T.VDB: 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.
T.VDB
Largest movements
- Receivables within one year +€53,686
up €53,686 (+408.1%), from €13,156 to €66,842
- Stocks and contracts +€5,079
new in 2025: €5,079
- Cash -€4,290
down €4,290 (-7.2%), from €59,619 to €55,329
mainly Receivables within one year (-€53,686) and Investment in fixed assets (net) (-€7,490)
- Other debts +€28,297
up €28,297 (+100.2%), from €28,232 to €56,529
- Reserves +€19,942
up €19,942 (+81.8%), from €24,370 to €44,312
- Trade debts +€7,044
up €7,044 (+120.8%), from €5,833 to €12,877
- Tax, wage and social debts -€4,148
down €4,148 (-14.2%), from €29,255 to €25,108
of which Remuneration and social security: -€10,419
- Debts after one year +€2,276
up €2,276 (+97.1%), from €2,343 to €4,619
- Gross operating margin -€8,758
down €8,758 (-9.1%), from €96,385 to €87,628
- Staff costs +€5,249
up €5,249 (+12.4%), from €42,444 to €47,693
- Depreciation +€2,979
up €2,979 (+70.4%), from €4,230 to €7,208
- Taxes -€2,369
down €2,369 (-19.2%), from €12,334 to €9,965
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 | €94,330 | €149,108 | +€54,778 | +58.1% |
| Fixed assets | 21/28 | €19,813 | €20,096 | +€282 | +1.4% |
| Tangible fixed assets | 22/27 | €19,813 | €20,096 | +€282 | +1.4% |
| Plant, machinery and equipment | 23 | €19,813 | €14,707 | -€5,107 | -25.8% |
| Furniture and vehicles | 24 | - | €5,389 | +€5,389 | |
| Current assets | 29/58 | €74,517 | €129,013 | +€54,496 | +73.1% |
| Stocks and contracts in progress | 3 | - | €5,079 | +€5,079 | |
| Stocks | 30/36 | - | €5,079 | +€5,079 | |
| Amounts receivable within one year | 40/41 | €13,156 | €66,842 | +€53,686 | +408.1% |
| Trade receivables | 40 | €13,156 | €66,842 | +€53,686 | +408.1% |
| Cash at bank and in hand | 54/58 | €59,619 | €55,329 | -€4,290 | -7.2% |
| Deferred charges and accrued income | 490/1 | €1,742 | €1,763 | +€21 | +1.2% |
| Total equity and liabilities | 10/49 | €94,330 | €149,108 | +€54,778 | +58.1% |
| Equity | 10/15 | €27,370 | €47,312 | +€19,942 | +72.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €24,370 | €44,312 | +€19,942 | +81.8% |
| Distributable reserves | 133 | €24,370 | €44,312 | +€19,942 | +81.8% |
| Amounts payable | 17/49 | €66,960 | €101,796 | +€34,837 | +52.0% |
| Amounts payable after more than one year | 17 | €2,343 | €4,619 | +€2,276 | +97.1% |
| Financial debts | 170/4 | €2,343 | €4,619 | +€2,276 | +97.1% |
| Amounts payable within one year | 42/48 | €64,617 | €97,178 | +€32,561 | +50.4% |
| Current portion of amounts payable after more than one year | 42 | €1,297 | €2,665 | +€1,368 | +105.5% |
| Trade debts | 44 | €5,833 | €12,877 | +€7,044 | +120.8% |
| Suppliers | 440/4 | €5,833 | €12,877 | +€7,044 | +120.8% |
| Taxes, remuneration and social security | 45 | €29,255 | €25,108 | -€4,148 | -14.2% |
| Taxes | 450/3 | €18,837 | €25,108 | +€6,271 | +33.3% |
| Remuneration and social security | 454/9 | €10,419 | - | -€10,419 | |
| Other amounts payable | 47/48 | €28,232 | €56,529 | +€28,297 | +100.2% |
| Remuneration, social security and pensions | 62 | €42,444 | €47,693 | +€5,249 | +12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,230 | €7,208 | +€2,979 | +70.4% |
| Other operating charges | 640/8 | €456 | €412 | -€44 | -9.6% |
| Gross operating margin | 9900 | €96,385 | €87,628 | -€8,758 | -9.1% |
| Operating profit (loss) | 9901 | €49,256 | €32,314 | -€16,942 | -34.4% |
| Financial income | 75/76B | €0 | €0 | -€0 | -90.5% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -90.5% |
| Financial charges | 65/66B | €1,679 | €2,407 | +€729 | +43.4% |
| Recurring financial charges | 65 | €1,679 | €2,407 | +€729 | +43.4% |
| Profit (loss) for the period before taxes | 9903 | €47,577 | €29,907 | -€17,671 | -37.1% |
| Income taxes | 67/77 | €12,334 | €9,965 | -€2,369 | -19.2% |
| Profit (loss) for the period | 9904 | €35,243 | €19,942 | -€15,301 | -43.4% |
| Profit (loss) for the period to be appropriated | 9905 | €35,243 | €19,942 | -€15,301 | -43.4% |
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 10 October 2026 via checked.be.