VLH Holding: 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 Holding
Largest movements
- Financial fixed assets +€3.6m
up €3.6m (+49.8%), from €7.2m to €10.7m
- Receivables within one year -€1.3m
down €1.3m (-82.1%), from €1.6m to €283,494
of which Other amounts receivable: -€1.5m
- Cash -€137,562
down €137,562 (-75.6%), from €181,956 to €44,394
mainly Investment in fixed assets (net) (-€3.6m) and Debts after one year (-€637,095)
- Reserves +€916,051
up €916,051 (+31.0%), from €3.0m to €3.9m
- Short-term financial debts +€867,330
up €867,330 (+101%), from €862,535 to €1.7m
- Debts after one year -€637,095
down €637,095 (-16.5%), from €3.9m to €3.2m
of which Financial debts: -€481,095
- Other debts +€508,983
new in 2025: €508,983
- Accrued charges and deferred income +€295,750
up €295,750 (+315%), from €93,750 to €389,500
- Gross operating margin +€3.6m
up €3.6m (+419%), from €856,148 to €4.4m
- Financial income +€550,135
up €550,135 (+91.5%), from €601,546 to €1.2m
- Staff costs +€436,530
up €436,530 (+98.6%), from €442,744 to €879,274
- Taxes +€85,194
up €85,194 (+15,265%), from €558 to €85,752
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.
Derived cash bridge
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 | €9,062,878 | €11,144,872 | +€2.1m | +23.0% |
| Fixed assets | 21/28 | €7,295,215 | €10,816,984 | +€3.5m | +48.3% |
| Intangible fixed assets | 21 | €9,443 | - | -€9,443 | |
| Tangible fixed assets | 22/27 | €130,963 | €102,174 | -€28,788 | -22.0% |
| Furniture and vehicles | 24 | €7,279 | €1,286 | -€5,994 | -82.3% |
| Other tangible fixed assets | 26 | €123,683 | €100,889 | -€22,795 | -18.4% |
| Financial fixed assets | 28 | €7,154,810 | €10,714,810 | +€3.6m | +49.8% |
| Current assets | 29/58 | €1,767,662 | €327,888 | -€1.4m | -81.5% |
| Amounts receivable within one year | 40/41 | €1,585,707 | €283,494 | -€1.3m | -82.1% |
| Trade receivables | 40 | €27,050 | €178,540 | +€151,490 | +560% |
| Other amounts receivable | 41 | €1,558,657 | €104,954 | -€1.5m | -93.3% |
| Cash at bank and in hand | 54/58 | €181,956 | €44,394 | -€137,562 | -75.6% |
| Total equity and liabilities | 10/49 | €9,062,878 | €11,144,872 | +€2.1m | +23.0% |
| Equity | 10/15 | €3,454,255 | €4,370,306 | +€916,051 | +26.5% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €2,954,255 | €3,870,306 | +€916,051 | +31.0% |
| Distributable reserves | 133 | €2,954,255 | €3,870,306 | +€916,051 | +31.0% |
| Amounts payable | 17/49 | €5,608,623 | €6,774,566 | +€1.2m | +20.8% |
| Amounts payable after more than one year | 17 | €3,851,931 | €3,214,836 | -€637,095 | -16.5% |
| Financial debts | 170/4 | €3,695,931 | €3,214,836 | -€481,095 | -13.0% |
| Other amounts payable | 178/9 | €156,000 | - | -€156,000 | |
| Amounts payable within one year | 42/48 | €1,662,942 | €3,170,231 | +€1.5m | +90.6% |
| Current portion of amounts payable after more than one year | 42 | €668,641 | €500,095 | -€168,546 | -25.2% |
| Financial debts | 43 | €862,535 | €1,729,865 | +€867,330 | +101% |
| Credit institutions | 430/8 | €862,535 | €1,729,865 | +€867,330 | +101% |
| Trade debts | 44 | €51,015 | €217,271 | +€166,256 | +326% |
| Suppliers | 440/4 | €51,015 | €217,271 | +€166,256 | +326% |
| Taxes, remuneration and social security | 45 | €80,751 | €214,017 | +€133,266 | +165% |
| Taxes | 450/3 | - | €102,977 | +€102,977 | |
| Remuneration and social security | 454/9 | €80,751 | €111,040 | +€30,289 | +37.5% |
| Other amounts payable | 47/48 | - | €508,983 | +€508,983 | |
| Accrued charges and deferred income | 492/3 | €93,750 | €389,500 | +€295,750 | +315% |
| Non-recurring operating income | 76A | - | €3,450,000 | +€3.5m | |
| Remuneration, social security and pensions | 62 | €442,744 | €879,274 | +€436,530 | +98.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,769 | €38,232 | -€537 | -1.4% |
| Other operating charges | 640/8 | €29,075 | €2,984 | -€26,090 | -89.7% |
| Non-recurring operating charges | 66A | - | €3,070,000 | +€3.1m | |
| Gross operating margin | 9900 | €856,148 | €4,441,132 | +€3.6m | +419% |
| Operating profit (loss) | 9901 | €345,561 | €450,642 | +€105,081 | +30.4% |
| Financial income | 75/76B | €601,546 | €1,151,681 | +€550,135 | +91.5% |
| Recurring financial income | 75 | €601,546 | €1,151,681 | +€550,135 | +91.5% |
| Financial charges | 65/66B | €210,164 | €240,975 | +€30,810 | +14.7% |
| Recurring financial charges | 65 | €210,164 | €240,975 | +€30,810 | +14.7% |
| Profit (loss) for the period before taxes | 9903 | €736,942 | €1,361,349 | +€624,406 | +84.7% |
| Income taxes | 67/77 | €558 | €85,752 | +€85,194 | +15,265% |
| Profit (loss) for the period | 9904 | €736,384 | €1,275,596 | +€539,212 | +73.2% |
| Profit (loss) for the period to be appropriated | 9905 | €736,384 | €1,275,596 | +€539,212 | +73.2% |
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 30 October 2026 via checked.be.