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 +€27,703
up €27,703 (+177.4%), from €15,612 to €43,314
of which Trade receivables: +€14,885
- Tangible fixed assets -€7,593
down €7,593 (-24.7%), from €30,774 to €23,181
- Cash +€5,940
up €5,940 (+1.9%), from €318,725 to €324,665
mainly Net result for the year (+€72,339) and Advances received (+€16,065)
- Reserves +€23,917
up €23,917 (+9.8%), from €244,474 to €268,391
- Advances received +€16,065
new in 2025: €16,065
- Accrued charges and deferred income -€12,469
down €12,469 (-60.4%), from €20,656 to €8,187
- Other debts -€9,692
down €9,692 (-12.8%), from €75,553 to €65,861
- Tax, wage and social debts +€8,518
up €8,518 (+45.9%), from €18,546 to €27,064
- Gross operating margin +€29,110
up €29,110 (+30.0%), from €97,113 to €126,223
- Taxes +€10,942
up €10,942 (+32.8%), from €33,327 to €44,269
- Depreciation +€2,054
up €2,054 (+32.5%), from €6,324 to €8,378
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 | €365,764 | €392,104 | +€26,340 | +7.2% |
| Fixed assets | 21/28 | €30,774 | €23,181 | -€7,593 | -24.7% |
| Tangible fixed assets | 22/27 | €30,774 | €23,181 | -€7,593 | -24.7% |
| Furniture and vehicles | 24 | €30,774 | €23,181 | -€7,593 | -24.7% |
| Current assets | 29/58 | €334,990 | €368,923 | +€33,933 | +10.1% |
| Amounts receivable within one year | 40/41 | €15,612 | €43,314 | +€27,703 | +177.4% |
| Trade receivables | 40 | €3,392 | €18,276 | +€14,885 | +438.9% |
| Other amounts receivable | 41 | €12,220 | €25,038 | +€12,818 | +104.9% |
| Cash at bank and in hand | 54/58 | €318,725 | €324,665 | +€5,940 | +1.9% |
| Deferred charges and accrued income | 490/1 | €653 | €943 | +€290 | +44.5% |
| Total equity and liabilities | 10/49 | €365,764 | €392,104 | +€26,340 | +7.2% |
| Equity | 10/15 | €250,674 | €274,591 | +€23,917 | +9.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €244,474 | €268,391 | +€23,917 | +9.8% |
| Distributable reserves | 133 | €244,474 | €268,391 | +€23,917 | +9.8% |
| Amounts payable | 17/49 | €115,090 | €117,512 | +€2,423 | +2.1% |
| Amounts payable within one year | 42/48 | €94,433 | €109,325 | +€14,892 | +15.8% |
| Trade debts | 44 | €335 | €335 | = | 0.0% |
| Suppliers | 440/4 | €335 | €335 | = | 0.0% |
| Advances received on contracts in progress | 46 | - | €16,065 | +€16,065 | |
| Taxes, remuneration and social security | 45 | €18,546 | €27,064 | +€8,518 | +45.9% |
| Taxes | 450/3 | €18,546 | €27,064 | +€8,518 | +45.9% |
| Other amounts payable | 47/48 | €75,553 | €65,861 | -€9,692 | -12.8% |
| Accrued charges and deferred income | 492/3 | €20,656 | €8,187 | -€12,469 | -60.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,324 | €8,378 | +€2,054 | +32.5% |
| Other operating charges | 640/8 | €2,134 | €1,163 | -€971 | -45.5% |
| Gross operating margin | 9900 | €97,113 | €126,223 | +€29,110 | +30.0% |
| Operating profit (loss) | 9901 | €88,655 | €116,682 | +€28,027 | +31.6% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €48 | €74 | +€27 | +55.9% |
| Recurring financial charges | 65 | €48 | €74 | +€27 | +55.9% |
| Profit (loss) for the period before taxes | 9903 | €88,609 | €116,608 | +€27,999 | +31.6% |
| Income taxes | 67/77 | €33,327 | €44,269 | +€10,942 | +32.8% |
| Profit (loss) for the period | 9904 | €55,282 | €72,339 | +€17,057 | +30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €55,282 | €72,339 | +€17,057 | +30.9% |
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 12 October 2026 via checked.be.