VDH-PROJECTS: 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-PROJECTS
Largest movements
- Receivables within one year +€47,561
up €47,561 (+38.1%), from €124,869 to €172,430
of which Trade receivables: +€40,163
- Reserves +€305,130
up €305,130 (+129.6%), from €235,395 to €540,526
- Debts after one year -€275,797
down €275,797 (-16.7%), from €1.7m to €1.4m
of which Other amounts payable: -€179,263
- Trade debts -€37,814
down €37,814 (-66.4%), from €56,940 to €19,125
- Other debts +€29,869
new in 2025: €29,869
- Financial income +€354,333
up €354,333 (+177166.4%), from €200 to €354,533
- Gross operating margin -€102,783
down €102,783 (-38.7%), from €265,435 to €162,652
- Financial charges -€18,077
down €18,077 (-28.2%), from €64,200 to €46,123
- Depreciation +€17,462
up €17,462 (+13.0%), from €134,692 to €152,154
- Taxes -€8,017
down €8,017 (-95.0%), from €8,436 to €418
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 | €2,086,244 | €2,095,851 | +€9,607 | +0.5% |
| Fixed assets | 21/28 | €1,929,544 | €1,910,738 | -€18,806 | -1.0% |
| Tangible fixed assets | 22/27 | €1,540,025 | €1,521,219 | -€18,806 | -1.2% |
| Land and buildings | 22 | €1,496,214 | €1,445,444 | -€50,771 | -3.4% |
| Furniture and vehicles | 24 | €28,586 | €49,234 | +€20,648 | +72.2% |
| Assets under construction and advance payments | 27 | €15,225 | €26,541 | +€11,316 | +74.3% |
| Financial fixed assets | 28 | €389,519 | €389,519 | = | 0.0% |
| Current assets | 29/58 | €156,700 | €185,114 | +€28,414 | +18.1% |
| Amounts receivable within one year | 40/41 | €124,869 | €172,430 | +€47,561 | +38.1% |
| Trade receivables | 40 | - | €40,163 | +€40,163 | |
| Other amounts receivable | 41 | €124,869 | €132,267 | +€7,398 | +5.9% |
| Cash at bank and in hand | 54/58 | €27,801 | €7,968 | -€19,833 | -71.3% |
| Deferred charges and accrued income | 490/1 | €4,030 | €4,716 | +€686 | +17.0% |
| Total equity and liabilities | 10/49 | €2,086,244 | €2,095,851 | +€9,607 | +0.5% |
| Equity | 10/15 | €250,295 | €555,426 | +€305,130 | +121.9% |
| Contributions | 10/11 | €14,900 | €14,900 | = | 0.0% |
| Reserves | 13 | €235,395 | €540,526 | +€305,130 | +129.6% |
| Distributable reserves | 133 | €235,395 | €540,526 | +€305,130 | +129.6% |
| Amounts payable | 17/49 | €1,835,948 | €1,540,425 | -€295,523 | -16.1% |
| Amounts payable after more than one year | 17 | €1,651,996 | €1,376,199 | -€275,797 | -16.7% |
| Financial debts | 170/4 | €1,006,149 | €909,615 | -€96,534 | -9.6% |
| Other amounts payable | 178/9 | €645,847 | €466,584 | -€179,263 | -27.8% |
| Amounts payable within one year | 42/48 | €171,278 | €161,626 | -€9,652 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €105,855 | €112,159 | +€6,304 | +6.0% |
| Trade debts | 44 | €56,940 | €19,125 | -€37,814 | -66.4% |
| Suppliers | 440/4 | €56,940 | €19,125 | -€37,814 | -66.4% |
| Taxes, remuneration and social security | 45 | €8,483 | €473 | -€8,010 | -94.4% |
| Taxes | 450/3 | €8,483 | €473 | -€8,010 | -94.4% |
| Other amounts payable | 47/48 | - | €29,869 | +€29,869 | |
| Accrued charges and deferred income | 492/3 | €12,674 | €2,600 | -€10,074 | -79.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,692 | €152,154 | +€17,462 | +13.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,236 | - | -€1,236 | |
| Other operating charges | 640/8 | €12,287 | €13,360 | +€1,073 | +8.7% |
| Gross operating margin | 9900 | €265,435 | €162,652 | -€102,783 | -38.7% |
| Operating profit (loss) | 9901 | €117,220 | -€2,861 | -€120,081 | |
| Financial income | 75/76B | €200 | €354,533 | +€354,333 | +177166.4% |
| Recurring financial income | 75 | €200 | €354,533 | +€354,333 | +177166.4% |
| Financial charges | 65/66B | €64,200 | €46,123 | -€18,077 | -28.2% |
| Recurring financial charges | 65 | €64,200 | €46,123 | -€18,077 | -28.2% |
| Profit (loss) for the period before taxes | 9903 | €53,220 | €305,549 | +€252,328 | +474.1% |
| Income taxes | 67/77 | €8,436 | €418 | -€8,017 | -95.0% |
| Profit (loss) for the period | 9904 | €44,785 | €305,130 | +€260,346 | +581.3% |
| Profit (loss) for the period to be appropriated | 9905 | €44,785 | €305,130 | +€260,346 | +581.3% |
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 10 October 2026 via checked.be.