M&E VDH: 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.
M&E VDH
Largest movements
- Stocks and contracts +€83,799
up €83,799 (+43.4%), from €193,167 to €276,966
- Other debts +€93,693
up €93,693 (+24.4%), from €384,159 to €477,852
- Profit (loss) carried forward -€11,168
down €11,168 (-25.2%), from -€44,398 to -€55,566
- Other operating charges +€2,070
up €2,070 (+121.6%), from €1,702 to €3,772
- Gross operating margin -€232
down €232 (-5.3%), from -€4,377 to -€4,609
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 | €344,786 | €424,408 | +€79,622 | +23.1% |
| Fixed assets | 21/28 | €148,172 | €145,430 | -€2,742 | -1.9% |
| Tangible fixed assets | 22/27 | €148,172 | €145,430 | -€2,742 | -1.9% |
| Land and buildings | 22 | €148,172 | €145,430 | -€2,742 | -1.9% |
| Current assets | 29/58 | €196,615 | €278,979 | +€82,364 | +41.9% |
| Stocks and contracts in progress | 3 | €193,167 | €276,966 | +€83,799 | +43.4% |
| Stocks | 30/36 | €193,167 | €276,966 | +€83,799 | +43.4% |
| Amounts receivable within one year | 40/41 | €110 | €1,350 | +€1,240 | +1132.1% |
| Other amounts receivable | 41 | €110 | €1,350 | +€1,240 | +1132.1% |
| Cash at bank and in hand | 54/58 | €3,035 | €345 | -€2,690 | -88.6% |
| Deferred charges and accrued income | 490/1 | €303 | €318 | +€15 | +4.9% |
| Total equity and liabilities | 10/49 | €344,786 | €424,408 | +€79,622 | +23.1% |
| Equity | 10/15 | -€42,398 | -€53,566 | -€11,168 | -26.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,398 | -€55,566 | -€11,168 | -25.2% |
| Amounts payable | 17/49 | €387,184 | €477,974 | +€90,790 | +23.4% |
| Amounts payable within one year | 42/48 | €387,184 | €477,974 | +€90,790 | +23.4% |
| Trade debts | 44 | €3,025 | €122 | -€2,903 | -96.0% |
| Suppliers | 440/4 | €3,025 | €122 | -€2,903 | -96.0% |
| Other amounts payable | 47/48 | €384,159 | €477,852 | +€93,693 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,742 | €2,742 | = | 0.0% |
| Other operating charges | 640/8 | €1,702 | €3,772 | +€2,070 | +121.6% |
| Gross operating margin | 9900 | -€4,377 | -€4,609 | -€232 | -5.3% |
| Operating profit (loss) | 9901 | -€8,821 | -€11,123 | -€2,302 | -26.1% |
| Financial charges | 65/66B | €44 | €45 | +€2 | +3.4% |
| Recurring financial charges | 65 | €44 | €45 | +€2 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | -€8,864 | -€11,168 | -€2,304 | -26.0% |
| Profit (loss) for the period | 9904 | -€8,864 | -€11,168 | -€2,304 | -26.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,864 | -€11,168 | -€2,304 | -26.0% |
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 4 October 2026 via checked.be.