IGOR VDM: 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.
IGOR VDM
Largest movements
- Receivables within one year +€16,122
up €16,122 (+477.2%), from €3,378 to €19,500
of which Trade receivables: +€12,100
- Cash -€6,094
down €6,094 (-54.8%), from €11,121 to €5,027
mainly Receivables within one year (-€16,122)
- Deferred charges and accrued income -€2,163
down €2,163 (-100.0%), from €2,163 to €0
- Tangible fixed assets -€467
down €467 (-34.1%), from €1,369 to €901
- Profit (loss) carried forward +€3,433
up €3,433 (+43.8%), from €7,829 to €11,262
- Trade debts +€2,587
up €2,587, from €0 to €2,587
- Tax, wage and social debts +€1,378
up €1,378 (+13.5%), from €10,201 to €11,579
- Gross operating margin -€9,173
down €9,173 (-49.4%), from €18,577 to €9,404
- Taxes -€1,625
down €1,625 (-47.0%), from €3,462 to €1,836
- Depreciation +€434
up €434 (+1303.8%), from €33 to €467
- Staff costs +€413
new in 2025: €413
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 | €28,031 | €35,428 | +€7,397 | +26.4% |
| Fixed assets | 21/28 | €11,369 | €10,901 | -€467 | -4.1% |
| Tangible fixed assets | 22/27 | €1,369 | €901 | -€467 | -34.1% |
| Furniture and vehicles | 24 | €1,369 | €901 | -€467 | -34.1% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €16,662 | €24,527 | +€7,865 | +47.2% |
| Amounts receivable within one year | 40/41 | €3,378 | €19,500 | +€16,122 | +477.2% |
| Trade receivables | 40 | - | €12,100 | +€12,100 | |
| Other amounts receivable | 41 | €3,378 | €7,400 | +€4,022 | +119.0% |
| Cash at bank and in hand | 54/58 | €11,121 | €5,027 | -€6,094 | -54.8% |
| Deferred charges and accrued income | 490/1 | €2,163 | €0 | -€2,163 | -100.0% |
| Total equity and liabilities | 10/49 | €28,031 | €35,428 | +€7,397 | +26.4% |
| Equity | 10/15 | €17,829 | €21,262 | +€3,433 | +19.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,829 | €11,262 | +€3,433 | +43.8% |
| Amounts payable | 17/49 | €10,201 | €14,166 | +€3,965 | +38.9% |
| Amounts payable within one year | 42/48 | €10,201 | €14,166 | +€3,965 | +38.9% |
| Trade debts | 44 | €0 | €2,587 | +€2,587 | |
| Suppliers | 440/4 | €0 | €2,587 | +€2,587 | |
| Taxes, remuneration and social security | 45 | €10,201 | €11,579 | +€1,378 | +13.5% |
| Taxes | 450/3 | €10,201 | €11,579 | +€1,378 | +13.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €413 | +€413 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33 | €467 | +€434 | +1303.8% |
| Other operating charges | 640/8 | - | €150 | +€150 | |
| Gross operating margin | 9900 | €18,577 | €9,404 | -€9,173 | -49.4% |
| Operating profit (loss) | 9901 | €18,543 | €8,374 | -€10,170 | -54.8% |
| Financial income | 75/76B | €101 | €219 | +€118 | +117.8% |
| Recurring financial income | 75 | €101 | €219 | +€118 | +117.8% |
| Financial charges | 65/66B | €3,379 | €3,324 | -€55 | -1.6% |
| Recurring financial charges | 65 | €3,379 | €3,324 | -€55 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €15,265 | €5,269 | -€9,996 | -65.5% |
| Income taxes | 67/77 | €3,462 | €1,836 | -€1,625 | -47.0% |
| Profit (loss) for the period | 9904 | €11,804 | €3,433 | -€8,371 | -70.9% |
| Profit (loss) for the period to be appropriated | 9905 | €11,804 | €3,433 | -€8,371 | -70.9% |
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 9 October 2026 via checked.be.