VHVV: 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.
VHVV
Largest movements
- Tangible fixed assets +€447,505
up €447,505 (+4615.9%), from €9,695 to €457,200
of which Land and buildings: +€448,589
- Cash -€80,476
down €80,476 (-96.6%), from €83,336 to €2,860
mainly Investment in fixed assets (net) (-€456,724) and Receivables within one year (-€64,595)
- Receivables within one year +€64,595
up €64,595 (+334.5%), from €19,310 to €83,905
of which Other amounts receivable: +€68,900
- Debts after one year +€373,361
up €373,361 (+910.4%), from €41,009 to €414,370
- Other debts +€29,749
up €29,749 (+80.6%), from €36,920 to €66,669
- Current portion of long-term debt +€19,546
up €19,546 (+429.2%), from €4,554 to €24,100
- Reserves +€9,452
up €9,452 (+67.0%), from €14,115 to €23,568
of which Distributable reserves: +€9,452
- Gross operating margin +€12,613
up €12,613 (+72.9%), from €17,307 to €29,920
- Depreciation +€7,383
up €7,383 (+402.2%), from €1,836 to €9,219
- Financial charges +€4,210
up €4,210 (+201.4%), from €2,091 to €6,301
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 | €112,832 | €544,293 | +€431,461 | +382.4% |
| Fixed assets | 21/28 | €9,695 | €457,200 | +€447,505 | +4615.9% |
| Tangible fixed assets | 22/27 | €9,695 | €457,200 | +€447,505 | +4615.9% |
| Land and buildings | 22 | - | €448,589 | +€448,589 | |
| Furniture and vehicles | 24 | - | €751 | +€751 | |
| Other tangible fixed assets | 26 | €9,695 | €7,859 | -€1,836 | -18.9% |
| Current assets | 29/58 | €103,138 | €87,093 | -€16,044 | -15.6% |
| Amounts receivable after more than one year | 29 | €373 | €328 | -€45 | -12.2% |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €373 | €328 | -€45 | -12.2% |
| Amounts receivable within one year | 40/41 | €19,310 | €83,905 | +€64,595 | +334.5% |
| Trade receivables | 40 | €6,710 | €2,405 | -€4,305 | -64.2% |
| Other amounts receivable | 41 | €12,600 | €81,500 | +€68,900 | +546.8% |
| Cash at bank and in hand | 54/58 | €83,336 | €2,860 | -€80,476 | -96.6% |
| Deferred charges and accrued income | 490/1 | €118 | €0 | -€118 | -100.0% |
| Total equity and liabilities | 10/49 | €112,832 | €544,293 | +€431,461 | +382.4% |
| Equity | 10/15 | €20,315 | €29,768 | +€9,452 | +46.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €14,115 | €23,568 | +€9,452 | +67.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €14,115 | €23,568 | +€9,452 | +67.0% |
| Amounts payable | 17/49 | €92,517 | €514,525 | +€422,008 | +456.1% |
| Amounts payable after more than one year | 17 | €41,009 | €414,370 | +€373,361 | +910.4% |
| Financial debts | 170/4 | €41,009 | €414,370 | +€373,361 | +910.4% |
| Amounts payable within one year | 42/48 | €45,758 | €94,406 | +€48,647 | +106.3% |
| Current portion of amounts payable after more than one year | 42 | €4,554 | €24,100 | +€19,546 | +429.2% |
| Trade debts | 44 | €466 | €776 | +€310 | +66.6% |
| Suppliers | 440/4 | €466 | €776 | +€310 | +66.6% |
| Taxes, remuneration and social security | 45 | €3,819 | €2,861 | -€957 | -25.1% |
| Taxes | 450/3 | €3,819 | €2,861 | -€957 | -25.1% |
| Other amounts payable | 47/48 | €36,920 | €66,669 | +€29,749 | +80.6% |
| Accrued charges and deferred income | 492/3 | €5,750 | €5,750 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,836 | €9,219 | +€7,383 | +402.2% |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Gross operating margin | 9900 | €17,307 | €29,920 | +€12,613 | +72.9% |
| Operating profit (loss) | 9901 | €15,022 | €20,239 | +€5,217 | +34.7% |
| Financial charges | 65/66B | €2,091 | €6,301 | +€4,210 | +201.4% |
| Recurring financial charges | 65 | €2,091 | €6,301 | +€4,210 | +201.4% |
| Profit (loss) for the period before taxes | 9903 | €12,931 | €13,939 | +€1,008 | +7.8% |
| Income taxes | 67/77 | €4,359 | €4,486 | +€128 | +2.9% |
| Profit (loss) for the period | 9904 | €8,572 | €9,452 | +€880 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,572 | €9,452 | +€880 | +10.3% |
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 12 October 2026 via checked.be.