VDH SOLUTION: 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 SOLUTION
Largest movements
- Tangible fixed assets +€131,238
up €131,238 (+376.0%), from €34,908 to €166,146
of which Other tangible fixed assets: +€101,204
- Receivables within one year +€79,122
up €79,122 (+5117.7%), from €1,546 to €80,668
of which Trade receivables: +€72,737
- Stocks and contracts -€65,000
no longer reported in 2025 (was €65,000)
- Cash +€38,242
up €38,242 (+493.6%), from €7,747 to €45,989
mainly Other debts (+€90,755) and Net result for the year (+€87,499)
- Other debts +€90,755
up €90,755 (+144.8%), from €62,664 to €153,419
- Reserves +€87,499
up €87,499 (+616.6%), from €14,190 to €101,689
- Tax, wage and social debts +€22,474
up €22,474 (+508.9%), from €4,416 to €26,890
- Trade debts -€17,127
down €17,127 (-95.5%), from €17,931 to €804
- Gross operating margin +€105,595
up €105,595 (+495.0%), from €21,331 to €126,926
- Taxes +€18,058
up €18,058 (+408.9%), from €4,416 to €22,474
- Depreciation +€15,250
up €15,250 (+1633.7%), from €933 to €16,183
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 | €109,201 | €292,803 | +€183,602 | +168.1% |
| Fixed assets | 21/28 | €34,908 | €166,146 | +€131,238 | +376.0% |
| Tangible fixed assets | 22/27 | €34,908 | €166,146 | +€131,238 | +376.0% |
| Plant, machinery and equipment | 23 | €1,509 | €1,342 | -€167 | -11.0% |
| Furniture and vehicles | 24 | €33,399 | €63,600 | +€30,200 | +90.4% |
| Other tangible fixed assets | 26 | - | €101,204 | +€101,204 | |
| Current assets | 29/58 | €74,293 | €126,657 | +€52,364 | +70.5% |
| Stocks and contracts in progress | 3 | €65,000 | - | -€65,000 | |
| Contracts in progress | 37 | €65,000 | - | -€65,000 | |
| Amounts receivable within one year | 40/41 | €1,546 | €80,668 | +€79,122 | +5117.7% |
| Trade receivables | 40 | - | €72,737 | +€72,737 | |
| Other amounts receivable | 41 | €1,546 | €7,931 | +€6,385 | +413.0% |
| Cash at bank and in hand | 54/58 | €7,747 | €45,989 | +€38,242 | +493.6% |
| Total equity and liabilities | 10/49 | €109,201 | €292,803 | +€183,602 | +168.1% |
| Equity | 10/15 | €24,190 | €111,689 | +€87,499 | +361.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €14,190 | €101,689 | +€87,499 | +616.6% |
| Distributable reserves | 133 | €14,190 | €101,689 | +€87,499 | +616.6% |
| Amounts payable | 17/49 | €85,011 | €181,114 | +€96,102 | +113.0% |
| Amounts payable within one year | 42/48 | €85,011 | €181,114 | +€96,102 | +113.0% |
| Trade debts | 44 | €17,931 | €804 | -€17,127 | -95.5% |
| Suppliers | 440/4 | €17,931 | €804 | -€17,127 | -95.5% |
| Taxes, remuneration and social security | 45 | €4,416 | €26,890 | +€22,474 | +508.9% |
| Taxes | 450/3 | €4,416 | €26,890 | +€22,474 | +508.9% |
| Other amounts payable | 47/48 | €62,664 | €153,419 | +€90,755 | +144.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €933 | €16,183 | +€15,250 | +1633.7% |
| Other operating charges | 640/8 | €1,396 | €831 | -€564 | -40.4% |
| Gross operating margin | 9900 | €21,331 | €126,926 | +€105,595 | +495.0% |
| Operating profit (loss) | 9901 | €19,002 | €109,911 | +€90,909 | +478.4% |
| Financial income | 75/76B | - | €544 | +€544 | |
| Recurring financial income | 75 | - | €544 | +€544 | |
| Financial charges | 65/66B | €396 | €482 | +€86 | +21.7% |
| Recurring financial charges | 65 | €396 | €482 | +€86 | +21.7% |
| Profit (loss) for the period before taxes | 9903 | €18,606 | €109,974 | +€91,368 | +491.1% |
| Income taxes | 67/77 | €4,416 | €22,474 | +€18,058 | +408.9% |
| Profit (loss) for the period | 9904 | €14,190 | €87,499 | +€73,309 | +516.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,190 | €87,499 | +€73,309 | +516.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.