VDH-Martin: what changed
VDH-Martin
Largest movements
- Cash +€20,376
up €20,376 (+40.3%), from €50,501 to €70,877
mainly Net result for the year (+€39,345) and Tax, wage and social debts (+€1,213)
- Receivables within one year +€8,948
up €8,948 (+20.0%), from €44,638 to €53,586
of which Trade receivables: +€10,115
- Profit (loss) carried forward +€39,345
up €39,345 (+73.7%), from €53,377 to €92,722
- Trade debts -€11,208
down €11,208 (-59.3%), from €18,912 to €7,704
- Gross operating margin +€31,824
up €31,824 (+154%), from €20,654 to €52,479
- Taxes +€5,231
up €5,231 (+90.8%), from €5,761 to €10,992
- Financial charges +€829
up €829 (+450%), from €184 to €1,013
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €96,796 | €126,146 | +€29,350 | +30.3% |
| Fixed assets | 21/28 | €919 | €467 | -€452 | -49.2% |
| Tangible fixed assets | 22/27 | €919 | €467 | -€452 | -49.2% |
| Land and buildings | 22 | €919 | €467 | -€452 | -49.2% |
| Current assets | 29/58 | €95,877 | €125,679 | +€29,802 | +31.1% |
| Amounts receivable within one year | 40/41 | €44,638 | €53,586 | +€8,948 | +20.0% |
| Trade receivables | 40 | €29,879 | €39,994 | +€10,115 | +33.9% |
| Other amounts receivable | 41 | €14,759 | €13,592 | -€1,167 | -7.9% |
| Cash at bank and in hand | 54/58 | €50,501 | €70,877 | +€20,376 | +40.3% |
| Deferred charges and accrued income | 490/1 | €738 | €1,216 | +€478 | +64.8% |
| Total equity and liabilities | 10/49 | €96,796 | €126,146 | +€29,350 | +30.3% |
| Equity | 10/15 | €59,377 | €98,722 | +€39,345 | +66.3% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,377 | €92,722 | +€39,345 | +73.7% |
| Amounts payable | 17/49 | €37,419 | €27,424 | -€9,995 | -26.7% |
| Amounts payable within one year | 42/48 | €37,419 | €27,424 | -€9,995 | -26.7% |
| Trade debts | 44 | €18,912 | €7,704 | -€11,208 | -59.3% |
| Suppliers | 440/4 | €18,912 | €7,704 | -€11,208 | -59.3% |
| Taxes, remuneration and social security | 45 | €18,507 | €19,720 | +€1,213 | +6.6% |
| Taxes | 450/3 | €18,507 | €19,720 | +€1,213 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €452 | €452 | = | 0.0% |
| Other operating charges | 640/8 | €1,316 | €1,697 | +€382 | +29.0% |
| Gross operating margin | 9900 | €20,654 | €52,479 | +€31,824 | +154% |
| Operating profit (loss) | 9901 | €18,886 | €50,329 | +€31,443 | +166% |
| Financial income | 75/76B | €809 | €1,021 | +€212 | +26.1% |
| Recurring financial income | 75 | €809 | €1,021 | +€212 | +26.1% |
| Financial charges | 65/66B | €184 | €1,013 | +€829 | +450% |
| Recurring financial charges | 65 | €184 | €1,013 | +€829 | +450% |
| Profit (loss) for the period before taxes | 9903 | €19,511 | €50,337 | +€30,825 | +158% |
| Income taxes | 67/77 | €5,761 | €10,992 | +€5,231 | +90.8% |
| Profit (loss) for the period | 9904 | €13,751 | €39,345 | +€25,594 | +186% |
| Profit (loss) for the period to be appropriated | 9905 | €13,751 | €39,345 | +€25,594 | +186% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.