V.D.A.: 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.D.A.
Largest movements
- Receivables within one year +€6,370
up €6,370 (+16.6%), from €38,457 to €44,827
of which Other amounts receivable: +€13,776
- Cash +€2,068
up €2,068 (+2.9%), from €70,642 to €72,710
mainly Depreciation (+€8,522) and Trade debts (+€7,132)
- Trade debts +€7,132
up €7,132 (+122.1%), from €5,843 to €12,975
- Gross operating margin -€6,105
down €6,105 (-23.8%), from €25,676 to €19,571
- Taxes -€1,944
down €1,944 (-26.9%), from €7,215 to €5,271
- Financial income -€1,271
down €1,271 (-49.2%), from €2,582 to €1,311
- Write-downs +€969
up €969 (+25.3%), from €3,836 to €4,805
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 | €169,182 | €176,993 | +€7,811 | +4.6% |
| Fixed assets | 21/28 | €35,083 | €34,456 | -€627 | -1.8% |
| Tangible fixed assets | 22/27 | €16,033 | €15,406 | -€627 | -3.9% |
| Plant, machinery and equipment | 23 | €12,707 | €14,775 | +€2,068 | +16.3% |
| Furniture and vehicles | 24 | €3,326 | €631 | -€2,695 | -81.0% |
| Financial fixed assets | 28 | €19,050 | €19,050 | = | 0.0% |
| Current assets | 29/58 | €134,099 | €142,537 | +€8,438 | +6.3% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €38,457 | €44,827 | +€6,370 | +16.6% |
| Trade receivables | 40 | €26,799 | €19,393 | -€7,406 | -27.6% |
| Other amounts receivable | 41 | €11,658 | €25,434 | +€13,776 | +118.2% |
| Current investments | 50/53 | €25,000 | €25,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €70,642 | €72,710 | +€2,068 | +2.9% |
| Total equity and liabilities | 10/49 | €169,182 | €176,993 | +€7,811 | +4.6% |
| Equity | 10/15 | €163,339 | €164,018 | +€679 | +0.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €71,292 | €71,971 | +€679 | +1.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €69,433 | €70,112 | +€679 | +1.0% |
| Profit (loss) carried forward | 14 | €73,447 | €73,447 | = | 0.0% |
| Amounts payable | 17/49 | €5,843 | €12,975 | +€7,132 | +122.1% |
| Amounts payable within one year | 42/48 | €5,843 | €12,975 | +€7,132 | +122.1% |
| Trade debts | 44 | €5,843 | €12,975 | +€7,132 | +122.1% |
| Suppliers | 440/4 | €5,843 | €12,975 | +€7,132 | +122.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,703 | €8,522 | -€181 | -2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,836 | €4,805 | +€969 | +25.3% |
| Other operating charges | 640/8 | €528 | €485 | -€43 | -8.1% |
| Gross operating margin | 9900 | €25,676 | €19,571 | -€6,105 | -23.8% |
| Operating profit (loss) | 9901 | €12,609 | €5,759 | -€6,850 | -54.3% |
| Financial income | 75/76B | €2,582 | €1,311 | -€1,271 | -49.2% |
| Recurring financial income | 75 | €2,582 | €1,311 | -€1,271 | -49.2% |
| Financial charges | 65/66B | €1,043 | €1,120 | +€77 | +7.4% |
| Recurring financial charges | 65 | €1,043 | €1,120 | +€77 | +7.4% |
| Profit (loss) for the period before taxes | 9903 | €14,148 | €5,950 | -€8,198 | -57.9% |
| Income taxes | 67/77 | €7,215 | €5,271 | -€1,944 | -26.9% |
| Profit (loss) for the period | 9904 | €6,933 | €679 | -€6,254 | -90.2% |
| Profit (loss) for the period to be appropriated | 9905 | €6,933 | €679 | -€6,254 | -90.2% |
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 1 October 2026 via checked.be.