V&D MGMT: 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 MGMT
Largest movements
- Receivables within one year +€66,948
up €66,948 (+13.3%), from €504,248 to €571,196
of which Other amounts receivable: +€69,005
- Tangible fixed assets +€37,109
up €37,109 (+87.2%), from €42,532 to €79,641
of which Furniture and vehicles: +€39,460
- Profit (loss) carried forward +€92,414
up €92,414 (+14.2%), from €649,756 to €742,169
- Debts after one year +€59,130
up €59,130 (+59.1%), from €100,000 to €159,130
- Trade debts -€28,701
down €28,701 (-56.0%), from €51,248 to €22,547
- Other debts -€17,151
down €17,151 (-19.8%), from €86,588 to €69,437
- Gross operating margin +€27,445
up €27,445 (+30.6%), from €89,754 to €117,198
- Financial income +€24,002
up €24,002 (+24,001,650%), from €0 to €24,002
- Taxes +€19,795
up €19,795 (+150%), from €13,204 to €32,999
- Depreciation -€6,427
down €6,427 (-38.9%), from €16,518 to €10,091
- Financial charges -€6,282
down €6,282 (-76.3%), from €8,237 to €1,955
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 | €971,425 | €1,085,967 | +€114,541 | +11.8% |
| Fixed assets | 21/28 | €457,532 | €494,641 | +€37,109 | +8.1% |
| Tangible fixed assets | 22/27 | €42,532 | €79,641 | +€37,109 | +87.2% |
| Furniture and vehicles | 24 | €6,765 | €46,225 | +€39,460 | +583% |
| Other tangible fixed assets | 26 | €35,767 | €33,416 | -€2,351 | -6.6% |
| Financial fixed assets | 28 | €415,000 | €415,000 | = | 0.0% |
| Current assets | 29/58 | €513,893 | €591,326 | +€77,432 | +15.1% |
| Amounts receivable within one year | 40/41 | €504,248 | €571,196 | +€66,948 | +13.3% |
| Trade receivables | 40 | €34,295 | €32,239 | -€2,057 | -6.0% |
| Other amounts receivable | 41 | €469,952 | €538,958 | +€69,005 | +14.7% |
| Cash at bank and in hand | 54/58 | €7,246 | €17,283 | +€10,037 | +139% |
| Deferred charges and accrued income | 490/1 | €2,400 | €2,847 | +€447 | +18.6% |
| Total equity and liabilities | 10/49 | €971,425 | €1,085,967 | +€114,541 | +11.8% |
| Equity | 10/15 | €704,756 | €797,169 | +€92,414 | +13.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €5,000 | €5,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Other | 1319 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €649,756 | €742,169 | +€92,414 | +14.2% |
| Amounts payable | 17/49 | €266,670 | €288,797 | +€22,128 | +8.3% |
| Amounts payable after more than one year | 17 | €100,000 | €159,130 | +€59,130 | +59.1% |
| Financial debts | 170/4 | €100,000 | €159,130 | +€59,130 | +59.1% |
| Amounts payable within one year | 42/48 | €162,545 | €126,199 | -€36,346 | -22.4% |
| Current portion of amounts payable after more than one year | 42 | €6,180 | €10,972 | +€4,792 | +77.5% |
| Financial debts | 43 | - | €10,000 | +€10,000 | |
| Credit institutions | 430/8 | - | €10,000 | +€10,000 | |
| Trade debts | 44 | €51,248 | €22,547 | -€28,701 | -56.0% |
| Suppliers | 440/4 | €51,248 | €22,547 | -€28,701 | -56.0% |
| Taxes, remuneration and social security | 45 | €18,529 | €13,243 | -€5,286 | -28.5% |
| Taxes | 450/3 | €18,529 | €13,243 | -€5,286 | -28.5% |
| Other amounts payable | 47/48 | €86,588 | €69,437 | -€17,151 | -19.8% |
| Accrued charges and deferred income | 492/3 | €4,125 | €3,469 | -€656 | -15.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,518 | €10,091 | -€6,427 | -38.9% |
| Other operating charges | 640/8 | €666 | €2,075 | +€1,409 | +211% |
| Gross operating margin | 9900 | €89,754 | €117,198 | +€27,445 | +30.6% |
| Operating profit (loss) | 9901 | €72,569 | €105,032 | +€32,463 | +44.7% |
| Financial income | 75/76B | €0 | €24,002 | +€24,002 | +24,001,650% |
| Recurring financial income | 75 | €0 | €24,002 | +€24,002 | +24,001,650% |
| Financial charges | 65/66B | €8,237 | €1,955 | -€6,282 | -76.3% |
| Recurring financial charges | 65 | €8,237 | €1,955 | -€6,282 | -76.3% |
| Profit (loss) for the period before taxes | 9903 | €64,333 | €127,078 | +€62,746 | +97.5% |
| Income taxes | 67/77 | €13,204 | €32,999 | +€19,795 | +150% |
| Profit (loss) for the period | 9904 | €51,129 | €94,080 | +€42,951 | +84.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,129 | €94,080 | +€42,951 | +84.0% |
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 27 October 2026 via checked.be.