VHC: 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.
VHC
Largest movements
- Tangible fixed assets +€75,748
up €75,748 (+17.1%), from €444,059 to €519,807
of which Land and buildings: +€80,578
- Cash -€26,912
down €26,912 (-81.6%), from €32,961 to €6,049
mainly Investment in fixed assets (net) (-€101,366) and Trade debts (-€19,076)
- Debts after one year +€46,625
up €46,625 (+19.8%), from €236,061 to €282,686
- Trade debts -€19,076
down €19,076 (-85.8%), from €22,243 to €3,167
- Other debts +€15,635
up €15,635 (+8.5%), from €183,516 to €199,151
- Gross operating margin +€10,586
up €10,586 (+37.8%), from €28,040 to €38,627
- Financial charges +€5,686
up €5,686 (+75.6%), from €7,522 to €13,208
- Depreciation +€4,883
up €4,883 (+23.5%), from €20,736 to €25,618
- Other operating charges -€2,123
down €2,123 (-61.2%), from €3,469 to €1,347
- Taxes +€436
up €436 (+640%), from €68 to €504
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 | €503,511 | €552,758 | +€49,248 | +9.8% |
| Fixed assets | 21/28 | €444,059 | €519,807 | +€75,748 | +17.1% |
| Tangible fixed assets | 22/27 | €444,059 | €519,807 | +€75,748 | +17.1% |
| Land and buildings | 22 | €436,567 | €517,145 | +€80,578 | +18.5% |
| Plant, machinery and equipment | 23 | €3,238 | €1,649 | -€1,589 | -49.1% |
| Furniture and vehicles | 24 | €4,254 | €1,013 | -€3,241 | -76.2% |
| Current assets | 29/58 | €59,452 | €32,952 | -€26,500 | -44.6% |
| Amounts receivable within one year | 40/41 | €23,927 | €24,852 | +€925 | +3.9% |
| Trade receivables | 40 | €18,275 | €24,852 | +€6,577 | +36.0% |
| Other amounts receivable | 41 | €5,651 | - | -€5,651 | |
| Cash at bank and in hand | 54/58 | €32,961 | €6,049 | -€26,912 | -81.6% |
| Deferred charges and accrued income | 490/1 | €2,565 | €2,051 | -€514 | -20.0% |
| Total equity and liabilities | 10/49 | €503,511 | €552,758 | +€49,248 | +9.8% |
| Equity | 10/15 | €36,120 | €34,503 | -€1,617 | -4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €21,192 | €21,192 | = | 0.0% |
| Distributable reserves | 133 | €21,192 | €21,192 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,672 | -€5,289 | -€1,617 | -44.0% |
| Amounts payable | 17/49 | €467,391 | €518,255 | +€50,864 | +10.9% |
| Amounts payable after more than one year | 17 | €236,061 | €282,686 | +€46,625 | +19.8% |
| Financial debts | 170/4 | €236,061 | €282,686 | +€46,625 | +19.8% |
| Amounts payable within one year | 42/48 | €226,986 | €228,604 | +€1,618 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €16,149 | €16,683 | +€534 | +3.3% |
| Trade debts | 44 | €22,243 | €3,167 | -€19,076 | -85.8% |
| Suppliers | 440/4 | €22,243 | €3,167 | -€19,076 | -85.8% |
| Taxes, remuneration and social security | 45 | €5,078 | €9,602 | +€4,525 | +89.1% |
| Taxes | 450/3 | €5,078 | €9,602 | +€4,525 | +89.1% |
| Other amounts payable | 47/48 | €183,516 | €199,151 | +€15,635 | +8.5% |
| Accrued charges and deferred income | 492/3 | €4,344 | €6,965 | +€2,621 | +60.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,736 | €25,618 | +€4,883 | +23.5% |
| Other operating charges | 640/8 | €3,469 | €1,347 | -€2,123 | -61.2% |
| Gross operating margin | 9900 | €28,040 | €38,627 | +€10,586 | +37.8% |
| Operating profit (loss) | 9901 | €3,835 | €11,662 | +€7,827 | +204% |
| Financial income | 75/76B | €83 | €433 | +€350 | +421% |
| Recurring financial income | 75 | €83 | €433 | +€350 | +421% |
| Financial charges | 65/66B | €7,522 | €13,208 | +€5,686 | +75.6% |
| Recurring financial charges | 65 | €7,522 | €13,208 | +€5,686 | +75.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,604 | -€1,113 | +€2,491 | +69.1% |
| Income taxes | 67/77 | €68 | €504 | +€436 | +640% |
| Profit (loss) for the period | 9904 | -€3,672 | -€1,617 | +€2,055 | +56.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,672 | -€1,617 | +€2,055 | +56.0% |
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 23 October 2026 via checked.be.