VHR: 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.
VHR
Largest movements
- Tangible fixed assets -€24,047
down €24,047 (-5.0%), from €481,125 to €457,078
of which Land and buildings: -€22,822
- Other debts -€152,960
down €152,960 (-58.2%), from €262,800 to €109,840
- Debts after one year +€148,809
up €148,809 (+42.6%), from €349,448 to €498,256
- Profit (loss) carried forward -€24,133
down €24,133 (-44.3%), from -€54,425 to -€78,557
- Gross operating margin -€13,598
down €13,598 (-44.8%), from €30,384 to €16,785
- Financial charges +€8,418
up €8,418 (+107%), from €7,860 to €16,278
- Other operating charges -€6,746
down €6,746 (-96.4%), from €7,001 to €255
- Staff costs +€338
new in 2025: €338
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 | €641,783 | €611,528 | -€30,255 | -4.7% |
| Fixed assets | 21/28 | €481,125 | €457,078 | -€24,047 | -5.0% |
| Tangible fixed assets | 22/27 | €481,125 | €457,078 | -€24,047 | -5.0% |
| Land and buildings | 22 | €478,675 | €455,853 | -€22,822 | -4.8% |
| Plant, machinery and equipment | 23 | €2,450 | €1,225 | -€1,225 | -50.0% |
| Current assets | 29/58 | €160,658 | €154,450 | -€6,208 | -3.9% |
| Amounts receivable within one year | 40/41 | €122,405 | €116,200 | -€6,205 | -5.1% |
| Other amounts receivable | 41 | €122,405 | €116,200 | -€6,205 | -5.1% |
| Cash at bank and in hand | 54/58 | €3 | - | -€3 | |
| Deferred charges and accrued income | 490/1 | €38,250 | €38,250 | = | 0.0% |
| Total equity and liabilities | 10/49 | €641,783 | €611,528 | -€30,255 | -4.7% |
| Equity | 10/15 | -€34,425 | -€58,557 | -€24,133 | -70.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€54,425 | -€78,557 | -€24,133 | -44.3% |
| Amounts payable | 17/49 | €676,207 | €670,085 | -€6,122 | -0.9% |
| Amounts payable after more than one year | 17 | €349,448 | €498,256 | +€148,809 | +42.6% |
| Financial debts | 170/4 | €349,448 | €498,256 | +€148,809 | +42.6% |
| Amounts payable within one year | 42/48 | €323,386 | €168,349 | -€155,037 | -47.9% |
| Current portion of amounts payable after more than one year | 42 | €50,297 | €51,191 | +€895 | +1.8% |
| Financial debts | 43 | - | €1,999 | +€1,999 | |
| Credit institutions | 430/8 | - | €1,999 | +€1,999 | |
| Trade debts | 44 | €10,289 | €5,318 | -€4,971 | -48.3% |
| Suppliers | 440/4 | €10,289 | €5,318 | -€4,971 | -48.3% |
| Other amounts payable | 47/48 | €262,800 | €109,840 | -€152,960 | -58.2% |
| Accrued charges and deferred income | 492/3 | €3,374 | €3,480 | +€106 | +3.1% |
| Remuneration, social security and pensions | 62 | - | €338 | +€338 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,047 | €24,047 | = | 0.0% |
| Other operating charges | 640/8 | €7,001 | €255 | -€6,746 | -96.4% |
| Gross operating margin | 9900 | €30,384 | €16,785 | -€13,598 | -44.8% |
| Operating profit (loss) | 9901 | -€664 | -€7,855 | -€7,190 | -1,083% |
| Financial charges | 65/66B | €7,860 | €16,278 | +€8,418 | +107% |
| Recurring financial charges | 65 | €7,860 | €16,278 | +€8,418 | +107% |
| Profit (loss) for the period before taxes | 9903 | -€8,524 | -€24,133 | -€15,609 | -183% |
| Profit (loss) for the period | 9904 | -€8,524 | -€24,133 | -€15,609 | -183% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,524 | -€24,133 | -€15,609 | -183% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.