VDH-M: 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-M
Largest movements
- Current investments -€80,000
down €80,000 (-100%), from €80,000 to €0
- Tangible fixed assets +€47,016
up €47,016 (+915%), from €5,137 to €52,153
- Cash +€30,006
up €30,006 (+48.9%), from €61,370 to €91,376
mainly Current investments (+€80,000) and Net result for the year (+€60,557)
- Receivables within one year +€5,082
up €5,082 (+29.1%), from €17,453 to €22,535
of which Other amounts receivable: +€4,357
- Trade debts +€2,979
up €2,979 (+265%), from €1,124 to €4,103
- Tax, wage and social debts -€2,735
down €2,735 (-48.1%), from €5,688 to €2,953
of which Taxes: -€2,735
- Other debts +€1,861
up €1,861 (+2.4%), from €77,243 to €79,104
- Depreciation -€4,948
down €4,948 (-43.8%), from €11,295 to €6,347
- Financial income +€2,953
up €2,953 (+41,299%), from €7 to €2,960
- Gross operating margin +€1,850
up €1,850 (+2.3%), from €81,898 to €83,747
- Taxes +€1,405
up €1,405 (+7.8%), from €18,126 to €19,531
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 | €163,999 | €166,104 | +€2,105 | +1.3% |
| Fixed assets | 21/28 | €5,177 | €52,193 | +€47,016 | +908% |
| Tangible fixed assets | 22/27 | €5,137 | €52,153 | +€47,016 | +915% |
| Furniture and vehicles | 24 | €5,137 | €52,153 | +€47,016 | +915% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €158,823 | €113,911 | -€44,911 | -28.3% |
| Amounts receivable within one year | 40/41 | €17,453 | €22,535 | +€5,082 | +29.1% |
| Trade receivables | 40 | €17,453 | €18,178 | +€725 | +4.2% |
| Other amounts receivable | 41 | €0 | €4,357 | +€4,357 | |
| Current investments | 50/53 | €80,000 | €0 | -€80,000 | -100% |
| Cash at bank and in hand | 54/58 | €61,370 | €91,376 | +€30,006 | +48.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €163,999 | €166,104 | +€2,105 | +1.3% |
| Equity | 10/15 | €79,945 | €79,945 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €77,945 | €77,945 | = | 0.0% |
| Distributable reserves | 133 | €77,945 | €77,945 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €84,055 | €86,159 | +€2,105 | +2.5% |
| Amounts payable within one year | 42/48 | €84,055 | €86,159 | +€2,105 | +2.5% |
| Trade debts | 44 | €1,124 | €4,103 | +€2,979 | +265% |
| Suppliers | 440/4 | €1,124 | €4,103 | +€2,979 | +265% |
| Taxes, remuneration and social security | 45 | €5,688 | €2,953 | -€2,735 | -48.1% |
| Taxes | 450/3 | €5,688 | €2,953 | -€2,735 | -48.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €77,243 | €79,104 | +€1,861 | +2.4% |
| Non-recurring operating income | 76A | - | €4,863 | +€4,863 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,295 | €6,347 | -€4,948 | -43.8% |
| Other operating charges | 640/8 | €728 | €824 | +€96 | +13.2% |
| Gross operating margin | 9900 | €81,898 | €83,747 | +€1,850 | +2.3% |
| Operating profit (loss) | 9901 | €69,875 | €76,577 | +€6,702 | +9.6% |
| Financial income | 75/76B | €7 | €2,960 | +€2,953 | +41,299% |
| Recurring financial income | 75 | €7 | €2,960 | +€2,953 | +41,299% |
| Financial charges | 65/66B | €21 | -€551 | -€572 | |
| Recurring financial charges | 65 | €21 | -€551 | -€572 | |
| Profit (loss) for the period before taxes | 9903 | €69,861 | €80,087 | +€10,226 | +14.6% |
| Income taxes | 67/77 | €18,126 | €19,531 | +€1,405 | +7.8% |
| Profit (loss) for the period | 9904 | €51,735 | €60,557 | +€8,822 | +17.1% |
| Profit (loss) for the period to be appropriated | 9905 | €51,735 | €60,557 | +€8,822 | +17.1% |
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 18 October 2026 via checked.be.