VLH Engineering: 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.
VLH Engineering
Largest movements
- Receivables within one year +€400,200
up €400,200 (+1403.7%), from €28,510 to €428,709
of which Other amounts receivable: +€399,820
- Current investments -€175,000
down €175,000 (-49.3%), from €355,000 to €180,000
- Deferred charges and accrued income +€13,995
up €13,995 (+5903.6%), from €237 to €14,232
- Reserves +€189,490
up €189,490 (+71.3%), from €265,580 to €455,070
- Tax, wage and social debts +€51,226
up €51,226 (+46.7%), from €109,762 to €160,988
of which Taxes: +€51,226
- Gross operating margin -€113,578
down €113,578 (-32.2%), from €352,699 to €239,121
- Taxes -€26,749
down €26,749 (-30.8%), from €86,711 to €59,962
- Financial income +€10,102
up €10,102 (+222.4%), from €4,543 to €14,646
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 | €390,109 | €627,584 | +€237,475 | +60.9% |
| Fixed assets | 21/28 | €1,870 | €3,828 | +€1,958 | +104.7% |
| Tangible fixed assets | 22/27 | €1,870 | €3,828 | +€1,958 | +104.7% |
| Furniture and vehicles | 24 | €1,870 | €3,828 | +€1,958 | +104.7% |
| Current assets | 29/58 | €388,239 | €623,756 | +€235,517 | +60.7% |
| Amounts receivable within one year | 40/41 | €28,510 | €428,709 | +€400,200 | +1403.7% |
| Trade receivables | 40 | €28,330 | €28,709 | +€379 | +1.3% |
| Other amounts receivable | 41 | €180 | €400,000 | +€399,820 | +222691.6% |
| Current investments | 50/53 | €355,000 | €180,000 | -€175,000 | -49.3% |
| Cash at bank and in hand | 54/58 | €4,492 | €814 | -€3,678 | -81.9% |
| Deferred charges and accrued income | 490/1 | €237 | €14,232 | +€13,995 | +5903.6% |
| Total equity and liabilities | 10/49 | €390,109 | €627,584 | +€237,475 | +60.9% |
| Equity | 10/15 | €270,586 | €460,073 | +€189,487 | +70.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €265,580 | €455,070 | +€189,490 | +71.3% |
| Distributable reserves | 133 | €265,580 | €455,070 | +€189,490 | +71.3% |
| Profit (loss) carried forward | 14 | €6 | €3 | -€3 | -54.1% |
| Amounts payable | 17/49 | €119,522 | €167,511 | +€47,988 | +40.2% |
| Amounts payable within one year | 42/48 | €118,941 | €166,923 | +€47,982 | +40.3% |
| Trade debts | 44 | €7,462 | €3,452 | -€4,009 | -53.7% |
| Suppliers | 440/4 | €7,462 | €3,452 | -€4,009 | -53.7% |
| Taxes, remuneration and social security | 45 | €109,762 | €160,988 | +€51,226 | +46.7% |
| Taxes | 450/3 | €107,762 | €158,988 | +€51,226 | +47.5% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €1,718 | €2,483 | +€765 | +44.5% |
| Accrued charges and deferred income | 492/3 | €581 | €588 | +€7 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,921 | €874 | -€2,047 | -70.1% |
| Other operating charges | 640/8 | €50 | €1,082 | +€1,032 | +2063.9% |
| Gross operating margin | 9900 | €352,699 | €239,121 | -€113,578 | -32.2% |
| Operating profit (loss) | 9901 | €349,728 | €237,165 | -€112,563 | -32.2% |
| Financial income | 75/76B | €4,543 | €14,646 | +€10,102 | +222.4% |
| Recurring financial income | 75 | €4,543 | €14,646 | +€10,102 | +222.4% |
| Financial charges | 65/66B | €256 | €695 | +€440 | +172.1% |
| Recurring financial charges | 65 | €256 | €695 | +€440 | +172.1% |
| Profit (loss) for the period before taxes | 9903 | €354,015 | €251,115 | -€102,900 | -29.1% |
| Income taxes | 67/77 | €86,711 | €59,962 | -€26,749 | -30.8% |
| Profit (loss) for the period | 9904 | €267,304 | €191,153 | -€76,152 | -28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €267,304 | €191,153 | -€76,152 | -28.5% |
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 9 October 2026 via checked.be.