V.D.L.: 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.L.
Largest movements
- Cash -€88,738
down €88,738 (-36.3%), from €244,652 to €155,914
mainly Debts after one year (-€61,353) and Current investments (-€60,000)
- Current investments +€60,000
up €60,000 (+65.5%), from €91,575 to €151,575
- Tangible fixed assets -€56,117
down €56,117 (-12.9%), from €435,928 to €379,812
of which Leasing and similar rights: -€40,000
- Stocks and contracts +€26,897
up €26,897 (+14.5%), from €185,775 to €212,672
- Debts after one year -€61,353
down €61,353 (-20.0%), from €306,896 to €245,544
- Other debts +€26,042
up €26,042 (+71.4%), from €36,477 to €62,519
- Trade debts -€15,882
down €15,882 (-26.8%), from €59,202 to €43,320
- Gross operating margin +€52,473
up €52,473 (+14.8%), from €355,220 to €407,692
- Taxes +€15,512
up €15,512 (+245%), from €6,334 to €21,846
- Other operating charges -€10,708
down €10,708 (-30.8%), from €34,773 to €24,065
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 | €1,152,286 | €1,097,821 | -€54,465 | -4.7% |
| Fixed assets | 21/28 | €445,839 | €388,321 | -€57,519 | -12.9% |
| Intangible fixed assets | 21 | €9,911 | €8,509 | -€1,402 | -14.1% |
| Tangible fixed assets | 22/27 | €435,928 | €379,812 | -€56,117 | -12.9% |
| Plant, machinery and equipment | 23 | €1,667 | €2,246 | +€579 | +34.7% |
| Furniture and vehicles | 24 | €132,942 | €121,171 | -€11,771 | -8.9% |
| Leasing and similar rights | 25 | €280,000 | €240,000 | -€40,000 | -14.3% |
| Other tangible fixed assets | 26 | €21,319 | €16,394 | -€4,925 | -23.1% |
| Current assets | 29/58 | €706,446 | €709,500 | +€3,054 | +0.4% |
| Stocks and contracts in progress | 3 | €185,775 | €212,672 | +€26,897 | +14.5% |
| Stocks | 30/36 | €185,775 | €212,672 | +€26,897 | +14.5% |
| Amounts receivable within one year | 40/41 | €175,691 | €179,577 | +€3,885 | +2.2% |
| Trade receivables | 40 | €155,483 | €155,062 | -€421 | -0.3% |
| Other amounts receivable | 41 | €20,208 | €24,515 | +€4,307 | +21.3% |
| Current investments | 50/53 | €91,575 | €151,575 | +€60,000 | +65.5% |
| Cash at bank and in hand | 54/58 | €244,652 | €155,914 | -€88,738 | -36.3% |
| Deferred charges and accrued income | 490/1 | €8,753 | €9,763 | +€1,010 | +11.5% |
| Total equity and liabilities | 10/49 | €1,152,286 | €1,097,821 | -€54,465 | -4.7% |
| Equity | 10/15 | €662,940 | €659,997 | -€2,942 | -0.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €551,660 | €548,715 | -€2,945 | -0.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €545,460 | €542,515 | -€2,945 | -0.5% |
| Profit (loss) carried forward | 14 | €49,280 | €49,282 | +€3 | 0.0% |
| Amounts payable | 17/49 | €489,346 | €437,823 | -€51,522 | -10.5% |
| Amounts payable after more than one year | 17 | €306,896 | €245,544 | -€61,353 | -20.0% |
| Financial debts | 170/4 | €306,896 | €245,544 | -€61,353 | -20.0% |
| Amounts payable within one year | 42/48 | €182,449 | €192,280 | +€9,830 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €60,128 | €61,353 | +€1,225 | +2.0% |
| Trade debts | 44 | €59,202 | €43,320 | -€15,882 | -26.8% |
| Suppliers | 440/4 | €59,202 | €43,320 | -€15,882 | -26.8% |
| Taxes, remuneration and social security | 45 | €26,642 | €25,088 | -€1,554 | -5.8% |
| Taxes | 450/3 | €8,037 | €6,941 | -€1,096 | -13.6% |
| Remuneration and social security | 454/9 | €18,606 | €18,147 | -€458 | -2.5% |
| Other amounts payable | 47/48 | €36,477 | €62,519 | +€26,042 | +71.4% |
| Remuneration, social security and pensions | 62 | €228,036 | €228,895 | +€859 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,033 | €86,711 | +€3,678 | +4.4% |
| Other operating charges | 640/8 | €34,773 | €24,065 | -€10,708 | -30.8% |
| Gross operating margin | 9900 | €355,220 | €407,692 | +€52,473 | +14.8% |
| Operating profit (loss) | 9901 | €9,378 | €68,021 | +€58,643 | +625% |
| Financial income | 75/76B | €13,792 | €11,769 | -€2,023 | -14.7% |
| Recurring financial income | 75 | €13,792 | €11,769 | -€2,023 | -14.7% |
| Financial charges | 65/66B | €10,295 | €8,171 | -€2,124 | -20.6% |
| Recurring financial charges | 65 | €10,295 | €8,171 | -€2,124 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €12,875 | €71,619 | +€58,744 | +456% |
| Income taxes | 67/77 | €6,334 | €21,846 | +€15,512 | +245% |
| Profit (loss) for the period | 9904 | €6,540 | €49,773 | +€43,232 | +661% |
| Profit (loss) for the period to be appropriated | 9905 | €6,540 | €49,773 | +€43,232 | +661% |
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 13 October 2026 via checked.be.