VHNV: 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.
VHNV
Largest movements
- Receivables within one year +€46,427
up €46,427 (+45516.6%), from €102 to €46,529
of which Trade receivables: +€44,648
- Tangible fixed assets -€9,195
down €9,195 (-18.0%), from €50,985 to €41,790
of which Furniture and vehicles: -€10,659
- Cash +€6,565
up €6,565 (+2.6%), from €257,447 to €264,012
mainly Net result for the year (+€48,816) and Depreciation (+€11,820)
- Reserves +€48,816
up €48,816 (+41.6%), from €117,385 to €166,201
- Tax, wage and social debts -€4,235
down €4,235 (-17.8%), from €23,824 to €19,589
of which Remuneration and social security: -€5,217
- Financial income -€12,012
down €12,012 (-100.0%), from €12,014 to €2
- Gross operating margin +€7,712
up €7,712 (+4.2%), from €182,704 to €190,416
- Depreciation +€7,566
up €7,566 (+177.9%), from €4,254 to €11,820
- Financial charges +€3,523
up €3,523 (+62.6%), from €5,631 to €9,154
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 | €308,900 | €353,157 | +€44,257 | +14.3% |
| Fixed assets | 21/28 | €50,985 | €41,790 | -€9,195 | -18.0% |
| Tangible fixed assets | 22/27 | €50,985 | €41,790 | -€9,195 | -18.0% |
| Plant, machinery and equipment | 23 | €691 | €2,155 | +€1,464 | +211.8% |
| Furniture and vehicles | 24 | €50,294 | €39,635 | -€10,659 | -21.2% |
| Current assets | 29/58 | €257,915 | €311,367 | +€53,452 | +20.7% |
| Amounts receivable within one year | 40/41 | €102 | €46,529 | +€46,427 | +45516.6% |
| Trade receivables | 40 | €102 | €44,750 | +€44,648 | +43772.3% |
| Other amounts receivable | 41 | - | €1,779 | +€1,779 | |
| Cash at bank and in hand | 54/58 | €257,447 | €264,012 | +€6,565 | +2.6% |
| Deferred charges and accrued income | 490/1 | €366 | €826 | +€460 | +125.7% |
| Total equity and liabilities | 10/49 | €308,900 | €353,157 | +€44,257 | +14.3% |
| Equity | 10/15 | €277,668 | €326,484 | +€48,816 | +17.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €117,385 | €166,201 | +€48,816 | +41.6% |
| Distributable reserves | 133 | €117,385 | €166,201 | +€48,816 | +41.6% |
| Profit (loss) carried forward | 14 | €135,283 | €135,283 | = | 0.0% |
| Amounts payable | 17/49 | €31,232 | €26,673 | -€4,559 | -14.6% |
| Amounts payable within one year | 42/48 | €31,232 | €26,673 | -€4,559 | -14.6% |
| Trade debts | 44 | €199 | €2,875 | +€2,676 | +1344.6% |
| Suppliers | 440/4 | €199 | €2,875 | +€2,676 | +1344.6% |
| Taxes, remuneration and social security | 45 | €23,824 | €19,589 | -€4,235 | -17.8% |
| Taxes | 450/3 | €5,101 | €6,082 | +€981 | +19.2% |
| Remuneration and social security | 454/9 | €18,724 | €13,507 | -€5,217 | -27.9% |
| Other amounts payable | 47/48 | €7,209 | €4,209 | -€3,000 | -41.6% |
| Non-recurring operating income | 76A | €3,879 | €0 | -€3,879 | -100.0% |
| Remuneration, social security and pensions | 62 | €97,919 | €96,691 | -€1,228 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,254 | €11,820 | +€7,566 | +177.9% |
| Other operating charges | 640/8 | €931 | €633 | -€298 | -32.0% |
| Gross operating margin | 9900 | €182,704 | €190,416 | +€7,712 | +4.2% |
| Operating profit (loss) | 9901 | €79,600 | €81,272 | +€1,672 | +2.1% |
| Financial income | 75/76B | €12,014 | €2 | -€12,012 | -100.0% |
| Recurring financial income | 75 | €12,014 | €2 | -€12,012 | -100.0% |
| Financial charges | 65/66B | €5,631 | €9,154 | +€3,523 | +62.6% |
| Recurring financial charges | 65 | €5,631 | €9,154 | +€3,523 | +62.6% |
| Profit (loss) for the period before taxes | 9903 | €85,983 | €72,120 | -€13,863 | -16.1% |
| Income taxes | 67/77 | €24,248 | €23,304 | -€945 | -3.9% |
| Profit (loss) for the period | 9904 | €61,734 | €48,816 | -€12,918 | -20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €61,734 | €48,816 | -€12,918 | -20.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.