VHP PROJECTS: 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.
VHP PROJECTS
Largest movements
- Cash +€69,099
up €69,099 (+48.2%), from €143,456 to €212,555
mainly Net result for the year (+€43,194) and Debts after one year (+€38,406)
- Tangible fixed assets +€56,677
up €56,677 (+259.0%), from €21,879 to €78,556
of which Furniture and vehicles: +€58,274
- Receivables within one year -€32,078
down €32,078 (-76.2%), from €42,101 to €10,023
of which Trade receivables: -€23,049
- Debts after one year +€38,406
up €38,406 (+488.3%), from €7,865 to €46,271
- Reserves +€30,000
up €30,000 (+23.9%), from €125,600 to €155,600
- Current portion of long-term debt +€11,309
up €11,309 (+162.1%), from €6,978 to €18,287
- Tax, wage and social debts +€8,704
up €8,704 (+21.2%), from €41,005 to €49,709
of which Taxes: +€8,704
- Profit (loss) carried forward +€3,194
up €3,194 (+36.8%), from €8,673 to €11,867
- Taxes -€4,367
down €4,367 (-19.7%), from €22,205 to €17,839
- Financial income +€4,283
up €4,283 (+474.0%), from €904 to €5,186
of which Non-recurring financial income: +€4,250
- Gross operating margin -€3,018
down €3,018 (-4.1%), from €73,703 to €70,685
- Depreciation +€2,641
up €2,641 (+36.7%), from €7,193 to €9,834
- Other operating charges +€1,696
up €1,696 (+100.5%), from €1,688 to €3,384
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 | €208,123 | €301,426 | +€93,303 | +44.8% |
| Fixed assets | 21/28 | €21,879 | €78,556 | +€56,677 | +259.0% |
| Tangible fixed assets | 22/27 | €21,879 | €78,556 | +€56,677 | +259.0% |
| Furniture and vehicles | 24 | €18,279 | €76,552 | +€58,274 | +318.8% |
| Other tangible fixed assets | 26 | €3,601 | €2,004 | -€1,597 | -44.3% |
| Current assets | 29/58 | €186,244 | €222,870 | +€36,626 | +19.7% |
| Amounts receivable within one year | 40/41 | €42,101 | €10,023 | -€32,078 | -76.2% |
| Trade receivables | 40 | €32,344 | €9,295 | -€23,049 | -71.3% |
| Other amounts receivable | 41 | €9,757 | €728 | -€9,029 | -92.5% |
| Cash at bank and in hand | 54/58 | €143,456 | €212,555 | +€69,099 | +48.2% |
| Deferred charges and accrued income | 490/1 | €687 | €292 | -€395 | -57.5% |
| Total equity and liabilities | 10/49 | €208,123 | €301,426 | +€93,303 | +44.8% |
| Equity | 10/15 | €142,553 | €175,747 | +€33,194 | +23.3% |
| Contributions | 10/11 | €8,280 | €8,280 | = | 0.0% |
| Reserves | 13 | €125,600 | €155,600 | +€30,000 | +23.9% |
| Distributable reserves | 133 | €125,600 | €155,600 | +€30,000 | +23.9% |
| Profit (loss) carried forward | 14 | €8,673 | €11,867 | +€3,194 | +36.8% |
| Amounts payable | 17/49 | €65,570 | €125,679 | +€60,109 | +91.7% |
| Amounts payable after more than one year | 17 | €7,865 | €46,271 | +€38,406 | +488.3% |
| Financial debts | 170/4 | €7,865 | €46,271 | +€38,406 | +488.3% |
| Amounts payable within one year | 42/48 | €57,705 | €79,409 | +€21,703 | +37.6% |
| Current portion of amounts payable after more than one year | 42 | €6,978 | €18,287 | +€11,309 | +162.1% |
| Trade debts | 44 | €9,722 | €11,412 | +€1,690 | +17.4% |
| Suppliers | 440/4 | €9,722 | €11,412 | +€1,690 | +17.4% |
| Taxes, remuneration and social security | 45 | €41,005 | €49,709 | +€8,704 | +21.2% |
| Taxes | 450/3 | €39,255 | €47,959 | +€8,704 | +22.2% |
| Remuneration and social security | 454/9 | €1,750 | €1,750 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,193 | €9,834 | +€2,641 | +36.7% |
| Other operating charges | 640/8 | €1,688 | €3,384 | +€1,696 | +100.5% |
| Gross operating margin | 9900 | €73,703 | €70,685 | -€3,018 | -4.1% |
| Operating profit (loss) | 9901 | €64,821 | €57,468 | -€7,354 | -11.3% |
| Financial income | 75/76B | €904 | €5,186 | +€4,283 | +474.0% |
| Recurring financial income | 75 | €904 | €936 | +€33 | +3.6% |
| Non-recurring financial income | 76B | - | €4,250 | +€4,250 | |
| Financial charges | 65/66B | €1,257 | €1,621 | +€364 | +29.0% |
| Recurring financial charges | 65 | €1,257 | €1,621 | +€364 | +29.0% |
| Profit (loss) for the period before taxes | 9903 | €64,468 | €61,033 | -€3,435 | -5.3% |
| Income taxes | 67/77 | €22,205 | €17,839 | -€4,367 | -19.7% |
| Profit (loss) for the period | 9904 | €42,263 | €43,194 | +€931 | +2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €42,263 | €43,194 | +€931 | +2.2% |
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 8 October 2026 via checked.be.