GROUP VDS: 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.
GROUP VDS
Largest movements
- Receivables within one year +€620,336
up €620,336 (+171%), from €361,855 to €982,191
of which Trade receivables: +€448,575
- Tangible fixed assets -€98,849
down €98,849 (-16.2%), from €608,383 to €509,533
of which Plant, machinery and equipment: -€89,876
- Cash -€29,112
down €29,112 (-94.2%), from €30,919 to €1,807
mainly Receivables within one year (-€620,336) and Debts after one year (-€155,103)
- Other debts +€296,289
up €296,289 (+144%), from €206,270 to €502,558
- Reserves +€207,963
up €207,963 (+93.9%), from €221,426 to €429,389
- Debts after one year -€155,103
down €155,103 (-43.9%), from €353,394 to €198,291
of which Other amounts payable: -€80,000
- Tax, wage and social debts +€73,375
up €73,375 (+184%), from €39,919 to €113,293
- Trade debts +€43,928
up €43,928 (+134%), from €32,836 to €76,764
- Financial income +€560,413
up €560,413 (+5,604,131,000%), from €0 to €560,413
of which Non-recurring financial income: +€550,000
- Gross operating margin -€249,024
down €249,024, from €179,778 to -€69,246
- Taxes +€67,449
up €67,449 (+622%), from €10,850 to €78,299
- Other operating charges +€63,302
up €63,302 (+1,362%), from €4,646 to €67,948
- Financial charges -€18,272
down €18,272 (-39.8%), from €45,938 to €27,666
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 | €1,019,196 | €1,522,749 | +€503,553 | +49.4% |
| Fixed assets | 21/28 | €626,283 | €536,433 | -€89,849 | -14.3% |
| Tangible fixed assets | 22/27 | €608,383 | €509,533 | -€98,849 | -16.2% |
| Land and buildings | 22 | €84,146 | €76,095 | -€8,051 | -9.6% |
| Plant, machinery and equipment | 23 | €522,830 | €432,954 | -€89,876 | -17.2% |
| Furniture and vehicles | 24 | €1,407 | €485 | -€922 | -65.6% |
| Financial fixed assets | 28 | €17,900 | €26,900 | +€9,000 | +50.3% |
| Current assets | 29/58 | €392,913 | €986,315 | +€593,402 | +151% |
| Amounts receivable within one year | 40/41 | €361,855 | €982,191 | +€620,336 | +171% |
| Trade receivables | 40 | €307,380 | €755,954 | +€448,575 | +146% |
| Other amounts receivable | 41 | €54,475 | €226,237 | +€171,762 | +315% |
| Cash at bank and in hand | 54/58 | €30,919 | €1,807 | -€29,112 | -94.2% |
| Deferred charges and accrued income | 490/1 | €140 | €2,317 | +€2,178 | +1,560% |
| Total equity and liabilities | 10/49 | €1,019,196 | €1,522,749 | +€503,553 | +49.4% |
| Equity | 10/15 | €241,426 | €459,830 | +€218,404 | +90.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €221,426 | €429,389 | +€207,963 | +93.9% |
| Distributable reserves | 133 | €221,426 | €429,389 | +€207,963 | +93.9% |
| Profit (loss) carried forward | 14 | - | €10,441 | +€10,441 | |
| Amounts payable | 17/49 | €777,770 | €1,062,919 | +€285,149 | +36.7% |
| Amounts payable after more than one year | 17 | €353,394 | €198,291 | -€155,103 | -43.9% |
| Financial debts | 170/4 | €273,394 | €198,291 | -€75,103 | -27.5% |
| Other amounts payable | 178/9 | €80,000 | €0 | -€80,000 | -100% |
| Amounts payable within one year | 42/48 | €423,871 | €837,718 | +€413,847 | +97.6% |
| Current portion of amounts payable after more than one year | 42 | €74,847 | €75,103 | +€256 | +0.3% |
| Financial debts | 43 | €70,000 | €70,000 | = | 0.0% |
| Credit institutions | 430/8 | €70,000 | €70,000 | = | 0.0% |
| Trade debts | 44 | €32,836 | €76,764 | +€43,928 | +134% |
| Suppliers | 440/4 | €32,836 | €76,764 | +€43,928 | +134% |
| Taxes, remuneration and social security | 45 | €39,919 | €113,293 | +€73,375 | +184% |
| Taxes | 450/3 | €39,919 | €113,293 | +€73,375 | +184% |
| Other amounts payable | 47/48 | €206,270 | €502,558 | +€296,289 | +144% |
| Accrued charges and deferred income | 492/3 | €505 | €26,910 | +€26,405 | +5,229% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,946 | €98,849 | +€903 | +0.9% |
| Other operating charges | 640/8 | €4,646 | €67,948 | +€63,302 | +1,362% |
| Gross operating margin | 9900 | €179,778 | -€69,246 | -€249,024 | |
| Operating profit (loss) | 9901 | €77,185 | -€236,044 | -€313,230 | |
| Financial income | 75/76B | €0 | €560,413 | +€560,413 | +5,604,131,000% |
| Recurring financial income | 75 | €0 | €10,413 | +€10,413 | +104,131,000% |
| Non-recurring financial income | 76B | - | €550,000 | +€550,000 | |
| Financial charges | 65/66B | €45,938 | €27,666 | -€18,272 | -39.8% |
| Recurring financial charges | 65 | €45,938 | €27,666 | -€18,272 | -39.8% |
| Profit (loss) for the period before taxes | 9903 | €31,247 | €296,703 | +€265,456 | +850% |
| Income taxes | 67/77 | €10,850 | €78,299 | +€67,449 | +622% |
| Profit (loss) for the period | 9904 | €20,397 | €218,404 | +€198,007 | +971% |
| Profit (loss) for the period to be appropriated | 9905 | €20,397 | €218,404 | +€198,007 | +971% |
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 26 October 2026 via checked.be.