V.D.S.: 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.S.
Largest movements
- Cash +€73,937
new in 2025: €73,937
mainly Deferred charges and accrued income (+€37,489) and Depreciation (+€37,148)
- Tangible fixed assets -€59,996
down €59,996 (-16.5%), from €363,192 to €303,196
of which Other tangible fixed assets: -€35,000
- Deferred charges and accrued income -€37,489
no longer reported in 2025 (was €37,489)
- Profit (loss) carried forward -€21,912
down €21,912 (-6.6%), from €332,622 to €310,710
- Trade debts -€6,383
down €6,383 (-88.6%), from €7,207 to €824
- Gross operating margin -€13,209
down €13,209 (-34.0%), from €38,826 to €25,617
- Financial charges +€9,174
up €9,174 (+13,900%), from €66 to €9,240
of which Non-recurring financial charges: +€9,174
- Depreciation +€3,370
up €3,370 (+10.0%), from €33,778 to €37,148
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 | €405,905 | €380,523 | -€25,382 | -6.3% |
| Fixed assets | 21/28 | €363,192 | €303,196 | -€59,996 | -16.5% |
| Tangible fixed assets | 22/27 | €363,192 | €303,196 | -€59,996 | -16.5% |
| Land and buildings | 22 | €197,195 | €186,536 | -€10,659 | -5.4% |
| Plant, machinery and equipment | 23 | €83,157 | €72,285 | -€10,872 | -13.1% |
| Furniture and vehicles | 24 | €6,892 | €3,427 | -€3,465 | -50.3% |
| Other tangible fixed assets | 26 | €75,948 | €40,948 | -€35,000 | -46.1% |
| Current assets | 29/58 | €42,713 | €77,327 | +€34,614 | +81.0% |
| Amounts receivable within one year | 40/41 | €5,224 | €3,390 | -€1,834 | -35.1% |
| Trade receivables | 40 | €5,224 | €3,390 | -€1,834 | -35.1% |
| Cash at bank and in hand | 54/58 | - | €73,937 | +€73,937 | |
| Deferred charges and accrued income | 490/1 | €37,489 | - | -€37,489 | |
| Total equity and liabilities | 10/49 | €405,905 | €380,523 | -€25,382 | -6.3% |
| Equity | 10/15 | €353,082 | €331,170 | -€21,912 | -6.2% |
| Contributions | 10/11 | €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 | €332,622 | €310,710 | -€21,912 | -6.6% |
| Amounts payable | 17/49 | €52,823 | €49,353 | -€3,470 | -6.6% |
| Amounts payable within one year | 42/48 | €52,823 | €49,353 | -€3,470 | -6.6% |
| Trade debts | 44 | €7,207 | €824 | -€6,383 | -88.6% |
| Suppliers | 440/4 | €7,207 | €824 | -€6,383 | -88.6% |
| Taxes, remuneration and social security | 45 | €3,559 | €3,784 | +€225 | +6.3% |
| Taxes | 450/3 | €3,559 | €3,784 | +€225 | +6.3% |
| Other amounts payable | 47/48 | €42,057 | €44,745 | +€2,688 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,778 | €37,148 | +€3,370 | +10.0% |
| Other operating charges | 640/8 | €1,106 | €1,141 | +€35 | +3.2% |
| Gross operating margin | 9900 | €38,826 | €25,617 | -€13,209 | -34.0% |
| Operating profit (loss) | 9901 | €3,942 | -€12,672 | -€16,614 | |
| Financial charges | 65/66B | €66 | €9,240 | +€9,174 | +13,900% |
| Recurring financial charges | 65 | €66 | €66 | = | 0.0% |
| Non-recurring financial charges | 66B | - | €9,174 | +€9,174 | |
| Profit (loss) for the period before taxes | 9903 | €3,876 | -€21,912 | -€25,788 | |
| Profit (loss) for the period | 9904 | €3,876 | -€21,912 | -€25,788 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,876 | -€21,912 | -€25,788 |
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 21 October 2026 via checked.be.