VHS ESTATE: 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.
VHS ESTATE
Largest movements
- Tangible fixed assets -€146,625
down €146,625 (-5.1%), from €2.9m to €2.7m
of which Land and buildings: -€146,625
- Cash +€64,989
up €64,989 (+55.3%), from €117,538 to €182,527
mainly Depreciation (+€168,614) and Trade debts (+€119,289)
- Debts after one year -€123,336
down €123,336 (-7.7%), from €1.6m to €1.5m
- Trade debts +€119,289
up €119,289 (+90.0%), from €132,563 to €251,852
- Profit (loss) carried forward -€50,304
down €50,304 (-5.3%), from €954,766 to €904,462
- Depreciation +€26,060
up €26,060 (+18.3%), from €142,554 to €168,614
- Gross operating margin +€17,171
up €17,171 (+6.5%), from €262,372 to €279,543
- Other operating charges +€5,622
up €5,622 (+5.8%), from €96,120 to €101,742
- Financial charges +€4,916
up €4,916 (+9.0%), from €54,574 to €59,490
- Financial income -€4,834
down €4,834 (-100.0%), from €4,834 to €0
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 | €3,020,948 | €2,944,865 | -€76,083 | -2.5% |
| Fixed assets | 21/28 | €2,871,347 | €2,724,723 | -€146,625 | -5.1% |
| Tangible fixed assets | 22/27 | €2,871,347 | €2,724,723 | -€146,625 | -5.1% |
| Land and buildings | 22 | €2,871,347 | €2,724,723 | -€146,625 | -5.1% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €149,601 | €220,143 | +€70,541 | +47.2% |
| Amounts receivable within one year | 40/41 | €32,063 | €37,616 | +€5,552 | +17.3% |
| Trade receivables | 40 | €32,000 | €37,000 | +€5,000 | +15.6% |
| Other amounts receivable | 41 | €63 | €616 | +€552 | +872.9% |
| Cash at bank and in hand | 54/58 | €117,538 | €182,527 | +€64,989 | +55.3% |
| Total equity and liabilities | 10/49 | €3,020,948 | €2,944,865 | -€76,083 | -2.5% |
| Equity | 10/15 | €1,137,483 | €1,087,179 | -€50,304 | -4.4% |
| Contributions | 10/11 | €113,819 | €113,819 | = | 0.0% |
| Reserves | 13 | €68,490 | €68,490 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,382 | €11,382 | = | 0.0% |
| Reserves not available under the articles | 1311 | €11,382 | €11,382 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,768 | €12,768 | = | 0.0% |
| Distributable reserves | 133 | €44,341 | €44,341 | = | 0.0% |
| Profit (loss) carried forward | 14 | €954,766 | €904,462 | -€50,304 | -5.3% |
| Investment grants | 15 | €408 | €408 | = | 0.0% |
| Amounts payable | 17/49 | €1,883,465 | €1,857,686 | -€25,779 | -1.4% |
| Amounts payable after more than one year | 17 | €1,605,833 | €1,482,497 | -€123,336 | -7.7% |
| Financial debts | 170/4 | €1,605,833 | €1,482,497 | -€123,336 | -7.7% |
| Amounts payable within one year | 42/48 | €277,632 | €375,189 | +€97,557 | +35.1% |
| Current portion of amounts payable after more than one year | 42 | €123,333 | €123,336 | +€3 | 0.0% |
| Trade debts | 44 | €132,563 | €251,852 | +€119,289 | +90.0% |
| Suppliers | 440/4 | €132,563 | €251,852 | +€119,289 | +90.0% |
| Taxes, remuneration and social security | 45 | €21,735 | €0 | -€21,735 | -100.0% |
| Taxes | 450/3 | €21,735 | €0 | -€21,735 | -100.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €142,554 | €168,614 | +€26,060 | +18.3% |
| Other operating charges | 640/8 | €96,120 | €101,742 | +€5,622 | +5.8% |
| Gross operating margin | 9900 | €262,372 | €279,543 | +€17,171 | +6.5% |
| Operating profit (loss) | 9901 | €23,698 | €9,186 | -€14,512 | -61.2% |
| Financial income | 75/76B | €4,834 | €0 | -€4,834 | -100.0% |
| Recurring financial income | 75 | €4,834 | €0 | -€4,834 | -100.0% |
| Financial charges | 65/66B | €54,574 | €59,490 | +€4,916 | +9.0% |
| Recurring financial charges | 65 | €54,574 | €59,490 | +€4,916 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | -€26,042 | -€50,304 | -€24,262 | -93.2% |
| Income taxes | 67/77 | -€265 | €0 | +€265 | |
| Profit (loss) for the period | 9904 | -€25,777 | -€50,304 | -€24,527 | -95.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,777 | -€50,304 | -€24,527 | -95.2% |
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 11 October 2026 via checked.be.