V.D. MAX: 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. MAX
Largest movements
- Tangible fixed assets -€42,416
down €42,416 (-10.1%), from €419,523 to €377,108
of which Land and buildings: -€39,675
- Cash +€29,007
up €29,007 (+32.6%), from €88,922 to €117,929
mainly Depreciation (+€48,738) and Net result for the year (+€30,461)
- Other debts -€43,746
down €43,746 (-82.1%), from €53,277 to €9,531
- Reserves +€30,461
up €30,461 (+22.7%), from €134,039 to €164,500
of which Distributable reserves: +€30,461
- Gross operating margin +€32,269
up €32,269 (+44.1%), from €73,208 to €105,477
- Depreciation -€2,268
down €2,268 (-4.4%), from €51,006 to €48,738
- Financial charges +€2,198
up €2,198 (+14.9%), from €14,730 to €16,928
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 | €512,991 | €496,869 | -€16,122 | -3.1% |
| Fixed assets | 21/28 | €419,523 | €377,108 | -€42,416 | -10.1% |
| Tangible fixed assets | 22/27 | €419,523 | €377,108 | -€42,416 | -10.1% |
| Land and buildings | 22 | €409,507 | €369,832 | -€39,675 | -9.7% |
| Furniture and vehicles | 24 | €10,016 | €7,276 | -€2,740 | -27.4% |
| Current assets | 29/58 | €93,467 | €119,761 | +€26,293 | +28.1% |
| Amounts receivable within one year | 40/41 | €1,293 | €0 | -€1,293 | -100.0% |
| Trade receivables | 40 | €1,293 | €0 | -€1,293 | -100.0% |
| Cash at bank and in hand | 54/58 | €88,922 | €117,929 | +€29,007 | +32.6% |
| Deferred charges and accrued income | 490/1 | €3,252 | €1,831 | -€1,421 | -43.7% |
| Total equity and liabilities | 10/49 | €512,991 | €496,869 | -€16,122 | -3.1% |
| Equity | 10/15 | €228,239 | €258,700 | +€30,461 | +13.3% |
| Contributions | 10/11 | €94,200 | €94,200 | = | 0.0% |
| Capital | 10 | €94,200 | €94,200 | = | 0.0% |
| Issued capital | 100 | €94,200 | €94,200 | = | 0.0% |
| Reserves | 13 | €134,039 | €164,500 | +€30,461 | +22.7% |
| Non-distributable reserves | 130/1 | €9,522 | €9,522 | = | 0.0% |
| Legal reserve | 130 | €9,522 | €9,522 | = | 0.0% |
| Distributable reserves | 133 | €124,518 | €154,978 | +€30,461 | +24.5% |
| Amounts payable | 17/49 | €284,751 | €238,168 | -€46,583 | -16.4% |
| Amounts payable after more than one year | 17 | €219,000 | €219,000 | = | 0.0% |
| Financial debts | 170/4 | €219,000 | €219,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €62,296 | €16,006 | -€46,290 | -74.3% |
| Trade debts | 44 | €1,598 | €1,463 | -€135 | -8.4% |
| Suppliers | 440/4 | €1,598 | €1,463 | -€135 | -8.4% |
| Taxes, remuneration and social security | 45 | €7,421 | €5,012 | -€2,410 | -32.5% |
| Taxes | 450/3 | €7,421 | €5,012 | -€2,410 | -32.5% |
| Other amounts payable | 47/48 | €53,277 | €9,531 | -€43,746 | -82.1% |
| Accrued charges and deferred income | 492/3 | €3,456 | €3,163 | -€293 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,006 | €48,738 | -€2,268 | -4.4% |
| Other operating charges | 640/8 | €9,550 | €9,934 | +€384 | +4.0% |
| Gross operating margin | 9900 | €73,208 | €105,477 | +€32,269 | +44.1% |
| Operating profit (loss) | 9901 | €12,652 | €46,805 | +€34,153 | +269.9% |
| Financial income | 75/76B | €249 | €584 | +€335 | +134.9% |
| Recurring financial income | 75 | €249 | €584 | +€335 | +134.9% |
| Financial charges | 65/66B | €14,730 | €16,928 | +€2,198 | +14.9% |
| Recurring financial charges | 65 | €14,730 | €16,928 | +€2,198 | +14.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,830 | €30,461 | +€32,290 | |
| Profit (loss) for the period | 9904 | -€1,830 | €30,461 | +€32,290 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,830 | €30,461 | +€32,290 |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.