VDH Development: 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 Development
Largest movements
- Cash +€77,895
up €77,895 (+106.5%), from €73,144 to €151,039
mainly Current investments (+€75,000) and Net result for the year (+€25,008)
- Current investments -€75,000
no longer reported in 2025 (was €75,000)
- Tangible fixed assets +€8,682
up €8,682 (+78.7%), from €11,032 to €19,714
of which Furniture and vehicles: +€10,007
- Receivables within one year +€3,971
up €3,971 (+39.1%), from €10,164 to €14,135
of which Trade receivables: +€2,117
- Other debts +€10,801
up €10,801 (+43.8%), from €24,638 to €35,439
- Reserves +€9,500
up €9,500 (+8.5%), from €112,360 to €121,860
- Trade debts -€8,684
down €8,684 (-79.1%), from €10,976 to €2,293
- Tax, wage and social debts +€2,293
up €2,293 (+24.7%), from €9,277 to €11,570
of which Remuneration and social security: +€3,046
- Financial income +€1,555
up €1,555 (+172.6%), from €901 to €2,456
- Gross operating margin +€1,508
up €1,508 (+3.9%), from €39,010 to €40,518
- Taxes +€1,243
up €1,243 (+12.3%), from €10,139 to €11,383
- Depreciation +€1,242
up €1,242 (+53.2%), from €2,337 to €3,579
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 | €170,782 | €186,096 | +€15,314 | +9.0% |
| Fixed assets | 21/28 | €11,057 | €19,739 | +€8,682 | +78.5% |
| Tangible fixed assets | 22/27 | €11,032 | €19,714 | +€8,682 | +78.7% |
| Plant, machinery and equipment | 23 | €7,622 | €6,297 | -€1,325 | -17.4% |
| Furniture and vehicles | 24 | €3,410 | €13,417 | +€10,007 | +293.5% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €159,726 | €166,357 | +€6,632 | +4.2% |
| Amounts receivable within one year | 40/41 | €10,164 | €14,135 | +€3,971 | +39.1% |
| Trade receivables | 40 | €10,164 | €12,281 | +€2,117 | +20.8% |
| Other amounts receivable | 41 | - | €1,854 | +€1,854 | |
| Current investments | 50/53 | €75,000 | - | -€75,000 | |
| Cash at bank and in hand | 54/58 | €73,144 | €151,039 | +€77,895 | +106.5% |
| Deferred charges and accrued income | 490/1 | €1,418 | €1,184 | -€234 | -16.5% |
| Total equity and liabilities | 10/49 | €170,782 | €186,096 | +€15,314 | +9.0% |
| Equity | 10/15 | €121,778 | €131,286 | +€9,508 | +7.8% |
| Contributions | 10/11 | €8,200 | €8,200 | = | 0.0% |
| Reserves | 13 | €112,360 | €121,860 | +€9,500 | +8.5% |
| Distributable reserves | 133 | €112,360 | €121,860 | +€9,500 | +8.5% |
| Profit (loss) carried forward | 14 | €1,218 | €1,226 | +€8 | +0.6% |
| Amounts payable | 17/49 | €49,004 | €54,811 | +€5,806 | +11.8% |
| Amounts payable within one year | 42/48 | €48,246 | €53,498 | +€5,252 | +10.9% |
| Financial debts | 43 | €3,355 | €4,197 | +€842 | +25.1% |
| Credit institutions | 430/8 | €3,355 | €4,197 | +€842 | +25.1% |
| Trade debts | 44 | €10,976 | €2,293 | -€8,684 | -79.1% |
| Suppliers | 440/4 | €10,976 | €2,293 | -€8,684 | -79.1% |
| Taxes, remuneration and social security | 45 | €9,277 | €11,570 | +€2,293 | +24.7% |
| Taxes | 450/3 | €9,277 | €8,524 | -€752 | -8.1% |
| Remuneration and social security | 454/9 | - | €3,046 | +€3,046 | |
| Other amounts payable | 47/48 | €24,638 | €35,439 | +€10,801 | +43.8% |
| Accrued charges and deferred income | 492/3 | €759 | €1,313 | +€554 | +73.0% |
| Remuneration, social security and pensions | 62 | €357 | €560 | +€203 | +57.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,337 | €3,579 | +€1,242 | +53.2% |
| Other operating charges | 640/8 | €513 | €528 | +€14 | +2.8% |
| Gross operating margin | 9900 | €39,010 | €40,518 | +€1,508 | +3.9% |
| Operating profit (loss) | 9901 | €35,803 | €35,852 | +€49 | +0.1% |
| Financial income | 75/76B | €901 | €2,456 | +€1,555 | +172.6% |
| Recurring financial income | 75 | €901 | €2,456 | +€1,555 | +172.6% |
| Financial charges | 65/66B | €1,869 | €1,918 | +€49 | +2.6% |
| Recurring financial charges | 65 | €1,869 | €1,918 | +€49 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €34,835 | €36,390 | +€1,555 | +4.5% |
| Income taxes | 67/77 | €10,139 | €11,383 | +€1,243 | +12.3% |
| Profit (loss) for the period | 9904 | €24,696 | €25,008 | +€312 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €24,696 | €25,008 | +€312 | +1.3% |
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 6 October 2026 via checked.be.