VHSM: 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.
VHSM
Largest movements
- Tangible fixed assets +€37,943
up €37,943 (+107.9%), from €35,174 to €73,117
- Cash -€2,493
down €2,493 (-26.2%), from €9,506 to €7,013
mainly Investment in fixed assets (net) (-€56,511) and Tax, wage and social debts (-€9,406)
- Profit (loss) carried forward +€23,353
up €23,353 (+90.8%), from -€25,731 to -€2,378
- Other debts +€22,278
up €22,278 (+207.3%), from €10,745 to €33,024
- Debts after one year +€10,216
up €10,216 (+159.7%), from €6,396 to €16,612
- Tax, wage and social debts -€9,406
down €9,406 (-87.3%), from €10,781 to €1,374
of which Remuneration and social security: -€7,440
- Trade debts -€7,835
down €7,835 (-22.7%), from €34,562 to €26,727
- Gross operating margin +€27,393
up €27,393 (+137.3%), from €19,957 to €47,350
- Other operating charges +€3,026
up €3,026 (+284.3%), from €1,064 to €4,091
- Depreciation -€2,773
down €2,773 (-13.0%), from €21,341 to €18,568
- Financial income +€591
up €591 (+16155.2%), from €4 to €595
- Financial charges -€507
down €507 (-18.2%), from €2,780 to €2,273
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 | €56,399 | €92,767 | +€36,368 | +64.5% |
| Fixed assets | 21/28 | €35,174 | €73,117 | +€37,943 | +107.9% |
| Tangible fixed assets | 22/27 | €35,174 | €73,117 | +€37,943 | +107.9% |
| Furniture and vehicles | 24 | €35,174 | €73,117 | +€37,943 | +107.9% |
| Current assets | 29/58 | €21,225 | €19,650 | -€1,575 | -7.4% |
| Amounts receivable within one year | 40/41 | €11,719 | €11,758 | +€39 | +0.3% |
| Trade receivables | 40 | €11,719 | €11,758 | +€39 | +0.3% |
| Cash at bank and in hand | 54/58 | €9,506 | €7,013 | -€2,493 | -26.2% |
| Deferred charges and accrued income | 490/1 | - | €879 | +€879 | |
| Total equity and liabilities | 10/49 | €56,399 | €92,767 | +€36,368 | +64.5% |
| Equity | 10/15 | -€23,731 | -€378 | +€23,353 | +98.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,731 | -€2,378 | +€23,353 | +90.8% |
| Amounts payable | 17/49 | €80,130 | €93,145 | +€13,015 | +16.2% |
| Amounts payable after more than one year | 17 | €6,396 | €16,612 | +€10,216 | +159.7% |
| Financial debts | 170/4 | €6,396 | €16,612 | +€10,216 | +159.7% |
| Amounts payable within one year | 42/48 | €73,734 | €76,534 | +€2,800 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €17,646 | €15,408 | -€2,238 | -12.7% |
| Trade debts | 44 | €34,562 | €26,727 | -€7,835 | -22.7% |
| Suppliers | 440/4 | €34,562 | €26,727 | -€7,835 | -22.7% |
| Taxes, remuneration and social security | 45 | €10,781 | €1,374 | -€9,406 | -87.3% |
| Taxes | 450/3 | €3,340 | €1,374 | -€1,966 | -58.9% |
| Remuneration and social security | 454/9 | €7,440 | - | -€7,440 | |
| Other amounts payable | 47/48 | €10,745 | €33,024 | +€22,278 | +207.3% |
| Non-recurring operating income | 76A | - | €16,125 | +€16,125 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,341 | €18,568 | -€2,773 | -13.0% |
| Other operating charges | 640/8 | €1,064 | €4,091 | +€3,026 | +284.3% |
| Gross operating margin | 9900 | €19,957 | €47,350 | +€27,393 | +137.3% |
| Operating profit (loss) | 9901 | -€2,449 | €24,691 | +€27,140 | |
| Financial income | 75/76B | €4 | €595 | +€591 | +16155.2% |
| Recurring financial income | 75 | €4 | €595 | +€591 | +16155.2% |
| Financial charges | 65/66B | €2,780 | €2,273 | -€507 | -18.2% |
| Recurring financial charges | 65 | €2,780 | €2,273 | -€507 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | -€5,226 | €23,013 | +€28,238 | |
| Income taxes | 67/77 | - | -€340 | -€340 | |
| Profit (loss) for the period | 9904 | -€5,226 | €23,353 | +€28,579 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,226 | €23,353 | +€28,579 |
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 8 October 2026 via checked.be.