VD & H PARTNERS: 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.
VD & H PARTNERS
Largest movements
- Cash +€39,151
up €39,151 (+34.8%), from €112,611 to €151,762
mainly Net result for the year (+€34,607) and Depreciation (+€11,891)
- Receivables within one year +€8,580
up €8,580 (+120%), from €7,122 to €15,702
of which Trade receivables: +€9,205
- Tangible fixed assets -€5,387
down €5,387 (-23.4%), from €22,985 to €17,598
of which Furniture and vehicles: -€5,285
- Reserves +€34,607
up €34,607 (+48.4%), from €71,440 to €106,047
of which Distributable reserves: +€34,607
- Tax, wage and social debts +€3,395
up €3,395 (+23.0%), from €14,779 to €18,173
of which Taxes: +€2,995
- Accrued charges and deferred income +€3,298
up €3,298 (+117%), from €2,829 to €6,127
- Gross operating margin +€15,394
up €15,394 (+29.9%), from €51,422 to €66,816
- Taxes +€4,876
up €4,876 (+48.4%), from €10,082 to €14,958
- Depreciation +€902
up €902 (+8.2%), from €10,990 to €11,891
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 | €144,558 | €186,871 | +€42,312 | +29.3% |
| Fixed assets | 21/28 | €22,985 | €17,598 | -€5,387 | -23.4% |
| Tangible fixed assets | 22/27 | €22,985 | €17,598 | -€5,387 | -23.4% |
| Land and buildings | 22 | €799 | €697 | -€102 | -12.8% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €22,186 | €16,901 | -€5,285 | -23.8% |
| Current assets | 29/58 | €121,573 | €169,273 | +€47,700 | +39.2% |
| Amounts receivable within one year | 40/41 | €7,122 | €15,702 | +€8,580 | +120% |
| Trade receivables | 40 | €5,994 | €15,199 | +€9,205 | +154% |
| Other amounts receivable | 41 | €1,128 | €503 | -€625 | -55.4% |
| Cash at bank and in hand | 54/58 | €112,611 | €151,762 | +€39,151 | +34.8% |
| Deferred charges and accrued income | 490/1 | €1,841 | €1,810 | -€31 | -1.7% |
| Total equity and liabilities | 10/49 | €144,558 | €186,871 | +€42,312 | +29.3% |
| Equity | 10/15 | €77,940 | €112,547 | +€34,607 | +44.4% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €71,440 | €106,047 | +€34,607 | +48.4% |
| Non-distributable reserves | 130/1 | €1,950 | €1,950 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,950 | €1,950 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,771 | €12,771 | = | 0.0% |
| Distributable reserves | 133 | €56,720 | €91,326 | +€34,607 | +61.0% |
| Amounts payable | 17/49 | €66,618 | €74,324 | +€7,705 | +11.6% |
| Amounts payable within one year | 42/48 | €63,789 | €68,196 | +€4,407 | +6.9% |
| Trade debts | 44 | €2,353 | €3,541 | +€1,188 | +50.5% |
| Suppliers | 440/4 | €2,353 | €3,541 | +€1,188 | +50.5% |
| Taxes, remuneration and social security | 45 | €14,779 | €18,173 | +€3,395 | +23.0% |
| Taxes | 450/3 | €11,909 | €14,903 | +€2,995 | +25.1% |
| Remuneration and social security | 454/9 | €2,870 | €3,270 | +€400 | +13.9% |
| Other amounts payable | 47/48 | €46,658 | €46,482 | -€175 | -0.4% |
| Accrued charges and deferred income | 492/3 | €2,829 | €6,127 | +€3,298 | +117% |
| Turnover | 70 | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,990 | €11,891 | +€902 | +8.2% |
| Other operating charges | 640/8 | €1,663 | €1,767 | +€104 | +6.2% |
| Gross operating margin | 9900 | €51,422 | €66,816 | +€15,394 | +29.9% |
| Operating profit (loss) | 9901 | €38,769 | €53,158 | +€14,388 | +37.1% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €3,081 | €3,593 | +€512 | +16.6% |
| Recurring financial charges | 65 | €3,081 | €3,593 | +€512 | +16.6% |
| Profit (loss) for the period before taxes | 9903 | €35,688 | €49,564 | +€13,876 | +38.9% |
| Income taxes | 67/77 | €10,082 | €14,958 | +€4,876 | +48.4% |
| Profit (loss) for the period | 9904 | €25,607 | €34,607 | +€9,000 | +35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €25,607 | €34,607 | +€9,000 | +35.1% |
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 23 October 2026 via checked.be.