VDH E-COMMERCE: 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 E-COMMERCE
Largest movements
- Cash +€2.3m
up €2.3m (+6,392%), from €36,057 to €2.3m
mainly Receivables within one year (+€2.0m) and Net result for the year (+€1.1m)
- Receivables within one year -€2.0m
down €2.0m (-44.8%), from €4.4m to €2.4m
of which Trade receivables: -€2.2m
- Receivables after one year +€225,000
up €225,000 (+75.0%), from €300,000 to €525,000
- Tangible fixed assets +€79,534
up €79,534 (+206%), from €38,631 to €118,164
of which Furniture and vehicles: +€78,095
- Reserves +€952,809
up €952,809 (+35.9%), from €2.7m to €3.6m
- Other debts -€237,351
down €237,351 (-100%), from €237,351 to €0
- Accrued charges and deferred income -€140,489
down €140,489 (-98.8%), from €142,147 to €1,658
- Profit (loss) carried forward +€106,764
up €106,764 (+32.2%), from €331,883 to €438,647
- Gross operating margin -€2.0m
down €2.0m (-59.9%), from €3.3m to €1.3m
- Taxes -€377,076
down €377,076 (-92.4%), from €408,279 to €31,203
- Financial charges +€226,802
up €226,802 (+337%), from €67,201 to €294,002
- Financial income -€77,389
down €77,389 (-48.9%), from €158,262 to €80,872
of which Non-recurring financial income: -€132,568
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 | €4,812,956 | €5,480,289 | +€667,334 | +13.9% |
| Fixed assets | 21/28 | €47,333 | €125,293 | +€77,960 | +165% |
| Intangible fixed assets | 21 | €7,703 | €6,128 | -€1,574 | -20.4% |
| Tangible fixed assets | 22/27 | €38,631 | €118,164 | +€79,534 | +206% |
| Plant, machinery and equipment | 23 | €525 | €1,963 | +€1,438 | +274% |
| Furniture and vehicles | 24 | €38,106 | €116,202 | +€78,095 | +205% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €4,765,622 | €5,354,997 | +€589,374 | +12.4% |
| Amounts receivable after more than one year | 29 | €300,000 | €525,000 | +€225,000 | +75.0% |
| Other amounts receivable | 291 | €300,000 | €525,000 | +€225,000 | +75.0% |
| Amounts receivable within one year | 40/41 | €4,352,694 | €2,400,764 | -€2.0m | -44.8% |
| Trade receivables | 40 | €3,801,944 | €1,567,617 | -€2.2m | -58.8% |
| Other amounts receivable | 41 | €550,750 | €833,147 | +€282,398 | +51.3% |
| Cash at bank and in hand | 54/58 | €36,057 | €2,340,840 | +€2.3m | +6,392% |
| Deferred charges and accrued income | 490/1 | €76,871 | €88,393 | +€11,521 | +15.0% |
| Total equity and liabilities | 10/49 | €4,812,956 | €5,480,289 | +€667,334 | +13.9% |
| Equity | 10/15 | €2,986,856 | €4,046,429 | +€1.1m | +35.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €2,652,973 | €3,605,782 | +€952,809 | +35.9% |
| Tax-exempt reserves | 132 | €2,652,973 | €3,605,782 | +€952,809 | +35.9% |
| Profit (loss) carried forward | 14 | €331,883 | €438,647 | +€106,764 | +32.2% |
| Amounts payable | 17/49 | €1,826,099 | €1,433,860 | -€392,239 | -21.5% |
| Amounts payable after more than one year | 17 | €25,538 | €19,184 | -€6,354 | -24.9% |
| Financial debts | 170/4 | €25,538 | €19,184 | -€6,354 | -24.9% |
| Amounts payable within one year | 42/48 | €1,658,415 | €1,413,018 | -€245,397 | -14.8% |
| Current portion of amounts payable after more than one year | 42 | €6,047 | €6,354 | +€307 | +5.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,402,633 | €1,404,574 | +€1,942 | +0.1% |
| Suppliers | 440/4 | €1,402,633 | €1,404,574 | +€1,942 | +0.1% |
| Taxes, remuneration and social security | 45 | €12,385 | €2,090 | -€10,294 | -83.1% |
| Taxes | 450/3 | €6,538 | €2,090 | -€4,447 | -68.0% |
| Remuneration and social security | 454/9 | €5,847 | €0 | -€5,847 | -100% |
| Other amounts payable | 47/48 | €237,351 | €0 | -€237,351 | -100% |
| Accrued charges and deferred income | 492/3 | €142,147 | €1,658 | -€140,489 | -98.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,837 | €30,334 | +€26,497 | +691% |
| Other operating charges | 640/8 | €610 | €658 | +€48 | +7.9% |
| Gross operating margin | 9900 | €3,326,593 | €1,334,898 | -€2.0m | -59.9% |
| Operating profit (loss) | 9901 | €3,322,146 | €1,303,906 | -€2.0m | -60.8% |
| Financial income | 75/76B | €158,262 | €80,872 | -€77,389 | -48.9% |
| Recurring financial income | 75 | €25,693 | €80,872 | +€55,179 | +215% |
| Non-recurring financial income | 76B | €132,568 | €0 | -€132,568 | -100% |
| Financial charges | 65/66B | €67,201 | €294,002 | +€226,802 | +337% |
| Recurring financial charges | 65 | €67,201 | €294,002 | +€226,802 | +337% |
| Profit (loss) for the period before taxes | 9903 | €3,413,207 | €1,090,776 | -€2.3m | -68.0% |
| Income taxes | 67/77 | €408,279 | €31,203 | -€377,076 | -92.4% |
| Profit (loss) for the period | 9904 | €3,004,928 | €1,059,573 | -€1.9m | -64.7% |
| Transfer to tax-exempt reserves | 689 | €2,652,973 | €952,809 | -€1.7m | -64.1% |
| Profit (loss) for the period to be appropriated | 9905 | €351,955 | €106,764 | -€245,191 | -69.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.