V.C.D.: what changed
Two fiscal 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.
V.C.D.
Largest movements
- Cash -€112,880
down €112,880 (-56.4%), from €200,079 to €87,198
mainly Receivables within one year (-€52,149) and Net result for the year (-€28,643)
- Receivables within one year +€52,149
up €52,149 (+69.8%), from €74,697 to €126,846
of which Trade receivables: +€82,387
- Stocks and contracts -€8,679
down €8,679 (-9.2%), from €94,604 to €85,925
- Profit (loss) carried forward -€28,643
down €28,643, from €0 to -€28,643
- Trade debts -€24,932
down €24,932 (-19.3%), from €128,921 to €103,990
- Debts after one year -€5,717
down €5,717 (-100.0%), from €5,717 to €0
- Current portion of long-term debt -€4,540
down €4,540 (-44.3%), from €10,257 to €5,717
- Gross operating margin -€106,021
down €106,021 (-48.8%), from €217,282 to €111,261
- Staff costs -€48,767
down €48,767 (-28.1%), from €173,702 to €124,935
- Financial charges -€5,550
down €5,550 (-43.9%), from €12,647 to €7,097
- Financial income -€2,334
down €2,334 (-89.4%), from €2,611 to €278
of which Non-recurring financial income: -€1,753
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 | €380,621 | €317,237 | -€63,384 | -16.7% |
| Fixed assets | 21/28 | €7,848 | €11,032 | +€3,184 | +40.6% |
| Tangible fixed assets | 22/27 | €7,798 | €10,982 | +€3,184 | +40.8% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €7,798 | €10,982 | +€3,184 | +40.8% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €372,773 | €306,206 | -€66,567 | -17.9% |
| Stocks and contracts in progress | 3 | €94,604 | €85,925 | -€8,679 | -9.2% |
| Stocks | 30/36 | €94,604 | €85,925 | -€8,679 | -9.2% |
| Amounts receivable within one year | 40/41 | €74,697 | €126,846 | +€52,149 | +69.8% |
| Trade receivables | 40 | €44,459 | €126,846 | +€82,387 | +185.3% |
| Other amounts receivable | 41 | €30,238 | €0 | -€30,238 | -100.0% |
| Cash at bank and in hand | 54/58 | €200,079 | €87,198 | -€112,880 | -56.4% |
| Deferred charges and accrued income | 490/1 | €3,394 | €6,237 | +€2,843 | +83.8% |
| Total equity and liabilities | 10/49 | €380,621 | €317,237 | -€63,384 | -16.7% |
| Equity | 10/15 | €188,895 | €160,252 | -€28,643 | -15.2% |
| Contributions | 10/11 | €112,000 | €112,000 | = | 0.0% |
| Capital | 10 | €112,000 | €112,000 | = | 0.0% |
| Issued capital | 100 | €112,000 | €112,000 | = | 0.0% |
| Reserves | 13 | €76,895 | €76,895 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,578 | €15,578 | = | 0.0% |
| Legal reserve | 130 | €14,807 | €14,807 | = | 0.0% |
| Reserves not available under the articles | 1311 | €771 | €771 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,285 | €3,285 | = | 0.0% |
| Distributable reserves | 133 | €58,032 | €58,032 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€28,643 | -€28,643 | |
| Amounts payable | 17/49 | €191,726 | €156,985 | -€34,741 | -18.1% |
| Amounts payable after more than one year | 17 | €5,717 | €0 | -€5,717 | -100.0% |
| Financial debts | 170/4 | €5,717 | €0 | -€5,717 | -100.0% |
| Amounts payable within one year | 42/48 | €186,009 | €156,985 | -€29,024 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €10,257 | €5,717 | -€4,540 | -44.3% |
| Financial debts | 43 | €35,000 | €34,972 | -€28 | -0.1% |
| Credit institutions | 430/8 | €35,000 | €34,972 | -€28 | -0.1% |
| Trade debts | 44 | €128,921 | €103,990 | -€24,932 | -19.3% |
| Suppliers | 440/4 | €128,921 | €103,990 | -€24,932 | -19.3% |
| Taxes, remuneration and social security | 45 | €11,831 | €12,307 | +€475 | +4.0% |
| Taxes | 450/3 | €1,545 | €2,394 | +€849 | +54.9% |
| Remuneration and social security | 454/9 | €10,286 | €9,912 | -€374 | -3.6% |
| Non-recurring operating income | 76A | €290,298 | €0 | -€290,298 | -100.0% |
| Remuneration, social security and pensions | 62 | €173,702 | €124,935 | -€48,767 | -28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,366 | €2,642 | +€276 | +11.7% |
| Other operating charges | 640/8 | €6,561 | €5,508 | -€1,053 | -16.0% |
| Non-recurring operating charges | 66A | €24 | €0 | -€24 | -100.0% |
| Gross operating margin | 9900 | €217,282 | €111,261 | -€106,021 | -48.8% |
| Operating profit (loss) | 9901 | €34,630 | -€21,824 | -€56,453 | |
| Financial income | 75/76B | €2,611 | €278 | -€2,334 | -89.4% |
| Recurring financial income | 75 | €858 | €278 | -€581 | -67.7% |
| Non-recurring financial income | 76B | €1,753 | €0 | -€1,753 | -100.0% |
| Financial charges | 65/66B | €12,647 | €7,097 | -€5,550 | -43.9% |
| Recurring financial charges | 65 | €12,647 | €7,097 | -€5,550 | -43.9% |
| Profit (loss) for the period before taxes | 9903 | €24,594 | -€28,643 | -€53,236 | |
| Income taxes | 67/77 | €1,545 | €0 | -€1,545 | -100.0% |
| Profit (loss) for the period | 9904 | €23,048 | -€28,643 | -€51,691 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,048 | -€28,643 | -€51,691 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.