VLHR: 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.
VLHR
Largest movements
- Receivables within one year +€43,232
up €43,232 (+180%), from €23,958 to €67,190
of which Trade receivables: +€23,232
- Cash +€41,380
up €41,380 (+99.1%), from €41,747 to €83,128
mainly Other debts (+€63,000) and Net result for the year (+€62,974)
- Financial fixed assets -€36,946
down €36,946 (-85.8%), from €43,076 to €6,130
- Tangible fixed assets -€2,752
down €2,752 (-29.2%), from €9,432 to €6,680
of which Furniture and vehicles: -€2,257
- Other debts +€63,000
up €63,000 (+314%), from €20,078 to €83,078
- Reserves -€20,026
down €20,026 (-21.0%), from €95,220 to €75,194
- Tax, wage and social debts +€6,504
up €6,504 (+84.6%), from €7,689 to €14,193
of which Taxes: +€4,654
- Debts after one year -€3,125
down €3,125 (-33.3%), from €9,375 to €6,250
- Financial income +€29,131
up €29,131 (+2,693%), from €1,082 to €30,213
of which Non-recurring financial income: +€30,213
- Gross operating margin +€13,105
up €13,105 (+42.6%), from €30,778 to €43,883
- Taxes +€2,467
up €2,467 (+44.9%), from €5,494 to €7,962
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 | €143,451 | €188,370 | +€44,918 | +31.3% |
| Fixed assets | 21/28 | €52,509 | €12,811 | -€39,698 | -75.6% |
| Tangible fixed assets | 22/27 | €9,432 | €6,680 | -€2,752 | -29.2% |
| Plant, machinery and equipment | 23 | €911 | €416 | -€495 | -54.3% |
| Furniture and vehicles | 24 | €8,521 | €6,264 | -€2,257 | -26.5% |
| Financial fixed assets | 28 | €43,076 | €6,130 | -€36,946 | -85.8% |
| Current assets | 29/58 | €90,942 | €175,559 | +€84,617 | +93.0% |
| Amounts receivable within one year | 40/41 | €23,958 | €67,190 | +€43,232 | +180% |
| Trade receivables | 40 | €23,958 | €47,190 | +€23,232 | +97.0% |
| Other amounts receivable | 41 | - | €20,000 | +€20,000 | |
| Current investments | 50/53 | €25,000 | €25,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €41,747 | €83,128 | +€41,380 | +99.1% |
| Deferred charges and accrued income | 490/1 | €237 | €241 | +€4 | +1.9% |
| Total equity and liabilities | 10/49 | €143,451 | €188,370 | +€44,918 | +31.3% |
| Equity | 10/15 | €100,220 | €80,194 | -€20,026 | -20.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €95,220 | €75,194 | -€20,026 | -21.0% |
| Distributable reserves | 133 | €95,220 | €75,194 | -€20,026 | -21.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €43,232 | €108,176 | +€64,944 | +150% |
| Amounts payable after more than one year | 17 | €9,375 | €6,250 | -€3,125 | -33.3% |
| Financial debts | 170/4 | €9,375 | €6,250 | -€3,125 | -33.3% |
| Amounts payable within one year | 42/48 | €33,323 | €100,962 | +€67,639 | +203% |
| Current portion of amounts payable after more than one year | 42 | €3,125 | €3,125 | = | 0.0% |
| Trade debts | 44 | €2,431 | €566 | -€1,864 | -76.7% |
| Suppliers | 440/4 | €2,431 | €566 | -€1,864 | -76.7% |
| Taxes, remuneration and social security | 45 | €7,689 | €14,193 | +€6,504 | +84.6% |
| Taxes | 450/3 | €5,839 | €10,493 | +€4,654 | +79.7% |
| Remuneration and social security | 454/9 | €1,850 | €3,700 | +€1,850 | +100% |
| Other amounts payable | 47/48 | €20,078 | €83,078 | +€63,000 | +314% |
| Accrued charges and deferred income | 492/3 | €534 | €964 | +€430 | +80.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,615 | €2,752 | +€137 | +5.2% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €30,778 | €43,883 | +€13,105 | +42.6% |
| Operating profit (loss) | 9901 | €28,036 | €41,003 | +€12,966 | +46.2% |
| Financial income | 75/76B | €1,082 | €30,213 | +€29,131 | +2,693% |
| Recurring financial income | 75 | €1,082 | €0 | -€1,082 | -100% |
| Non-recurring financial income | 76B | - | €30,213 | +€30,213 | |
| Financial charges | 65/66B | €273 | €280 | +€7 | +2.6% |
| Recurring financial charges | 65 | €273 | €280 | +€7 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €28,845 | €70,936 | +€42,091 | +146% |
| Income taxes | 67/77 | €5,494 | €7,962 | +€2,467 | +44.9% |
| Profit (loss) for the period | 9904 | €23,351 | €62,974 | +€39,623 | +170% |
| Profit (loss) for the period to be appropriated | 9905 | €23,351 | €62,974 | +€39,623 | +170% |
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 26 October 2026 via checked.be.