VDH Management: 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 Management
Largest movements
- Receivables within one year -€26,512
down €26,512 (-57.0%), from €46,488 to €19,977
of which Trade receivables: -€39,045
- Deferred charges and accrued income -€13,594
down €13,594 (-88.8%), from €15,311 to €1,716
- Cash -€10,568
down €10,568 (-86.3%), from €12,244 to €1,677
mainly Trade debts (-€49,780) and Other debts (-€5,391)
- Tangible fixed assets +€1,212
up €1,212 (+16.4%), from €7,386 to €8,598
- Trade debts -€49,780
down €49,780 (-92.2%), from €53,967 to €4,187
- Other debts -€5,391
down €5,391 (-100.0%), from €5,391 to €0
- Tax, wage and social debts +€5,069
up €5,069 (+37.1%), from €13,665 to €18,734
of which Remuneration and social security: +€3,031
- Advances received +€4,924
new in 2025: €4,924
- Profit (loss) carried forward -€4,284
down €4,284, from €43 to -€4,242
- Taxes +€3,691
up €3,691, from €0 to €3,691
- Other operating charges -€1,935
down €1,935 (-78.1%), from €2,478 to €544
- Depreciation +€970
up €970 (+41.6%), from €2,330 to €3,300
- Financial income +€957
new in 2025: €957
- Gross operating margin -€393
down €393 (-4.9%), from €8,045 to €7,652
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 | €81,465 | €32,004 | -€49,462 | -60.7% |
| Fixed assets | 21/28 | €7,422 | €8,634 | +€1,212 | +16.3% |
| Tangible fixed assets | 22/27 | €7,386 | €8,598 | +€1,212 | +16.4% |
| Furniture and vehicles | 24 | €7,386 | €8,598 | +€1,212 | +16.4% |
| Financial fixed assets | 28 | €36 | €36 | = | 0.0% |
| Current assets | 29/58 | €74,043 | €23,369 | -€50,674 | -68.4% |
| Amounts receivable within one year | 40/41 | €46,488 | €19,977 | -€26,512 | -57.0% |
| Trade receivables | 40 | €42,345 | €3,300 | -€39,045 | -92.2% |
| Other amounts receivable | 41 | €4,143 | €16,677 | +€12,533 | +302.5% |
| Cash at bank and in hand | 54/58 | €12,244 | €1,677 | -€10,568 | -86.3% |
| Deferred charges and accrued income | 490/1 | €15,311 | €1,716 | -€13,594 | -88.8% |
| Total equity and liabilities | 10/49 | €81,465 | €32,004 | -€49,462 | -60.7% |
| Equity | 10/15 | €8,443 | €4,158 | -€4,284 | -50.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €5,900 | €5,900 | = | 0.0% |
| Distributable reserves | 133 | €5,900 | €5,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43 | -€4,242 | -€4,284 | |
| Amounts payable | 17/49 | €73,023 | €27,845 | -€45,177 | -61.9% |
| Amounts payable within one year | 42/48 | €73,023 | €27,845 | -€45,177 | -61.9% |
| Trade debts | 44 | €53,967 | €4,187 | -€49,780 | -92.2% |
| Suppliers | 440/4 | €53,967 | €4,187 | -€49,780 | -92.2% |
| Advances received on contracts in progress | 46 | - | €4,924 | +€4,924 | |
| Taxes, remuneration and social security | 45 | €13,665 | €18,734 | +€5,069 | +37.1% |
| Taxes | 450/3 | €13,665 | €15,703 | +€2,038 | +14.9% |
| Remuneration and social security | 454/9 | - | €3,031 | +€3,031 | |
| Other amounts payable | 47/48 | €5,391 | €0 | -€5,391 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,330 | €3,300 | +€970 | +41.6% |
| Other operating charges | 640/8 | €2,478 | €544 | -€1,935 | -78.1% |
| Non-recurring operating charges | 66A | - | €2,250 | +€2,250 | |
| Gross operating margin | 9900 | €8,045 | €7,652 | -€393 | -4.9% |
| Operating profit (loss) | 9901 | €3,237 | €1,559 | -€1,678 | -51.8% |
| Financial income | 75/76B | - | €957 | +€957 | |
| Recurring financial income | 75 | - | €957 | +€957 | |
| Financial charges | 65/66B | €2,911 | €3,109 | +€198 | +6.8% |
| Recurring financial charges | 65 | €2,911 | €3,109 | +€198 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €326 | -€593 | -€919 | |
| Income taxes | 67/77 | €0 | €3,691 | +€3,691 | |
| Profit (loss) for the period | 9904 | €326 | -€4,284 | -€4,610 | |
| Profit (loss) for the period to be appropriated | 9905 | €326 | -€4,284 | -€4,610 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.