HOLDING VDO: 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.
HOLDING VDO
Largest movements
- Current investments -€480,573
down €480,573 (-42.0%), from €1.1m to €664,651
- Cash +€230,373
up €230,373 (+790.6%), from €29,140 to €259,513
mainly Current investments (+€480,573) and Net result for the year (+€161,473)
- Tangible fixed assets +€37,974
up €37,974 (+6.1%), from €621,071 to €659,045
of which Land and buildings: +€37,977
- Reserves -€154,316
down €154,316 (-11.2%), from €1.4m to €1.2m
- Debts after one year -€18,376
no longer reported in 2025 (was €18,376)
- Financial charges +€91,858
up €91,858, from -€77,672 to €14,186
- Gross operating margin +€38,996
up €38,996 (+15.0%), from €259,741 to €298,737
- Financial income +€7,674
up €7,674 (+40.2%), from €19,085 to €26,759
- Taxes +€6,722
up €6,722 (+9.1%), from €74,248 to €80,971
- Depreciation +€5,253
up €5,253 (+17.6%), from €29,815 to €35,067
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 | €1,819,484 | €1,613,306 | -€206,178 | -11.3% |
| Fixed assets | 21/28 | €621,071 | €659,045 | +€37,974 | +6.1% |
| Tangible fixed assets | 22/27 | €621,071 | €659,045 | +€37,974 | +6.1% |
| Land and buildings | 22 | €621,068 | €659,045 | +€37,977 | +6.1% |
| Plant, machinery and equipment | 23 | €3 | - | -€3 | |
| Current assets | 29/58 | €1,198,413 | €954,261 | -€244,152 | -20.4% |
| Amounts receivable within one year | 40/41 | €850 | €5,156 | +€4,306 | +506.5% |
| Other amounts receivable | 41 | €850 | €5,156 | +€4,306 | +506.5% |
| Current investments | 50/53 | €1,145,224 | €664,651 | -€480,573 | -42.0% |
| Cash at bank and in hand | 54/58 | €29,140 | €259,513 | +€230,373 | +790.6% |
| Deferred charges and accrued income | 490/1 | €23,199 | €24,941 | +€1,742 | +7.5% |
| Total equity and liabilities | 10/49 | €1,819,484 | €1,613,306 | -€206,178 | -11.3% |
| Equity | 10/15 | €1,681,323 | €1,527,007 | -€154,316 | -9.2% |
| Contributions | 10/11 | €300,050 | €300,050 | = | 0.0% |
| Reserves | 13 | €1,381,273 | €1,226,957 | -€154,316 | -11.2% |
| Distributable reserves | 133 | €1,381,273 | €1,226,957 | -€154,316 | -11.2% |
| Amounts payable | 17/49 | €138,160 | €86,299 | -€51,862 | -37.5% |
| Amounts payable after more than one year | 17 | €18,376 | - | -€18,376 | |
| Financial debts | 170/4 | €18,376 | - | -€18,376 | |
| Amounts payable within one year | 42/48 | €76,170 | €42,782 | -€33,388 | -43.8% |
| Current portion of amounts payable after more than one year | 42 | €36,297 | €18,376 | -€17,921 | -49.4% |
| Financial debts | 43 | €16,928 | - | -€16,928 | |
| Credit institutions | 430/8 | €16,928 | - | -€16,928 | |
| Trade debts | 44 | €4,371 | €1,447 | -€2,925 | -66.9% |
| Suppliers | 440/4 | €4,371 | €1,447 | -€2,925 | -66.9% |
| Taxes, remuneration and social security | 45 | €18,573 | €22,960 | +€4,387 | +23.6% |
| Taxes | 450/3 | €18,573 | €22,960 | +€4,387 | +23.6% |
| Accrued charges and deferred income | 492/3 | €43,614 | €43,516 | -€98 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,815 | €35,067 | +€5,253 | +17.6% |
| Other operating charges | 640/8 | €35,645 | €33,799 | -€1,846 | -5.2% |
| Non-recurring operating charges | 66A | €1,360 | - | -€1,360 | |
| Gross operating margin | 9900 | €259,741 | €298,737 | +€38,996 | +15.0% |
| Operating profit (loss) | 9901 | €192,921 | €229,871 | +€36,949 | +19.2% |
| Financial income | 75/76B | €19,085 | €26,759 | +€7,674 | +40.2% |
| Recurring financial income | 75 | €19,085 | €26,759 | +€7,674 | +40.2% |
| Financial charges | 65/66B | -€77,672 | €14,186 | +€91,858 | |
| Recurring financial charges | 65 | -€77,672 | €14,186 | +€91,858 | |
| Profit (loss) for the period before taxes | 9903 | €289,679 | €242,444 | -€47,234 | -16.3% |
| Income taxes | 67/77 | €74,248 | €80,971 | +€6,722 | +9.1% |
| Profit (loss) for the period | 9904 | €215,430 | €161,473 | -€53,957 | -25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €215,430 | €161,473 | -€53,957 | -25.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.