V.D.: 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.
V.D.
Largest movements
- Cash -€145,501
down €145,501 (-88.0%), from €165,329 to €19,829
mainly Other debts (-€150,000) and Debts after one year (-€18,667)
- Tangible fixed assets -€10,048
down €10,048 (-6.2%), from €162,105 to €152,057
of which Other tangible fixed assets: -€9,494
- Other debts -€150,000
down €150,000 (-91.0%), from €164,800 to €14,800
- Debts after one year -€18,667
down €18,667 (-24.5%), from €76,222 to €57,555
- Reserves +€11,257
up €11,257 (+1.9%), from €584,064 to €595,322
of which Distributable reserves: +€11,257
- Depreciation -€20,316
down €20,316 (-52.1%), from €38,992 to €18,676
- Financial charges +€6,431
up €6,431 (+375.5%), from €1,713 to €8,144
- Taxes +€3,289
new in 2025: €3,289
- Gross operating margin -€1,862
down €1,862 (-3.2%), from €58,852 to €56,991
- Other operating charges -€1,513
down €1,513 (-8.8%), from €17,137 to €15,624
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 | €869,694 | €704,952 | -€164,742 | -18.9% |
| Fixed assets | 21/28 | €162,105 | €152,057 | -€10,048 | -6.2% |
| Tangible fixed assets | 22/27 | €162,105 | €152,057 | -€10,048 | -6.2% |
| Land and buildings | 22 | €56,264 | €55,710 | -€554 | -1.0% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €105,842 | €96,347 | -€9,494 | -9.0% |
| Current assets | 29/58 | €707,589 | €552,895 | -€154,695 | -21.9% |
| Stocks and contracts in progress | 3 | €528,075 | €528,075 | = | 0.0% |
| Stocks | 30/36 | €528,075 | €528,075 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,927 | €697 | -€3,230 | -82.3% |
| Other amounts receivable | 41 | €3,927 | €697 | -€3,230 | -82.3% |
| Cash at bank and in hand | 54/58 | €165,329 | €19,829 | -€145,501 | -88.0% |
| Deferred charges and accrued income | 490/1 | €10,258 | €4,294 | -€5,964 | -58.1% |
| Total equity and liabilities | 10/49 | €869,694 | €704,952 | -€164,742 | -18.9% |
| Equity | 10/15 | €602,656 | €613,914 | +€11,257 | +1.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €584,064 | €595,322 | +€11,257 | +1.9% |
| Tax-exempt reserves | 132 | €85,126 | €85,126 | = | 0.0% |
| Distributable reserves | 133 | €498,938 | €510,196 | +€11,257 | +2.3% |
| Amounts payable | 17/49 | €267,038 | €91,038 | -€176,000 | -65.9% |
| Amounts payable after more than one year | 17 | €76,222 | €57,555 | -€18,667 | -24.5% |
| Financial debts | 170/4 | €76,222 | €57,555 | -€18,667 | -24.5% |
| Amounts payable within one year | 42/48 | €190,817 | €33,484 | -€157,333 | -82.5% |
| Current portion of amounts payable after more than one year | 42 | €26,000 | €18,667 | -€7,333 | -28.2% |
| Trade debts | 44 | €17 | €17 | = | 0.0% |
| Suppliers | 440/4 | €17 | €17 | = | 0.0% |
| Other amounts payable | 47/48 | €164,800 | €14,800 | -€150,000 | -91.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,992 | €18,676 | -€20,316 | -52.1% |
| Other operating charges | 640/8 | €17,137 | €15,624 | -€1,513 | -8.8% |
| Gross operating margin | 9900 | €58,852 | €56,991 | -€1,862 | -3.2% |
| Operating profit (loss) | 9901 | €2,723 | €22,690 | +€19,968 | +733.4% |
| Financial charges | 65/66B | €1,713 | €8,144 | +€6,431 | +375.5% |
| Recurring financial charges | 65 | €1,713 | €8,144 | +€6,431 | +375.5% |
| Profit (loss) for the period before taxes | 9903 | €1,010 | €14,547 | +€13,537 | +1340.3% |
| Income taxes | 67/77 | - | €3,289 | +€3,289 | |
| Profit (loss) for the period | 9904 | €1,010 | €11,257 | +€10,247 | +1014.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,010 | €11,257 | +€10,247 | +1014.6% |
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 12 October 2026 via checked.be.