VDH TECHNICS: 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 TECHNICS
Largest movements
- Receivables within one year +€73,025
up €73,025 (+68.2%), from €107,039 to €180,063
of which Other amounts receivable: +€86,488
- Tangible fixed assets +€52,597
up €52,597 (+35.6%), from €147,560 to €200,156
of which Plant, machinery and equipment: +€53,858
- Cash -€31,748
down €31,748 (-98.3%), from €32,305 to €557
mainly Investment in fixed assets (net) (-€129,132) and Receivables within one year (-€73,025)
- Stocks and contracts +€9,365
up €9,365 (+18.4%), from €50,846 to €60,211
- Reserves +€53,803
up €53,803 (+64.0%), from €84,104 to €137,907
- Trade debts -€40,300
down €40,300 (-42.5%), from €94,763 to €54,463
- Current portion of long-term debt +€32,652
up €32,652 (+91.2%), from €35,806 to €68,458
- Debts after one year +€25,636
up €25,636 (+37.1%), from €69,101 to €94,737
- Tax, wage and social debts +€20,623
up €20,623 (+156%), from €13,248 to €33,872
of which Taxes: +€21,672
- Gross operating margin +€54,419
up €54,419 (+46.9%), from €116,119 to €170,538
- Taxes +€10,472
up €10,472 (+189%), from €5,540 to €16,012
- Depreciation +€2,667
up €2,667 (+3.6%), from €73,869 to €76,535
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 | €341,913 | €445,009 | +€103,096 | +30.2% |
| Fixed assets | 21/28 | €147,560 | €200,156 | +€52,597 | +35.6% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €147,560 | €200,156 | +€52,597 | +35.6% |
| Land and buildings | 22 | €2,425 | €1,208 | -€1,217 | -50.2% |
| Plant, machinery and equipment | 23 | €136,117 | €189,975 | +€53,858 | +39.6% |
| Furniture and vehicles | 24 | €9,017 | €8,974 | -€44 | -0.5% |
| Current assets | 29/58 | €194,353 | €244,853 | +€50,499 | +26.0% |
| Stocks and contracts in progress | 3 | €50,846 | €60,211 | +€9,365 | +18.4% |
| Stocks | 30/36 | €50,846 | €60,211 | +€9,365 | +18.4% |
| Amounts receivable within one year | 40/41 | €107,039 | €180,063 | +€73,025 | +68.2% |
| Trade receivables | 40 | €107,006 | €93,542 | -€13,463 | -12.6% |
| Other amounts receivable | 41 | €33 | €86,521 | +€86,488 | +262,085% |
| Cash at bank and in hand | 54/58 | €32,305 | €557 | -€31,748 | -98.3% |
| Deferred charges and accrued income | 490/1 | €4,164 | €4,021 | -€142 | -3.4% |
| Total equity and liabilities | 10/49 | €341,913 | €445,009 | +€103,096 | +30.2% |
| Equity | 10/15 | €96,504 | €150,307 | +€53,803 | +55.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €84,104 | €137,907 | +€53,803 | +64.0% |
| Distributable reserves | 133 | €84,104 | €137,907 | +€53,803 | +64.0% |
| Amounts payable | 17/49 | €245,409 | €294,702 | +€49,293 | +20.1% |
| Amounts payable after more than one year | 17 | €69,101 | €94,737 | +€25,636 | +37.1% |
| Financial debts | 170/4 | €69,101 | €94,737 | +€25,636 | +37.1% |
| Amounts payable within one year | 42/48 | €176,308 | €199,965 | +€23,657 | +13.4% |
| Current portion of amounts payable after more than one year | 42 | €35,806 | €68,458 | +€32,652 | +91.2% |
| Financial debts | 43 | €22,992 | €35,000 | +€12,008 | +52.2% |
| Credit institutions | 430/8 | €22,992 | €35,000 | +€12,008 | +52.2% |
| Trade debts | 44 | €94,763 | €54,463 | -€40,300 | -42.5% |
| Suppliers | 440/4 | €94,763 | €54,463 | -€40,300 | -42.5% |
| Taxes, remuneration and social security | 45 | €13,248 | €33,872 | +€20,623 | +156% |
| Taxes | 450/3 | €9,909 | €31,581 | +€21,672 | +219% |
| Remuneration and social security | 454/9 | €3,339 | €2,291 | -€1,049 | -31.4% |
| Other amounts payable | 47/48 | €9,498 | €8,171 | -€1,327 | -14.0% |
| Remuneration, social security and pensions | 62 | €15,276 | €15,859 | +€583 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,869 | €76,535 | +€2,667 | +3.6% |
| Other operating charges | 640/8 | €2,414 | €2,596 | +€182 | +7.5% |
| Gross operating margin | 9900 | €116,119 | €170,538 | +€54,419 | +46.9% |
| Operating profit (loss) | 9901 | €24,559 | €75,547 | +€50,988 | +208% |
| Financial income | 75/76B | €72 | €1 | -€71 | -98.0% |
| Recurring financial income | 75 | €72 | €1 | -€71 | -98.0% |
| Financial charges | 65/66B | €4,669 | €5,733 | +€1,063 | +22.8% |
| Recurring financial charges | 65 | €4,669 | €5,733 | +€1,063 | +22.8% |
| Profit (loss) for the period before taxes | 9903 | €19,962 | €69,816 | +€49,853 | +250% |
| Income taxes | 67/77 | €5,540 | €16,012 | +€10,472 | +189% |
| Profit (loss) for the period | 9904 | €14,422 | €53,803 | +€39,381 | +273% |
| Profit (loss) for the period to be appropriated | 9905 | €14,422 | €53,803 | +€39,381 | +273% |
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 17 October 2026 via checked.be.