CS VDL: what changed
Two fiscal 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.
CS VDL
Largest movements
- Tangible fixed assets -€267,476
down €267,476 (-19.9%), from €1.3m to €1.1m
of which Leasing and similar rights: -€188,695
- Debts after one year -€235,904
down €235,904 (-28.5%), from €828,385 to €592,481
- Current portion of long-term debt -€50,408
down €50,408 (-17.7%), from €284,065 to €233,658
- Depreciation -€16,279
down €16,279 (-5.7%), from €286,755 to €270,476
- Financial charges -€4,123
down €4,123 (-13.7%), from €29,999 to €25,876
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 | €1,426,583 | €1,147,945 | -€278,638 | -19.5% |
| Fixed assets | 21/28 | €1,341,663 | €1,074,186 | -€267,476 | -19.9% |
| Tangible fixed assets | 22/27 | €1,341,663 | €1,074,186 | -€267,476 | -19.9% |
| Land and buildings | 22 | €691,573 | €664,834 | -€26,738 | -3.9% |
| Plant, machinery and equipment | 23 | €42,301 | €30,855 | -€11,446 | -27.1% |
| Furniture and vehicles | 24 | €106,318 | €65,721 | -€40,597 | -38.2% |
| Leasing and similar rights | 25 | €501,471 | €312,776 | -€188,695 | -37.6% |
| Current assets | 29/58 | €84,920 | €73,759 | -€11,161 | -13.1% |
| Amounts receivable within one year | 40/41 | €84,920 | €73,759 | -€11,161 | -13.1% |
| Trade receivables | 40 | €84,920 | €73,759 | -€11,161 | -13.1% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,426,583 | €1,147,945 | -€278,638 | -19.5% |
| Equity | 10/15 | €40,113 | €49,079 | +€8,966 | +22.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €30,113 | €39,079 | +€8,966 | +29.8% |
| Distributable reserves | 133 | €30,113 | €39,079 | +€8,966 | +29.8% |
| Amounts payable | 17/49 | €1,386,470 | €1,098,866 | -€287,604 | -20.7% |
| Amounts payable after more than one year | 17 | €828,385 | €592,481 | -€235,904 | -28.5% |
| Financial debts | 170/4 | €828,385 | €592,481 | -€235,904 | -28.5% |
| Amounts payable within one year | 42/48 | €558,084 | €506,384 | -€51,700 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €284,065 | €233,658 | -€50,408 | -17.7% |
| Financial debts | 43 | €19 | €46 | +€27 | +141.6% |
| Credit institutions | 430/8 | €19 | €46 | +€27 | +141.6% |
| Trade debts | 44 | €185,531 | €182,987 | -€2,545 | -1.4% |
| Suppliers | 440/4 | €185,531 | €182,987 | -€2,545 | -1.4% |
| Taxes, remuneration and social security | 45 | €13,027 | €13,429 | +€402 | +3.1% |
| Taxes | 450/3 | €13,027 | €13,429 | +€402 | +3.1% |
| Other amounts payable | 47/48 | €75,441 | €76,265 | +€824 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €286,755 | €270,476 | -€16,279 | -5.7% |
| Other operating charges | 640/8 | €5,717 | €4,490 | -€1,226 | -21.4% |
| Gross operating margin | 9900 | €311,704 | €310,580 | -€1,124 | -0.4% |
| Operating profit (loss) | 9901 | €19,232 | €35,613 | +€16,381 | +85.2% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €29,999 | €25,876 | -€4,123 | -13.7% |
| Recurring financial charges | 65 | €29,999 | €25,876 | -€4,123 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | -€10,767 | €9,737 | +€20,504 | |
| Income taxes | 67/77 | €0 | €771 | +€771 | |
| Profit (loss) for the period | 9904 | -€10,767 | €8,966 | +€19,733 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,767 | €8,966 | +€19,733 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.