VDH: 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.
VDH
Largest movements
- Tangible fixed assets +€16,975
up €16,975 (+4.8%), from €352,451 to €369,426
of which Plant, machinery and equipment: +€23,094
- Cash -€5,769
down €5,769 (-5.0%), from €114,806 to €109,037
mainly Investment in fixed assets (net) (-€40,201) and Debts after one year (-€29,385)
- Profit (loss) carried forward +€34,403
up €34,403 (+15.8%), from €217,979 to €252,382
- Debts after one year -€29,385
down €29,385 (-15.7%), from €187,447 to €158,062
- Trade debts +€15,167
up €15,167 (+131.4%), from €11,541 to €26,708
- Gross operating margin -€20,205
down €20,205 (-19.5%), from €103,665 to €83,460
- Depreciation +€3,486
up €3,486 (+17.7%), from €19,740 to €23,226
- Staff costs +€3,138
up €3,138 (+416.9%), from €753 to €3,891
- Taxes -€2,314
down €2,314 (-16.7%), from €13,882 to €11,568
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 | €507,476 | €523,699 | +€16,223 | +3.2% |
| Fixed assets | 21/28 | €352,451 | €369,426 | +€16,975 | +4.8% |
| Tangible fixed assets | 22/27 | €352,451 | €369,426 | +€16,975 | +4.8% |
| Land and buildings | 22 | €332,639 | €319,916 | -€12,722 | -3.8% |
| Plant, machinery and equipment | 23 | €13,031 | €36,124 | +€23,094 | +177.2% |
| Furniture and vehicles | 24 | €6,781 | €13,385 | +€6,604 | +97.4% |
| Current assets | 29/58 | €155,025 | €154,273 | -€752 | -0.5% |
| Stocks and contracts in progress | 3 | €29,708 | €33,851 | +€4,144 | +13.9% |
| Stocks | 30/36 | €29,708 | €33,851 | +€4,144 | +13.9% |
| Amounts receivable within one year | 40/41 | €7,106 | €7,987 | +€881 | +12.4% |
| Trade receivables | 40 | €6,989 | €7,987 | +€998 | +14.3% |
| Other amounts receivable | 41 | €118 | - | -€118 | |
| Cash at bank and in hand | 54/58 | €114,806 | €109,037 | -€5,769 | -5.0% |
| Deferred charges and accrued income | 490/1 | €3,405 | €3,398 | -€7 | -0.2% |
| Total equity and liabilities | 10/49 | €507,476 | €523,699 | +€16,223 | +3.2% |
| Equity | 10/15 | €236,579 | €270,982 | +€34,403 | +14.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €217,979 | €252,382 | +€34,403 | +15.8% |
| Amounts payable | 17/49 | €270,897 | €252,717 | -€18,180 | -6.7% |
| Amounts payable after more than one year | 17 | €187,447 | €158,062 | -€29,385 | -15.7% |
| Financial debts | 170/4 | €187,447 | €158,062 | -€29,385 | -15.7% |
| Amounts payable within one year | 42/48 | €83,081 | €94,135 | +€11,054 | +13.3% |
| Current portion of amounts payable after more than one year | 42 | €30,507 | €30,409 | -€98 | -0.3% |
| Financial debts | 43 | - | €145 | +€145 | |
| Credit institutions | 430/8 | - | €145 | +€145 | |
| Trade debts | 44 | €11,541 | €26,708 | +€15,167 | +131.4% |
| Suppliers | 440/4 | €11,541 | €26,708 | +€15,167 | +131.4% |
| Taxes, remuneration and social security | 45 | €5,644 | €2,398 | -€3,246 | -57.5% |
| Taxes | 450/3 | €5,644 | €1,989 | -€3,655 | -64.8% |
| Remuneration and social security | 454/9 | - | €409 | +€409 | |
| Other amounts payable | 47/48 | €35,389 | €34,475 | -€914 | -2.6% |
| Accrued charges and deferred income | 492/3 | €369 | €520 | +€151 | +40.9% |
| Remuneration, social security and pensions | 62 | €753 | €3,891 | +€3,138 | +416.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,740 | €23,226 | +€3,486 | +17.7% |
| Other operating charges | 640/8 | €4,650 | €4,445 | -€205 | -4.4% |
| Gross operating margin | 9900 | €103,665 | €83,460 | -€20,205 | -19.5% |
| Operating profit (loss) | 9901 | €78,522 | €51,898 | -€26,624 | -33.9% |
| Financial income | 75/76B | €12 | €0 | -€11 | -96.3% |
| Recurring financial income | 75 | €12 | €0 | -€11 | -96.3% |
| Financial charges | 65/66B | €6,916 | €5,928 | -€988 | -14.3% |
| Recurring financial charges | 65 | €6,916 | €5,928 | -€988 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €71,618 | €45,971 | -€25,648 | -35.8% |
| Income taxes | 67/77 | €13,882 | €11,568 | -€2,314 | -16.7% |
| Profit (loss) for the period | 9904 | €57,736 | €34,403 | -€23,333 | -40.4% |
| Profit (loss) for the period to be appropriated | 9905 | €57,736 | €34,403 | -€23,333 | -40.4% |
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 7 October 2026 via checked.be.