V.D.R. - HOLDIMO: 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
V.D.R. - HOLDIMO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€157,075
2024 · -€229,153+€386,229
Equity
€18.4m
2024 · €18.3m+€157,075
Cash
€550,118
2024 · €454,646+€95,473
Balance sheet total
€25.1m
2024 · €25.9m-€750,354
Largest movements
Assets
- Stocks and contracts -€1.5m
down €1.5m (-100%), from €1.5m to €0
- Current investments +€715,119
up €715,119 (+22.4%), from €3.2m to €3.9m
Equity and liabilities
- Short-term financial debts -€1.8m
down €1.8m (-100%), from €1.8m to €0
- Other debts +€1.4m
up €1.4m (+219%), from €652,371 to €2.1m
- Debts after one year -€393,300
down €393,300 (-16.1%), from €2.4m to €2.1m
of which Financial debts: -€375,000
Income statement
- Financial charges -€670,124
down €670,124 (-77.6%), from €863,477 to €193,354
- Depreciation -€284,543
down €284,543 (-20.7%), from €1.4m to €1.1m
- Gross operating margin -€225,322
down €225,322 (-9.9%), from €2.3m to €2.1m
- Financial income +€30,300
up €30,300 (+36.3%), from €83,550 to €113,850
of which Financial income: +€30,300
- Taxes +€26,226
up €26,226, from -€2,887 to €23,340
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
-€229,153
Gross operating margin
-€225,322
Depreciation
+€284,543
Write-downs
-€19,906
Other operating charges
+€5,544
Other operating items
-€443,736
Financial income
+€30,300
Financial charges
+€670,124
Taxes
-€26,226
Deferred taxes and other
+€110,909
Result 2025
€157,075
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
+€4.1m
Investment
-€1.8m
Financing
-€2.2m
Cash 2024
€454,646
From operations (derived)
+€4.1m
Net result for the year
+€157,075
Depreciation
+€1.1m
Receivables after one year
+€6,203
Stocks and contracts
+€1.5m
Receivables within one year
-€6,359
Deferred charges and accrued income
+€7,312
Provisions
-€28,452
Trade debts
-€83,244
Tax, wage and social debts
-€43,705
Other debts
+€1.4m
Accrued charges and deferred income
+€29,951
Investment (derived)
-€1.8m
Investment in fixed assets (net)
-€1.0m
Current investments
-€715,119
Financing
-€2.2m
Debts after one year
-€393,300
Short-term financial debts
-€1.8m
Cash 2025
€550,118
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €25,854,117 | €25,103,763 | -€750,354 | -2.9% |
| Fixed assets | 21/28 | €20,404,738 | €20,348,306 | -€56,432 | -0.3% |
| Tangible fixed assets | 22/27 | €20,312,313 | €20,255,881 | -€56,432 | -0.3% |
| Land and buildings | 22 | €20,300,855 | €20,109,950 | -€190,905 | -0.9% |
| Plant, machinery and equipment | 23 | €1,714 | €854 | -€860 | -50.2% |
| Furniture and vehicles | 24 | €9,744 | €7,577 | -€2,167 | -22.2% |
| Assets under construction and advance payments | 27 | - | €137,500 | +€137,500 | |
| Financial fixed assets | 28 | €92,425 | €92,425 | = | 0.0% |
| Current assets | 29/58 | €5,449,379 | €4,755,457 | -€693,922 | -12.7% |
| Amounts receivable after more than one year | 29 | €6,203 | €0 | -€6,203 | -100% |
| Other amounts receivable | 291 | €6,203 | €0 | -€6,203 | -100% |
| Stocks and contracts in progress | 3 | €1,497,358 | €0 | -€1.5m | -100% |
| Stocks | 30/36 | €1,497,358 | €0 | -€1.5m | -100% |
| Amounts receivable within one year | 40/41 | €270,626 | €276,985 | +€6,359 | +2.3% |
| Trade receivables | 40 | €23,557 | €38,740 | +€15,183 | +64.5% |
| Other amounts receivable | 41 | €247,069 | €238,245 | -€8,824 | -3.6% |
| Current investments | 50/53 | €3,188,045 | €3,903,164 | +€715,119 | +22.4% |
| Cash at bank and in hand | 54/58 | €454,646 | €550,118 | +€95,473 | +21.0% |
| Deferred charges and accrued income | 490/1 | €32,502 | €25,189 | -€7,312 | -22.5% |
| Total equity and liabilities | 10/49 | €25,854,117 | €25,103,763 | -€750,354 | -2.9% |
| Equity | 10/15 | €18,284,368 | €18,441,443 | +€157,075 | +0.9% |
| Contributions | 10/11 | €123,000 | €123,000 | = | 0.0% |
| Capital | 10 | €123,000 | €123,000 | = | 0.0% |
| Issued capital | 100 | €123,000 | €123,000 | = | 0.0% |
| Revaluation surpluses | 12 | €6,311 | €6,311 | = | 0.0% |
| Reserves | 13 | €6,071,760 | €6,026,652 | -€45,108 | -0.7% |
| Non-distributable reserves | 130/1 | €328,022 | €328,022 | = | 0.0% |
| Legal reserve | 130 | €328,002 | €328,002 | = | 0.0% |
| Other | 1319 | €20 | €20 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,731,534 | €5,686,426 | -€45,108 | -0.8% |
| Distributable reserves | 133 | €12,204 | €12,204 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,083,297 | €12,285,481 | +€202,184 | +1.7% |
| Provisions and deferred taxes | 16 | €1,963,121 | €1,934,669 | -€28,452 | -1.4% |
| Deferred taxes | 168 | €1,963,121 | €1,934,669 | -€28,452 | -1.4% |
| Amounts payable | 17/49 | €5,606,628 | €4,727,650 | -€878,978 | -15.7% |
| Amounts payable after more than one year | 17 | €2,447,917 | €2,054,617 | -€393,300 | -16.1% |
| Financial debts | 170/4 | €2,422,917 | €2,047,917 | -€375,000 | -15.5% |
| Other amounts payable | 178/9 | €25,000 | €6,700 | -€18,300 | -73.2% |
| Amounts payable within one year | 42/48 | €3,049,138 | €2,533,509 | -€515,629 | -16.9% |
| Current portion of amounts payable after more than one year | 42 | €375,000 | €375,000 | = | 0.0% |
| Financial debts | 43 | €1,817,510 | €0 | -€1.8m | -100% |
| Other loans | 439 | €1,817,510 | €0 | -€1.8m | -100% |
| Trade debts | 44 | €148,135 | €64,891 | -€83,244 | -56.2% |
| Suppliers | 440/4 | €148,135 | €64,891 | -€83,244 | -56.2% |
| Taxes, remuneration and social security | 45 | €56,122 | €12,418 | -€43,705 | -77.9% |
| Taxes | 450/3 | €56,122 | €12,418 | -€43,705 | -77.9% |
| Other amounts payable | 47/48 | €652,371 | €2,081,200 | +€1.4m | +219% |
| Accrued charges and deferred income | 492/3 | €109,573 | €139,524 | +€29,951 | +27.3% |
| Non-recurring operating income | 76A | €835,888 | €400,471 | -€435,418 | -52.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,375,892 | €1,091,349 | -€284,543 | -20.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €19,906 | +€19,906 | |
| Other operating charges | 640/8 | €178,253 | €172,709 | -€5,544 | -3.1% |
| Non-recurring operating charges | 66A | €100,000 | €543,736 | +€443,736 | +444% |
| Gross operating margin | 9900 | €2,284,489 | €2,059,166 | -€225,322 | -9.9% |
| Operating profit (loss) | 9901 | €630,344 | €231,467 | -€398,877 | -63.3% |
| Financial income | 75/76B | €83,550 | €113,850 | +€30,300 | +36.3% |
| Recurring financial income | 75 | €83,550 | €113,850 | +€30,300 | +36.3% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €863,477 | €193,354 | -€670,124 | -77.6% |
| Recurring financial charges | 65 | €863,477 | €193,354 | -€670,124 | -77.6% |
| Profit (loss) for the period before taxes | 9903 | -€149,583 | €151,963 | +€301,547 | |
| Transfer from deferred taxes | 780 | €109,298 | €120,504 | +€11,206 | +10.3% |
| Transfer to deferred taxes | 680 | €191,755 | €92,052 | -€99,703 | -52.0% |
| Income taxes | 67/77 | -€2,887 | €23,340 | +€26,226 | |
| Profit (loss) for the period | 9904 | -€229,153 | €157,075 | +€386,229 | |
| Transfer from tax-exempt reserves | 789 | €283,931 | €321,264 | +€37,334 | +13.1% |
| Transfer to tax-exempt reserves | 689 | €575,265 | €276,156 | -€299,109 | -52.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€520,487 | €202,184 | +€722,671 |
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.