VRHal: 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.
VRHal
Largest movements
- Tangible fixed assets -€25,252
down €25,252 (-6.4%), from €394,637 to €369,385
of which Plant, machinery and equipment: -€24,467
- Current portion of long-term debt -€20,121
down €20,121 (-39.2%), from €51,359 to €31,238
- Other debts +€16,743
up €16,743 (+12.9%), from €129,371 to €146,113
- Debts after one year -€13,209
down €13,209 (-5.3%), from €249,306 to €236,098
- Profit (loss) carried forward -€10,174
down €10,174 (-37.6%), from -€27,042 to -€37,215
- Gross operating margin +€39,239
up €39,239 (+315.0%), from €12,457 to €51,695
- Depreciation +€21,564
up €21,564 (+95.3%), from €22,631 to €44,195
- Financial charges +€1,364
up €1,364 (+8.6%), from €15,854 to €17,218
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 | €414,364 | €384,628 | -€29,736 | -7.2% |
| Formation expenses | 20 | €671 | €271 | -€400 | -59.6% |
| Fixed assets | 21/28 | €394,637 | €369,385 | -€25,252 | -6.4% |
| Tangible fixed assets | 22/27 | €394,637 | €369,385 | -€25,252 | -6.4% |
| Plant, machinery and equipment | 23 | €387,019 | €362,552 | -€24,467 | -6.3% |
| Furniture and vehicles | 24 | €7,619 | €6,834 | -€785 | -10.3% |
| Current assets | 29/58 | €19,055 | €14,972 | -€4,083 | -21.4% |
| Amounts receivable within one year | 40/41 | €20 | €1,396 | +€1,376 | +6902.1% |
| Trade receivables | 40 | - | €323 | +€323 | |
| Other amounts receivable | 41 | €20 | €1,073 | +€1,053 | +5283.9% |
| Cash at bank and in hand | 54/58 | €13,927 | €10,060 | -€3,867 | -27.8% |
| Deferred charges and accrued income | 490/1 | €5,108 | €3,517 | -€1,592 | -31.2% |
| Total equity and liabilities | 10/49 | €414,364 | €384,628 | -€29,736 | -7.2% |
| Equity | 10/15 | -€26,942 | -€37,115 | -€10,174 | -37.8% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,042 | -€37,215 | -€10,174 | -37.6% |
| Amounts payable | 17/49 | €441,306 | €421,744 | -€19,562 | -4.4% |
| Amounts payable after more than one year | 17 | €249,306 | €236,098 | -€13,209 | -5.3% |
| Financial debts | 170/4 | €249,306 | €236,098 | -€13,209 | -5.3% |
| Amounts payable within one year | 42/48 | €191,350 | €184,442 | -€6,908 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €51,359 | €31,238 | -€20,121 | -39.2% |
| Trade debts | 44 | €10,621 | €7,091 | -€3,530 | -33.2% |
| Suppliers | 440/4 | €10,621 | €7,091 | -€3,530 | -33.2% |
| Other amounts payable | 47/48 | €129,371 | €146,113 | +€16,743 | +12.9% |
| Accrued charges and deferred income | 492/3 | €649 | €1,204 | +€555 | +85.5% |
| Non-recurring operating income | 76A | - | €9,249 | +€9,249 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,631 | €44,195 | +€21,564 | +95.3% |
| Other operating charges | 640/8 | €1,073 | €1,020 | -€52 | -4.9% |
| Gross operating margin | 9900 | €12,457 | €51,695 | +€39,239 | +315.0% |
| Operating profit (loss) | 9901 | -€11,247 | €6,480 | +€17,727 | |
| Financial income | 75/76B | €60 | €565 | +€505 | +841.0% |
| Recurring financial income | 75 | €60 | €565 | +€505 | +841.0% |
| Financial charges | 65/66B | €15,854 | €17,218 | +€1,364 | +8.6% |
| Recurring financial charges | 65 | €15,854 | €17,218 | +€1,364 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | -€27,042 | -€10,174 | +€16,868 | +62.4% |
| Profit (loss) for the period | 9904 | -€27,042 | -€10,174 | +€16,868 | +62.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,042 | -€10,174 | +€16,868 | +62.4% |
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 30 September 2026 via checked.be.