V.D.M.: 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.M.
Largest movements
- Cash -€31,852
down €31,852 (-89.6%), from €35,559 to €3,707
mainly Investment in fixed assets (net) (-€26,901) and Net result for the year (-€12,518)
- Tangible fixed assets +€23,479
up €23,479 (+747%), from €3,142 to €26,621
of which Plant, machinery and equipment: +€24,742
- Deferred charges and accrued income -€3,757
down €3,757 (-26.1%), from €14,402 to €10,645
- Receivables within one year +€802
up €802 (+8.8%), from €9,084 to €9,886
of which Trade receivables: +€2,750
- Profit (loss) carried forward -€12,518
down €12,518 (-27.8%), from -€44,978 to -€57,496
- Trade debts +€5,019
up €5,019 (+241%), from €2,084 to €7,103
- Other debts -€3,000
down €3,000 (-41.0%), from €7,319 to €4,319
- Tax, wage and social debts -€830
down €830 (-22.6%), from €3,677 to €2,847
- Gross operating margin +€4,852
up €4,852 (+47.4%), from -€10,233 to -€5,381
- Depreciation +€2,605
up €2,605 (+319%), from €817 to €3,422
- Financial charges -€660
down €660 (-18.4%), from €3,588 to €2,928
- Other operating charges -€430
down €430 (-46.2%), from €931 to €501
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 | €62,188 | €50,859 | -€11,329 | -18.2% |
| Fixed assets | 21/28 | €3,142 | €26,621 | +€23,479 | +747% |
| Tangible fixed assets | 22/27 | €3,142 | €26,621 | +€23,479 | +747% |
| Plant, machinery and equipment | 23 | - | €24,742 | +€24,742 | |
| Furniture and vehicles | 24 | €3,142 | €1,879 | -€1,264 | -40.2% |
| Current assets | 29/58 | €59,046 | €24,238 | -€34,808 | -59.0% |
| Amounts receivable within one year | 40/41 | €9,084 | €9,886 | +€802 | +8.8% |
| Trade receivables | 40 | €6,480 | €9,230 | +€2,750 | +42.4% |
| Other amounts receivable | 41 | €2,604 | €656 | -€1,948 | -74.8% |
| Cash at bank and in hand | 54/58 | €35,559 | €3,707 | -€31,852 | -89.6% |
| Deferred charges and accrued income | 490/1 | €14,402 | €10,645 | -€3,757 | -26.1% |
| Total equity and liabilities | 10/49 | €62,188 | €50,859 | -€11,329 | -18.2% |
| Equity | 10/15 | €49,108 | €36,590 | -€12,518 | -25.5% |
| Contributions | 10/11 | €90,987 | €90,987 | = | 0.0% |
| Reserves | 13 | €3,099 | €3,099 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,978 | -€57,496 | -€12,518 | -27.8% |
| Amounts payable | 17/49 | €13,080 | €14,270 | +€1,189 | +9.1% |
| Amounts payable within one year | 42/48 | €13,080 | €14,270 | +€1,189 | +9.1% |
| Trade debts | 44 | €2,084 | €7,103 | +€5,019 | +241% |
| Suppliers | 440/4 | €2,084 | €7,103 | +€5,019 | +241% |
| Taxes, remuneration and social security | 45 | €3,677 | €2,847 | -€830 | -22.6% |
| Taxes | 450/3 | €3,677 | €2,847 | -€830 | -22.6% |
| Other amounts payable | 47/48 | €7,319 | €4,319 | -€3,000 | -41.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €817 | €3,422 | +€2,605 | +319% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €931 | €501 | -€430 | -46.2% |
| Gross operating margin | 9900 | -€10,233 | -€5,381 | +€4,852 | +47.4% |
| Operating profit (loss) | 9901 | -€11,980 | -€9,304 | +€2,677 | +22.3% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €3,588 | €2,928 | -€660 | -18.4% |
| Recurring financial charges | 65 | €3,588 | €2,928 | -€660 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | -€15,568 | -€12,232 | +€3,336 | +21.4% |
| Income taxes | 67/77 | €311 | €286 | -€25 | -8.0% |
| Profit (loss) for the period | 9904 | -€15,879 | -€12,518 | +€3,361 | +21.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,879 | -€12,518 | +€3,361 | +21.2% |
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 17 October 2026 via checked.be.