VNH - STG: what changed
What changed
VNH - STG
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
-€99,330
2024 · €117,846-€217,176
Equity
€311,939
2024 · €411,269-€99,330
Cash
€27,092
2024 · €14,552+€12,540
Balance sheet total
€1.4m
2024 · €1.5m-€57,312
Largest movements
Assets
- Tangible fixed assets -€64,437
down €64,437 (-5.0%), from €1.3m to €1.2m
- Stocks and contracts -€14,822
down €14,822 (-12.8%), from €115,790 to €100,968
Equity and liabilities
- Profit (loss) carried forward -€99,330
down €99,330 (-24.5%), from €405,165 to €305,835
- Current portion of long-term debt -€42,937
down €42,937 (-61.2%), from €70,160 to €27,223
- Other debts +€35,736
up €35,736 (+7.0%), from €512,623 to €548,360
- Debts after one year +€21,355
up €21,355 (+5.1%), from €417,261 to €438,616
of which Financial debts: +€20,845
- Trade debts +€17,089
up €17,089 (+48.4%), from €35,325 to €52,414
Income statement
- Financial income -€220,704
down €220,704 (-99.9%), from €220,831 to €127
- Depreciation -€19,945
down €19,945 (-22.7%), from €87,966 to €68,021
- Financial charges +€6,817
up €6,817 (+46.5%), from €14,659 to €21,475
- Gross operating margin -€6,024
down €6,024 (-16.9%), from €35,717 to €29,693
- Other operating charges +€3,517
up €3,517 (+69.1%), from €5,093 to €8,610
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€117,846
Gross operating margin
-€6,024
Staff costs
-€90
Depreciation
+€19,945
Other operating charges
-€3,517
Financial income
-€220,704
Financial charges
-€6,817
Taxes
+€32
Result 2025
-€99,330
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€34,121
Investment
€0
Financing
-€21,581
Cash 2024
€14,552
From operations (derived)
+€34,121
Net result for the year
-€99,330
Depreciation
+€68,021
Stocks and contracts
+€14,822
Receivables within one year
-€11,381
Deferred charges and accrued income
-€1,610
Trade debts
+€17,089
Tax, wage and social debts
+€7,005
Other debts
+€35,736
Accrued charges and deferred income
+€3,768
Financing
-€21,581
Debts after one year
+€21,355
Current portion of long-term debt
-€42,937
Cash 2025
€27,092
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,461,136 | €1,403,824 | -€57,312 | -3.9% |
| Fixed assets | 21/28 | €1,294,644 | €1,226,623 | -€68,021 | -5.3% |
| Intangible fixed assets | 21 | €7,821 | €4,236 | -€3,584 | -45.8% |
| Tangible fixed assets | 22/27 | €1,285,823 | €1,221,387 | -€64,437 | -5.0% |
| Land and buildings | 22 | €1,075,214 | €1,044,632 | -€30,581 | -2.8% |
| Plant, machinery and equipment | 23 | €31,233 | €26,756 | -€4,477 | -14.3% |
| Furniture and vehicles | 24 | €23,218 | €14,269 | -€8,949 | -38.5% |
| Leasing and similar rights | 25 | €214 | - | -€214 | |
| Other tangible fixed assets | 26 | €155,945 | €135,730 | -€20,216 | -13.0% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €166,492 | €177,201 | +€10,709 | +6.4% |
| Stocks and contracts in progress | 3 | €115,790 | €100,968 | -€14,822 | -12.8% |
| Stocks | 30/36 | €115,790 | €100,968 | -€14,822 | -12.8% |
| Amounts receivable within one year | 40/41 | €33,623 | €45,004 | +€11,381 | +33.8% |
| Trade receivables | 40 | €21,629 | €45,004 | +€23,375 | +108% |
| Other amounts receivable | 41 | €11,994 | - | -€11,994 | |
| Cash at bank and in hand | 54/58 | €14,552 | €27,092 | +€12,540 | +86.2% |
| Deferred charges and accrued income | 490/1 | €2,527 | €4,136 | +€1,610 | +63.7% |
| Total equity and liabilities | 10/49 | €1,461,136 | €1,403,824 | -€57,312 | -3.9% |
| Equity | 10/15 | €411,269 | €311,939 | -€99,330 | -24.2% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €405,165 | €305,835 | -€99,330 | -24.5% |
| Investment grants | 15 | €4,604 | €4,604 | = | 0.0% |
| Amounts payable | 17/49 | €1,049,867 | €1,091,885 | +€42,018 | +4.0% |
| Amounts payable after more than one year | 17 | €417,261 | €438,616 | +€21,355 | +5.1% |
| Financial debts | 170/4 | €415,395 | €436,240 | +€20,845 | +5.0% |
| Other amounts payable | 178/9 | €1,866 | €2,376 | +€510 | +27.3% |
| Amounts payable within one year | 42/48 | €629,441 | €646,335 | +€16,894 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €70,160 | €27,223 | -€42,937 | -61.2% |
| Trade debts | 44 | €35,325 | €52,414 | +€17,089 | +48.4% |
| Suppliers | 440/4 | €35,325 | €52,414 | +€17,089 | +48.4% |
| Taxes, remuneration and social security | 45 | €11,333 | €18,339 | +€7,005 | +61.8% |
| Taxes | 450/3 | €7,103 | €13,841 | +€6,738 | +94.9% |
| Remuneration and social security | 454/9 | €4,230 | €4,498 | +€268 | +6.3% |
| Other amounts payable | 47/48 | €512,623 | €548,360 | +€35,736 | +7.0% |
| Accrued charges and deferred income | 492/3 | €3,165 | €6,933 | +€3,768 | +119% |
| Remuneration, social security and pensions | 62 | €30,216 | €30,306 | +€90 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,966 | €68,021 | -€19,945 | -22.7% |
| Other operating charges | 640/8 | €5,093 | €8,610 | +€3,517 | +69.1% |
| Gross operating margin | 9900 | €35,717 | €29,693 | -€6,024 | -16.9% |
| Operating profit (loss) | 9901 | -€87,557 | -€77,244 | +€10,313 | +11.8% |
| Financial income | 75/76B | €220,831 | €127 | -€220,704 | -99.9% |
| Recurring financial income | 75 | €220,831 | €127 | -€220,704 | -99.9% |
| Financial charges | 65/66B | €14,659 | €21,475 | +€6,817 | +46.5% |
| Recurring financial charges | 65 | €14,659 | €21,475 | +€6,817 | +46.5% |
| Profit (loss) for the period before taxes | 9903 | €118,616 | -€98,592 | -€217,208 | |
| Income taxes | 67/77 | €769 | €738 | -€32 | -4.1% |
| Profit (loss) for the period | 9904 | €117,846 | -€99,330 | -€217,176 | |
| Profit (loss) for the period to be appropriated | 9905 | €117,846 | -€99,330 | -€217,176 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.