VD HOLDING: what changed
Two fiscal 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 HOLDING
Largest movements
- Financial fixed assets +€290,000
up €290,000 (+315.2%), from €92,000 to €382,000
- Receivables within one year -€42,834
down €42,834 (-31.2%), from €137,471 to €94,637
- Receivables after one year -€11,741
down €11,741 (-15.9%), from €73,793 to €62,052
- Debts after one year +€232,000
up €232,000, from €0 to €232,000
- Financial income -€1,987
down €1,987 (-26.8%), from €7,426 to €5,439
- Gross operating margin +€1,479
up €1,479 (+75.4%), from -€1,960 to -€482
- Financial charges -€432
down €432 (-18.2%), from €2,369 to €1,937
- Taxes -€46
down €46 (-6.7%), from €686 to €639
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.
Cash bridge derived
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 | €311,023 | €545,933 | +€234,910 | +75.5% |
| Fixed assets | 21/28 | €92,000 | €382,000 | +€290,000 | +315.2% |
| Financial fixed assets | 28 | €92,000 | €382,000 | +€290,000 | +315.2% |
| Current assets | 29/58 | €219,023 | €163,933 | -€55,090 | -25.2% |
| Amounts receivable after more than one year | 29 | €73,793 | €62,052 | -€11,741 | -15.9% |
| Other amounts receivable | 291 | €73,793 | €62,052 | -€11,741 | -15.9% |
| Amounts receivable within one year | 40/41 | €137,471 | €94,637 | -€42,834 | -31.2% |
| Other amounts receivable | 41 | €137,471 | €94,637 | -€42,834 | -31.2% |
| Cash at bank and in hand | 54/58 | €334 | €1,804 | +€1,471 | +440.7% |
| Deferred charges and accrued income | 490/1 | €7,426 | €5,439 | -€1,987 | -26.8% |
| Total equity and liabilities | 10/49 | €311,023 | €545,933 | +€234,910 | +75.5% |
| Equity | 10/15 | €217,632 | €219,388 | +€1,756 | +0.8% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,632 | €19,388 | +€1,756 | +10.0% |
| Amounts payable | 17/49 | €93,391 | €326,544 | +€233,153 | +249.7% |
| Amounts payable after more than one year | 17 | €0 | €232,000 | +€232,000 | |
| Financial debts | 170/4 | €0 | €232,000 | +€232,000 | |
| Amounts payable within one year | 42/48 | €92,801 | €93,328 | +€526 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €56,183 | €58,000 | +€1,817 | +3.2% |
| Trade debts | 44 | €892 | €313 | -€579 | -64.9% |
| Suppliers | 440/4 | €892 | €313 | -€579 | -64.9% |
| Taxes, remuneration and social security | 45 | €2,530 | €1,318 | -€1,213 | -47.9% |
| Taxes | 450/3 | €2,530 | €1,318 | -€1,213 | -47.9% |
| Other amounts payable | 47/48 | €33,196 | €33,697 | +€502 | +1.5% |
| Accrued charges and deferred income | 492/3 | €590 | €1,217 | +€627 | +106.2% |
| Other operating charges | 640/8 | €607 | €624 | +€17 | +2.7% |
| Gross operating margin | 9900 | -€1,960 | -€482 | +€1,479 | +75.4% |
| Operating profit (loss) | 9901 | -€2,568 | -€1,106 | +€1,462 | +56.9% |
| Financial income | 75/76B | €7,426 | €5,439 | -€1,987 | -26.8% |
| Recurring financial income | 75 | €7,426 | €5,439 | -€1,987 | -26.8% |
| Financial charges | 65/66B | €2,369 | €1,937 | -€432 | -18.2% |
| Recurring financial charges | 65 | €2,369 | €1,937 | -€432 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €2,489 | €2,396 | -€93 | -3.7% |
| Income taxes | 67/77 | €686 | €639 | -€46 | -6.7% |
| Profit (loss) for the period | 9904 | €1,803 | €1,756 | -€47 | -2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,803 | €1,756 | -€47 | -2.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.