'T STROHOF - VDM: 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.
What changed
'T STROHOF - VDM
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€4.0m
2024 · €1.3m+€2.7m
Equity
€45.2m
2024 · €41.2m+€4.0m
Cash
€515,067
2024 · €2.7m-€2.2m
Balance sheet total
€55.4m
2024 · €45.9m+€9.4m
Largest movements
Assets
- Tangible fixed assets +€5.7m
up €5.7m (+18.5%), from €30.8m to €36.5m
of which Land and buildings: +€5.9m
- Current investments +€5.4m
up €5.4m (+58.7%), from €9.3m to €14.7m
- Cash -€2.2m
down €2.2m (-80.7%), from €2.7m to €515,067
mainly Investment in fixed assets (net) (-€6.0m) and Current investments (-€5.4m)
Equity and liabilities
- Other debts +€5.4m
up €5.4m (+118%), from €4.6m to €10.0m
- Reserves +€4.0m
up €4.0m (+10.2%), from €39.2m to €43.2m
of which Distributable reserves: +€4.1m
Income statement
- Financial income +€2.5m
up €2.5m (+358%), from €692,655 to €3.2m
- Taxes -€146,029
down €146,029 (-30.3%), from €482,218 to €336,188
- Financial charges -€115,020
down €115,020 (-48.4%), from €237,494 to €122,474
- Gross operating margin -€110,010
down €110,010 (-5.8%), from €1.9m to €1.8m
- Depreciation +€28,043
up €28,043 (+8.9%), from €316,825 to €344,868
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.
Result 2024
€1.3m
Gross operating margin
-€110,010
Staff costs
+€15,605
Depreciation
-€28,043
Other operating charges
-€5,960
Other operating items
+€101,944
Financial income
+€2.5m
Financial charges
+€115,020
Taxes
+€146,029
Result 2025
€4.0m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€9.3m
Investment
-€11.5m
Financing
-€12,708
Cash 2024
€2.7m
From operations (derived)
+€9.3m
Net result for the year
+€4.0m
Depreciation
+€344,868
Stocks and contracts
-€331,490
Receivables within one year
-€72,881
Smaller working-capital items
-€19,027
Trade debts
+€28,578
Tax, wage and social debts
+€16,352
Other debts
+€5.4m
Accrued charges and deferred income
-€23,019
Investment (derived)
-€11.5m
Investment in fixed assets (net)
-€6.0m
Current investments
-€5.4m
Financing
-€12,708
Current portion of long-term debt
-€12,708
Cash 2025
€515,067
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €45,944,177 | €55,353,091 | +€9.4m | +20.5% |
| Fixed assets | 21/28 | €30,811,595 | €36,511,941 | +€5.7m | +18.5% |
| Tangible fixed assets | 22/27 | €30,754,846 | €36,453,062 | +€5.7m | +18.5% |
| Land and buildings | 22 | €29,800,009 | €35,663,663 | +€5.9m | +19.7% |
| Furniture and vehicles | 24 | €601,842 | €436,404 | -€165,438 | -27.5% |
| Other tangible fixed assets | 26 | €352,995 | €352,995 | = | 0.0% |
| Financial fixed assets | 28 | €56,749 | €58,879 | +€2,130 | +3.8% |
| Current assets | 29/58 | €15,132,582 | €18,841,149 | +€3.7m | +24.5% |
| Stocks and contracts in progress | 3 | €3,024,280 | €3,355,770 | +€331,490 | +11.0% |
| Stocks | 30/36 | €3,024,280 | €3,355,770 | +€331,490 | +11.0% |
| Amounts receivable within one year | 40/41 | €139,100 | €211,982 | +€72,881 | +52.4% |
| Trade receivables | 40 | €139,099 | €209,839 | +€70,740 | +50.9% |
| Other amounts receivable | 41 | €1 | €2,143 | +€2,141 | +169,960% |
| Current investments | 50/53 | €9,273,159 | €14,719,075 | +€5.4m | +58.7% |
| Cash at bank and in hand | 54/58 | €2,671,170 | €515,067 | -€2.2m | -80.7% |
| Deferred charges and accrued income | 490/1 | €24,873 | €39,256 | +€14,383 | +57.8% |
| Total equity and liabilities | 10/49 | €45,944,177 | €55,353,091 | +€9.4m | +20.5% |
| Equity | 10/15 | €41,163,417 | €45,155,132 | +€4.0m | +9.7% |
| Contributions | 10/11 | €1,949,086 | €1,949,086 | = | 0.0% |
| Capital | 10 | €1,949,086 | €1,949,086 | = | 0.0% |
| Issued capital | 100 | €1,949,086 | €1,949,086 | = | 0.0% |
| Reserves | 13 | €39,214,331 | €43,206,046 | +€4.0m | +10.2% |
| Non-distributable reserves | 130/1 | €194,909 | €194,909 | = | 0.0% |
| Legal reserve | 130 | €194,909 | €194,909 | = | 0.0% |
| Tax-exempt reserves | 132 | €550,274 | €423,375 | -€126,899 | -23.1% |
| Distributable reserves | 133 | €38,469,148 | €42,587,763 | +€4.1m | +10.7% |
| Provisions and deferred taxes | 16 | €13,932 | €9,288 | -€4,644 | -33.3% |
| Deferred taxes | 168 | €13,932 | €9,288 | -€4,644 | -33.3% |
| Amounts payable | 17/49 | €4,766,828 | €10,188,670 | +€5.4m | +114% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €4,711,712 | €10,156,574 | +€5.4m | +116% |
| Current portion of amounts payable after more than one year | 42 | €12,708 | €0 | -€12,708 | -100% |
| Trade debts | 44 | €6,842 | €35,419 | +€28,578 | +418% |
| Suppliers | 440/4 | €6,842 | €35,419 | +€28,578 | +418% |
| Advances received on contracts in progress | 46 | €15,125 | €15,125 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €96,415 | €112,766 | +€16,352 | +17.0% |
| Taxes | 450/3 | €80,328 | €101,821 | +€21,492 | +26.8% |
| Remuneration and social security | 454/9 | €16,087 | €10,946 | -€5,141 | -32.0% |
| Other amounts payable | 47/48 | €4,580,623 | €9,993,263 | +€5.4m | +118% |
| Accrued charges and deferred income | 492/3 | €55,116 | €32,097 | -€23,019 | -41.8% |
| Non-recurring operating income | 76A | €22,317 | €42,123 | +€19,806 | +88.7% |
| Remuneration, social security and pensions | 62 | €61,923 | €46,319 | -€15,605 | -25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €316,825 | €344,868 | +€28,043 | +8.9% |
| Other operating charges | 640/8 | €108,175 | €114,135 | +€5,960 | +5.5% |
| Non-recurring operating charges | 66A | €101,944 | €0 | -€101,944 | -100% |
| Gross operating margin | 9900 | €1,887,587 | €1,777,577 | -€110,010 | -5.8% |
| Operating profit (loss) | 9901 | €1,298,720 | €1,272,255 | -€26,465 | -2.0% |
| Financial income | 75/76B | €692,655 | €3,173,478 | +€2.5m | +358% |
| Recurring financial income | 75 | €692,655 | €3,173,478 | +€2.5m | +358% |
| Financial charges | 65/66B | €237,494 | €122,474 | -€115,020 | -48.4% |
| Recurring financial charges | 65 | €237,494 | €122,474 | -€115,020 | -48.4% |
| Profit (loss) for the period before taxes | 9903 | €1,753,881 | €4,323,259 | +€2.6m | +146% |
| Transfer from deferred taxes | 780 | €4,644 | €4,644 | = | 0.0% |
| Income taxes | 67/77 | €482,218 | €336,188 | -€146,029 | -30.3% |
| Profit (loss) for the period | 9904 | €1,276,307 | €3,991,715 | +€2.7m | +213% |
| Transfer from tax-exempt reserves | 789 | €101,639 | €126,899 | +€25,260 | +24.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,377,947 | €4,118,614 | +€2.7m | +199% |
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 21 October 2026 via checked.be.