VITHECO: what changed
What changed
VITHECO
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€74,334
2024 · €2.5m-€2.6m
Equity
€19.4m
2024 · €19.4m-€74,334
Cash
€2,595
2024 · €66,986-€64,391
Balance sheet total
€32.0m
2024 · €28.8m+€3.3m
Largest movements
Assets
- Financial fixed assets +€4.6m
up €4.6m (+20.0%), from €22.9m to €27.4m
- Receivables after one year -€1.2m
down €1.2m (-23.1%), from €5.4m to €4.1m
Equity and liabilities
- Debts after one year +€1.8m
up €1.8m (+25.0%), from €7.3m to €9.1m
of which Financial debts: +€1.7m
- Short-term financial debts +€1.5m
new in 2025: €1.5m
of which Credit institutions: +€1.0m
Income statement
- Financial income -€2.5m
down €2.5m (-96.8%), from €2.6m to €83,393
of which Non-recurring financial income: -€2.5m
- Financial charges +€40,839
up €40,839 (+36.4%), from €112,130 to €152,969
- Gross operating margin -€22,102
down €22,102 (-43.3%), from €51,040 to €28,938
- Depreciation +€2,052
up €2,052 (+43.2%), from €4,749 to €6,802
- Staff costs +€949
up €949 (+4.3%), from €22,318 to €23,267
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€2.5m
Gross operating margin
-€22,102
Staff costs
-€949
Depreciation
-€2,052
Other operating charges
-€280
Financial income
-€2.5m
Financial charges
-€40,839
Taxes
-€35
Result 2025
-€74,334
lowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.2m
Investment
-€4.6m
Financing
+€3.3m
Cash 2024
€66,986
From operations (derived)
+€1.2m
Net result for the year
-€74,334
Depreciation
+€6,802
Receivables after one year
+€1.2m
Smaller working-capital items
+€8,398
Accrued charges and deferred income
+€15,012
Investment (derived)
-€4.6m
Investment in fixed assets (net)
-€4.6m
Financing
+€3.3m
Debts after one year
+€1.8m
Short-term financial debts
+€1.5m
Cash 2025
€2,595
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,753,136 | €32,019,091 | +€3.3m | +11.4% |
| Fixed assets | 21/28 | €22,918,536 | €27,494,832 | +€4.6m | +20.0% |
| Intangible fixed assets | 21 | €22,941 | €18,883 | -€4,058 | -17.7% |
| Tangible fixed assets | 22/27 | €34,250 | €34,104 | -€146 | -0.4% |
| Land and buildings | 22 | €30,000 | €18,980 | -€11,020 | -36.7% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | - | €10,875 | +€10,875 | |
| Other tangible fixed assets | 26 | €4,250 | €4,250 | = | 0.0% |
| Financial fixed assets | 28 | €22,861,345 | €27,441,845 | +€4.6m | +20.0% |
| Current assets | 29/58 | €5,834,600 | €4,524,259 | -€1.3m | -22.5% |
| Amounts receivable after more than one year | 29 | €5,362,107 | €4,121,970 | -€1.2m | -23.1% |
| Other amounts receivable | 291 | €5,362,107 | €4,121,970 | -€1.2m | -23.1% |
| Stocks and contracts in progress | 3 | €359,928 | €359,928 | = | 0.0% |
| Stocks | 30/36 | €359,928 | €359,928 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €34,960 | €28,929 | -€6,032 | -17.3% |
| Trade receivables | 40 | €34,310 | €27,914 | -€6,397 | -18.6% |
| Other amounts receivable | 41 | €650 | €1,015 | +€365 | +56.2% |
| Cash at bank and in hand | 54/58 | €66,986 | €2,595 | -€64,391 | -96.1% |
| Deferred charges and accrued income | 490/1 | €10,619 | €10,837 | +€219 | +2.1% |
| Total equity and liabilities | 10/49 | €28,753,136 | €32,019,091 | +€3.3m | +11.4% |
| Equity | 10/15 | €19,436,915 | €19,362,581 | -€74,334 | -0.4% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €19,336,915 | €19,262,581 | -€74,334 | -0.4% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €19,326,915 | €19,252,581 | -€74,334 | -0.4% |
| Amounts payable | 17/49 | €9,316,221 | €12,656,510 | +€3.3m | +35.9% |
| Amounts payable after more than one year | 17 | €7,301,010 | €9,123,703 | +€1.8m | +25.0% |
| Financial debts | 170/4 | €3,141,466 | €4,796,175 | +€1.7m | +52.7% |
| Other amounts payable | 178/9 | €4,159,545 | €4,327,528 | +€167,983 | +4.0% |
| Amounts payable within one year | 42/48 | €2,014,359 | €3,516,944 | +€1.5m | +74.6% |
| Financial debts | 43 | - | €1,500,000 | +€1.5m | |
| Credit institutions | 430/8 | - | €1,000,000 | +€1.0m | |
| Other loans | 439 | - | €500,000 | +€500,000 | |
| Trade debts | 44 | €2,927 | €4,074 | +€1,147 | +39.2% |
| Suppliers | 440/4 | €2,927 | €4,074 | +€1,147 | +39.2% |
| Taxes, remuneration and social security | 45 | €11,432 | €12,869 | +€1,438 | +12.6% |
| Taxes | 450/3 | €8,514 | €9,836 | +€1,323 | +15.5% |
| Remuneration and social security | 454/9 | €2,918 | €3,033 | +€115 | +3.9% |
| Other amounts payable | 47/48 | €2,000,000 | €2,000,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €851 | €15,864 | +€15,012 | +1,763% |
| Non-recurring operating income | 76A | €20,995 | €0 | -€20,995 | -100% |
| Remuneration, social security and pensions | 62 | €22,318 | €23,267 | +€949 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,749 | €6,802 | +€2,052 | +43.2% |
| Other operating charges | 640/8 | €2,402 | €2,682 | +€280 | +11.7% |
| Gross operating margin | 9900 | €51,040 | €28,938 | -€22,102 | -43.3% |
| Operating profit (loss) | 9901 | €21,571 | -€3,813 | -€25,384 | |
| Financial income | 75/76B | €2,598,165 | €83,393 | -€2.5m | -96.8% |
| Recurring financial income | 75 | €107,165 | €83,393 | -€23,771 | -22.2% |
| Non-recurring financial income | 76B | €2,491,000 | €0 | -€2.5m | -100% |
| Financial charges | 65/66B | €112,130 | €152,969 | +€40,839 | +36.4% |
| Recurring financial charges | 65 | €112,130 | €152,969 | +€40,839 | +36.4% |
| Profit (loss) for the period before taxes | 9903 | €2,507,606 | -€73,388 | -€2.6m | |
| Income taxes | 67/77 | €911 | €946 | +€35 | +3.9% |
| Profit (loss) for the period | 9904 | €2,506,695 | -€74,334 | -€2.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €2,506,695 | -€74,334 | -€2.6m |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.