VDR J&H: 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.
VDR J&H
Largest movements
- Financial fixed assets +€850,000
up €850,000 (+2,125,000%), from €40 to €850,040
- Current investments -€256,316
down €256,316 (-100.0%), from €256,316 to €0
- Debts after one year +€443,906
up €443,906 (+1,268%), from €35,000 to €478,906
- Current portion of long-term debt +€126,094
new in 2025: €126,094
- Other debts +€22,056
up €22,056 (+510%), from €4,326 to €26,382
- Financial income +€58,765
up €58,765 (+1,775%), from €3,312 to €62,077
- Taxes +€12,117
new in 2025: €12,117
- Gross operating margin -€613
down €613 (-45.0%), from -€1,361 to -€1,974
- Financial charges +€605
up €605 (+41.6%), from €1,454 to €2,059
- Other operating charges +€54
up €54 (+2.6%), from €2,046 to €2,100
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 | €351,891 | €943,258 | +€591,367 | +168% |
| Fixed assets | 21/28 | €92,497 | €942,118 | +€849,622 | +919% |
| Tangible fixed assets | 22/27 | €92,457 | €92,078 | -€378 | -0.4% |
| Land and buildings | 22 | €91,862 | €91,862 | = | 0.0% |
| Plant, machinery and equipment | 23 | €595 | €217 | -€378 | -63.6% |
| Financial fixed assets | 28 | €40 | €850,040 | +€850,000 | +2,125,000% |
| Current assets | 29/58 | €259,394 | €1,140 | -€258,254 | -99.6% |
| Amounts receivable within one year | 40/41 | €1,027 | €733 | -€294 | -28.6% |
| Trade receivables | 40 | - | €700 | +€700 | |
| Other amounts receivable | 41 | €1,027 | €34 | -€993 | -96.7% |
| Current investments | 50/53 | €256,316 | €0 | -€256,316 | -100.0% |
| Cash at bank and in hand | 54/58 | €2,051 | €407 | -€1,645 | -80.2% |
| Total equity and liabilities | 10/49 | €351,891 | €943,258 | +€591,367 | +168% |
| Equity | 10/15 | €309,130 | €302,578 | -€6,552 | -2.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €290,530 | €283,978 | -€6,552 | -2.3% |
| Tax-exempt reserves | 132 | €40,650 | €40,650 | = | 0.0% |
| Distributable reserves | 133 | €249,880 | €243,328 | -€6,552 | -2.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €42,761 | €640,680 | +€597,919 | +1,398% |
| Amounts payable after more than one year | 17 | €35,000 | €478,906 | +€443,906 | +1,268% |
| Financial debts | 170/4 | €35,000 | €478,906 | +€443,906 | +1,268% |
| Amounts payable within one year | 42/48 | €6,781 | €160,234 | +€153,453 | +2,263% |
| Current portion of amounts payable after more than one year | 42 | - | €126,094 | +€126,094 | |
| Trade debts | 44 | €2,035 | €556 | -€1,480 | -72.7% |
| Suppliers | 440/4 | €2,035 | €556 | -€1,480 | -72.7% |
| Taxes, remuneration and social security | 45 | €420 | €7,203 | +€6,783 | +1,615% |
| Taxes | 450/3 | €420 | €7,203 | +€6,783 | +1,615% |
| Other amounts payable | 47/48 | €4,326 | €26,382 | +€22,056 | +510% |
| Accrued charges and deferred income | 492/3 | €980 | €1,540 | +€560 | +57.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €378 | €378 | = | 0.0% |
| Other operating charges | 640/8 | €2,046 | €2,100 | +€54 | +2.6% |
| Gross operating margin | 9900 | -€1,361 | -€1,974 | -€613 | -45.0% |
| Operating profit (loss) | 9901 | -€3,786 | -€4,452 | -€667 | -17.6% |
| Financial income | 75/76B | €3,312 | €62,077 | +€58,765 | +1,775% |
| Recurring financial income | 75 | €3,312 | €62,077 | +€58,765 | +1,775% |
| Financial charges | 65/66B | €1,454 | €2,059 | +€605 | +41.6% |
| Recurring financial charges | 65 | €1,454 | €2,059 | +€605 | +41.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,928 | €55,566 | +€57,494 | |
| Income taxes | 67/77 | - | €12,117 | +€12,117 | |
| Profit (loss) for the period | 9904 | -€1,928 | €43,448 | +€45,376 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,928 | €43,448 | +€45,376 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.