V.C.D.C.: 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.C.
Largest movements
- Tangible fixed assets -€57,075
down €57,075 (-5.9%), from €967,139 to €910,065
of which Land and buildings: -€36,375
- Receivables within one year -€24,534
down €24,534 (-67.8%), from €36,174 to €11,640
of which Trade receivables: -€25,322
- Debts after one year -€114,439
down €114,439 (-13.3%), from €861,880 to €747,441
- Reserves +€78,547
up €78,547 (+33.4%), from €235,203 to €313,750
of which Distributable reserves: +€78,547
- Other debts -€30,526
down €30,526 (-8.9%), from €343,711 to €313,185
- Staff costs -€19,447
down €19,447 (-34.4%), from €56,560 to €37,113
- Gross operating margin +€19,105
up €19,105 (+8.3%), from €229,198 to €248,303
- Taxes +€11,313
up €11,313 (+45.1%), from €25,078 to €36,391
- Depreciation +€9,024
up €9,024 (+14.2%), from €63,556 to €72,580
- Financial charges -€3,141
down €3,141 (-13.3%), from €23,546 to €20,405
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 | €1,622,561 | €1,546,817 | -€75,745 | -4.7% |
| Fixed assets | 21/28 | €1,567,139 | €1,510,065 | -€57,075 | -3.6% |
| Tangible fixed assets | 22/27 | €967,139 | €910,065 | -€57,075 | -5.9% |
| Land and buildings | 22 | €873,085 | €836,710 | -€36,375 | -4.2% |
| Plant, machinery and equipment | 23 | €49,562 | €39,182 | -€10,380 | -20.9% |
| Furniture and vehicles | 24 | €44,492 | €34,172 | -€10,319 | -23.2% |
| Financial fixed assets | 28 | €600,000 | €600,000 | = | 0.0% |
| Current assets | 29/58 | €55,422 | €36,752 | -€18,670 | -33.7% |
| Amounts receivable within one year | 40/41 | €36,174 | €11,640 | -€24,534 | -67.8% |
| Trade receivables | 40 | €34,223 | €8,901 | -€25,322 | -74.0% |
| Other amounts receivable | 41 | €1,950 | €2,739 | +€788 | +40.4% |
| Cash at bank and in hand | 54/58 | €17,377 | €23,603 | +€6,226 | +35.8% |
| Deferred charges and accrued income | 490/1 | €1,871 | €1,509 | -€362 | -19.4% |
| Total equity and liabilities | 10/49 | €1,622,561 | €1,546,817 | -€75,745 | -4.7% |
| Equity | 10/15 | €254,146 | €332,693 | +€78,547 | +30.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €235,203 | €313,750 | +€78,547 | +33.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €233,343 | €311,890 | +€78,547 | +33.7% |
| Profit (loss) carried forward | 14 | €343 | €343 | = | 0.0% |
| Amounts payable | 17/49 | €1,368,416 | €1,214,124 | -€154,292 | -11.3% |
| Amounts payable after more than one year | 17 | €861,880 | €747,441 | -€114,439 | -13.3% |
| Financial debts | 170/4 | €861,880 | €747,441 | -€114,439 | -13.3% |
| Amounts payable within one year | 42/48 | €499,620 | €461,727 | -€37,893 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €124,961 | €114,439 | -€10,522 | -8.4% |
| Trade debts | 44 | €21,223 | €18,214 | -€3,009 | -14.2% |
| Suppliers | 440/4 | €21,223 | €18,214 | -€3,009 | -14.2% |
| Taxes, remuneration and social security | 45 | €9,725 | €15,888 | +€6,163 | +63.4% |
| Taxes | 450/3 | €5,174 | €9,709 | +€4,535 | +87.7% |
| Remuneration and social security | 454/9 | €4,552 | €6,179 | +€1,628 | +35.8% |
| Other amounts payable | 47/48 | €343,711 | €313,185 | -€30,526 | -8.9% |
| Accrued charges and deferred income | 492/3 | €6,915 | €4,956 | -€1,959 | -28.3% |
| Non-recurring operating income | 76A | €5,107 | €0 | -€5,107 | -100.0% |
| Remuneration, social security and pensions | 62 | €56,560 | €37,113 | -€19,447 | -34.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,556 | €72,580 | +€9,024 | +14.2% |
| Other operating charges | 640/8 | €4,460 | €3,424 | -€1,036 | -23.2% |
| Gross operating margin | 9900 | €229,198 | €248,303 | +€19,105 | +8.3% |
| Operating profit (loss) | 9901 | €104,622 | €135,186 | +€30,564 | +29.2% |
| Financial income | 75/76B | €45 | €158 | +€112 | +248.0% |
| Recurring financial income | 75 | €45 | €158 | +€112 | +248.0% |
| Financial charges | 65/66B | €23,546 | €20,405 | -€3,141 | -13.3% |
| Recurring financial charges | 65 | €23,546 | €20,405 | -€3,141 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €81,121 | €114,939 | +€33,817 | +41.7% |
| Income taxes | 67/77 | €25,078 | €36,391 | +€11,313 | +45.1% |
| Profit (loss) for the period | 9904 | €56,043 | €78,547 | +€22,504 | +40.2% |
| Profit (loss) for the period to be appropriated | 9905 | €56,043 | €78,547 | +€22,504 | +40.2% |
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 8 October 2026 via checked.be.