VHD ESTATE: 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.
VHD ESTATE
Largest movements
- Tangible fixed assets -€53,902
down €53,902 (-5.9%), from €920,632 to €866,730
of which Land and buildings: -€57,557
- Cash -€52,111
down €52,111 (-66.1%), from €78,796 to €26,686
mainly Other debts (-€117,450) and Debts after one year (-€25,256)
- Other debts -€117,450
down €117,450 (-55.1%), from €213,314 to €95,864
- Short-term financial debts +€50,000
up €50,000 (+100%), from €50,000 to €100,000
- Debts after one year -€25,256
down €25,256 (-14.0%), from €180,470 to €155,214
- Provisions -€10,325
down €10,325 (-9.6%), from €107,656 to €97,331
- Gross operating margin -€107,482
down €107,482 (-57.9%), from €185,731 to €78,249
- Financial charges -€13,089
down €13,089 (-42.9%), from €30,510 to €17,420
- Taxes +€1,899
up €1,899 (+1,036%), from €183 to €2,082
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 | €1,026,760 | €920,763 | -€105,997 | -10.3% |
| Fixed assets | 21/28 | €920,728 | €866,826 | -€53,902 | -5.9% |
| Tangible fixed assets | 22/27 | €920,632 | €866,730 | -€53,902 | -5.9% |
| Land and buildings | 22 | €918,198 | €860,641 | -€57,557 | -6.3% |
| Plant, machinery and equipment | 23 | €1,072 | €701 | -€371 | -34.6% |
| Furniture and vehicles | 24 | €1,362 | €5,388 | +€4,026 | +296% |
| Financial fixed assets | 28 | €96 | €96 | = | 0.0% |
| Current assets | 29/58 | €106,032 | €53,937 | -€52,095 | -49.1% |
| Amounts receivable within one year | 40/41 | €26,930 | €26,930 | = | 0.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €26,930 | €26,930 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €78,796 | €26,686 | -€52,111 | -66.1% |
| Deferred charges and accrued income | 490/1 | €306 | €322 | +€15 | +5.0% |
| Total equity and liabilities | 10/49 | €1,026,760 | €920,763 | -€105,997 | -10.3% |
| Equity | 10/15 | €438,848 | €437,682 | -€1,166 | -0.3% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €229,009 | €227,843 | -€1,166 | -0.5% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €209,009 | €188,958 | -€20,051 | -9.6% |
| Distributable reserves | 133 | - | €18,885 | +€18,885 | |
| Profit (loss) carried forward | 14 | €9,839 | €9,839 | = | 0.0% |
| Provisions and deferred taxes | 16 | €107,656 | €97,331 | -€10,325 | -9.6% |
| Deferred taxes | 168 | €107,656 | €97,331 | -€10,325 | -9.6% |
| Amounts payable | 17/49 | €480,256 | €385,750 | -€94,506 | -19.7% |
| Amounts payable after more than one year | 17 | €180,470 | €155,214 | -€25,256 | -14.0% |
| Financial debts | 170/4 | €180,470 | €155,214 | -€25,256 | -14.0% |
| Amounts payable within one year | 42/48 | €297,015 | €228,257 | -€68,759 | -23.1% |
| Current portion of amounts payable after more than one year | 42 | €24,889 | €25,256 | +€367 | +1.5% |
| Financial debts | 43 | €50,000 | €100,000 | +€50,000 | +100% |
| Credit institutions | 430/8 | €50,000 | €100,000 | +€50,000 | +100% |
| Trade debts | 44 | €2,681 | €1,751 | -€929 | -34.7% |
| Suppliers | 440/4 | €2,681 | €1,751 | -€929 | -34.7% |
| Taxes, remuneration and social security | 45 | €6,131 | €5,385 | -€746 | -12.2% |
| Taxes | 450/3 | €6,131 | €5,385 | -€746 | -12.2% |
| Other amounts payable | 47/48 | €213,314 | €95,864 | -€117,450 | -55.1% |
| Accrued charges and deferred income | 492/3 | €2,771 | €2,279 | -€491 | -17.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,399 | €60,663 | +€1,264 | +2.1% |
| Other operating charges | 640/8 | €9,234 | €9,574 | +€341 | +3.7% |
| Gross operating margin | 9900 | €185,731 | €78,249 | -€107,482 | -57.9% |
| Operating profit (loss) | 9901 | €117,098 | €8,011 | -€109,087 | -93.2% |
| Financial income | 75/76B | €0 | €0 | -€0 | -25.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -25.0% |
| Financial charges | 65/66B | €30,510 | €17,420 | -€13,089 | -42.9% |
| Recurring financial charges | 65 | €30,510 | €17,420 | -€13,089 | -42.9% |
| Profit (loss) for the period before taxes | 9903 | €86,589 | -€9,409 | -€95,998 | |
| Transfer from deferred taxes | 780 | €10,325 | €10,325 | = | 0.0% |
| Income taxes | 67/77 | €183 | €2,082 | +€1,899 | +1,036% |
| Profit (loss) for the period | 9904 | €96,730 | -€1,166 | -€97,896 | |
| Transfer from tax-exempt reserves | 789 | €20,051 | €20,051 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €116,781 | €18,885 | -€97,896 | -83.8% |
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 21 October 2026 via checked.be.