VHS Construct: 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 Construct
Largest movements
- Tangible fixed assets +€38,665
new in 2025: €38,665
of which Furniture and vehicles: +€35,623
- Receivables within one year -€1,450
down €1,450 (-18.0%), from €8,045 to €6,595
of which Trade receivables: -€1,545
- Cash +€909
up €909 (+7.5%), from €12,042 to €12,951
mainly Debts after one year (+€23,858) and Current portion of long-term debt (+€8,967)
- Debts after one year +€23,858
new in 2025: €23,858
- Current portion of long-term debt +€8,967
new in 2025: €8,967
- Reserves +€5,317
up €5,317 (+60.9%), from €8,729 to €14,047
- Tax, wage and social debts -€834
down €834 (-12.0%), from €6,972 to €6,139
of which Taxes: -€1,034
- Depreciation +€8,018
up €8,018 (+922.7%), from €869 to €8,887
- Gross operating margin +€5,796
up €5,796 (+48.2%), from €12,026 to €17,822
- Financial charges +€718
up €718 (+3814.8%), from €19 to €737
- Other operating charges +€342
new in 2025: €342
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 | €20,705 | €58,439 | +€37,733 | +182.2% |
| Formation expenses | 20 | €400 | €0 | -€400 | -100.0% |
| Fixed assets | 21/28 | - | €38,665 | +€38,665 | |
| Tangible fixed assets | 22/27 | - | €38,665 | +€38,665 | |
| Plant, machinery and equipment | 23 | - | €3,042 | +€3,042 | |
| Furniture and vehicles | 24 | - | €35,623 | +€35,623 | |
| Current assets | 29/58 | €20,306 | €19,774 | -€532 | -2.6% |
| Amounts receivable within one year | 40/41 | €8,045 | €6,595 | -€1,450 | -18.0% |
| Trade receivables | 40 | €8,045 | €6,500 | -€1,545 | -19.2% |
| Other amounts receivable | 41 | - | €95 | +€95 | |
| Cash at bank and in hand | 54/58 | €12,042 | €12,951 | +€909 | +7.5% |
| Deferred charges and accrued income | 490/1 | €219 | €227 | +€9 | +4.0% |
| Total equity and liabilities | 10/49 | €20,705 | €58,439 | +€37,733 | +182.2% |
| Equity | 10/15 | €11,729 | €17,047 | +€5,317 | +45.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €8,729 | €14,047 | +€5,317 | +60.9% |
| Distributable reserves | 133 | €8,729 | €14,047 | +€5,317 | +60.9% |
| Amounts payable | 17/49 | €8,976 | €41,392 | +€32,416 | +361.1% |
| Amounts payable after more than one year | 17 | - | €23,858 | +€23,858 | |
| Financial debts | 170/4 | - | €23,858 | +€23,858 | |
| Amounts payable within one year | 42/48 | €8,976 | €17,534 | +€8,558 | +95.3% |
| Current portion of amounts payable after more than one year | 42 | - | €8,967 | +€8,967 | |
| Trade debts | 44 | €1,747 | €1,957 | +€210 | +12.1% |
| Suppliers | 440/4 | €1,747 | €1,957 | +€210 | +12.1% |
| Taxes, remuneration and social security | 45 | €6,972 | €6,139 | -€834 | -12.0% |
| Taxes | 450/3 | €5,372 | €4,339 | -€1,034 | -19.2% |
| Remuneration and social security | 454/9 | €1,600 | €1,800 | +€200 | +12.5% |
| Other amounts payable | 47/48 | €257 | €472 | +€215 | +83.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €869 | €8,887 | +€8,018 | +922.7% |
| Other operating charges | 640/8 | - | €342 | +€342 | |
| Gross operating margin | 9900 | €12,026 | €17,822 | +€5,796 | +48.2% |
| Operating profit (loss) | 9901 | €11,157 | €8,593 | -€2,564 | -23.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €19 | €737 | +€718 | +3814.8% |
| Recurring financial charges | 65 | €19 | €737 | +€718 | +3814.8% |
| Profit (loss) for the period before taxes | 9903 | €11,138 | €7,855 | -€3,283 | -29.5% |
| Income taxes | 67/77 | €2,409 | €2,538 | +€130 | +5.4% |
| Profit (loss) for the period | 9904 | €8,729 | €5,317 | -€3,412 | -39.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,729 | €5,317 | -€3,412 | -39.1% |
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 6 October 2026 via checked.be.