V&D EXPERTS: 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 EXPERTS
Largest movements
- Tangible fixed assets +€266,225
up €266,225 (+1257.6%), from €21,170 to €287,395
of which Land and buildings: +€270,805
- Cash -€44,510
down €44,510 (-96.3%), from €46,199 to €1,689
mainly Investment in fixed assets (net) (-€335,527) and Net result for the year (-€78,733)
- Debts after one year +€241,567
up €241,567 (+57.7%), from €418,962 to €660,529
- Other debts +€160,797
up €160,797 (+17.5%), from €919,291 to €1.1m
- Profit (loss) carried forward -€78,733
down €78,733 (-24.6%), from €320,569 to €241,836
- Trade debts -€37,426
down €37,426 (-79.4%), from €47,155 to €9,729
- Financial income -€309,457
down €309,457 (-78.4%), from €394,594 to €85,137
of which Financial income: -€391,951
- Gross operating margin -€52,648
down €52,648 (-572.1%), from -€9,203 to -€61,851
- Depreciation +€17,007
up €17,007 (+48.3%), from €35,208 to €52,215
- Financial charges +€12,540
up €12,540 (+55.5%), from €22,575 to €35,115
of which Financial charges: +€10,978
- Staff costs +€1,485
up €1,485 (+61.8%), from €2,404 to €3,889
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 | €2,972,702 | €3,262,555 | +€289,853 | +9.8% |
| Fixed assets | 21/28 | €2,565,706 | €2,849,018 | +€283,312 | +11.0% |
| Intangible fixed assets | 21 | €364,322 | €381,408 | +€17,086 | +4.7% |
| Tangible fixed assets | 22/27 | €21,170 | €287,395 | +€266,225 | +1257.6% |
| Land and buildings | 22 | - | €270,805 | +€270,805 | |
| Furniture and vehicles | 24 | €9,396 | €7,163 | -€2,233 | -23.8% |
| Other tangible fixed assets | 26 | €11,774 | €9,427 | -€2,347 | -19.9% |
| Financial fixed assets | 28 | €2,180,214 | €2,180,215 | +€1 | 0.0% |
| Current assets | 29/58 | €406,996 | €413,537 | +€6,541 | +1.6% |
| Amounts receivable after more than one year | 29 | €255,197 | €275,986 | +€20,789 | +8.1% |
| Trade receivables | 290 | €255,197 | €275,986 | +€20,789 | +8.1% |
| Amounts receivable within one year | 40/41 | €35,476 | €66,988 | +€31,512 | +88.8% |
| Trade receivables | 40 | €22,051 | €58,292 | +€36,241 | +164.4% |
| Other amounts receivable | 41 | €13,425 | €8,696 | -€4,729 | -35.2% |
| Current investments | 50/53 | €55,422 | €53,859 | -€1,563 | -2.8% |
| Cash at bank and in hand | 54/58 | €46,199 | €1,689 | -€44,510 | -96.3% |
| Deferred charges and accrued income | 490/1 | €14,702 | €15,015 | +€313 | +2.1% |
| Total equity and liabilities | 10/49 | €2,972,702 | €3,262,555 | +€289,853 | +9.8% |
| Equity | 10/15 | €1,561,990 | €1,483,256 | -€78,734 | -5.0% |
| Contributions | 10/11 | €1,070,000 | €1,070,000 | = | 0.0% |
| Reserves | 13 | €171,421 | €171,420 | -€1 | 0.0% |
| Distributable reserves | 133 | €171,421 | €171,420 | -€1 | 0.0% |
| Profit (loss) carried forward | 14 | €320,569 | €241,836 | -€78,733 | -24.6% |
| Amounts payable | 17/49 | €1,410,712 | €1,779,299 | +€368,587 | +26.1% |
| Amounts payable after more than one year | 17 | €418,962 | €660,529 | +€241,567 | +57.7% |
| Financial debts | 170/4 | €418,962 | €660,529 | +€241,567 | +57.7% |
| Amounts payable within one year | 42/48 | €991,750 | €1,118,770 | +€127,020 | +12.8% |
| Current portion of amounts payable after more than one year | 42 | €17,776 | €17,933 | +€157 | +0.9% |
| Financial debts | 43 | €5,018 | €9,177 | +€4,159 | +82.9% |
| Credit institutions | 430/8 | €5,018 | €9,177 | +€4,159 | +82.9% |
| Trade debts | 44 | €47,155 | €9,729 | -€37,426 | -79.4% |
| Suppliers | 440/4 | €47,155 | €9,729 | -€37,426 | -79.4% |
| Taxes, remuneration and social security | 45 | €2,510 | €1,843 | -€667 | -26.6% |
| Taxes | 450/3 | €1,164 | €1,762 | +€598 | +51.4% |
| Remuneration and social security | 454/9 | €1,346 | €81 | -€1,265 | -94.0% |
| Other amounts payable | 47/48 | €919,291 | €1,080,088 | +€160,797 | +17.5% |
| Remuneration, social security and pensions | 62 | €2,404 | €3,889 | +€1,485 | +61.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,208 | €52,215 | +€17,007 | +48.3% |
| Other operating charges | 640/8 | €4,287 | €3,579 | -€708 | -16.5% |
| Non-recurring operating charges | 66A | - | €5,981 | +€5,981 | |
| Gross operating margin | 9900 | -€9,203 | -€61,851 | -€52,648 | -572.1% |
| Operating profit (loss) | 9901 | -€51,102 | -€127,515 | -€76,413 | -149.5% |
| Financial income | 75/76B | €394,594 | €85,137 | -€309,457 | -78.4% |
| Recurring financial income | 75 | €394,588 | €2,637 | -€391,951 | -99.3% |
| Non-recurring financial income | 76B | €6 | €82,500 | +€82,494 | +1374900.0% |
| Financial charges | 65/66B | €22,575 | €35,115 | +€12,540 | +55.5% |
| Recurring financial charges | 65 | €22,575 | €33,553 | +€10,978 | +48.6% |
| Non-recurring financial charges | 66B | - | €1,562 | +€1,562 | |
| Profit (loss) for the period before taxes | 9903 | €320,917 | -€77,493 | -€398,410 | |
| Income taxes | 67/77 | €360 | €1,240 | +€880 | +244.4% |
| Profit (loss) for the period | 9904 | €320,557 | -€78,733 | -€399,290 | |
| Profit (loss) for the period to be appropriated | 9905 | €320,557 | -€78,733 | -€399,290 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.