V.D.K.: 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.K.
Largest movements
- Receivables within one year -€221,063
down €221,063 (-36.2%), from €610,163 to €389,100
of which Trade receivables: -€226,254
- Tangible fixed assets -€64,189
down €64,189 (-19.5%), from €328,541 to €264,352
of which Leasing and similar rights: -€71,538
- Deferred charges and accrued income -€12,615
down €12,615 (-48.1%), from €26,251 to €13,636
- Trade debts -€278,140
down €278,140 (-28.4%), from €980,160 to €702,020
- Profit (loss) carried forward -€246,484
down €246,484 (-11.4%), from -€2.2m to -€2.4m
- Debts after one year +€242,757
up €242,757 (+27.4%), from €885,910 to €1.1m
of which Financial debts: +€242,757
- Tax, wage and social debts +€29,218
up €29,218 (+4.2%), from €687,950 to €717,167
of which Taxes: +€106,566
- Current portion of long-term debt -€23,223
down €23,223 (-24.0%), from €96,670 to €73,446
- Gross operating margin +€388,378
up €388,378 (+33.2%), from €1.2m to €1.6m
- Staff costs +€170,881
up €170,881 (+13.6%), from €1.3m to €1.4m
- Financial charges +€75,669
up €75,669 (+107.7%), from €70,274 to €145,943
- Depreciation -€58,476
down €58,476 (-32.0%), from €182,500 to €124,024
- Financial income +€50,111
up €50,111 (+100.6%), from €49,793 to €99,904
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 | €1,069,082 | €782,661 | -€286,421 | -26.8% |
| Fixed assets | 21/28 | €329,486 | €265,432 | -€64,054 | -19.4% |
| Tangible fixed assets | 22/27 | €328,541 | €264,352 | -€64,189 | -19.5% |
| Land and buildings | 22 | €177 | €170 | -€7 | -4.0% |
| Plant, machinery and equipment | 23 | €1,585 | €860 | -€725 | -45.8% |
| Furniture and vehicles | 24 | €145,242 | €154,386 | +€9,145 | +6.3% |
| Leasing and similar rights | 25 | €178,366 | €106,828 | -€71,538 | -40.1% |
| Other tangible fixed assets | 26 | €3,171 | €2,108 | -€1,063 | -33.5% |
| Financial fixed assets | 28 | €945 | €1,080 | +€135 | +14.3% |
| Current assets | 29/58 | €739,596 | €517,228 | -€222,367 | -30.1% |
| Stocks and contracts in progress | 3 | €91,100 | €100,000 | +€8,900 | +9.8% |
| Stocks | 30/36 | €91,100 | €100,000 | +€8,900 | +9.8% |
| Amounts receivable within one year | 40/41 | €610,163 | €389,100 | -€221,063 | -36.2% |
| Trade receivables | 40 | €606,798 | €380,543 | -€226,254 | -37.3% |
| Other amounts receivable | 41 | €3,365 | €8,557 | +€5,191 | +154.3% |
| Current investments | 50/53 | €1,704 | €1,054 | -€650 | -38.1% |
| Cash at bank and in hand | 54/58 | €10,377 | €13,438 | +€3,061 | +29.5% |
| Deferred charges and accrued income | 490/1 | €26,251 | €13,636 | -€12,615 | -48.1% |
| Total equity and liabilities | 10/49 | €1,069,082 | €782,661 | -€286,421 | -26.8% |
| Equity | 10/15 | -€1,828,951 | -€2,075,436 | -€246,484 | -13.5% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €188,124 | €188,124 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,718 | €3,718 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,718 | €3,718 | = | 0.0% |
| Tax-exempt reserves | 132 | €184,406 | €184,406 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,167,076 | -€2,413,560 | -€246,484 | -11.4% |
| Amounts payable | 17/49 | €2,898,033 | €2,858,096 | -€39,937 | -1.4% |
| Amounts payable after more than one year | 17 | €885,910 | €1,128,667 | +€242,757 | +27.4% |
| Financial debts | 170/4 | €858,579 | €1,101,336 | +€242,757 | +28.3% |
| Other amounts payable | 178/9 | €27,331 | €27,331 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,012,123 | €1,729,429 | -€282,694 | -14.0% |
| Current portion of amounts payable after more than one year | 42 | €96,670 | €73,446 | -€23,223 | -24.0% |
| Financial debts | 43 | €49,356 | €44,423 | -€4,933 | -10.0% |
| Credit institutions | 430/8 | €49,356 | €44,423 | -€4,933 | -10.0% |
| Trade debts | 44 | €980,160 | €702,020 | -€278,140 | -28.4% |
| Suppliers | 440/4 | €980,160 | €702,020 | -€278,140 | -28.4% |
| Taxes, remuneration and social security | 45 | €687,950 | €717,167 | +€29,218 | +4.2% |
| Taxes | 450/3 | €249,578 | €356,144 | +€106,566 | +42.7% |
| Remuneration and social security | 454/9 | €438,372 | €361,023 | -€77,349 | -17.6% |
| Other amounts payable | 47/48 | €197,988 | €192,372 | -€5,615 | -2.8% |
| Remuneration, social security and pensions | 62 | €1,258,931 | €1,429,812 | +€170,881 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €182,500 | €124,024 | -€58,476 | -32.0% |
| Other operating charges | 640/8 | €167,396 | €204,781 | +€37,385 | +22.3% |
| Non-recurring operating charges | 66A | €32 | €0 | -€32 | -100.0% |
| Gross operating margin | 9900 | €1,169,794 | €1,558,172 | +€388,378 | +33.2% |
| Operating profit (loss) | 9901 | -€439,066 | -€200,445 | +€238,621 | +54.3% |
| Financial income | 75/76B | €49,793 | €99,904 | +€50,111 | +100.6% |
| Recurring financial income | 75 | €49,793 | €99,904 | +€50,111 | +100.6% |
| Financial charges | 65/66B | €70,274 | €145,943 | +€75,669 | +107.7% |
| Recurring financial charges | 65 | €70,274 | €145,943 | +€75,669 | +107.7% |
| Profit (loss) for the period before taxes | 9903 | -€459,546 | -€246,484 | +€213,062 | +46.4% |
| Income taxes | 67/77 | €847 | €0 | -€847 | -100.0% |
| Profit (loss) for the period | 9904 | -€460,393 | -€246,484 | +€213,909 | +46.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€460,393 | -€246,484 | +€213,909 | +46.5% |
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 12 October 2026 via checked.be.