VDH Concept: 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 Concept
Largest movements
- Cash +€115,355
up €115,355 (+36.7%), from €314,713 to €430,068
mainly Net result for the year (+€161,726) and Receivables within one year (+€110,321)
- Receivables within one year -€110,321
down €110,321 (-38.4%), from €287,602 to €177,281
of which Trade receivables: -€72,165
- Current investments +€25,024
up €25,024 (+23.4%), from €106,886 to €131,911
- Stocks and contracts -€23,505
down €23,505 (-82.5%), from €28,505 to €5,000
- Tangible fixed assets -€8,793
down €8,793 (-18.5%), from €47,590 to €38,797
- Reserves +€50,075
up €50,075 (+18.1%), from €277,421 to €327,496
- Tax, wage and social debts -€35,630
down €35,630 (-45.7%), from €77,888 to €42,258
of which Taxes: -€37,392
- Gross operating margin +€112,585
up €112,585 (+59.6%), from €188,929 to €301,514
- Taxes +€31,406
up €31,406 (+106%), from €29,516 to €60,922
- Financial charges +€11,398
up €11,398 (+89.1%), from €12,792 to €24,190
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 | €786,327 | €790,730 | +€4,403 | +0.6% |
| Fixed assets | 21/28 | €48,165 | €46,471 | -€1,694 | -3.5% |
| Intangible fixed assets | 21 | - | €7,099 | +€7,099 | |
| Tangible fixed assets | 22/27 | €47,590 | €38,797 | -€8,793 | -18.5% |
| Land and buildings | 22 | €14,488 | €12,236 | -€2,252 | -15.5% |
| Plant, machinery and equipment | 23 | €22,512 | €19,979 | -€2,534 | -11.3% |
| Furniture and vehicles | 24 | €10,590 | €6,583 | -€4,007 | -37.8% |
| Financial fixed assets | 28 | €575 | €575 | = | 0.0% |
| Current assets | 29/58 | €738,162 | €744,259 | +€6,097 | +0.8% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €28,505 | €5,000 | -€23,505 | -82.5% |
| Stocks | 30/36 | €28,505 | €5,000 | -€23,505 | -82.5% |
| Amounts receivable within one year | 40/41 | €287,602 | €177,281 | -€110,321 | -38.4% |
| Trade receivables | 40 | €248,898 | €176,732 | -€72,165 | -29.0% |
| Other amounts receivable | 41 | €38,705 | €549 | -€38,156 | -98.6% |
| Current investments | 50/53 | €106,886 | €131,911 | +€25,024 | +23.4% |
| Cash at bank and in hand | 54/58 | €314,713 | €430,068 | +€115,355 | +36.7% |
| Deferred charges and accrued income | 490/1 | €455 | - | -€455 | |
| Total equity and liabilities | 10/49 | €786,327 | €790,730 | +€4,403 | +0.6% |
| Equity | 10/15 | €283,621 | €333,696 | +€50,075 | +17.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €277,421 | €327,496 | +€50,075 | +18.1% |
| Distributable reserves | 133 | €277,421 | €327,496 | +€50,075 | +18.1% |
| Amounts payable | 17/49 | €502,706 | €457,034 | -€45,672 | -9.1% |
| Amounts payable within one year | 42/48 | €502,523 | €457,034 | -€45,489 | -9.1% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €318,014 | €312,652 | -€5,362 | -1.7% |
| Suppliers | 440/4 | €318,014 | €312,652 | -€5,362 | -1.7% |
| Taxes, remuneration and social security | 45 | €77,888 | €42,258 | -€35,630 | -45.7% |
| Taxes | 450/3 | €73,745 | €36,354 | -€37,392 | -50.7% |
| Remuneration and social security | 454/9 | €4,142 | €5,905 | +€1,762 | +42.5% |
| Other amounts payable | 47/48 | €6,621 | €2,124 | -€4,497 | -67.9% |
| Accrued charges and deferred income | 492/3 | €183 | - | -€183 | |
| Remuneration, social security and pensions | 62 | €35,734 | €37,736 | +€2,002 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,569 | €15,847 | +€278 | +1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,035 | €2,523 | +€488 | +24.0% |
| Gross operating margin | 9900 | €188,929 | €301,514 | +€112,585 | +59.6% |
| Operating profit (loss) | 9901 | €135,592 | €245,408 | +€109,816 | +81.0% |
| Financial income | 75/76B | €837 | €1,430 | +€593 | +70.9% |
| Recurring financial income | 75 | €837 | €1,430 | +€593 | +70.9% |
| Financial charges | 65/66B | €12,792 | €24,190 | +€11,398 | +89.1% |
| Recurring financial charges | 65 | €12,792 | €24,190 | +€11,398 | +89.1% |
| Profit (loss) for the period before taxes | 9903 | €123,637 | €222,648 | +€99,011 | +80.1% |
| Income taxes | 67/77 | €29,516 | €60,922 | +€31,406 | +106% |
| Profit (loss) for the period | 9904 | €94,121 | €161,726 | +€67,605 | +71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €94,121 | €161,726 | +€67,605 | +71.8% |
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.