VDH: 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.
VDH
Largest movements
- Receivables within one year -€145,035
down €145,035 (-50.1%), from €289,346 to €144,311
of which Other amounts receivable: -€105,194
- Stocks and contracts +€22,500
new in 2025: €22,500
- Tangible fixed assets -€4,572
down €4,572 (-16.0%), from €28,541 to €23,969
of which Plant, machinery and equipment: -€2,734
- Other debts -€46,920
down €46,920 (-32.8%), from €143,176 to €96,257
- Trade debts -€21,068
down €21,068 (-26.8%), from €78,478 to €57,410
- Profit (loss) carried forward -€18,560
new in 2025: -€18,560
- Current portion of long-term debt -€17,523
down €17,523 (-48.0%), from €36,471 to €18,948
- Debts after one year -€15,603
down €15,603 (-78.5%), from €19,873 to €4,270
- Gross operating margin -€359,026
down €359,026, from €350,087 to -€8,939
- Financial charges -€15,469
down €15,469 (-89.9%), from €17,201 to €1,731
- Depreciation -€7,296
down €7,296 (-57.3%), from €12,724 to €5,429
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 | €321,603 | €194,713 | -€126,890 | -39.5% |
| Fixed assets | 21/28 | €29,541 | €24,969 | -€4,572 | -15.5% |
| Tangible fixed assets | 22/27 | €28,541 | €23,969 | -€4,572 | -16.0% |
| Land and buildings | 22 | €12,083 | €11,320 | -€763 | -6.3% |
| Plant, machinery and equipment | 23 | €14,364 | €11,630 | -€2,734 | -19.0% |
| Furniture and vehicles | 24 | €2,093 | €1,020 | -€1,074 | -51.3% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €292,063 | €169,744 | -€122,319 | -41.9% |
| Stocks and contracts in progress | 3 | - | €22,500 | +€22,500 | |
| Contracts in progress | 37 | - | €22,500 | +€22,500 | |
| Amounts receivable within one year | 40/41 | €289,346 | €144,311 | -€145,035 | -50.1% |
| Trade receivables | 40 | €156,766 | €116,925 | -€39,841 | -25.4% |
| Other amounts receivable | 41 | €132,580 | €27,386 | -€105,194 | -79.3% |
| Cash at bank and in hand | 54/58 | €39 | €39 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €2,678 | €2,894 | +€216 | +8.1% |
| Total equity and liabilities | 10/49 | €321,603 | €194,713 | -€126,890 | -39.5% |
| Equity | 10/15 | €36,080 | €17,520 | -€18,560 | -51.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €17,488 | €17,488 | = | 0.0% |
| Distributable reserves | 133 | €17,488 | €17,488 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€18,560 | -€18,560 | |
| Amounts payable | 17/49 | €285,523 | €177,193 | -€108,330 | -37.9% |
| Amounts payable after more than one year | 17 | €19,873 | €4,270 | -€15,603 | -78.5% |
| Financial debts | 170/4 | €19,873 | €4,270 | -€15,603 | -78.5% |
| Amounts payable within one year | 42/48 | €265,650 | €172,922 | -€92,728 | -34.9% |
| Current portion of amounts payable after more than one year | 42 | €36,471 | €18,948 | -€17,523 | -48.0% |
| Financial debts | 43 | €155 | €162 | +€7 | +4.4% |
| Credit institutions | 430/8 | €155 | €162 | +€7 | +4.4% |
| Trade debts | 44 | €78,478 | €57,410 | -€21,068 | -26.8% |
| Suppliers | 440/4 | €78,478 | €57,410 | -€21,068 | -26.8% |
| Taxes, remuneration and social security | 45 | €7,369 | €146 | -€7,223 | -98.0% |
| Taxes | 450/3 | €7,369 | €146 | -€7,223 | -98.0% |
| Other amounts payable | 47/48 | €143,176 | €96,257 | -€46,920 | -32.8% |
| Non-recurring operating income | 76A | €194,045 | - | -€194,045 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,724 | €5,429 | -€7,296 | -57.3% |
| Other operating charges | 640/8 | €3,174 | €1,829 | -€1,345 | -42.4% |
| Non-recurring operating charges | 66A | €92,643 | - | -€92,643 | |
| Gross operating margin | 9900 | €350,087 | -€8,939 | -€359,026 | |
| Operating profit (loss) | 9901 | €241,546 | -€16,196 | -€257,743 | |
| Financial income | 75/76B | - | €8 | +€8 | |
| Recurring financial income | 75 | - | €8 | +€8 | |
| Financial charges | 65/66B | €17,201 | €1,731 | -€15,469 | -89.9% |
| Recurring financial charges | 65 | €17,201 | €1,731 | -€15,469 | -89.9% |
| Profit (loss) for the period before taxes | 9903 | €224,345 | -€17,920 | -€242,266 | |
| Income taxes | 67/77 | €1,050 | €640 | -€410 | -39.0% |
| Profit (loss) for the period | 9904 | €223,296 | -€18,560 | -€241,856 | |
| Profit (loss) for the period to be appropriated | 9905 | €223,296 | -€18,560 | -€241,856 |
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 14 October 2026 via checked.be.