V D P ESTATE: 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 P ESTATE
Largest movements
- Tangible fixed assets -€21,544
down €21,544 (-5.5%), from €390,744 to €369,200
- Cash -€6,591
down €6,591 (-28.6%), from €23,049 to €16,458
mainly Other debts (-€29,663) and Debts after one year (-€6,374)
- Other debts -€29,663
down €29,663 (-42.1%), from €70,453 to €40,790
- Reserves +€9,973
up €9,973 (+7.2%), from €139,289 to €149,262
of which Distributable reserves: +€14,738
- Debts after one year -€6,374
down €6,374 (-8.6%), from €74,452 to €68,078
- Gross operating margin +€1,256
up €1,256 (+2.7%), from €47,217 to €48,473
- Taxes +€660
up €660 (+9.2%), from €7,145 to €7,805
- Financial charges -€541
down €541 (-18.6%), from €2,909 to €2,368
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 | €417,520 | €385,763 | -€31,757 | -7.6% |
| Fixed assets | 21/28 | €390,744 | €369,200 | -€21,544 | -5.5% |
| Tangible fixed assets | 22/27 | €390,744 | €369,200 | -€21,544 | -5.5% |
| Land and buildings | 22 | €390,744 | €369,200 | -€21,544 | -5.5% |
| Current assets | 29/58 | €26,775 | €16,562 | -€10,213 | -38.1% |
| Amounts receivable within one year | 40/41 | €3,727 | €105 | -€3,622 | -97.2% |
| Trade receivables | 40 | €3,035 | €105 | -€2,930 | -96.5% |
| Other amounts receivable | 41 | €692 | - | -€692 | |
| Cash at bank and in hand | 54/58 | €23,049 | €16,458 | -€6,591 | -28.6% |
| Total equity and liabilities | 10/49 | €417,520 | €385,763 | -€31,757 | -7.6% |
| Equity | 10/15 | €238,447 | €248,420 | +€9,973 | +4.2% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Reserves | 13 | €139,289 | €149,262 | +€9,973 | +7.2% |
| Tax-exempt reserves | 132 | €65,444 | €60,680 | -€4,765 | -7.3% |
| Distributable reserves | 133 | €73,845 | €88,583 | +€14,738 | +20.0% |
| Provisions and deferred taxes | 16 | €21,815 | €20,227 | -€1,588 | -7.3% |
| Deferred taxes | 168 | €21,815 | €20,227 | -€1,588 | -7.3% |
| Amounts payable | 17/49 | €157,258 | €117,116 | -€40,142 | -25.5% |
| Amounts payable after more than one year | 17 | €74,452 | €68,078 | -€6,374 | -8.6% |
| Financial debts | 170/4 | €74,452 | €68,078 | -€6,374 | -8.6% |
| Amounts payable within one year | 42/48 | €81,222 | €49,038 | -€32,184 | -39.6% |
| Current portion of amounts payable after more than one year | 42 | €10,084 | €6,374 | -€3,710 | -36.8% |
| Trade debts | 44 | €39 | €69 | +€30 | +76.9% |
| Suppliers | 440/4 | €39 | €69 | +€30 | +76.9% |
| Taxes, remuneration and social security | 45 | €645 | €1,805 | +€1,160 | +180% |
| Taxes | 450/3 | €645 | €1,805 | +€1,160 | +180% |
| Other amounts payable | 47/48 | €70,453 | €40,790 | -€29,663 | -42.1% |
| Accrued charges and deferred income | 492/3 | €1,584 | - | -€1,584 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,544 | €21,544 | = | 0.0% |
| Other operating charges | 640/8 | €6,170 | €6,394 | +€224 | +3.6% |
| Gross operating margin | 9900 | €47,217 | €48,473 | +€1,256 | +2.7% |
| Operating profit (loss) | 9901 | €19,503 | €20,535 | +€1,032 | +5.3% |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Financial charges | 65/66B | €2,909 | €2,368 | -€541 | -18.6% |
| Recurring financial charges | 65 | €2,909 | €2,368 | -€541 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €16,594 | €18,176 | +€1,582 | +9.5% |
| Transfer from deferred taxes | 780 | €1,588 | €1,588 | = | 0.0% |
| Income taxes | 67/77 | €7,145 | €7,805 | +€660 | +9.2% |
| Profit (loss) for the period | 9904 | €11,037 | €11,960 | +€923 | +8.4% |
| Transfer from tax-exempt reserves | 789 | €4,765 | €4,765 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €15,802 | €16,724 | +€923 | +5.8% |
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 1 November 2026 via checked.be.