V.D.A.-LASER: 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.A.-LASER
Largest movements
- Tangible fixed assets -€127,667
down €127,667 (-10.3%), from €1.2m to €1.1m
of which Plant, machinery and equipment: -€159,185
- Cash +€107,837
up €107,837 (+11.7%), from €923,353 to €1.0m
mainly Net result for the year (+€396,619) and Depreciation (+€215,538)
- Receivables within one year -€64,457
down €64,457 (-12.7%), from €506,517 to €442,060
of which Trade receivables: -€71,779
- Short-term financial debts -€300,922
down €300,922 (-73.9%), from €407,143 to €106,221
- Debts after one year +€198,281
up €198,281 (+1,400%), from €14,161 to €212,442
- Reserves +€96,314
up €96,314 (+5.9%), from €1.6m to €1.7m
of which Distributable reserves: +€122,000
- Trade debts -€72,551
down €72,551 (-28.8%), from €252,207 to €179,656
- Gross operating margin -€78,170
down €78,170 (-8.6%), from €905,569 to €827,399
- Taxes -€28,861
down €28,861 (-17.0%), from €170,166 to €141,306
- Financial charges +€22,195
up €22,195 (+261%), from €8,503 to €30,699
- Write-downs -€12,317
new in 2025: -€12,317
- Other operating charges +€11,698
up €11,698 (+153%), from €7,639 to €19,337
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.
Derived cash bridge
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 | €2,761,983 | €2,664,196 | -€97,787 | -3.5% |
| Fixed assets | 21/28 | €1,241,170 | €1,113,503 | -€127,667 | -10.3% |
| Tangible fixed assets | 22/27 | €1,241,170 | €1,113,503 | -€127,667 | -10.3% |
| Land and buildings | 22 | €93,114 | €75,647 | -€17,467 | -18.8% |
| Plant, machinery and equipment | 23 | €1,134,100 | €974,915 | -€159,185 | -14.0% |
| Furniture and vehicles | 24 | €13,956 | €62,942 | +€48,986 | +351% |
| Current assets | 29/58 | €1,520,813 | €1,550,693 | +€29,880 | +2.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €73,846 | €70,631 | -€3,215 | -4.4% |
| Stocks | 30/36 | €73,846 | €70,631 | -€3,215 | -4.4% |
| Amounts receivable within one year | 40/41 | €506,517 | €442,060 | -€64,457 | -12.7% |
| Trade receivables | 40 | €506,083 | €434,305 | -€71,779 | -14.2% |
| Other amounts receivable | 41 | €433 | €7,755 | +€7,322 | +1,690% |
| Cash at bank and in hand | 54/58 | €923,353 | €1,031,190 | +€107,837 | +11.7% |
| Deferred charges and accrued income | 490/1 | €17,097 | €6,813 | -€10,285 | -60.2% |
| Total equity and liabilities | 10/49 | €2,761,983 | €2,664,196 | -€97,787 | -3.5% |
| Equity | 10/15 | €1,676,065 | €1,772,684 | +€96,619 | +5.8% |
| Contributions | 10/11 | €37,192 | €37,192 | = | 0.0% |
| Reserves | 13 | €1,638,704 | €1,735,018 | +€96,314 | +5.9% |
| Tax-exempt reserves | 132 | €153,704 | €128,018 | -€25,686 | -16.7% |
| Distributable reserves | 133 | €1,485,000 | €1,607,000 | +€122,000 | +8.2% |
| Profit (loss) carried forward | 14 | €169 | €474 | +€305 | +180% |
| Provisions and deferred taxes | 16 | €51,235 | €42,673 | -€8,562 | -16.7% |
| Deferred taxes | 168 | €51,235 | €42,673 | -€8,562 | -16.7% |
| Amounts payable | 17/49 | €1,034,683 | €848,839 | -€185,844 | -18.0% |
| Amounts payable after more than one year | 17 | €14,161 | €212,442 | +€198,281 | +1,400% |
| Financial debts | 170/4 | €14,161 | €212,442 | +€198,281 | +1,400% |
| Amounts payable within one year | 42/48 | €1,019,475 | €636,348 | -€383,127 | -37.6% |
| Current portion of amounts payable after more than one year | 42 | €12,762 | €12,990 | +€229 | +1.8% |
| Financial debts | 43 | €407,143 | €106,221 | -€300,922 | -73.9% |
| Credit institutions | 430/8 | €407,143 | €106,221 | -€300,922 | -73.9% |
| Trade debts | 44 | €252,207 | €179,656 | -€72,551 | -28.8% |
| Suppliers | 440/4 | €252,207 | €179,656 | -€72,551 | -28.8% |
| Taxes, remuneration and social security | 45 | €14,299 | €3,593 | -€10,706 | -74.9% |
| Taxes | 450/3 | €11,914 | €1,306 | -€10,608 | -89.0% |
| Remuneration and social security | 454/9 | €2,385 | €2,287 | -€98 | -4.1% |
| Other amounts payable | 47/48 | €333,065 | €333,888 | +€823 | +0.2% |
| Accrued charges and deferred income | 492/3 | €1,047 | €49 | -€998 | -95.3% |
| Non-recurring operating income | 76A | €5,600 | €0 | -€5,600 | -100% |
| Remuneration, social security and pensions | 62 | €46,112 | €44,860 | -€1,252 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €210,007 | €215,538 | +€5,532 | +2.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€12,317 | -€12,317 | |
| Other operating charges | 640/8 | €7,639 | €19,337 | +€11,698 | +153% |
| Gross operating margin | 9900 | €905,569 | €827,399 | -€78,170 | -8.6% |
| Operating profit (loss) | 9901 | €641,811 | €559,981 | -€81,830 | -12.7% |
| Financial income | 75/76B | €8,419 | €80 | -€8,339 | -99.0% |
| Recurring financial income | 75 | €8,419 | €80 | -€8,339 | -99.0% |
| Financial charges | 65/66B | €8,503 | €30,699 | +€22,195 | +261% |
| Recurring financial charges | 65 | €8,503 | €30,699 | +€22,195 | +261% |
| Profit (loss) for the period before taxes | 9903 | €641,727 | €529,363 | -€112,364 | -17.5% |
| Transfer from deferred taxes | 780 | €8,562 | €8,562 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €170,166 | €141,306 | -€28,861 | -17.0% |
| Profit (loss) for the period | 9904 | €480,122 | €396,619 | -€83,503 | -17.4% |
| Transfer from tax-exempt reserves | 789 | €25,686 | €25,686 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €505,808 | €422,305 | -€83,503 | -16.5% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.