VDHM: what changed
Two fiscal 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.
VDHM
Largest movements
- Tangible fixed assets -€19,185
down €19,185 (-33.0%), from €58,117 to €38,931
of which Furniture and vehicles: -€18,512
- Profit (loss) carried forward -€48,750
down €48,750 (-27.5%), from -€177,334 to -€226,084
- Other debts +€33,039
up €33,039 (+177.7%), from €18,593 to €51,632
- Gross operating margin -€22,263
down €22,263 (-148.7%), from -€14,969 to -€37,232
- Financial income +€806
up €806 (+8.1%), from €10,000 to €10,806
- Other operating charges -€453
down €453 (-25.2%), from €1,796 to €1,344
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 | €1,740,651 | €1,724,643 | -€16,008 | -0.9% |
| Fixed assets | 21/28 | €1,461,792 | €1,442,606 | -€19,185 | -1.3% |
| Tangible fixed assets | 22/27 | €58,117 | €38,931 | -€19,185 | -33.0% |
| Plant, machinery and equipment | 23 | €2,739 | €2,066 | -€674 | -24.6% |
| Furniture and vehicles | 24 | €55,378 | €36,866 | -€18,512 | -33.4% |
| Financial fixed assets | 28 | €1,403,675 | €1,403,675 | = | 0.0% |
| Current assets | 29/58 | €278,859 | €282,037 | +€3,178 | +1.1% |
| Amounts receivable within one year | 40/41 | €276,000 | €280,800 | +€4,800 | +1.7% |
| Other amounts receivable | 41 | €276,000 | €280,800 | +€4,800 | +1.7% |
| Cash at bank and in hand | 54/58 | €165 | €185 | +€20 | +11.9% |
| Deferred charges and accrued income | 490/1 | €2,694 | €1,052 | -€1,642 | -61.0% |
| Total equity and liabilities | 10/49 | €1,740,651 | €1,724,643 | -€16,008 | -0.9% |
| Equity | 10/15 | €1,719,690 | €1,670,939 | -€48,750 | -2.8% |
| Contributions | 10/11 | €1,297,400 | €1,297,400 | = | 0.0% |
| Reserves | 13 | €599,623 | €599,623 | = | 0.0% |
| Distributable reserves | 133 | €599,623 | €599,623 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€177,334 | -€226,084 | -€48,750 | -27.5% |
| Amounts payable | 17/49 | €20,961 | €53,704 | +€32,743 | +156.2% |
| Amounts payable within one year | 42/48 | €20,961 | €53,560 | +€32,598 | +155.5% |
| Trade debts | 44 | €1,888 | €998 | -€889 | -47.1% |
| Suppliers | 440/4 | €1,888 | €998 | -€889 | -47.1% |
| Taxes, remuneration and social security | 45 | €480 | €929 | +€448 | +93.4% |
| Taxes | 450/3 | €480 | €929 | +€448 | +93.4% |
| Other amounts payable | 47/48 | €18,593 | €51,632 | +€33,039 | +177.7% |
| Accrued charges and deferred income | 492/3 | - | €144 | +€144 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,149 | €20,435 | +€286 | +1.4% |
| Other operating charges | 640/8 | €1,796 | €1,344 | -€453 | -25.2% |
| Gross operating margin | 9900 | -€14,969 | -€37,232 | -€22,263 | -148.7% |
| Operating profit (loss) | 9901 | -€36,915 | -€59,011 | -€22,096 | -59.9% |
| Financial income | 75/76B | €10,000 | €10,806 | +€806 | +8.1% |
| Recurring financial income | 75 | €10,000 | €10,806 | +€806 | +8.1% |
| Financial charges | 65/66B | €112 | €97 | -€15 | -13.7% |
| Recurring financial charges | 65 | €112 | €97 | -€15 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | -€27,027 | -€48,302 | -€21,275 | -78.7% |
| Income taxes | 67/77 | €480 | €448 | -€32 | -6.6% |
| Profit (loss) for the period | 9904 | -€27,508 | -€48,750 | -€21,243 | -77.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,508 | -€48,750 | -€21,243 | -77.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.