VHO CONSULT: 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.
VHO CONSULT
Largest movements
- Receivables within one year -€66,733
down €66,733 (-80.9%), from €82,487 to €15,754
of which Other amounts receivable: -€62,092
- Current investments +€48,098
up €48,098 (+200.4%), from €24,000 to €72,098
- Cash -€15,473
down €15,473 (-16.9%), from €91,635 to €76,162
mainly Contributions, distributions and other (-€125,930) and Current investments (-€48,098)
- Reserves -€35,060
down €35,060 (-25.8%), from €135,819 to €100,759
- Other debts +€8,890
up €8,890 (+17.8%), from €50,000 to €58,890
- Trade debts -€7,600
no longer reported in 2025 (was €7,600)
- Gross operating margin +€16,792
up €16,792 (+16.4%), from €102,143 to €118,936
- Taxes +€4,109
up €4,109 (+15.5%), from €26,501 to €30,610
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 | €202,812 | €168,149 | -€34,663 | -17.1% |
| Fixed assets | 21/28 | €4,690 | €4,135 | -€555 | -11.8% |
| Tangible fixed assets | 22/27 | €4,690 | €4,135 | -€555 | -11.8% |
| Other tangible fixed assets | 26 | €4,690 | €4,135 | -€555 | -11.8% |
| Current assets | 29/58 | €198,122 | €164,014 | -€34,108 | -17.2% |
| Amounts receivable within one year | 40/41 | €82,487 | €15,754 | -€66,733 | -80.9% |
| Trade receivables | 40 | €18,050 | €13,409 | -€4,641 | -25.7% |
| Other amounts receivable | 41 | €64,437 | €2,345 | -€62,092 | -96.4% |
| Current investments | 50/53 | €24,000 | €72,098 | +€48,098 | +200.4% |
| Cash at bank and in hand | 54/58 | €91,635 | €76,162 | -€15,473 | -16.9% |
| Total equity and liabilities | 10/49 | €202,812 | €168,149 | -€34,663 | -17.1% |
| Equity | 10/15 | €137,819 | €102,759 | -€35,060 | -25.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €135,819 | €100,759 | -€35,060 | -25.8% |
| Distributable reserves | 133 | €135,819 | €100,759 | -€35,060 | -25.8% |
| Amounts payable | 17/49 | €64,993 | €65,390 | +€397 | +0.6% |
| Amounts payable within one year | 42/48 | €64,993 | €65,390 | +€397 | +0.6% |
| Trade debts | 44 | €7,600 | - | -€7,600 | |
| Suppliers | 440/4 | €7,600 | - | -€7,600 | |
| Taxes, remuneration and social security | 45 | €7,393 | €6,501 | -€893 | -12.1% |
| Taxes | 450/3 | €7,393 | €6,501 | -€893 | -12.1% |
| Other amounts payable | 47/48 | €50,000 | €58,890 | +€8,890 | +17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €555 | €555 | = | 0.0% |
| Gross operating margin | 9900 | €102,143 | €118,936 | +€16,792 | +16.4% |
| Operating profit (loss) | 9901 | €101,589 | €118,381 | +€16,792 | +16.5% |
| Financial income | 75/76B | €3,715 | €3,634 | -€81 | -2.2% |
| Recurring financial income | 75 | €3,715 | €3,634 | -€81 | -2.2% |
| Financial charges | 65/66B | €55 | €535 | +€480 | +872.7% |
| Recurring financial charges | 65 | €55 | €535 | +€480 | +872.7% |
| Profit (loss) for the period before taxes | 9903 | €105,249 | €121,480 | +€16,231 | +15.4% |
| Income taxes | 67/77 | €26,501 | €30,610 | +€4,109 | +15.5% |
| Profit (loss) for the period | 9904 | €78,748 | €90,870 | +€12,122 | +15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €78,748 | €90,870 | +€12,122 | +15.4% |
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.