VDS 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.
What changed
VDS HOLDING
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.6m
2024 · €2.9m-€1.3m
Equity
€29.1m
2024 · €27.8m+€1.3m
Cash
€265,537
2024 · €433,336-€167,798
Balance sheet total
€31.8m
2024 · €31.2m+€615,200
Largest movements
Assets
- Financial fixed assets +€500,000
up €500,000 (+1.8%), from €27.5m to €28.0m
Equity and liabilities
- Reserves +€1.3m
up €1.3m (+31.2%), from €4.1m to €5.4m
- Short-term financial debts -€990,000
down €990,000 (-100.0%), from €990,000 to €0
- Other debts +€510,000
up €510,000 (+56.7%), from €900,000 to €1.4m
Income statement
- Financial income -€3.0m
down €3.0m (-96.3%), from €3.1m to €114,819
- Financial charges -€2.1m
down €2.1m (-95.7%), from €2.1m to €92,901
of which Non-recurring financial charges: -€2.0m
- Gross operating margin -€493,892
down €493,892 (-18.1%), from €2.7m to €2.2m
- Taxes -€93,564
down €93,564 (-15.0%), from €622,122 to €528,557
- Staff costs -€27,855
down €27,855 (-17.4%), from €160,261 to €132,406
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.
Result 2024
€2.9m
Gross operating margin
-€493,892
Staff costs
+€27,855
Depreciation
+€4,978
Other operating charges
+€58
Financial income
-€3.0m
Financial charges
+€2.1m
Taxes
+€93,564
Result 2025
€1.6m
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.
From operations
+€1.9m
Investment
-€500,000
Financing
-€1.5m
Cash 2024
€433,336
From operations (derived)
+€1.9m
Net result for the year
+€1.6m
Depreciation
+€11,296
Receivables within one year
-€292,215
Smaller working-capital items
-€4,265
Trade debts
+€9,843
Tax, wage and social debts
+€44,580
Other debts
+€510,000
Investment (derived)
-€500,000
Investment in fixed assets (net)
-€500,000
Financing
-€1.5m
Debts after one year
-€214,286
Current portion of long-term debt
-€23,654
Short-term financial debts
-€990,000
Contributions, distributions and other
-€300,000
Cash 2025
€265,537
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €31,198,164 | €31,813,364 | +€615,200 | +2.0% |
| Fixed assets | 21/28 | €27,493,958 | €27,982,662 | +€488,704 | +1.8% |
| Tangible fixed assets | 22/27 | €13,958 | €2,662 | -€11,296 | -80.9% |
| Plant, machinery and equipment | 23 | €164 | €0 | -€164 | -100.0% |
| Furniture and vehicles | 24 | €13,794 | €2,662 | -€11,132 | -80.7% |
| Financial fixed assets | 28 | €27,480,000 | €27,980,000 | +€500,000 | +1.8% |
| Current assets | 29/58 | €3,704,206 | €3,830,702 | +€126,496 | +3.4% |
| Stocks and contracts in progress | 3 | €48,438 | €48,438 | = | 0.0% |
| Stocks | 30/36 | €48,438 | €48,438 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,222,433 | €3,514,647 | +€292,215 | +9.1% |
| Trade receivables | 40 | €9,344 | €11,780 | +€2,437 | +26.1% |
| Other amounts receivable | 41 | €3,213,089 | €3,502,867 | +€289,778 | +9.0% |
| Cash at bank and in hand | 54/58 | €433,336 | €265,537 | -€167,798 | -38.7% |
| Deferred charges and accrued income | 490/1 | - | €2,079 | +€2,079 | |
| Total equity and liabilities | 10/49 | €31,198,164 | €31,813,364 | +€615,200 | +2.0% |
| Equity | 10/15 | €27,847,470 | €29,128,373 | +€1.3m | +4.6% |
| Contributions | 10/11 | €2,595,189 | €2,595,189 | = | 0.0% |
| Revaluation surpluses | 12 | €21,140,903 | €21,140,903 | = | 0.0% |
| Reserves | 13 | €4,111,378 | €5,392,281 | +€1.3m | +31.2% |
| Distributable reserves | 133 | €4,111,378 | €5,392,281 | +€1.3m | +31.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €44,550 | €44,550 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €44,550 | €44,550 | = | 0.0% |
| Other liabilities and charges | 164/5 | €44,550 | €44,550 | = | 0.0% |
| Amounts payable | 17/49 | €3,306,144 | €2,640,441 | -€665,703 | -20.1% |
| Amounts payable after more than one year | 17 | €1,089,286 | €875,000 | -€214,286 | -19.7% |
| Financial debts | 170/4 | €1,089,286 | €875,000 | -€214,286 | -19.7% |
| Amounts payable within one year | 42/48 | €2,212,613 | €1,763,382 | -€449,231 | -20.3% |
| Current portion of amounts payable after more than one year | 42 | €237,939 | €214,286 | -€23,654 | -9.9% |
| Financial debts | 43 | €990,000 | €0 | -€990,000 | -100.0% |
| Credit institutions | 430/8 | €990,000 | €0 | -€990,000 | -100.0% |
| Trade debts | 44 | €22,953 | €32,795 | +€9,843 | +42.9% |
| Suppliers | 440/4 | €22,953 | €32,795 | +€9,843 | +42.9% |
| Taxes, remuneration and social security | 45 | €61,721 | €106,301 | +€44,580 | +72.2% |
| Taxes | 450/3 | €32,121 | €90,000 | +€57,879 | +180.2% |
| Remuneration and social security | 454/9 | €29,600 | €16,301 | -€13,298 | -44.9% |
| Other amounts payable | 47/48 | €900,000 | €1,410,000 | +€510,000 | +56.7% |
| Accrued charges and deferred income | 492/3 | €4,245 | €2,059 | -€2,186 | -51.5% |
| Remuneration, social security and pensions | 62 | €160,261 | €132,406 | -€27,855 | -17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,274 | €11,296 | -€4,978 | -30.6% |
| Other operating charges | 640/8 | €1,317 | €1,259 | -€58 | -4.4% |
| Gross operating margin | 9900 | €2,726,395 | €2,232,503 | -€493,892 | -18.1% |
| Operating profit (loss) | 9901 | €2,548,544 | €2,087,542 | -€461,001 | -18.1% |
| Financial income | 75/76B | €3,080,695 | €114,819 | -€3.0m | -96.3% |
| Recurring financial income | 75 | €3,080,695 | €114,819 | -€3.0m | -96.3% |
| Financial charges | 65/66B | €2,145,667 | €92,901 | -€2.1m | -95.7% |
| Recurring financial charges | 65 | €145,667 | €92,901 | -€52,766 | -36.2% |
| Non-recurring financial charges | 66B | €2,000,000 | €0 | -€2.0m | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €3,483,571 | €2,109,460 | -€1.4m | -39.4% |
| Income taxes | 67/77 | €622,122 | €528,557 | -€93,564 | -15.0% |
| Profit (loss) for the period | 9904 | €2,861,449 | €1,580,903 | -€1.3m | -44.8% |
| Profit (loss) for the period to be appropriated | 9905 | €2,861,449 | €1,580,903 | -€1.3m | -44.8% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.