V.D.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.D.
Largest movements
- Cash -€31,431
down €31,431 (-26.8%), from €117,143 to €85,712
mainly Contributions, distributions and other (-€116,750) and Trade debts (-€21,170)
- Tangible fixed assets -€15,121
down €15,121 (-8.5%), from €178,167 to €163,046
- Reserves -€72,536
down €72,536 (-56.9%), from €127,580 to €55,044
of which Distributable reserves: -€74,786
- Other debts +€47,351
new in 2025: €47,351
- Trade debts -€21,170
down €21,170 (-98.1%), from €21,570 to €400
- Gross operating margin +€23,942
up €23,942 (+33.7%), from €71,084 to €95,026
- Taxes +€3,943
up €3,943 (+36.3%), from €10,867 to €14,810
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 | €296,211 | €249,856 | -€46,355 | -15.6% |
| Fixed assets | 21/28 | €178,167 | €163,046 | -€15,121 | -8.5% |
| Tangible fixed assets | 22/27 | €178,167 | €163,046 | -€15,121 | -8.5% |
| Land and buildings | 22 | €178,167 | €163,046 | -€15,121 | -8.5% |
| Current assets | 29/58 | €118,044 | €86,810 | -€31,234 | -26.5% |
| Amounts receivable within one year | 40/41 | - | €190 | +€190 | |
| Other amounts receivable | 41 | - | €190 | +€190 | |
| Cash at bank and in hand | 54/58 | €117,143 | €85,712 | -€31,431 | -26.8% |
| Deferred charges and accrued income | 490/1 | €901 | €908 | +€7 | +0.8% |
| Total equity and liabilities | 10/49 | €296,211 | €249,856 | -€46,355 | -15.6% |
| Equity | 10/15 | €274,274 | €201,738 | -€72,536 | -26.4% |
| Contributions | 10/11 | €146,694 | €146,694 | = | 0.0% |
| Capital | 10 | €146,694 | €146,694 | = | 0.0% |
| Issued capital | 100 | €146,694 | €146,694 | = | 0.0% |
| Reserves | 13 | €127,580 | €55,044 | -€72,536 | -56.9% |
| Non-distributable reserves | 130/1 | €10,300 | €12,550 | +€2,250 | +21.8% |
| Legal reserve | 130 | €10,300 | €12,550 | +€2,250 | +21.8% |
| Distributable reserves | 133 | €117,280 | €42,494 | -€74,786 | -63.8% |
| Amounts payable | 17/49 | €21,937 | €48,118 | +€26,181 | +119.3% |
| Amounts payable within one year | 42/48 | €21,937 | €48,118 | +€26,181 | +119.3% |
| Trade debts | 44 | €21,570 | €400 | -€21,170 | -98.1% |
| Suppliers | 440/4 | €21,570 | €400 | -€21,170 | -98.1% |
| Taxes, remuneration and social security | 45 | €367 | €367 | = | 0.0% |
| Taxes | 450/3 | €367 | €367 | = | 0.0% |
| Other amounts payable | 47/48 | - | €47,351 | +€47,351 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,121 | €15,121 | = | 0.0% |
| Other operating charges | 640/8 | €12,993 | €13,295 | +€302 | +2.3% |
| Non-recurring operating charges | 66A | - | €7,500 | +€7,500 | |
| Gross operating margin | 9900 | €71,084 | €95,026 | +€23,942 | +33.7% |
| Operating profit (loss) | 9901 | €42,970 | €59,110 | +€16,140 | +37.6% |
| Financial income | 75/76B | €1 | €1 | = | 0.0% |
| Recurring financial income | 75 | €1 | €1 | = | 0.0% |
| Financial charges | 65/66B | €113 | €87 | -€26 | -23.0% |
| Recurring financial charges | 65 | €113 | €87 | -€26 | -23.0% |
| Profit (loss) for the period before taxes | 9903 | €42,858 | €59,024 | +€16,166 | +37.7% |
| Income taxes | 67/77 | €10,867 | €14,810 | +€3,943 | +36.3% |
| Profit (loss) for the period | 9904 | €31,991 | €44,214 | +€12,223 | +38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €31,991 | €44,214 | +€12,223 | +38.2% |
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 10 October 2026 via checked.be.