VDVH: 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.
VDVH
Largest movements
- Tangible fixed assets -€27,341
down €27,341 (-4.2%), from €649,015 to €621,674
of which Land and buildings: -€24,316
- Cash -€26,203
down €26,203 (-17.2%), from €152,596 to €126,394
mainly Contributions, distributions and other (-€52,000) and Debts after one year (-€20,561)
- Profit (loss) carried forward -€52,000
down €52,000 (-18.0%), from €288,835 to €236,835
- Debts after one year -€20,561
down €20,561 (-59.6%), from €34,511 to €13,950
- Reserves +€20,013
up €20,013 (+7.9%), from €254,749 to €274,762
of which Distributable reserves: +€26,566
- Gross operating margin +€13,050
up €13,050 (+20.8%), from €62,611 to €75,661
- Provisions +€8,500
up €8,500, from -€8,500 to €0
- Depreciation +€1,650
up €1,650 (+5.6%), from €29,449 to €31,099
- Other operating charges -€1,641
down €1,641 (-11.3%), from €14,588 to €12,947
- Taxes +€1,211
up €1,211 (+9.5%), from €12,703 to €13,914
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 | €806,649 | €748,821 | -€57,828 | -7.2% |
| Fixed assets | 21/28 | €649,015 | €621,674 | -€27,341 | -4.2% |
| Tangible fixed assets | 22/27 | €649,015 | €621,674 | -€27,341 | -4.2% |
| Land and buildings | 22 | €637,677 | €613,361 | -€24,316 | -3.8% |
| Furniture and vehicles | 24 | €11,338 | €8,313 | -€3,025 | -26.7% |
| Current assets | 29/58 | €157,635 | €127,148 | -€30,487 | -19.3% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €152,596 | €126,394 | -€26,203 | -17.2% |
| Deferred charges and accrued income | 490/1 | €5,038 | €754 | -€4,284 | -85.0% |
| Total equity and liabilities | 10/49 | €806,649 | €748,821 | -€57,828 | -7.2% |
| Equity | 10/15 | €605,584 | €573,597 | -€31,987 | -5.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €254,749 | €274,762 | +€20,013 | +7.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €199,488 | €192,935 | -€6,553 | -3.3% |
| Distributable reserves | 133 | €49,061 | €75,627 | +€26,566 | +54.1% |
| Profit (loss) carried forward | 14 | €288,835 | €236,835 | -€52,000 | -18.0% |
| Provisions and deferred taxes | 16 | €67,078 | €64,894 | -€2,184 | -3.3% |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Deferred taxes | 168 | €67,078 | €64,894 | -€2,184 | -3.3% |
| Amounts payable | 17/49 | €133,987 | €110,330 | -€23,657 | -17.7% |
| Amounts payable after more than one year | 17 | €34,511 | €13,950 | -€20,561 | -59.6% |
| Financial debts | 170/4 | €34,511 | €13,950 | -€20,561 | -59.6% |
| Amounts payable within one year | 42/48 | €99,476 | €96,380 | -€3,096 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €20,132 | €20,561 | +€429 | +2.1% |
| Trade debts | 44 | €662 | €119 | -€543 | -82.1% |
| Suppliers | 440/4 | €662 | €119 | -€543 | -82.1% |
| Taxes, remuneration and social security | 45 | €12,091 | €5,536 | -€6,555 | -54.2% |
| Taxes | 450/3 | €12,091 | €5,536 | -€6,555 | -54.2% |
| Other amounts payable | 47/48 | €66,591 | €70,165 | +€3,573 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,449 | €31,099 | +€1,650 | +5.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€8,500 | €0 | +€8,500 | |
| Other operating charges | 640/8 | €14,588 | €12,947 | -€1,641 | -11.3% |
| Gross operating margin | 9900 | €62,611 | €75,661 | +€13,050 | +20.8% |
| Operating profit (loss) | 9901 | €27,075 | €31,616 | +€4,541 | +16.8% |
| Financial income | 75/76B | €2,172 | €1,433 | -€739 | -34.0% |
| Recurring financial income | 75 | €2,172 | €1,433 | -€739 | -34.0% |
| Financial charges | 65/66B | €1,507 | €1,306 | -€201 | -13.4% |
| Recurring financial charges | 65 | €1,507 | €1,306 | -€201 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €27,740 | €31,743 | +€4,003 | +14.4% |
| Transfer from deferred taxes | 780 | €2,184 | €2,184 | = | 0.0% |
| Income taxes | 67/77 | €12,703 | €13,914 | +€1,211 | +9.5% |
| Profit (loss) for the period | 9904 | €17,221 | €20,013 | +€2,792 | +16.2% |
| Transfer from tax-exempt reserves | 789 | €6,553 | €6,553 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,774 | €26,566 | +€2,792 | +11.7% |
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 12 October 2026 via checked.be.