VDH Property: 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 Property
Largest movements
- Receivables within one year -€48,533
down €48,533 (-63.2%), from €76,760 to €28,227
of which Trade receivables: -€53,440
- Tangible fixed assets -€10,438
down €10,438 (-7.9%), from €131,503 to €121,065
- Cash -€3,543
down €3,543 (-13.1%), from €27,063 to €23,520
mainly Accrued charges and deferred income (-€34,226) and Trade debts (-€15,434)
- Accrued charges and deferred income -€34,226
down €34,226 (-99.3%), from €34,453 to €227
- Trade debts -€15,434
down €15,434 (-75.1%), from €20,538 to €5,104
- Other debts -€9,249
down €9,249 (-13.1%), from €70,489 to €61,240
- Debts after one year -€4,900
down €4,900 (-10.4%), from €47,323 to €42,423
- Gross operating margin -€36,739
down €36,739 (-62.4%), from €58,873 to €22,134
- Taxes -€12,421
down €12,421 (-82.9%), from €14,983 to €2,563
- Financial charges +€3,286
up €3,286 (+110%), from €2,978 to €6,263
- Depreciation -€1,471
down €1,471 (-12.4%), from €11,909 to €10,438
- Other operating charges +€594
up €594 (+37.0%), from €1,605 to €2,199
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 | €238,969 | €175,077 | -€63,891 | -26.7% |
| Fixed assets | 21/28 | €131,503 | €121,065 | -€10,438 | -7.9% |
| Tangible fixed assets | 22/27 | €131,503 | €121,065 | -€10,438 | -7.9% |
| Land and buildings | 22 | €92,171 | €87,698 | -€4,473 | -4.9% |
| Plant, machinery and equipment | 23 | €2,692 | €1,402 | -€1,290 | -47.9% |
| Furniture and vehicles | 24 | €11,055 | €8,143 | -€2,912 | -26.3% |
| Other tangible fixed assets | 26 | €25,585 | €23,823 | -€1,763 | -6.9% |
| Current assets | 29/58 | €107,465 | €54,012 | -€53,453 | -49.7% |
| Amounts receivable within one year | 40/41 | €76,760 | €28,227 | -€48,533 | -63.2% |
| Trade receivables | 40 | €69,515 | €16,075 | -€53,440 | -76.9% |
| Other amounts receivable | 41 | €7,245 | €12,152 | +€4,907 | +67.7% |
| Cash at bank and in hand | 54/58 | €27,063 | €23,520 | -€3,543 | -13.1% |
| Deferred charges and accrued income | 490/1 | €3,643 | €2,266 | -€1,377 | -37.8% |
| Total equity and liabilities | 10/49 | €238,969 | €175,077 | -€63,891 | -26.7% |
| Equity | 10/15 | €45,878 | €46,617 | +€739 | +1.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €27,278 | €28,017 | +€739 | +2.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €27,278 | €28,017 | +€739 | +2.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €193,090 | €128,460 | -€64,630 | -33.5% |
| Amounts payable after more than one year | 17 | €47,323 | €42,423 | -€4,900 | -10.4% |
| Financial debts | 170/4 | €47,323 | €42,423 | -€4,900 | -10.4% |
| Amounts payable within one year | 42/48 | €111,314 | €85,810 | -€25,505 | -22.9% |
| Current portion of amounts payable after more than one year | 42 | €13,670 | €13,731 | +€61 | +0.4% |
| Trade debts | 44 | €20,538 | €5,104 | -€15,434 | -75.1% |
| Suppliers | 440/4 | €20,538 | €5,104 | -€15,434 | -75.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €6,617 | €5,735 | -€882 | -13.3% |
| Taxes | 450/3 | €6,617 | €5,735 | -€882 | -13.3% |
| Other amounts payable | 47/48 | €70,489 | €61,240 | -€9,249 | -13.1% |
| Accrued charges and deferred income | 492/3 | €34,453 | €227 | -€34,226 | -99.3% |
| Non-recurring operating income | 76A | €11,108 | €0 | -€11,108 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,909 | €10,438 | -€1,471 | -12.4% |
| Other operating charges | 640/8 | €1,605 | €2,199 | +€594 | +37.0% |
| Non-recurring operating charges | 66A | €119 | €0 | -€119 | -100% |
| Gross operating margin | 9900 | €58,873 | €22,134 | -€36,739 | -62.4% |
| Operating profit (loss) | 9901 | €45,239 | €9,496 | -€35,743 | -79.0% |
| Financial income | 75/76B | - | €69 | +€69 | |
| Recurring financial income | 75 | - | €69 | +€69 | |
| Financial charges | 65/66B | €2,978 | €6,263 | +€3,286 | +110% |
| Recurring financial charges | 65 | €2,978 | €6,263 | +€3,286 | +110% |
| Profit (loss) for the period before taxes | 9903 | €42,262 | €3,302 | -€38,959 | -92.2% |
| Income taxes | 67/77 | €14,983 | €2,563 | -€12,421 | -82.9% |
| Profit (loss) for the period | 9904 | €27,278 | €739 | -€26,539 | -97.3% |
| Profit (loss) for the period to be appropriated | 9905 | €27,278 | €739 | -€26,539 | -97.3% |
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 14 October 2026 via checked.be.