V D P: 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 P
Largest movements
- Tangible fixed assets -€61,214
down €61,214 (-14.8%), from €413,434 to €352,220
of which Land and buildings: -€61,214
- Receivables within one year +€14,730
up €14,730 (+28.1%), from €52,381 to €67,111
of which Trade receivables: +€14,730
- Profit (loss) carried forward -€26,663
down €26,663 (-70.0%), from -€38,107 to -€64,770
- Debts after one year -€21,504
down €21,504 (-8.5%), from €252,781 to €231,277
- Other debts -€11,650
down €11,650 (-12.6%), from €92,204 to €80,554
- Tax, wage and social debts +€8,410
up €8,410 (+183.9%), from €4,574 to €12,984
of which Remuneration and social security: +€6,500
- Trade debts +€6,207
up €6,207 (+37.7%), from €16,455 to €22,661
- Other operating charges -€3,778
no longer reported in 2025 (was €3,778)
- Depreciation -€3,323
down €3,323 (-5.1%), from €64,536 to €61,214
- Financial charges -€2,737
down €2,737 (-19.3%), from €14,158 to €11,421
- Gross operating margin +€1,680
up €1,680 (+3.8%), from €44,292 to €45,972
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 | €590,427 | €546,919 | -€43,508 | -7.4% |
| Fixed assets | 21/28 | €415,094 | €353,880 | -€61,214 | -14.7% |
| Tangible fixed assets | 22/27 | €413,434 | €352,220 | -€61,214 | -14.8% |
| Land and buildings | 22 | €405,255 | €344,041 | -€61,214 | -15.1% |
| Other tangible fixed assets | 26 | €8,180 | €8,180 | = | 0.0% |
| Financial fixed assets | 28 | €1,660 | €1,660 | = | 0.0% |
| Current assets | 29/58 | €175,333 | €193,039 | +€17,706 | +10.1% |
| Stocks and contracts in progress | 3 | €122,819 | €122,819 | = | 0.0% |
| Stocks | 30/36 | €122,819 | €122,819 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €52,381 | €67,111 | +€14,730 | +28.1% |
| Trade receivables | 40 | €52,380 | €67,110 | +€14,730 | +28.1% |
| Other amounts receivable | 41 | €1 | €1 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €133 | €3,108 | +€2,976 | +2240.6% |
| Total equity and liabilities | 10/49 | €590,427 | €546,919 | -€43,508 | -7.4% |
| Equity | 10/15 | €205,431 | €178,768 | -€26,663 | -13.0% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €169,170 | €169,170 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €371 | €371 | = | 0.0% |
| Distributable reserves | 133 | €161,362 | €161,362 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,107 | -€64,770 | -€26,663 | -70.0% |
| Amounts payable | 17/49 | €384,997 | €368,152 | -€16,845 | -4.4% |
| Amounts payable after more than one year | 17 | €252,781 | €231,277 | -€21,504 | -8.5% |
| Financial debts | 170/4 | €252,781 | €231,277 | -€21,504 | -8.5% |
| Amounts payable within one year | 42/48 | €132,215 | €136,875 | +€4,659 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €18,983 | €20,676 | +€1,693 | +8.9% |
| Trade debts | 44 | €16,455 | €22,661 | +€6,207 | +37.7% |
| Suppliers | 440/4 | €16,455 | €22,661 | +€6,207 | +37.7% |
| Taxes, remuneration and social security | 45 | €4,574 | €12,984 | +€8,410 | +183.9% |
| Taxes | 450/3 | €4,574 | €6,484 | +€1,910 | +41.8% |
| Remuneration and social security | 454/9 | - | €6,500 | +€6,500 | |
| Other amounts payable | 47/48 | €92,204 | €80,554 | -€11,650 | -12.6% |
| Non-recurring operating income | 76A | €126 | - | -€126 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,536 | €61,214 | -€3,323 | -5.1% |
| Other operating charges | 640/8 | €3,778 | - | -€3,778 | |
| Gross operating margin | 9900 | €44,292 | €45,972 | +€1,680 | +3.8% |
| Operating profit (loss) | 9901 | -€24,023 | -€15,242 | +€8,781 | +36.6% |
| Financial charges | 65/66B | €14,158 | €11,421 | -€2,737 | -19.3% |
| Recurring financial charges | 65 | €14,158 | €11,421 | -€2,737 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | -€38,182 | -€26,663 | +€11,518 | +30.2% |
| Profit (loss) for the period | 9904 | -€38,182 | -€26,663 | +€11,518 | +30.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,182 | -€26,663 | +€11,518 | +30.2% |
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 6 October 2026 via checked.be.