VNF 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.
VNF HOLDING
Largest movements
- Financial fixed assets +€14,500
up €14,500 (+1.7%), from €845,350 to €859,850
- Profit (loss) carried forward +€86,657
up €86,657 (+26.2%), from €330,888 to €417,545
- Debts after one year -€34,650
down €34,650 (-9.0%), from €386,295 to €351,645
of which Financial debts: -€34,650
- Current portion of long-term debt -€33,917
down €33,917 (-49.5%), from €68,568 to €34,651
- Tax, wage and social debts -€13,885
down €13,885 (-69.7%), from €19,916 to €6,031
- Taxes -€10,158
down €10,158 (-26.1%), from €38,945 to €28,787
- Gross operating margin -€5,510
down €5,510 (-4.1%), from €133,860 to €128,350
- Depreciation +€1,910
up €1,910 (+162%), from €1,178 to €3,088
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 | €914,509 | €927,335 | +€12,826 | +1.4% |
| Fixed assets | 21/28 | €875,050 | €886,462 | +€11,412 | +1.3% |
| Tangible fixed assets | 22/27 | €29,700 | €26,612 | -€3,088 | -10.4% |
| Other tangible fixed assets | 26 | €29,700 | €26,612 | -€3,088 | -10.4% |
| Financial fixed assets | 28 | €845,350 | €859,850 | +€14,500 | +1.7% |
| Current assets | 29/58 | €39,459 | €40,873 | +€1,414 | +3.6% |
| Amounts receivable within one year | 40/41 | €31,687 | €35,637 | +€3,950 | +12.5% |
| Other amounts receivable | 41 | €31,687 | €35,637 | +€3,950 | +12.5% |
| Cash at bank and in hand | 54/58 | €7,772 | €5,236 | -€2,536 | -32.6% |
| Total equity and liabilities | 10/49 | €914,509 | €927,335 | +€12,826 | +1.4% |
| Equity | 10/15 | €340,888 | €427,545 | +€86,657 | +25.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €330,888 | €417,545 | +€86,657 | +26.2% |
| Amounts payable | 17/49 | €573,621 | €499,790 | -€73,831 | -12.9% |
| Amounts payable after more than one year | 17 | €386,295 | €351,645 | -€34,650 | -9.0% |
| Financial debts | 170/4 | €34,650 | - | -€34,650 | |
| Other amounts payable | 178/9 | €351,645 | €351,645 | = | 0.0% |
| Amounts payable within one year | 42/48 | €187,326 | €148,145 | -€39,181 | -20.9% |
| Current portion of amounts payable after more than one year | 42 | €68,568 | €34,651 | -€33,917 | -49.5% |
| Trade debts | 44 | €384 | €768 | +€384 | +100% |
| Suppliers | 440/4 | €384 | €768 | +€384 | +100% |
| Taxes, remuneration and social security | 45 | €19,916 | €6,031 | -€13,885 | -69.7% |
| Taxes | 450/3 | €19,916 | €6,031 | -€13,885 | -69.7% |
| Other amounts payable | 47/48 | €98,458 | €106,695 | +€8,237 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,178 | €3,088 | +€1,910 | +162% |
| Other operating charges | 640/8 | €1,302 | €1,064 | -€238 | -18.3% |
| Gross operating margin | 9900 | €133,860 | €128,350 | -€5,510 | -4.1% |
| Operating profit (loss) | 9901 | €131,380 | €124,198 | -€7,182 | -5.5% |
| Financial income | 75/76B | €468 | €590 | +€122 | +26.1% |
| Recurring financial income | 75 | €468 | €590 | +€122 | +26.1% |
| Financial charges | 65/66B | €10,291 | €9,344 | -€947 | -9.2% |
| Recurring financial charges | 65 | €10,291 | €9,344 | -€947 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €121,557 | €115,444 | -€6,113 | -5.0% |
| Income taxes | 67/77 | €38,945 | €28,787 | -€10,158 | -26.1% |
| Profit (loss) for the period | 9904 | €82,612 | €86,657 | +€4,045 | +4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €82,612 | €86,657 | +€4,045 | +4.9% |
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.