VHS: 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.
VHS
Largest movements
- Tangible fixed assets -€13,073
down €13,073 (-37.3%), from €35,005 to €21,932
of which Plant, machinery and equipment: -€10,726
- Intangible fixed assets -€12,057
down €12,057 (-29.6%), from €40,767 to €28,710
- Profit (loss) carried forward -€23,143
new in 2025: -€23,143
- Other debts +€6,534
up €6,534 (+95.2%), from €6,865 to €13,399
- Tax, wage and social debts -€5,911
down €5,911 (-80.7%), from €7,320 to €1,410
- Debts after one year -€1,153
down €1,153 (-4.4%), from €26,153 to €25,000
- Trade debts -€1,100
down €1,100 (-30.9%), from €3,562 to €2,462
- Gross operating margin +€16,466
up €16,466, from -€13,328 to €3,138
- Depreciation -€960
down €960 (-4.0%), from €24,033 to €23,073
- Other operating charges +€278
up €278 (+23.9%), from €1,163 to €1,441
- Financial charges +€144
up €144 (+10.9%), from €1,325 to €1,469
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 | €76,577 | €52,077 | -€24,500 | -32.0% |
| Fixed assets | 21/28 | €75,772 | €50,642 | -€25,130 | -33.2% |
| Intangible fixed assets | 21 | €40,767 | €28,710 | -€12,057 | -29.6% |
| Tangible fixed assets | 22/27 | €35,005 | €21,932 | -€13,073 | -37.3% |
| Plant, machinery and equipment | 23 | €32,493 | €21,767 | -€10,726 | -33.0% |
| Furniture and vehicles | 24 | €2,512 | €164 | -€2,347 | -93.5% |
| Current assets | 29/58 | €805 | €1,435 | +€630 | +78.3% |
| Amounts receivable within one year | 40/41 | €427 | €892 | +€465 | +108.9% |
| Trade receivables | 40 | - | €892 | +€892 | |
| Other amounts receivable | 41 | €427 | - | -€427 | |
| Cash at bank and in hand | 54/58 | €53 | €235 | +€182 | +342.7% |
| Deferred charges and accrued income | 490/1 | €325 | €308 | -€17 | -5.1% |
| Total equity and liabilities | 10/49 | €76,577 | €52,077 | -€24,500 | -32.0% |
| Equity | 10/15 | €32,677 | €9,534 | -€23,143 | -70.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €14,077 | €14,077 | = | 0.0% |
| Non-distributable reserves | 130/1 | €295 | €295 | = | 0.0% |
| Reserves not available under the articles | 1311 | €295 | €295 | = | 0.0% |
| Distributable reserves | 133 | €13,782 | €13,782 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€23,143 | -€23,143 | |
| Amounts payable | 17/49 | €43,900 | €42,543 | -€1,357 | -3.1% |
| Amounts payable after more than one year | 17 | €26,153 | €25,000 | -€1,153 | -4.4% |
| Financial debts | 170/4 | €26,153 | €25,000 | -€1,153 | -4.4% |
| Amounts payable within one year | 42/48 | €17,748 | €17,271 | -€477 | -2.7% |
| Trade debts | 44 | €3,562 | €2,462 | -€1,100 | -30.9% |
| Suppliers | 440/4 | €3,562 | €2,462 | -€1,100 | -30.9% |
| Taxes, remuneration and social security | 45 | €7,320 | €1,410 | -€5,911 | -80.7% |
| Taxes | 450/3 | €7,320 | €1,410 | -€5,911 | -80.7% |
| Other amounts payable | 47/48 | €6,865 | €13,399 | +€6,534 | +95.2% |
| Accrued charges and deferred income | 492/3 | - | €272 | +€272 | |
| Non-recurring operating income | 76A | - | €442 | +€442 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,033 | €23,073 | -€960 | -4.0% |
| Other operating charges | 640/8 | €1,163 | €1,441 | +€278 | +23.9% |
| Gross operating margin | 9900 | -€13,328 | €3,138 | +€16,466 | |
| Operating profit (loss) | 9901 | -€38,523 | -€21,375 | +€17,148 | +44.5% |
| Financial charges | 65/66B | €1,325 | €1,469 | +€144 | +10.9% |
| Recurring financial charges | 65 | €1,325 | €1,469 | +€144 | +10.9% |
| Profit (loss) for the period before taxes | 9903 | -€39,849 | -€22,844 | +€17,004 | +42.7% |
| Income taxes | 67/77 | €290 | €298 | +€8 | +2.8% |
| Profit (loss) for the period | 9904 | -€40,139 | -€23,143 | +€16,996 | +42.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,139 | -€23,143 | +€16,996 | +42.3% |
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 7 October 2026 via checked.be.