VDP-HOLD: 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.
VDP-HOLD
Largest movements
No asset line moved by more than 1% of the balance sheet total.
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€427
down €427 (-19.4%), from -€2,198 to -€2,625
- Financial charges -€99
down €99 (-18.6%), from €533 to €434
- Other operating charges +€36
up €36 (+3.0%), from €1,171 to €1,206
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 | €2,925,872 | €2,923,640 | -€2,232 | -0.1% |
| Fixed assets | 21/28 | €2,827,731 | €2,827,731 | = | 0.0% |
| Financial fixed assets | 28 | €2,827,731 | €2,827,731 | = | 0.0% |
| Current assets | 29/58 | €98,142 | €95,910 | -€2,232 | -2.3% |
| Amounts receivable within one year | 40/41 | €97,980 | €95,880 | -€2,100 | -2.1% |
| Other amounts receivable | 41 | €97,980 | €95,880 | -€2,100 | -2.1% |
| Cash at bank and in hand | 54/58 | €162 | €30 | -€132 | -81.7% |
| Total equity and liabilities | 10/49 | €2,925,872 | €2,923,640 | -€2,232 | -0.1% |
| Equity | 10/15 | €1,810,236 | €1,805,971 | -€4,265 | -0.2% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €1,747,236 | €1,742,971 | -€4,265 | -0.2% |
| Distributable reserves | 133 | €1,747,236 | €1,742,971 | -€4,265 | -0.2% |
| Amounts payable | 17/49 | €1,115,636 | €1,117,669 | +€2,032 | +0.2% |
| Amounts payable after more than one year | 17 | €1,056,282 | €1,053,599 | -€2,683 | -0.3% |
| Financial debts | 170/4 | €1,056,282 | €1,053,599 | -€2,683 | -0.3% |
| Amounts payable within one year | 42/48 | €59,355 | €64,070 | +€4,715 | +7.9% |
| Trade debts | 44 | €968 | €0 | -€968 | -100% |
| Suppliers | 440/4 | €968 | €0 | -€968 | -100% |
| Other amounts payable | 47/48 | €58,387 | €64,070 | +€5,683 | +9.7% |
| Other operating charges | 640/8 | €1,171 | €1,206 | +€36 | +3.0% |
| Gross operating margin | 9900 | -€2,198 | -€2,625 | -€427 | -19.4% |
| Operating profit (loss) | 9901 | -€3,368 | -€3,831 | -€463 | -13.7% |
| Financial charges | 65/66B | €533 | €434 | -€99 | -18.6% |
| Recurring financial charges | 65 | €533 | €434 | -€99 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,901 | -€4,265 | -€364 | -9.3% |
| Profit (loss) for the period | 9904 | -€3,901 | -€4,265 | -€364 | -9.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,901 | -€4,265 | -€364 | -9.3% |
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 13 October 2026 via checked.be.