V D C: 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 C
Largest movements
- Receivables within one year -€767,145
down €767,145 (-67.4%), from €1.1m to €371,859
of which Trade receivables: -€639,653
- Cash -€312,260
down €312,260 (-62.4%), from €500,173 to €187,913
mainly Trade debts (-€876,469) and Other debts (-€134,943)
- Receivables after one year +€105,000
up €105,000 (+29.9%), from €351,000 to €456,000
- Tangible fixed assets +€40,605
up €40,605 (+5.9%), from €686,927 to €727,532
of which Land and buildings: +€26,562
- Trade debts -€876,469
no longer reported in 2025 (was €876,469)
- Reserves +€223,596
up €223,596 (+24.7%), from €904,922 to €1.1m
- Other debts -€134,943
down €134,943 (-60.8%), from €221,912 to €86,969
- Accrued charges and deferred income -€102,573
down €102,573 (-96.4%), from €106,441 to €3,867
- Current portion of long-term debt -€31,359
no longer reported in 2025 (was €31,359)
- Gross operating margin -€67,330
down €67,330 (-15.2%), from €441,734 to €374,404
- Financial charges -€55,350
down €55,350 (-61.6%), from €89,826 to €34,476
- Financial income +€14,005
up €14,005 (+121%), from €11,574 to €25,579
- Depreciation +€4,661
up €4,661 (+18.9%), from €24,603 to €29,264
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 | €2,710,062 | €1,797,212 | -€912,851 | -33.7% |
| Fixed assets | 21/28 | €702,808 | €743,413 | +€40,605 | +5.8% |
| Tangible fixed assets | 22/27 | €686,927 | €727,532 | +€40,605 | +5.9% |
| Land and buildings | 22 | €628,156 | €654,718 | +€26,562 | +4.2% |
| Plant, machinery and equipment | 23 | €51,995 | €61,494 | +€9,499 | +18.3% |
| Furniture and vehicles | 24 | €6,776 | €11,320 | +€4,544 | +67.1% |
| Financial fixed assets | 28 | €15,881 | €15,881 | = | 0.0% |
| Current assets | 29/58 | €2,007,254 | €1,053,798 | -€953,456 | -47.5% |
| Amounts receivable after more than one year | 29 | €351,000 | €456,000 | +€105,000 | +29.9% |
| Other amounts receivable | 291 | €351,000 | €456,000 | +€105,000 | +29.9% |
| Stocks and contracts in progress | 3 | €5,504 | €12,971 | +€7,467 | +136% |
| Stocks | 30/36 | €5,504 | €12,971 | +€7,467 | +136% |
| Amounts receivable within one year | 40/41 | €1,139,003 | €371,859 | -€767,145 | -67.4% |
| Trade receivables | 40 | €1,002,311 | €362,658 | -€639,653 | -63.8% |
| Other amounts receivable | 41 | €136,693 | €9,201 | -€127,492 | -93.3% |
| Cash at bank and in hand | 54/58 | €500,173 | €187,913 | -€312,260 | -62.4% |
| Deferred charges and accrued income | 490/1 | €11,574 | €25,056 | +€13,482 | +116% |
| Total equity and liabilities | 10/49 | €2,710,062 | €1,797,212 | -€912,851 | -33.7% |
| Equity | 10/15 | €908,922 | €1,132,518 | +€223,596 | +24.6% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €904,922 | €1,128,518 | +€223,596 | +24.7% |
| Distributable reserves | 133 | €904,922 | €1,128,518 | +€223,596 | +24.7% |
| Amounts payable | 17/49 | €1,801,140 | €664,693 | -€1.1m | -63.1% |
| Amounts payable after more than one year | 17 | €452,329 | €452,329 | = | 0.0% |
| Financial debts | 170/4 | €452,329 | €452,329 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,242,370 | €208,497 | -€1.0m | -83.2% |
| Current portion of amounts payable after more than one year | 42 | €31,359 | - | -€31,359 | |
| Trade debts | 44 | €876,469 | - | -€876,469 | |
| Suppliers | 440/4 | €876,469 | - | -€876,469 | |
| Taxes, remuneration and social security | 45 | €112,630 | €121,528 | +€8,898 | +7.9% |
| Taxes | 450/3 | €112,630 | €121,528 | +€8,898 | +7.9% |
| Other amounts payable | 47/48 | €221,912 | €86,969 | -€134,943 | -60.8% |
| Accrued charges and deferred income | 492/3 | €106,441 | €3,867 | -€102,573 | -96.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,603 | €29,264 | +€4,661 | +18.9% |
| Other operating charges | 640/8 | €1,144 | €1,642 | +€498 | +43.5% |
| Gross operating margin | 9900 | €441,734 | €374,404 | -€67,330 | -15.2% |
| Operating profit (loss) | 9901 | €415,986 | €343,497 | -€72,489 | -17.4% |
| Financial income | 75/76B | €11,574 | €25,579 | +€14,005 | +121% |
| Recurring financial income | 75 | €11,574 | €25,579 | +€14,005 | +121% |
| Financial charges | 65/66B | €89,826 | €34,476 | -€55,350 | -61.6% |
| Recurring financial charges | 65 | €89,826 | €34,476 | -€55,350 | -61.6% |
| Profit (loss) for the period before taxes | 9903 | €337,734 | €334,600 | -€3,134 | -0.9% |
| Income taxes | 67/77 | €112,630 | €111,004 | -€1,627 | -1.4% |
| Profit (loss) for the period | 9904 | €225,104 | €223,596 | -€1,507 | -0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €225,104 | €223,596 | -€1,507 | -0.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.