VHVC: 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.
VHVC
Largest movements
- Receivables after one year -€166,817
down €166,817 (-100.0%), from €166,817 to €0
- Receivables within one year -€101,877
down €101,877 (-74.7%), from €136,459 to €34,582
of which Other amounts receivable: -€124,820
- Deferred charges and accrued income -€89,488
down €89,488 (-96.3%), from €92,880 to €3,392
- Tangible fixed assets -€76,138
down €76,138 (-2.1%), from €3.6m to €3.6m
of which Land and buildings: -€61,482
- Reserves -€698,490
down €698,490 (-28.2%), from €2.5m to €1.8m
of which Distributable reserves: -€698,490
- Other debts +€381,685
new in 2025: €381,685
- Debts after one year -€121,681
down €121,681 (-10.8%), from €1.1m to €1.0m
- Financial income -€134,744
down €134,744 (-99.8%), from €134,979 to €235
- Gross operating margin +€60,908
up €60,908 (+53.4%), from €114,049 to €174,957
- Taxes -€12,744
down €12,744 (-100.0%), from €12,744 to €0
- Financial charges -€12,554
down €12,554 (-30.8%), from €40,723 to €28,169
of which Non-recurring financial charges: -€9,367
- Depreciation +€8,552
up €8,552 (+7.3%), from €117,452 to €126,004
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 | €4,122,048 | €3,662,785 | -€459,263 | -11.1% |
| Fixed assets | 21/28 | €3,629,522 | €3,553,385 | -€76,138 | -2.1% |
| Tangible fixed assets | 22/27 | €3,629,522 | €3,553,385 | -€76,138 | -2.1% |
| Land and buildings | 22 | €3,601,257 | €3,539,776 | -€61,482 | -1.7% |
| Furniture and vehicles | 24 | €28,265 | €13,609 | -€14,656 | -51.9% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €492,525 | €109,400 | -€383,125 | -77.8% |
| Amounts receivable after more than one year | 29 | €166,817 | €0 | -€166,817 | -100.0% |
| Other amounts receivable | 291 | €166,817 | €0 | -€166,817 | -100.0% |
| Amounts receivable within one year | 40/41 | €136,459 | €34,582 | -€101,877 | -74.7% |
| Trade receivables | 40 | €11,568 | €34,511 | +€22,944 | +198.3% |
| Other amounts receivable | 41 | €124,891 | €71 | -€124,820 | -99.9% |
| Cash at bank and in hand | 54/58 | €96,370 | €71,427 | -€24,944 | -25.9% |
| Deferred charges and accrued income | 490/1 | €92,880 | €3,392 | -€89,488 | -96.3% |
| Total equity and liabilities | 10/49 | €4,122,048 | €3,662,785 | -€459,263 | -11.1% |
| Equity | 10/15 | €2,496,668 | €1,779,579 | -€717,089 | -28.7% |
| Contributions | 10/11 | €18,600 | €1 | -€18,599 | -100.0% |
| Reserves | 13 | €2,478,068 | €1,779,578 | -€698,490 | -28.2% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €2,459,318 | €1,760,828 | -€698,490 | -28.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €361,642 | €361,642 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €361,642 | €361,642 | = | 0.0% |
| Pensions and similar obligations | 160 | €361,642 | €361,642 | = | 0.0% |
| Amounts payable | 17/49 | €1,263,738 | €1,521,564 | +€257,827 | +20.4% |
| Amounts payable after more than one year | 17 | €1,128,915 | €1,007,235 | -€121,681 | -10.8% |
| Financial debts | 170/4 | €1,128,915 | €1,007,235 | -€121,681 | -10.8% |
| Amounts payable within one year | 42/48 | €133,925 | €514,330 | +€380,405 | +284.0% |
| Current portion of amounts payable after more than one year | 42 | €127,638 | €121,681 | -€5,958 | -4.7% |
| Trade debts | 44 | €0 | €9,698 | +€9,698 | |
| Suppliers | 440/4 | €0 | €9,698 | +€9,698 | |
| Taxes, remuneration and social security | 45 | €6,286 | €1,266 | -€5,020 | -79.9% |
| Taxes | 450/3 | €6,286 | €1,266 | -€5,020 | -79.9% |
| Other amounts payable | 47/48 | - | €381,685 | +€381,685 | |
| Accrued charges and deferred income | 492/3 | €898 | €0 | -€898 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,452 | €126,004 | +€8,552 | +7.3% |
| Other operating charges | 640/8 | €13,716 | €18,183 | +€4,468 | +32.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €114,049 | €174,957 | +€60,908 | +53.4% |
| Operating profit (loss) | 9901 | -€17,119 | €30,770 | +€47,889 | |
| Financial income | 75/76B | €134,979 | €235 | -€134,744 | -99.8% |
| Recurring financial income | 75 | €134,979 | €235 | -€134,744 | -99.8% |
| Financial charges | 65/66B | €40,723 | €28,169 | -€12,554 | -30.8% |
| Recurring financial charges | 65 | €31,356 | €28,169 | -€3,187 | -10.2% |
| Non-recurring financial charges | 66B | €9,367 | €0 | -€9,367 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €77,137 | €2,836 | -€74,301 | -96.3% |
| Income taxes | 67/77 | €12,744 | €0 | -€12,744 | -100.0% |
| Profit (loss) for the period | 9904 | €64,393 | €2,836 | -€61,557 | -95.6% |
| Profit (loss) for the period to be appropriated | 9905 | €64,393 | €2,836 | -€61,557 | -95.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.