V.D.K.: 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.K.
Largest movements
- Tangible fixed assets +€37,222
up €37,222 (+9.9%), from €376,654 to €413,876
- Cash -€16,609
down €16,609 (-94.0%), from €17,675 to €1,066
mainly Investment in fixed assets (net) (-€61,739) and Other debts (-€40,846)
- Receivables within one year +€6,476
up €6,476 (+543.6%), from €1,191 to €7,667
of which Trade receivables: +€7,667
- Deferred charges and accrued income +€4,503
up €4,503 (+682.3%), from €660 to €5,163
- Other debts -€40,846
down €40,846 (-19.0%), from €215,515 to €174,670
- Reserves +€32,993
up €32,993 (+13.8%), from €239,086 to €272,080
of which Distributable reserves: +€41,300
- Trade debts +€31,268
up €31,268 (+1292.1%), from €2,420 to €33,688
- Tax, wage and social debts +€8,102
new in 2025: €8,102
- Gross operating margin +€26,328
up €26,328 (+84.9%), from €31,028 to €57,356
- Financial income +€25,967
up €25,967 (+653.9%), from €3,971 to €29,937
- Financial charges +€12,389
up €12,389 (+1339.1%), from €925 to €13,314
- Taxes +€4,130
new in 2025: €4,130
- Depreciation +€1,661
up €1,661 (+7.3%), from €22,856 to €24,517
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 | €396,391 | €427,983 | +€31,592 | +8.0% |
| Fixed assets | 21/28 | €376,865 | €414,087 | +€37,222 | +9.9% |
| Tangible fixed assets | 22/27 | €376,654 | €413,876 | +€37,222 | +9.9% |
| Land and buildings | 22 | €376,654 | €413,876 | +€37,222 | +9.9% |
| Financial fixed assets | 28 | €211 | €211 | = | 0.0% |
| Current assets | 29/58 | €19,526 | €13,896 | -€5,630 | -28.8% |
| Amounts receivable within one year | 40/41 | €1,191 | €7,667 | +€6,476 | +543.6% |
| Trade receivables | 40 | - | €7,667 | +€7,667 | |
| Other amounts receivable | 41 | €1,191 | - | -€1,191 | |
| Cash at bank and in hand | 54/58 | €17,675 | €1,066 | -€16,609 | -94.0% |
| Deferred charges and accrued income | 490/1 | €660 | €5,163 | +€4,503 | +682.3% |
| Total equity and liabilities | 10/49 | €396,391 | €427,983 | +€31,592 | +8.0% |
| Equity | 10/15 | €177,846 | €210,900 | +€33,054 | +18.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €239,086 | €272,080 | +€32,993 | +13.8% |
| Tax-exempt reserves | 132 | €194,073 | €185,766 | -€8,307 | -4.3% |
| Distributable reserves | 133 | €45,014 | €86,314 | +€41,300 | +91.7% |
| Profit (loss) carried forward | 14 | -€79,841 | -€79,780 | +€61 | +0.1% |
| Amounts payable | 17/49 | €218,545 | €217,084 | -€1,462 | -0.7% |
| Amounts payable within one year | 42/48 | €217,935 | €216,459 | -€1,476 | -0.7% |
| Trade debts | 44 | €2,420 | €33,688 | +€31,268 | +1292.1% |
| Suppliers | 440/4 | €2,420 | €33,688 | +€31,268 | +1292.1% |
| Taxes, remuneration and social security | 45 | - | €8,102 | +€8,102 | |
| Taxes | 450/3 | - | €8,102 | +€8,102 | |
| Other amounts payable | 47/48 | €215,515 | €174,670 | -€40,846 | -19.0% |
| Accrued charges and deferred income | 492/3 | €610 | €624 | +€14 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,856 | €24,517 | +€1,661 | +7.3% |
| Other operating charges | 640/8 | €11,860 | €12,278 | +€418 | +3.5% |
| Gross operating margin | 9900 | €31,028 | €57,356 | +€26,328 | +84.9% |
| Operating profit (loss) | 9901 | -€3,688 | €20,561 | +€24,249 | |
| Financial income | 75/76B | €3,971 | €29,937 | +€25,967 | +653.9% |
| Recurring financial income | 75 | €3,971 | €29,937 | +€25,967 | +653.9% |
| Financial charges | 65/66B | €925 | €13,314 | +€12,389 | +1339.1% |
| Recurring financial charges | 65 | €925 | €13,314 | +€12,389 | +1339.1% |
| Profit (loss) for the period before taxes | 9903 | -€643 | €37,184 | +€37,826 | |
| Income taxes | 67/77 | - | €4,130 | +€4,130 | |
| Profit (loss) for the period | 9904 | -€643 | €33,054 | +€33,696 | |
| Transfer from tax-exempt reserves | 789 | €8,307 | €8,307 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,664 | €41,361 | +€33,696 | +439.7% |
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 4 October 2026 via checked.be.