6% |
| Financial fixed assets | 28 | €250,500 | €250,500 | = | 0.0% |
| Current assets | 29/58 | €126,738 | €75,917 | -€50,821 | -40.1% |
| Amounts receivable within one year | 40/41 | €45,408 | €36,709 | -€8,699 | -19.2% |
| Trade receivables | 40 | €42,816 | €34,901 | -€7,915 | -18.5% |
| Other amounts receivable | 41 | €2,593 | €1,808 | -€784 | -30.3% |
| Cash at bank and in hand | 54/58 | €66,774 | €26,274 | -€40,500 | -60.7% |
| Deferred charges and accrued income | 490/1 | €14,555 | €12,934 | -€1,622 | -11.1% |
| Total equity and liabilities | 10/49 | €616,108 | €581,249 | -€34,859 | -5.7% |
| Equity | 10/15 | €169,705 | €207,144 | +€37,439 | +22.1% |
| Contributions | 10/11 | €312,400 | €312,400 | = | 0.0% |
| Reserves | 13 | €17,789 | €17,789 | = | 0.0% |
| Distributable reserves | 133 | €17,789 | €17,789 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€160,484 | -€123,045 | +€37,439 | +23.3% |
| Amounts payable | 17/49 | €446,403 | €374,105 | -€72,298 | -16.2% |
| Amounts payable after more than one year | 17 | €224,529 | €185,306 | -€39,223 | -17.5% |
| Financial debts | 170/4 | €224,529 | €185,306 | -€39,223 | -17.5% |
| Amounts payable within one year | 42/48 | €221,875 | €188,799 | -€33,076 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €37,627 | €39,223 | +€1,595 | +4.2% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €58,246 | €71,199 | +€12,953 | +22.2% |
| Suppliers | 440/4 | €58,246 | €71,199 | +€12,953 | +22.2% |
| Taxes, remuneration and social security | 45 | €6,512 | €15,014 | +€8,502 | +131% |
| Taxes | 450/3 | €6,512 | €15,014 | +€8,502 | +131% |
| Other amounts payable | 47/48 | €69,490 | €13,363 | -€56,126 | -80.8% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,844 | €58,769 | +€6,924 | +13.4% |
| Other operating charges | 640/8 | €4,336 | €1,363 | -€2,973 | -68.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €90,292 | €111,626 | +€21,334 | +23.6% |
| Operating profit (loss) | 9901 | €34,112 | €51,494 | +€17,382 | +51.0% |
| Financial income | 75/76B | €1,054 | €557 | -€497 | -47.1% |
| Recurring financial income | 75 | €1,054 | €557 | -€497 | -47.1% |
| Financial charges | 65/66B | €14,378 | €14,612 | +€234 | +1.6% |
| Recurring financial charges | 65 | €14,378 | €14,612 | +€234 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €20,788 | €37,439 | +€16,651 | +80.1% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €20,788 | €37,439 | +€16,651 | +80.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,788 | €37,439 | +€16,651 | +80.1% |
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 25 October 2026 via checked.be.