VDM Holding: 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.
VDM Holding
Largest movements
- Financial fixed assets -€250,000
down €250,000 (-100%), from €250,000 to €0
- Receivables within one year +€45,430
up €45,430 (+126%), from €36,125 to €81,556
of which Trade receivables: +€32,664
- Deferred charges and accrued income -€3,789
down €3,789 (-100%), from €3,789 to €0
- Profit (loss) carried forward -€130,187
down €130,187, from €15,290 to -€114,897
- Debts after one year -€88,988
down €88,988 (-66.1%), from €134,593 to €45,605
- Trade debts +€37,307
up €37,307 (+401%), from €9,297 to €46,604
- Other debts -€34,360
down €34,360 (-81.4%), from €42,203 to €7,843
- Short-term financial debts +€24,069
up €24,069, from €0 to €24,069
- Gross operating margin -€89,445
down €89,445, from €22,958 to -€66,486
- Financial charges +€54,305
up €54,305 (+716%), from €7,589 to €61,894
of which Non-recurring financial charges: +€50,000
- Taxes -€2,370
down €2,370 (-92.6%), from €2,560 to €190
- Depreciation -€1,294
down €1,294 (-70.2%), from €1,842 to €548
- Other operating charges +€1,061
up €1,061 (+1,663%), from €64 to €1,125
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 | €300,608 | €91,818 | -€208,790 | -69.5% |
| Fixed assets | 21/28 | €250,962 | €413 | -€250,548 | -99.8% |
| Tangible fixed assets | 22/27 | €962 | €413 | -€548 | -57.0% |
| Plant, machinery and equipment | 23 | €214 | €0 | -€214 | -100% |
| Furniture and vehicles | 24 | €748 | €413 | -€335 | -44.7% |
| Financial fixed assets | 28 | €250,000 | €0 | -€250,000 | -100% |
| Current assets | 29/58 | €49,647 | €91,405 | +€41,758 | +84.1% |
| Stocks and contracts in progress | 3 | €8,151 | €9,849 | +€1,698 | +20.8% |
| Stocks | 30/36 | €8,151 | €9,849 | +€1,698 | +20.8% |
| Amounts receivable within one year | 40/41 | €36,125 | €81,556 | +€45,430 | +126% |
| Trade receivables | 40 | €36,125 | €68,789 | +€32,664 | +90.4% |
| Other amounts receivable | 41 | - | €12,767 | +€12,767 | |
| Cash at bank and in hand | 54/58 | €1,581 | €0 | -€1,581 | -100% |
| Deferred charges and accrued income | 490/1 | €3,789 | €0 | -€3,789 | -100% |
| Total equity and liabilities | 10/49 | €300,608 | €91,818 | -€208,790 | -69.5% |
| Equity | 10/15 | €65,357 | -€64,830 | -€130,187 | |
| Contributions | 10/11 | €50,067 | €50,067 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,290 | -€114,897 | -€130,187 | |
| Amounts payable | 17/49 | €235,252 | €156,649 | -€78,603 | -33.4% |
| Amounts payable after more than one year | 17 | €134,593 | €45,605 | -€88,988 | -66.1% |
| Financial debts | 170/4 | €134,593 | €45,605 | -€88,988 | -66.1% |
| Amounts payable within one year | 42/48 | €99,487 | €109,004 | +€9,518 | +9.6% |
| Current portion of amounts payable after more than one year | 42 | €38,463 | €25,908 | -€12,554 | -32.6% |
| Financial debts | 43 | €0 | €24,069 | +€24,069 | |
| Credit institutions | 430/8 | €0 | €24,069 | +€24,069 | |
| Trade debts | 44 | €9,297 | €46,604 | +€37,307 | +401% |
| Suppliers | 440/4 | €9,297 | €46,604 | +€37,307 | +401% |
| Taxes, remuneration and social security | 45 | €9,524 | €4,579 | -€4,945 | -51.9% |
| Taxes | 450/3 | €9,524 | €4,579 | -€4,945 | -51.9% |
| Other amounts payable | 47/48 | €42,203 | €7,843 | -€34,360 | -81.4% |
| Accrued charges and deferred income | 492/3 | €1,172 | €2,040 | +€868 | +74.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,842 | €548 | -€1,294 | -70.2% |
| Other operating charges | 640/8 | €64 | €1,125 | +€1,061 | +1,663% |
| Non-recurring operating charges | 66A | €2,397 | €0 | -€2,397 | -100% |
| Gross operating margin | 9900 | €22,958 | -€66,486 | -€89,445 | |
| Operating profit (loss) | 9901 | €18,656 | -€68,159 | -€86,815 | |
| Financial income | 75/76B | €0 | €56 | +€56 | |
| Recurring financial income | 75 | €0 | €56 | +€56 | |
| Financial charges | 65/66B | €7,589 | €61,894 | +€54,305 | +716% |
| Recurring financial charges | 65 | €7,589 | €11,894 | +€4,305 | +56.7% |
| Non-recurring financial charges | 66B | - | €50,000 | +€50,000 | |
| Profit (loss) for the period before taxes | 9903 | €11,067 | -€129,997 | -€141,064 | |
| Income taxes | 67/77 | €2,560 | €190 | -€2,370 | -92.6% |
| Profit (loss) for the period | 9904 | €8,507 | -€130,187 | -€138,694 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,507 | -€130,187 | -€138,694 |
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 27 October 2026 via checked.be.