R²@VDW: 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.
R²@VDW
Largest movements
- Receivables within one year -€12,266
down €12,266 (-52.0%), from €23,574 to €11,308
of which Trade receivables: -€9,110
- Cash +€8,403
up €8,403 (+165%), from €5,095 to €13,498
mainly Receivables within one year (+€12,266) and Depreciation (+€4,114)
- Tangible fixed assets +€3,941
up €3,941 (+58.8%), from €6,697 to €10,638
of which Plant, machinery and equipment: +€2,685
- Deferred charges and accrued income -€2,410
no longer reported in 2025 (was €2,410)
- Profit (loss) carried forward -€6,000
down €6,000 (-18.4%), from €32,632 to €26,632
- Trade debts +€1,879
new in 2025: €1,879
- Tax, wage and social debts +€1,266
up €1,266 (+66.9%), from €1,891 to €3,157
- Reserves +€1,061
new in 2025: €1,061
- Other debts -€686
down €686 (-40.0%), from €1,716 to €1,029
- Purchases and services -€22,975
down €22,975 (-17.1%), from €134,524 to €111,549
- Gross operating margin -€6,816
down €6,816 (-39.3%), from €17,366 to €10,550
- Depreciation -€2,866
down €2,866 (-41.1%), from €6,980 to €4,114
- Taxes +€1,316
up €1,316 (+617%), from €213 to €1,530
- Financial charges -€765
down €765 (-20.9%), from €3,659 to €2,893
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 | €40,436 | €37,944 | -€2,492 | -6.2% |
| Fixed assets | 21/28 | €6,697 | €10,638 | +€3,941 | +58.8% |
| Tangible fixed assets | 22/27 | €6,697 | €10,638 | +€3,941 | +58.8% |
| Plant, machinery and equipment | 23 | €4,008 | €6,694 | +€2,685 | +67.0% |
| Furniture and vehicles | 24 | €1,698 | €3,945 | +€2,246 | +132% |
| Other tangible fixed assets | 26 | €991 | - | -€991 | |
| Current assets | 29/58 | €33,739 | €27,306 | -€6,433 | -19.1% |
| Stocks and contracts in progress | 3 | €2,660 | €2,500 | -€160 | -6.0% |
| Stocks | 30/36 | €2,660 | €2,500 | -€160 | -6.0% |
| Amounts receivable within one year | 40/41 | €23,574 | €11,308 | -€12,266 | -52.0% |
| Trade receivables | 40 | €12,161 | €3,051 | -€9,110 | -74.9% |
| Other amounts receivable | 41 | €11,413 | €8,257 | -€3,156 | -27.7% |
| Cash at bank and in hand | 54/58 | €5,095 | €13,498 | +€8,403 | +165% |
| Deferred charges and accrued income | 490/1 | €2,410 | - | -€2,410 | |
| Total equity and liabilities | 10/49 | €40,436 | €37,944 | -€2,492 | -6.2% |
| Equity | 10/15 | €35,132 | €30,193 | -€4,939 | -14.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Contributions outside capital | 11 | €2,500 | €2,500 | = | 0.0% |
| Other | 1109/19 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | - | €1,061 | +€1,061 | |
| Distributable reserves | 133 | - | €1,061 | +€1,061 | |
| Profit (loss) carried forward | 14 | €32,632 | €26,632 | -€6,000 | -18.4% |
| Amounts payable | 17/49 | €5,304 | €7,751 | +€2,447 | +46.1% |
| Amounts payable within one year | 42/48 | €5,304 | €7,751 | +€2,447 | +46.1% |
| Financial debts | 43 | €1,698 | €1,686 | -€12 | -0.7% |
| Credit institutions | 430/8 | €1,698 | €1,686 | -€12 | -0.7% |
| Trade debts | 44 | - | €1,879 | +€1,879 | |
| Suppliers | 440/4 | - | €1,879 | +€1,879 | |
| Taxes, remuneration and social security | 45 | €1,891 | €3,157 | +€1,266 | +66.9% |
| Taxes | 450/3 | €1,891 | €3,157 | +€1,266 | +66.9% |
| Other amounts payable | 47/48 | €1,716 | €1,029 | -€686 | -40.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €134,524 | €111,549 | -€22,975 | -17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,980 | €4,114 | -€2,866 | -41.1% |
| Other operating charges | 640/8 | €507 | €965 | +€459 | +90.5% |
| Gross operating margin | 9900 | €17,366 | €10,550 | -€6,816 | -39.3% |
| Operating profit (loss) | 9901 | €9,879 | €5,470 | -€4,409 | -44.6% |
| Financial income | 75/76B | €2 | €14 | +€12 | +501% |
| Recurring financial income | 75 | €2 | €14 | +€12 | +501% |
| Financial charges | 65/66B | €3,659 | €2,893 | -€765 | -20.9% |
| Recurring financial charges | 65 | €3,659 | €2,893 | -€765 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €6,223 | €2,591 | -€3,632 | -58.4% |
| Income taxes | 67/77 | €213 | €1,530 | +€1,316 | +617% |
| Profit (loss) for the period | 9904 | €6,010 | €1,061 | -€4,949 | -82.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,010 | €1,061 | -€4,949 | -82.3% |
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 24 October 2026 via checked.be.