NEW 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.
NEW VDM
Largest movements
- Cash -€2.3m
down €2.3m (-99.1%), from €2.3m to €21,312
mainly Current investments (-€1.9m) and Investment in fixed assets (net) (-€297,000)
- Current investments +€1.9m
new in 2025: €1.9m
- Financial fixed assets +€297,000
up €297,000 (+12.4%), from €2.4m to €2.7m
- Trade debts -€86,658
no longer reported in 2025 (was €86,658)
- Financial income -€4.3m
down €4.3m (-98.6%), from €4.4m to €59,285
- Gross operating margin +€163,363
up €163,363 (+97.8%), from -€167,071 to -€3,708
- Financial charges -€146,709
down €146,709 (-93.9%), from €156,183 to €9,474
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 | €4,721,110 | €4,673,111 | -€47,999 | -1.0% |
| Fixed assets | 21/28 | €2,391,778 | €2,688,778 | +€297,000 | +12.4% |
| Financial fixed assets | 28 | €2,391,778 | €2,688,778 | +€297,000 | +12.4% |
| Current assets | 29/58 | €2,329,332 | €1,984,333 | -€344,999 | -14.8% |
| Amounts receivable within one year | 40/41 | €31,859 | €16,158 | -€15,701 | -49.3% |
| Trade receivables | 40 | €24,200 | - | -€24,200 | |
| Other amounts receivable | 41 | €7,659 | €16,158 | +€8,499 | +111% |
| Current investments | 50/53 | - | €1,943,101 | +€1.9m | |
| Cash at bank and in hand | 54/58 | €2,297,473 | €21,312 | -€2.3m | -99.1% |
| Deferred charges and accrued income | 490/1 | - | €3,762 | +€3,762 | |
| Total equity and liabilities | 10/49 | €4,721,110 | €4,673,111 | -€47,999 | -1.0% |
| Equity | 10/15 | €4,627,155 | €4,673,080 | +€45,925 | +1.0% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €4,027,155 | €4,073,080 | +€45,925 | +1.1% |
| Distributable reserves | 133 | €4,027,155 | €4,073,080 | +€45,925 | +1.1% |
| Amounts payable | 17/49 | €93,955 | €31 | -€93,924 | -100.0% |
| Amounts payable within one year | 42/48 | €93,955 | - | -€93,955 | |
| Trade debts | 44 | €86,658 | - | -€86,658 | |
| Suppliers | 440/4 | €86,658 | - | -€86,658 | |
| Taxes, remuneration and social security | 45 | €7,297 | - | -€7,297 | |
| Taxes | 450/3 | €7,297 | - | -€7,297 | |
| Accrued charges and deferred income | 492/3 | - | €31 | +€31 | |
| Other operating charges | 640/8 | €106 | €178 | +€72 | +67.6% |
| Gross operating margin | 9900 | -€167,071 | -€3,708 | +€163,363 | +97.8% |
| Operating profit (loss) | 9901 | -€167,177 | -€3,886 | +€163,291 | +97.7% |
| Financial income | 75/76B | €4,350,515 | €59,285 | -€4.3m | -98.6% |
| Recurring financial income | 75 | €4,350,515 | €59,285 | -€4.3m | -98.6% |
| Financial charges | 65/66B | €156,183 | €9,474 | -€146,709 | -93.9% |
| Recurring financial charges | 65 | €156,183 | €9,474 | -€146,709 | -93.9% |
| Profit (loss) for the period before taxes | 9903 | €4,027,155 | €45,925 | -€4.0m | -98.9% |
| Profit (loss) for the period | 9904 | €4,027,155 | €45,925 | -€4.0m | -98.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,027,155 | €45,925 | -€4.0m | -98.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.