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
- Receivables within one year -€85,136
down €85,136 (-68.6%), from €124,025 to €38,889
of which Other amounts receivable: -€76,058
- Tangible fixed assets +€61,945
up €61,945 (+3.9%), from €1.6m to €1.7m
of which Land and buildings: +€53,028
- Cash +€29,625
up €29,625 (+208.9%), from €14,181 to €43,806
mainly Receivables within one year (+€85,136) and Depreciation (+€73,010)
- Current portion of long-term debt +€22,782
up €22,782 (+22.9%), from €99,385 to €122,167
- Reserves -€17,566
down €17,566 (-4.9%), from €359,585 to €342,020
- Depreciation +€12,803
up €12,803 (+21.3%), from €60,207 to €73,010
- Financial charges -€3,133
down €3,133 (-7.5%), from €42,014 to €38,881
- Gross operating margin +€2,994
up €2,994 (+1.6%), from €188,352 to €191,346
- Other operating charges -€2,912
down €2,912 (-32.1%), from €9,074 to €6,162
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 | €1,745,561 | €1,752,680 | +€7,119 | +0.4% |
| Fixed assets | 21/28 | €1,606,901 | €1,669,346 | +€62,445 | +3.9% |
| Tangible fixed assets | 22/27 | €1,606,901 | €1,668,846 | +€61,945 | +3.9% |
| Land and buildings | 22 | €1,597,355 | €1,650,384 | +€53,028 | +3.3% |
| Furniture and vehicles | 24 | - | €9,927 | +€9,927 | |
| Other tangible fixed assets | 26 | €9,545 | €8,536 | -€1,010 | -10.6% |
| Financial fixed assets | 28 | - | €500 | +€500 | |
| Current assets | 29/58 | €138,660 | €83,334 | -€55,326 | -39.9% |
| Amounts receivable within one year | 40/41 | €124,025 | €38,889 | -€85,136 | -68.6% |
| Trade receivables | 40 | €24,269 | €15,191 | -€9,078 | -37.4% |
| Other amounts receivable | 41 | €99,756 | €23,698 | -€76,058 | -76.2% |
| Cash at bank and in hand | 54/58 | €14,181 | €43,806 | +€29,625 | +208.9% |
| Deferred charges and accrued income | 490/1 | €453 | €639 | +€186 | +41.0% |
| Total equity and liabilities | 10/49 | €1,745,561 | €1,752,680 | +€7,119 | +0.4% |
| Equity | 10/15 | €378,185 | €360,620 | -€17,566 | -4.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €359,585 | €342,020 | -€17,566 | -4.9% |
| Distributable reserves | 133 | €359,585 | €342,020 | -€17,566 | -4.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,367,375 | €1,392,060 | +€24,685 | +1.8% |
| Amounts payable after more than one year | 17 | €1,255,775 | €1,261,541 | +€5,766 | +0.5% |
| Financial debts | 170/4 | €1,255,775 | €1,261,541 | +€5,766 | +0.5% |
| Amounts payable within one year | 42/48 | €111,601 | €130,519 | +€18,919 | +17.0% |
| Current portion of amounts payable after more than one year | 42 | €99,385 | €122,167 | +€22,782 | +22.9% |
| Trade debts | 44 | €7,319 | €198 | -€7,121 | -97.3% |
| Suppliers | 440/4 | €7,319 | €198 | -€7,121 | -97.3% |
| Advances received on contracts in progress | 46 | €3,395 | €0 | -€3,395 | -100.0% |
| Taxes, remuneration and social security | 45 | €1,502 | €8,154 | +€6,653 | +443.1% |
| Taxes | 450/3 | €1,502 | €8,154 | +€6,653 | +443.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,207 | €73,010 | +€12,803 | +21.3% |
| Other operating charges | 640/8 | €9,074 | €6,162 | -€2,912 | -32.1% |
| Gross operating margin | 9900 | €188,352 | €191,346 | +€2,994 | +1.6% |
| Operating profit (loss) | 9901 | €119,071 | €112,174 | -€6,897 | -5.8% |
| Financial income | 75/76B | €1,467 | €3,268 | +€1,801 | +122.7% |
| Recurring financial income | 75 | €1,467 | €3,268 | +€1,801 | +122.7% |
| Financial charges | 65/66B | €42,014 | €38,881 | -€3,133 | -7.5% |
| Recurring financial charges | 65 | €42,014 | €38,881 | -€3,133 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €78,524 | €76,560 | -€1,963 | -2.5% |
| Income taxes | 67/77 | €21,502 | €21,126 | -€376 | -1.7% |
| Profit (loss) for the period | 9904 | €57,022 | €55,434 | -€1,588 | -2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €57,022 | €55,434 | -€1,588 | -2.8% |
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 2 October 2026 via checked.be.