VRHS: 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.
VRHS
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year -€579,846
down €579,846 (-10.3%), from €5.6m to €5.0m
- Reserves +€387,686
up €387,686 (+282.6%), from €137,179 to €524,865
- Current portion of long-term debt +€120,186
up €120,186 (+34.2%), from €351,390 to €471,575
- Turnover +€309,202
new in 2025: €309,202
- Financial income +€304,917
up €304,917 (+6913.0%), from €4,411 to €309,328
- Purchases and services +€53,254
new in 2025: €53,254
- Financial charges -€42,320
down €42,320 (-23.1%), from €182,947 to €140,627
- Taxes +€14,596
up €14,596 (+117.1%), from €12,467 to €27,063
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 | €6,119,201 | €6,077,887 | -€41,314 | -0.7% |
| Fixed assets | 21/28 | €5,863,354 | €5,876,859 | +€13,505 | +0.2% |
| Tangible fixed assets | 22/27 | €34,419 | €25,037 | -€9,382 | -27.3% |
| Furniture and vehicles | 24 | €34,419 | €25,037 | -€9,382 | -27.3% |
| Financial fixed assets | 28 | €5,828,935 | €5,851,822 | +€22,887 | +0.4% |
| Current assets | 29/58 | €255,846 | €201,028 | -€54,819 | -21.4% |
| Amounts receivable within one year | 40/41 | €104,560 | €121,003 | +€16,443 | +15.7% |
| Trade receivables | 40 | €101,359 | €121,003 | +€19,644 | +19.4% |
| Other amounts receivable | 41 | €3,201 | - | -€3,201 | |
| Current investments | 50/53 | €45,637 | €55,655 | +€10,019 | +22.0% |
| Cash at bank and in hand | 54/58 | €51,913 | €22,692 | -€29,221 | -56.3% |
| Deferred charges and accrued income | 490/1 | €53,737 | €1,677 | -€52,060 | -96.9% |
| Total equity and liabilities | 10/49 | €6,119,201 | €6,077,887 | -€41,314 | -0.7% |
| Equity | 10/15 | €155,729 | €543,415 | +€387,686 | +248.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €137,179 | €524,865 | +€387,686 | +282.6% |
| Distributable reserves | 133 | €137,179 | €524,865 | +€387,686 | +282.6% |
| Amounts payable | 17/49 | €5,963,471 | €5,534,472 | -€428,999 | -7.2% |
| Amounts payable after more than one year | 17 | €5,608,221 | €5,028,375 | -€579,846 | -10.3% |
| Financial debts | 170/4 | €5,608,221 | €5,028,375 | -€579,846 | -10.3% |
| Amounts payable within one year | 42/48 | €352,729 | €503,996 | +€151,267 | +42.9% |
| Current portion of amounts payable after more than one year | 42 | €351,390 | €471,575 | +€120,186 | +34.2% |
| Trade debts | 44 | - | €52 | +€52 | |
| Suppliers | 440/4 | - | €52 | +€52 | |
| Taxes, remuneration and social security | 45 | - | €15,744 | +€15,744 | |
| Taxes | 450/3 | - | €15,744 | +€15,744 | |
| Other amounts payable | 47/48 | €1,339 | €16,625 | +€15,286 | +1141.2% |
| Accrued charges and deferred income | 492/3 | €2,521 | €2,101 | -€420 | -16.7% |
| Turnover | 70 | - | €309,202 | +€309,202 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €53,254 | +€53,254 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,382 | €9,382 | = | 0.0% |
| Other operating charges | 640/8 | €515 | €518 | +€3 | +0.6% |
| Gross operating margin | 9900 | €246,302 | €255,948 | +€9,646 | +3.9% |
| Operating profit (loss) | 9901 | €236,405 | €246,048 | +€9,643 | +4.1% |
| Financial income | 75/76B | €4,411 | €309,328 | +€304,917 | +6913.0% |
| Recurring financial income | 75 | €4,411 | €309,328 | +€304,917 | +6913.0% |
| Financial charges | 65/66B | €182,947 | €140,627 | -€42,320 | -23.1% |
| Recurring financial charges | 65 | €182,947 | €140,627 | -€42,320 | -23.1% |
| Profit (loss) for the period before taxes | 9903 | €57,869 | €414,749 | +€356,880 | +616.7% |
| Income taxes | 67/77 | €12,467 | €27,063 | +€14,596 | +117.1% |
| Profit (loss) for the period | 9904 | €45,402 | €387,686 | +€342,284 | +753.9% |
| Profit (loss) for the period to be appropriated | 9905 | €45,402 | €387,686 | +€342,284 | +753.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.