V.D.H. & V.: 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.
V.D.H. & V.
Largest movements
- Tangible fixed assets -€59,685
down €59,685 (-3.8%), from €1.6m to €1.5m
of which Land and buildings: -€75,171
- Cash +€21,377
up €21,377 (+21.8%), from €97,965 to €119,342
mainly Depreciation (+€75,185) and Trade debts (+€19,963)
- Debts after one year -€84,599
down €84,599 (-10.0%), from €848,221 to €763,622
- Trade debts +€19,963
up €19,963 (+13.3%), from €150,155 to €170,118
- Gross operating margin +€105,011
up €105,011 (+302%), from €34,725 to €139,736
- Financial charges +€37,503
up €37,503 (+257%), from €14,599 to €52,102
- Depreciation +€8,128
up €8,128 (+12.1%), from €67,057 to €75,185
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 | €1,724,177 | €1,677,126 | -€47,052 | -2.7% |
| Fixed assets | 21/28 | €1,577,356 | €1,517,672 | -€59,685 | -3.8% |
| Tangible fixed assets | 22/27 | €1,577,356 | €1,517,672 | -€59,685 | -3.8% |
| Land and buildings | 22 | €1,577,356 | €1,502,186 | -€75,171 | -4.8% |
| Furniture and vehicles | 24 | - | €15,486 | +€15,486 | |
| Current assets | 29/58 | €146,821 | €159,454 | +€12,633 | +8.6% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €48,856 | €40,112 | -€8,743 | -17.9% |
| Trade receivables | 40 | €15,125 | €30,250 | +€15,125 | +100% |
| Other amounts receivable | 41 | €33,731 | €9,862 | -€23,868 | -70.8% |
| Cash at bank and in hand | 54/58 | €97,965 | €119,342 | +€21,377 | +21.8% |
| Total equity and liabilities | 10/49 | €1,724,177 | €1,677,126 | -€47,052 | -2.7% |
| Equity | 10/15 | €115,955 | €121,854 | +€5,900 | +5.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €53,955 | €59,854 | +€5,900 | +10.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €47,755 | €53,654 | +€5,900 | +12.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,608,223 | €1,555,272 | -€52,951 | -3.3% |
| Amounts payable after more than one year | 17 | €848,221 | €763,622 | -€84,599 | -10.0% |
| Financial debts | 170/4 | €848,221 | €763,622 | -€84,599 | -10.0% |
| Amounts payable within one year | 42/48 | €747,502 | €791,650 | +€44,148 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €81,753 | €84,599 | +€2,846 | +3.5% |
| Trade debts | 44 | €150,155 | €170,118 | +€19,963 | +13.3% |
| Suppliers | 440/4 | €150,155 | €170,118 | +€19,963 | +13.3% |
| Taxes, remuneration and social security | 45 | €0 | €6,402 | +€6,402 | |
| Taxes | 450/3 | €0 | €6,402 | +€6,402 | |
| Other amounts payable | 47/48 | €515,594 | €530,531 | +€14,937 | +2.9% |
| Accrued charges and deferred income | 492/3 | €12,500 | €0 | -€12,500 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,057 | €75,185 | +€8,128 | +12.1% |
| Other operating charges | 640/8 | €6,363 | €6,550 | +€187 | +2.9% |
| Gross operating margin | 9900 | €34,725 | €139,736 | +€105,011 | +302% |
| Operating profit (loss) | 9901 | -€38,695 | €58,001 | +€96,697 | |
| Financial charges | 65/66B | €14,599 | €52,102 | +€37,503 | +257% |
| Recurring financial charges | 65 | €14,599 | €52,102 | +€37,503 | +257% |
| Profit (loss) for the period before taxes | 9903 | -€53,294 | €5,900 | +€59,193 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€53,294 | €5,900 | +€59,193 | |
| Profit (loss) for the period to be appropriated | 9905 | -€53,294 | €5,900 | +€59,193 |
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 22 October 2026 via checked.be.