V.D.B.: 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.B.
Largest movements
- Tangible fixed assets +€130,796
up €130,796 (+33.8%), from €387,022 to €517,818
of which Furniture and vehicles: +€156,493
- Receivables within one year -€36,526
down €36,526 (-15.9%), from €229,267 to €192,741
of which Other amounts receivable: -€24,932
- Debts after one year +€66,078
up €66,078 (+32.7%), from €201,787 to €267,865
- Other debts -€40,000
no longer reported in 2025 (was €40,000)
- Tax, wage and social debts +€28,457
up €28,457 (+49.3%), from €57,754 to €86,212
- Reserves +€24,000
up €24,000 (+26.3%), from €91,311 to €115,311
of which Distributable reserves: +€24,000
- Current portion of long-term debt +€18,767
up €18,767 (+25.6%), from €73,299 to €92,065
- Gross operating margin -€36,992
down €36,992 (-21.9%), from €169,000 to €132,008
- Depreciation -€12,727
down €12,727 (-22.6%), from €56,374 to €43,647
- Financial charges +€10,208
up €10,208 (+39.4%), from €25,938 to €36,146
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 | €645,442 | €735,787 | +€90,346 | +14.0% |
| Fixed assets | 21/28 | €390,885 | €521,681 | +€130,796 | +33.5% |
| Tangible fixed assets | 22/27 | €387,022 | €517,818 | +€130,796 | +33.8% |
| Land and buildings | 22 | €214,953 | €210,290 | -€4,664 | -2.2% |
| Plant, machinery and equipment | 23 | - | €4,666 | +€4,666 | |
| Furniture and vehicles | 24 | €5,105 | €161,598 | +€156,493 | +3065.5% |
| Leasing and similar rights | 25 | €166,964 | €141,264 | -€25,700 | -15.4% |
| Financial fixed assets | 28 | €3,863 | €3,863 | = | 0.0% |
| Current assets | 29/58 | €254,556 | €214,106 | -€40,450 | -15.9% |
| Amounts receivable within one year | 40/41 | €229,267 | €192,741 | -€36,526 | -15.9% |
| Trade receivables | 40 | €37,032 | €25,438 | -€11,594 | -31.3% |
| Other amounts receivable | 41 | €192,235 | €167,303 | -€24,932 | -13.0% |
| Current investments | 50/53 | €5,000 | €5,003 | +€3 | +0.1% |
| Cash at bank and in hand | 54/58 | €3 | - | -€3 | |
| Deferred charges and accrued income | 490/1 | €20,287 | €16,363 | -€3,924 | -19.3% |
| Total equity and liabilities | 10/49 | €645,442 | €735,787 | +€90,346 | +14.0% |
| Equity | 10/15 | €102,183 | €126,208 | +€24,025 | +23.5% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €91,311 | €115,311 | +€24,000 | +26.3% |
| 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 | €89,452 | €113,452 | +€24,000 | +26.8% |
| Profit (loss) carried forward | 14 | €4,666 | €4,692 | +€25 | +0.5% |
| Amounts payable | 17/49 | €543,259 | €609,579 | +€66,321 | +12.2% |
| Amounts payable after more than one year | 17 | €201,787 | €267,865 | +€66,078 | +32.7% |
| Financial debts | 170/4 | €201,787 | €267,865 | +€66,078 | +32.7% |
| Amounts payable within one year | 42/48 | €341,472 | €341,715 | +€243 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €73,299 | €92,065 | +€18,767 | +25.6% |
| Financial debts | 43 | €59,406 | €63,536 | +€4,131 | +7.0% |
| Credit institutions | 430/8 | €59,406 | €63,536 | +€4,131 | +7.0% |
| Trade debts | 44 | €111,014 | €99,902 | -€11,112 | -10.0% |
| Suppliers | 440/4 | €111,014 | €99,902 | -€11,112 | -10.0% |
| Taxes, remuneration and social security | 45 | €57,754 | €86,212 | +€28,457 | +49.3% |
| Taxes | 450/3 | €57,754 | €86,212 | +€28,457 | +49.3% |
| Other amounts payable | 47/48 | €40,000 | - | -€40,000 | |
| Non-recurring operating income | 76A | €48,000 | €19,910 | -€28,090 | -58.5% |
| Remuneration, social security and pensions | 62 | €779 | €196 | -€583 | -74.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,374 | €43,647 | -€12,727 | -22.6% |
| Other operating charges | 640/8 | €7,516 | €7,612 | +€96 | +1.3% |
| Gross operating margin | 9900 | €169,000 | €132,008 | -€36,992 | -21.9% |
| Operating profit (loss) | 9901 | €104,331 | €80,553 | -€23,779 | -22.8% |
| Financial income | 75/76B | - | €196 | +€196 | |
| Recurring financial income | 75 | - | €196 | +€196 | |
| Financial charges | 65/66B | €25,938 | €36,146 | +€10,208 | +39.4% |
| Recurring financial charges | 65 | €25,938 | €36,146 | +€10,208 | +39.4% |
| Profit (loss) for the period before taxes | 9903 | €78,393 | €44,602 | -€33,792 | -43.1% |
| Income taxes | 67/77 | €21,350 | €20,577 | -€773 | -3.6% |
| Profit (loss) for the period | 9904 | €57,043 | €24,025 | -€33,018 | -57.9% |
| Profit (loss) for the period to be appropriated | 9905 | €57,043 | €24,025 | -€33,018 | -57.9% |
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 7 October 2026 via checked.be.