VDH Participations: what changed
What changed
VDH Participations
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€80,607
2024 · €359,183-€439,790
Equity
€3.0m
2024 · €3.1m-€80,607
Cash
€3,868
2024 · €2,492+€1,376
Balance sheet total
€5.2m
2024 · €5.9m-€732,315
Largest movements
Assets
- Receivables within one year -€409,010
down €409,010 (-45.3%), from €903,190 to €494,179
of which Trade receivables: -€290,858
- Current investments -€350,000
down €350,000 (-100%), from €350,000 to €0
- Tangible fixed assets +€62,960
up €62,960 (+9.8%), from €641,500 to €704,460
of which Assets under construction and advance payments: +€36,832
Equity and liabilities
- Other debts -€299,286
down €299,286 (-99.8%), from €299,930 to €644
- Debts after one year -€260,574
down €260,574 (-17.6%), from €1.5m to €1.2m
- Provisions -€89,683
down €89,683 (-32.0%), from €280,368 to €190,685
- Profit (loss) carried forward -€80,607
down €80,607 (-22.2%), from €363,434 to €282,828
Income statement
- Financial income -€425,619
down €425,619 (-94.9%), from €448,448 to €22,829
- Provisions +€313,751
up €313,751 (+77.8%), from -€403,434 to -€89,683
- Gross operating margin +€298,245
up €298,245 (+75.2%), from -€396,728 to -€98,483
- Depreciation -€6,402
down €6,402 (-49.1%), from €13,032 to €6,630
- Taxes +€5,471
no longer reported in 2025 (was -€5,471)
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.
Result 2024
€359,183
Gross operating margin
+€298,245
Depreciation
+€6,402
Provisions
-€313,751
Other operating charges
-€31
Financial income
-€425,619
Financial charges
+€435
Taxes
-€5,471
Result 2025
-€80,607
raises the resultlowers the result
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.
From operations
-€96,151
Investment
+€317,780
Financing
-€220,253
Cash 2024
€2,492
From operations (derived)
-€96,151
Net result for the year
-€80,607
Depreciation
+€6,630
Receivables within one year
+€409,010
Deferred charges and accrued income
+€272
Provisions
-€89,683
Trade debts
-€28,447
Tax, wage and social debts
-€14,040
Other debts
-€299,286
Investment (derived)
+€317,780
Investment in fixed assets (net)
-€32,220
Current investments
+€350,000
Financing
-€220,253
Debts after one year
-€260,574
Current portion of long-term debt
+€40,321
Cash 2025
€3,868
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,904,848 | €5,172,533 | -€732,315 | -12.4% |
| Formation expenses | 20 | €4,067 | €0 | -€4,067 | -100% |
| Fixed assets | 21/28 | €4,644,828 | €4,674,486 | +€29,658 | +0.6% |
| Tangible fixed assets | 22/27 | €641,500 | €704,460 | +€62,960 | +9.8% |
| Land and buildings | 22 | - | €26,128 | +€26,128 | |
| Assets under construction and advance payments | 27 | €641,500 | €678,332 | +€36,832 | +5.7% |
| Financial fixed assets | 28 | €4,003,329 | €3,970,026 | -€33,302 | -0.8% |
| Current assets | 29/58 | €1,255,953 | €498,047 | -€757,906 | -60.3% |
| Amounts receivable within one year | 40/41 | €903,190 | €494,179 | -€409,010 | -45.3% |
| Trade receivables | 40 | €304,253 | €13,395 | -€290,858 | -95.6% |
| Other amounts receivable | 41 | €598,937 | €480,784 | -€118,153 | -19.7% |
| Current investments | 50/53 | €350,000 | €0 | -€350,000 | -100% |
| Cash at bank and in hand | 54/58 | €2,492 | €3,868 | +€1,376 | +55.2% |
| Deferred charges and accrued income | 490/1 | €272 | €0 | -€272 | -100% |
| Total equity and liabilities | 10/49 | €5,904,848 | €5,172,533 | -€732,315 | -12.4% |
| Equity | 10/15 | €3,089,434 | €3,008,828 | -€80,607 | -2.6% |
| Contributions | 10/11 | €2,726,000 | €2,726,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €363,434 | €282,828 | -€80,607 | -22.2% |
| Provisions and deferred taxes | 16 | €280,368 | €190,685 | -€89,683 | -32.0% |
| Provisions for liabilities and charges | 160/5 | €280,368 | €190,685 | -€89,683 | -32.0% |
| Other liabilities and charges | 164/5 | €280,368 | €190,685 | -€89,683 | -32.0% |
| Amounts payable | 17/49 | €2,535,046 | €1,973,021 | -€562,026 | -22.2% |
| Amounts payable after more than one year | 17 | €1,477,566 | €1,216,993 | -€260,574 | -17.6% |
| Financial debts | 170/4 | €1,477,566 | €1,216,993 | -€260,574 | -17.6% |
| Amounts payable within one year | 42/48 | €1,057,480 | €756,028 | -€301,452 | -28.5% |
| Current portion of amounts payable after more than one year | 42 | €254,253 | €294,574 | +€40,321 | +15.9% |
| Trade debts | 44 | €489,258 | €460,810 | -€28,447 | -5.8% |
| Suppliers | 440/4 | €489,258 | €460,810 | -€28,447 | -5.8% |
| Taxes, remuneration and social security | 45 | €14,040 | €0 | -€14,040 | -100% |
| Taxes | 450/3 | €14,040 | €0 | -€14,040 | -100% |
| Other amounts payable | 47/48 | €299,930 | €644 | -€299,286 | -99.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,032 | €6,630 | -€6,402 | -49.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€403,434 | -€89,683 | +€313,751 | +77.8% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | -€396,728 | -€98,483 | +€298,245 | +75.2% |
| Operating profit (loss) | 9901 | -€7,293 | -€16,428 | -€9,135 | -125% |
| Financial income | 75/76B | €448,448 | €22,829 | -€425,619 | -94.9% |
| Recurring financial income | 75 | €448,448 | €22,829 | -€425,619 | -94.9% |
| Financial charges | 65/66B | €87,443 | €87,008 | -€435 | -0.5% |
| Recurring financial charges | 65 | €87,443 | €87,008 | -€435 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €353,712 | -€80,607 | -€434,319 | |
| Income taxes | 67/77 | -€5,471 | - | +€5,471 | |
| Profit (loss) for the period | 9904 | €359,183 | -€80,607 | -€439,790 | |
| Profit (loss) for the period to be appropriated | 9905 | €359,183 | -€80,607 | -€439,790 |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
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 3 November 2026 via checked.be.