VHS Immo: 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 Immo
Largest movements
- Tangible fixed assets +€81,179
up €81,179 (+9.9%), from €823,047 to €904,226
- Cash -€14,704
down €14,704 (-40.2%), from €36,542 to €21,838
mainly Net result for the year (-€121,958) and Investment in fixed assets (net) (-€99,358)
- Profit (loss) carried forward -€121,958
down €121,958 (-11.8%), from -€1.0m to -€1.2m
- Contributions +€120,000
up €120,000 (+28.0%), from €428,600 to €548,600
- Trade debts +€74,341
up €74,341 (+14319.0%), from €519 to €74,860
- Debts after one year -€19,377
down €19,377 (-1.9%), from €1.0m to €1.0m
- Other debts +€19,069
up €19,069 (+4.9%), from €388,832 to €407,901
- Gross operating margin +€11,596
up €11,596 (+18.2%), from -€63,601 to -€52,005
- Depreciation -€5,539
down €5,539 (-23.4%), from €23,718 to €18,180
- Financial charges -€1,348
down €1,348 (-4.3%), from €31,469 to €30,121
- Other operating charges +€693
up €693 (+3.3%), from €20,960 to €21,653
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 | €876,637 | €939,279 | +€62,642 | +7.1% |
| Fixed assets | 21/28 | €823,699 | €904,878 | +€81,179 | +9.9% |
| Tangible fixed assets | 22/27 | €823,047 | €904,226 | +€81,179 | +9.9% |
| Land and buildings | 22 | €823,047 | €904,226 | +€81,179 | +9.9% |
| Financial fixed assets | 28 | €652 | €652 | = | 0.0% |
| Current assets | 29/58 | €52,938 | €34,401 | -€18,537 | -35.0% |
| Cash at bank and in hand | 54/58 | €36,542 | €21,838 | -€14,704 | -40.2% |
| Deferred charges and accrued income | 490/1 | €16,397 | €12,564 | -€3,833 | -23.4% |
| Total equity and liabilities | 10/49 | €876,637 | €939,279 | +€62,642 | +7.1% |
| Equity | 10/15 | -€591,485 | -€593,442 | -€1,958 | -0.3% |
| Contributions | 10/11 | €428,600 | €548,600 | +€120,000 | +28.0% |
| Reserves | 13 | €10,247 | €10,247 | = | 0.0% |
| Distributable reserves | 133 | €10,247 | €10,247 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,030,332 | -€1,152,289 | -€121,958 | -11.8% |
| Amounts payable | 17/49 | €1,468,122 | €1,532,722 | +€64,600 | +4.4% |
| Amounts payable after more than one year | 17 | €1,043,301 | €1,023,924 | -€19,377 | -1.9% |
| Financial debts | 170/4 | €1,043,301 | €1,023,924 | -€19,377 | -1.9% |
| Amounts payable within one year | 42/48 | €424,820 | €508,241 | +€83,421 | +19.6% |
| Current portion of amounts payable after more than one year | 42 | €32,094 | €22,105 | -€9,989 | -31.1% |
| Trade debts | 44 | €519 | €74,860 | +€74,341 | +14319.0% |
| Suppliers | 440/4 | €519 | €74,860 | +€74,341 | +14319.0% |
| Taxes, remuneration and social security | 45 | €3,375 | €3,375 | = | 0.0% |
| Taxes | 450/3 | €3,375 | €3,375 | = | 0.0% |
| Other amounts payable | 47/48 | €388,832 | €407,901 | +€19,069 | +4.9% |
| Accrued charges and deferred income | 492/3 | - | €556 | +€556 | |
| Non-recurring operating income | 76A | €25,548 | €25,548 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,718 | €18,180 | -€5,539 | -23.4% |
| Other operating charges | 640/8 | €20,960 | €21,653 | +€693 | +3.3% |
| Gross operating margin | 9900 | -€63,601 | -€52,005 | +€11,596 | +18.2% |
| Operating profit (loss) | 9901 | -€108,280 | -€91,838 | +€16,442 | +15.2% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €31,469 | €30,121 | -€1,348 | -4.3% |
| Recurring financial charges | 65 | €31,469 | €30,121 | -€1,348 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | -€139,749 | -€121,958 | +€17,792 | +12.7% |
| Income taxes | 67/77 | - | €0 | +€0 | |
| Profit (loss) for the period | 9904 | -€139,749 | -€121,958 | +€17,791 | +12.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€139,749 | -€121,958 | +€17,791 | +12.7% |
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 5 October 2026 via checked.be.