V.D.M.: 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.M.
Largest movements
- Receivables within one year -€4,721
down €4,721 (-19.5%), from €24,150 to €19,429
of which Trade receivables: -€4,741
- Tangible fixed assets -€3,539
down €3,539 (-45.7%), from €7,744 to €4,205
of which Furniture and vehicles: -€2,845
- Stocks and contracts +€879
up €879 (+43.3%), from €2,031 to €2,910
- Cash -€824
down €824 (-32.0%), from €2,574 to €1,749
mainly Net result for the year (-€24,470) and Debts after one year (-€2,093)
- Profit (loss) carried forward -€24,470
down €24,470 (-152.2%), from -€16,079 to -€40,549
- Short-term financial debts +€12,777
up €12,777 (+119.9%), from €10,661 to €23,437
- Trade debts +€6,028
up €6,028 (+45.9%), from €13,130 to €19,158
- Debts after one year -€2,093
no longer reported in 2025 (was €2,093)
- Tax, wage and social debts -€439
down €439 (-8.5%), from €5,153 to €4,714
of which Taxes: -€816
- Gross operating margin -€11,926
down €11,926 (-27.8%), from €42,837 to €30,911
- Staff costs +€11,864
up €11,864 (+32.0%), from €37,124 to €48,988
- Financial income +€1,761
up €1,761 (+30203.1%), from €6 to €1,767
- Financial charges +€1,032
up €1,032 (+44.7%), from €2,307 to €3,339
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 | €41,010 | €32,805 | -€8,205 | -20.0% |
| Fixed assets | 21/28 | €12,256 | €8,717 | -€3,539 | -28.9% |
| Tangible fixed assets | 22/27 | €7,744 | €4,205 | -€3,539 | -45.7% |
| Plant, machinery and equipment | 23 | €809 | €539 | -€270 | -33.3% |
| Furniture and vehicles | 24 | €4,847 | €2,002 | -€2,845 | -58.7% |
| Other tangible fixed assets | 26 | €2,089 | €1,664 | -€425 | -20.3% |
| Financial fixed assets | 28 | €4,512 | €4,512 | = | 0.0% |
| Current assets | 29/58 | €28,755 | €24,088 | -€4,666 | -16.2% |
| Stocks and contracts in progress | 3 | €2,031 | €2,910 | +€879 | +43.3% |
| Stocks | 30/36 | €2,031 | €2,910 | +€879 | +43.3% |
| Amounts receivable within one year | 40/41 | €24,150 | €19,429 | -€4,721 | -19.5% |
| Trade receivables | 40 | €24,114 | €19,373 | -€4,741 | -19.7% |
| Other amounts receivable | 41 | €36 | €56 | +€20 | +55.6% |
| Cash at bank and in hand | 54/58 | €2,574 | €1,749 | -€824 | -32.0% |
| Total equity and liabilities | 10/49 | €41,010 | €32,805 | -€8,205 | -20.0% |
| Equity | 10/15 | €4,381 | -€20,089 | -€24,470 | |
| 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 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,079 | -€40,549 | -€24,470 | -152.2% |
| Amounts payable | 17/49 | €36,629 | €52,893 | +€16,265 | +44.4% |
| Amounts payable after more than one year | 17 | €2,093 | - | -€2,093 | |
| Financial debts | 170/4 | €2,093 | - | -€2,093 | |
| Amounts payable within one year | 42/48 | €34,536 | €52,893 | +€18,358 | +53.2% |
| Current portion of amounts payable after more than one year | 42 | €96 | - | -€96 | |
| Financial debts | 43 | €10,661 | €23,437 | +€12,777 | +119.9% |
| Credit institutions | 430/8 | €10,661 | €23,437 | +€12,777 | +119.9% |
| Trade debts | 44 | €13,130 | €19,158 | +€6,028 | +45.9% |
| Suppliers | 440/4 | €13,130 | €19,158 | +€6,028 | +45.9% |
| Taxes, remuneration and social security | 45 | €5,153 | €4,714 | -€439 | -8.5% |
| Taxes | 450/3 | €822 | €6 | -€816 | -99.3% |
| Remuneration and social security | 454/9 | €4,331 | €4,708 | +€377 | +8.7% |
| Other amounts payable | 47/48 | €5,496 | €5,584 | +€87 | +1.6% |
| Non-recurring operating income | 76A | €177 | - | -€177 | |
| Remuneration, social security and pensions | 62 | €37,124 | €48,988 | +€11,864 | +32.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,867 | €3,539 | -€328 | -8.5% |
| Other operating charges | 640/8 | €1,548 | €1,199 | -€349 | -22.6% |
| Non-recurring operating charges | 66A | €0 | €82 | +€82 | +58235.7% |
| Gross operating margin | 9900 | €42,837 | €30,911 | -€11,926 | -27.8% |
| Operating profit (loss) | 9901 | €298 | -€22,897 | -€23,195 | |
| Financial income | 75/76B | €6 | €1,767 | +€1,761 | +30203.1% |
| Recurring financial income | 75 | €6 | €1,767 | +€1,761 | +30203.1% |
| Financial charges | 65/66B | €2,307 | €3,339 | +€1,032 | +44.7% |
| Recurring financial charges | 65 | €2,307 | €3,339 | +€1,032 | +44.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,004 | -€24,470 | -€22,466 | -1121.0% |
| Profit (loss) for the period | 9904 | -€2,004 | -€24,470 | -€22,466 | -1121.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,004 | -€24,470 | -€22,466 | -1121.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.