VLH: 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.
VLH
Largest movements
- Cash +€41,089
up €41,089 (+1424.9%), from €2,884 to €43,973
mainly Net result for the year (+€35,949) and Depreciation (+€30,657)
- Tangible fixed assets -€30,657
down €30,657 (-5.7%), from €538,042 to €507,384
of which Land and buildings: -€19,350
- Receivables within one year -€17,173
down €17,173 (-91.9%), from €18,681 to €1,508
- Deferred charges and accrued income -€7,466
down €7,466 (-12.3%), from €60,910 to €53,444
- Reserves +€35,949
up €35,949 (+21.4%), from €167,850 to €203,799
- Debts after one year -€32,659
down €32,659 (-6.9%), from €470,323 to €437,664
of which Financial debts: -€26,481
- Other debts -€17,980
down €17,980 (-50.4%), from €35,705 to €17,726
- Financial income -€7,500
down €7,500 (-12.5%), from €60,000 to €52,500
- Gross operating margin +€3,451
up €3,451 (+14.4%), from €23,993 to €27,444
- Financial charges -€571
down €571 (-6.7%), from €8,523 to €7,952
- Depreciation -€549
down €549 (-1.8%), from €31,206 to €30,657
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 | €710,517 | €696,308 | -€14,208 | -2.0% |
| Fixed assets | 21/28 | €628,042 | €597,384 | -€30,657 | -4.9% |
| Tangible fixed assets | 22/27 | €538,042 | €507,384 | -€30,657 | -5.7% |
| Land and buildings | 22 | €455,113 | €435,763 | -€19,350 | -4.3% |
| Plant, machinery and equipment | 23 | €64,256 | €55,734 | -€8,522 | -13.3% |
| Furniture and vehicles | 24 | €18,673 | €15,887 | -€2,786 | -14.9% |
| Financial fixed assets | 28 | €90,000 | €90,000 | = | 0.0% |
| Current assets | 29/58 | €82,475 | €98,924 | +€16,449 | +19.9% |
| Amounts receivable within one year | 40/41 | €18,681 | €1,508 | -€17,173 | -91.9% |
| Other amounts receivable | 41 | €18,681 | €1,508 | -€17,173 | -91.9% |
| Cash at bank and in hand | 54/58 | €2,884 | €43,973 | +€41,089 | +1424.9% |
| Deferred charges and accrued income | 490/1 | €60,910 | €53,444 | -€7,466 | -12.3% |
| Total equity and liabilities | 10/49 | €710,517 | €696,308 | -€14,208 | -2.0% |
| Equity | 10/15 | €174,386 | €210,336 | +€35,949 | +20.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €167,850 | €203,799 | +€35,949 | +21.4% |
| Distributable reserves | 133 | €167,850 | €203,799 | +€35,949 | +21.4% |
| Profit (loss) carried forward | 14 | €5,036 | €5,036 | = | 0.0% |
| Amounts payable | 17/49 | €536,130 | €485,972 | -€50,158 | -9.4% |
| Amounts payable after more than one year | 17 | €470,323 | €437,664 | -€32,659 | -6.9% |
| Financial debts | 170/4 | €445,417 | €418,936 | -€26,481 | -5.9% |
| Other amounts payable | 178/9 | €24,906 | €18,729 | -€6,178 | -24.8% |
| Amounts payable within one year | 42/48 | €65,807 | €48,308 | -€17,499 | -26.6% |
| Current portion of amounts payable after more than one year | 42 | €26,060 | €26,481 | +€421 | +1.6% |
| Trade debts | 44 | €241 | €506 | +€265 | +110.0% |
| Suppliers | 440/4 | €241 | €506 | +€265 | +110.0% |
| Taxes, remuneration and social security | 45 | €3,800 | €3,595 | -€205 | -5.4% |
| Taxes | 450/3 | €3,800 | €3,595 | -€205 | -5.4% |
| Other amounts payable | 47/48 | €35,705 | €17,726 | -€17,980 | -50.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,206 | €30,657 | -€549 | -1.8% |
| Other operating charges | 640/8 | €1,967 | €1,790 | -€177 | -9.0% |
| Gross operating margin | 9900 | €23,993 | €27,444 | +€3,451 | +14.4% |
| Operating profit (loss) | 9901 | -€9,181 | -€5,004 | +€4,177 | +45.5% |
| Financial income | 75/76B | €60,000 | €52,500 | -€7,500 | -12.5% |
| Recurring financial income | 75 | €60,000 | €52,500 | -€7,500 | -12.5% |
| Financial charges | 65/66B | €8,523 | €7,952 | -€571 | -6.7% |
| Recurring financial charges | 65 | €8,523 | €7,952 | -€571 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | €42,297 | €39,544 | -€2,752 | -6.5% |
| Income taxes | 67/77 | €3,800 | €3,595 | -€205 | -5.4% |
| Profit (loss) for the period | 9904 | €38,497 | €35,949 | -€2,547 | -6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €38,497 | €35,949 | -€2,547 | -6.6% |
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 4 October 2026 via checked.be.