V.D. Holding: 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. Holding
Largest movements
- Current investments -€1.0m
no longer reported in 2025 (was €1.0m)
- Receivables within one year -€803,892
down €803,892 (-22.2%), from €3.6m to €2.8m
of which Other amounts receivable: -€923,892
- Financial fixed assets +€492,000
up €492,000 (+1.2%), from €41.5m to €42.0m
- Debts after one year -€3.4m
down €3.4m (-40.7%), from €8.3m to €4.9m
of which Other amounts payable: -€3.5m
- Reserves +€2.9m
up €2.9m (+12.2%), from €23.8m to €26.7m
of which Distributable reserves: +€2.9m
- Other debts -€1.4m
down €1.4m (-16.7%), from €8.5m to €7.1m
- Current portion of long-term debt +€589,435
up €589,435 (+174%), from €339,427 to €928,863
- Financial income -€2.6m
down €2.6m (-44.4%), from €5.9m to €3.3m
- Financial charges +€157,515
up €157,515 (+77.5%), from €203,303 to €360,818
- Gross operating margin +€84,151
up €84,151, from -€74,378 to €9,773
- Taxes -€20,127
down €20,127 (-88.9%), from €22,641 to €2,513
- Staff costs +€13,986
up €13,986 (+100%), from €13,950 to €27,936
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 | €46,886,990 | €45,749,613 | -€1.1m | -2.4% |
| Fixed assets | 21/28 | €41,551,172 | €42,044,353 | +€493,181 | +1.2% |
| Tangible fixed assets | 22/27 | €2,597 | €3,778 | +€1,181 | +45.5% |
| Furniture and vehicles | 24 | €2,597 | €3,778 | +€1,181 | +45.5% |
| Financial fixed assets | 28 | €41,548,575 | €42,040,575 | +€492,000 | +1.2% |
| Current assets | 29/58 | €5,335,818 | €3,705,261 | -€1.6m | -30.6% |
| Amounts receivable within one year | 40/41 | €3,622,277 | €2,818,385 | -€803,892 | -22.2% |
| Trade receivables | 40 | €16,000 | €136,000 | +€120,000 | +750% |
| Other amounts receivable | 41 | €3,606,277 | €2,682,385 | -€923,892 | -25.6% |
| Current investments | 50/53 | €1,000,000 | - | -€1.0m | |
| Cash at bank and in hand | 54/58 | €712,348 | €882,429 | +€170,082 | +23.9% |
| Deferred charges and accrued income | 490/1 | €1,193 | €4,446 | +€3,253 | +273% |
| Total equity and liabilities | 10/49 | €46,886,990 | €45,749,613 | -€1.1m | -2.4% |
| Equity | 10/15 | €29,777,135 | €32,692,347 | +€2.9m | +9.8% |
| Contributions | 10/11 | €5,967,723 | €5,967,723 | = | 0.0% |
| Capital | 10 | €112,769 | €112,769 | = | 0.0% |
| Issued capital | 100 | €112,769 | €112,769 | = | 0.0% |
| Contributions outside capital | 11 | €5,854,954 | €5,854,954 | = | 0.0% |
| Share premium | 1100/10 | €5,854,954 | €5,854,954 | = | 0.0% |
| Reserves | 13 | €23,809,412 | €26,724,624 | +€2.9m | +12.2% |
| Non-distributable reserves | 130/1 | €300,000 | €300,000 | = | 0.0% |
| Legal reserve | 130 | €300,000 | €300,000 | = | 0.0% |
| Distributable reserves | 133 | €23,509,412 | €26,424,624 | +€2.9m | +12.4% |
| Amounts payable | 17/49 | €17,109,854 | €13,057,266 | -€4.1m | -23.7% |
| Amounts payable after more than one year | 17 | €8,260,573 | €4,899,406 | -€3.4m | -40.7% |
| Financial debts | 170/4 | €2,260,573 | €2,399,406 | +€138,834 | +6.1% |
| Other amounts payable | 178/9 | €6,000,000 | €2,500,000 | -€3.5m | -58.3% |
| Amounts payable within one year | 42/48 | €8,842,907 | €8,011,792 | -€831,116 | -9.4% |
| Current portion of amounts payable after more than one year | 42 | €339,427 | €928,863 | +€589,435 | +174% |
| Trade debts | 44 | €17,482 | €8,542 | -€8,940 | -51.1% |
| Suppliers | 440/4 | €17,482 | €8,542 | -€8,940 | -51.1% |
| Taxes, remuneration and social security | 45 | €6,614 | €8,360 | +€1,746 | +26.4% |
| Taxes | 450/3 | €3,536 | €3,725 | +€189 | +5.3% |
| Remuneration and social security | 454/9 | €3,078 | €4,635 | +€1,557 | +50.6% |
| Other amounts payable | 47/48 | €8,479,384 | €7,066,028 | -€1.4m | -16.7% |
| Accrued charges and deferred income | 492/3 | €6,374 | €146,068 | +€139,694 | +2,192% |
| Remuneration, social security and pensions | 62 | €13,950 | €27,936 | +€13,986 | +100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €239 | €1,197 | +€958 | +401% |
| Gross operating margin | 9900 | -€74,378 | €9,773 | +€84,151 | |
| Operating profit (loss) | 9901 | -€88,567 | -€19,359 | +€69,208 | +78.1% |
| Financial income | 75/76B | €5,934,529 | €3,297,902 | -€2.6m | -44.4% |
| Recurring financial income | 75 | €5,934,529 | €3,297,902 | -€2.6m | -44.4% |
| Financial charges | 65/66B | €203,303 | €360,818 | +€157,515 | +77.5% |
| Recurring financial charges | 65 | €203,303 | €360,818 | +€157,515 | +77.5% |
| Profit (loss) for the period before taxes | 9903 | €5,642,659 | €2,917,726 | -€2.7m | -48.3% |
| Income taxes | 67/77 | €22,641 | €2,513 | -€20,127 | -88.9% |
| Profit (loss) for the period | 9904 | €5,620,019 | €2,915,212 | -€2.7m | -48.1% |
| Profit (loss) for the period to be appropriated | 9905 | €5,620,019 | €2,915,212 | -€2.7m | -48.1% |
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 31 October 2026 via checked.be.