VDHL: 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.
VDHL
Largest movements
- Cash +€26,056
up €26,056 (+285.2%), from €9,136 to €35,193
mainly Net result for the year (+€20,046) and Receivables within one year (+€3,997)
- Receivables within one year -€3,997
down €3,997 (-41.0%), from €9,760 to €5,763
of which Trade receivables: -€6,270
- Reserves +€20,046
up €20,046 (+230.1%), from €8,711 to €28,757
- Tax, wage and social debts +€1,465
up €1,465 (+17.9%), from €8,185 to €9,651
- Trade debts +€548
new in 2025: €548
- Gross operating margin +€14,106
up €14,106 (+113.3%), from €12,454 to €26,560
- Taxes +€4,008
up €4,008 (+148.6%), from €2,698 to €6,706
- Depreciation -€1,124
no longer reported in 2025 (was €1,124)
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 | €18,896 | €40,956 | +€22,060 | +116.7% |
| Current assets | 29/58 | €18,896 | €40,956 | +€22,060 | +116.7% |
| Amounts receivable within one year | 40/41 | €9,760 | €5,763 | -€3,997 | -41.0% |
| Trade receivables | 40 | €6,749 | €478 | -€6,270 | -92.9% |
| Other amounts receivable | 41 | €3,011 | €5,285 | +€2,274 | +75.5% |
| Cash at bank and in hand | 54/58 | €9,136 | €35,193 | +€26,056 | +285.2% |
| Total equity and liabilities | 10/49 | €18,896 | €40,956 | +€22,060 | +116.7% |
| Equity | 10/15 | €10,711 | €30,757 | +€20,046 | +187.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €8,711 | €28,757 | +€20,046 | +230.1% |
| Distributable reserves | 133 | €8,711 | €28,757 | +€20,046 | +230.1% |
| Amounts payable | 17/49 | €8,185 | €10,199 | +€2,014 | +24.6% |
| Amounts payable within one year | 42/48 | €8,185 | €10,199 | +€2,014 | +24.6% |
| Trade debts | 44 | - | €548 | +€548 | |
| Suppliers | 440/4 | - | €548 | +€548 | |
| Taxes, remuneration and social security | 45 | €8,185 | €9,651 | +€1,465 | +17.9% |
| Taxes | 450/3 | €8,185 | €9,651 | +€1,465 | +17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,124 | - | -€1,124 | |
| Gross operating margin | 9900 | €12,454 | €26,560 | +€14,106 | +113.3% |
| Operating profit (loss) | 9901 | €11,329 | €26,560 | +€15,230 | +134.4% |
| Financial income | 75/76B | €91 | €225 | +€134 | +146.3% |
| Recurring financial income | 75 | €91 | €225 | +€134 | +146.3% |
| Financial charges | 65/66B | €12 | €32 | +€21 | +175.9% |
| Recurring financial charges | 65 | €12 | €32 | +€21 | +175.9% |
| Profit (loss) for the period before taxes | 9903 | €11,409 | €26,752 | +€15,343 | +134.5% |
| Income taxes | 67/77 | €2,698 | €6,706 | +€4,008 | +148.6% |
| Profit (loss) for the period | 9904 | €8,711 | €20,046 | +€11,335 | +130.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,711 | €20,046 | +€11,335 | +130.1% |
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 9 October 2026 via checked.be.