VR H&C: what changed
Two fiscal 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.
VR H&C
Largest movements
- Receivables within one year +€55,836
up €55,836 (+79.9%), from €69,856 to €125,692
of which Other amounts receivable: +€54,497
- Cash +€29,409
up €29,409 (+2651.2%), from €1,109 to €30,518
mainly Trade debts (+€96,075) and Depreciation (+€19,106)
- Intangible fixed assets +€6,250
up €6,250 (+11.2%), from €55,750 to €62,000
- Trade debts +€96,075
up €96,075 (+441.0%), from €21,787 to €117,862
- Tax, wage and social debts -€24,737
down €24,737 (-97.8%), from €25,294 to €557
of which Taxes: -€16,197
- Reserves +€11,763
up €11,763 (+46.8%), from €25,144 to €36,907
- Current portion of long-term debt +€4,428
up €4,428 (+29.9%), from €14,809 to €19,238
- Other debts +€4,055
up €4,055 (+106.9%), from €3,792 to €7,847
- Gross operating margin +€53,413
up €53,413 (+83.2%), from €64,221 to €117,634
- Staff costs +€21,256
up €21,256 (+34.0%), from €62,584 to €83,840
- Depreciation +€3,625
up €3,625 (+23.4%), from €15,481 to €19,106
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 | €128,437 | €218,980 | +€90,544 | +70.5% |
| Fixed assets | 21/28 | €56,876 | €62,770 | +€5,894 | +10.4% |
| Intangible fixed assets | 21 | €55,750 | €62,000 | +€6,250 | +11.2% |
| Tangible fixed assets | 22/27 | €1,126 | €770 | -€356 | -31.6% |
| Furniture and vehicles | 24 | €1,126 | €770 | -€356 | -31.6% |
| Current assets | 29/58 | €71,561 | €156,210 | +€84,649 | +118.3% |
| Amounts receivable within one year | 40/41 | €69,856 | €125,692 | +€55,836 | +79.9% |
| Trade receivables | 40 | - | €1,339 | +€1,339 | |
| Other amounts receivable | 41 | €69,856 | €124,352 | +€54,497 | +78.0% |
| Cash at bank and in hand | 54/58 | €1,109 | €30,518 | +€29,409 | +2651.2% |
| Deferred charges and accrued income | 490/1 | €596 | - | -€596 | |
| Total equity and liabilities | 10/49 | €128,437 | €218,980 | +€90,544 | +70.5% |
| Equity | 10/15 | €35,144 | €46,907 | +€11,763 | +33.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €25,144 | €36,907 | +€11,763 | +46.8% |
| Distributable reserves | 133 | €25,144 | €36,907 | +€11,763 | +46.8% |
| Amounts payable | 17/49 | €93,293 | €172,073 | +€78,780 | +84.4% |
| Amounts payable after more than one year | 17 | €27,611 | €26,570 | -€1,041 | -3.8% |
| Financial debts | 170/4 | €27,611 | €12,106 | -€15,505 | -56.2% |
| Other amounts payable | 178/9 | - | €14,464 | +€14,464 | |
| Amounts payable within one year | 42/48 | €65,682 | €145,503 | +€79,821 | +121.5% |
| Current portion of amounts payable after more than one year | 42 | €14,809 | €19,238 | +€4,428 | +29.9% |
| Trade debts | 44 | €21,787 | €117,862 | +€96,075 | +441.0% |
| Suppliers | 440/4 | €21,787 | €117,862 | +€96,075 | +441.0% |
| Taxes, remuneration and social security | 45 | €25,294 | €557 | -€24,737 | -97.8% |
| Taxes | 450/3 | €16,418 | €221 | -€16,197 | -98.7% |
| Remuneration and social security | 454/9 | €8,876 | €336 | -€8,540 | -96.2% |
| Other amounts payable | 47/48 | €3,792 | €7,847 | +€4,055 | +106.9% |
| Remuneration, social security and pensions | 62 | €62,584 | €83,840 | +€21,256 | +34.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,481 | €19,106 | +€3,625 | +23.4% |
| Other operating charges | 640/8 | €528 | €544 | +€16 | +3.0% |
| Gross operating margin | 9900 | €64,221 | €117,634 | +€53,413 | +83.2% |
| Operating profit (loss) | 9901 | -€14,372 | €14,144 | +€28,516 | |
| Financial income | 75/76B | €145 | - | -€145 | |
| Recurring financial income | 75 | €145 | - | -€145 | |
| Financial charges | 65/66B | €2,375 | €2,290 | -€85 | -3.6% |
| Recurring financial charges | 65 | €2,375 | €2,290 | -€85 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | -€16,602 | €11,854 | +€28,457 | |
| Income taxes | 67/77 | - | €91 | +€91 | |
| Profit (loss) for the period | 9904 | -€16,602 | €11,763 | +€28,365 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,602 | €11,763 | +€28,365 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.