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
- Tangible fixed assets +€298,027
up €298,027 (+30.0%), from €992,184 to €1.3m
of which Furniture and vehicles: +€233,909
- Cash -€181,552
down €181,552 (-48.7%), from €372,851 to €191,300
mainly Investment in fixed assets (net) (-€715,452) and Contributions, distributions and other (-€135,000)
- Receivables within one year +€89,287
up €89,287 (+22.5%), from €397,159 to €486,446
of which Trade receivables: +€90,805
- Trade debts +€189,696
up €189,696 (+43.5%), from €436,149 to €625,845
- Reserves +€41,745
up €41,745 (+8.5%), from €493,505 to €535,250
of which Distributable reserves: +€41,745
- Depreciation +€146,106
up €146,106 (+53.8%), from €271,320 to €417,425
- Staff costs +€96,807
up €96,807 (+17.1%), from €565,987 to €662,793
- Gross operating margin +€87,109
up €87,109 (+7.2%), from €1.2m to €1.3m
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 | €1,773,505 | €1,981,267 | +€207,762 | +11.7% |
| Fixed assets | 21/28 | €992,184 | €1,290,211 | +€298,027 | +30.0% |
| Tangible fixed assets | 22/27 | €992,184 | €1,290,211 | +€298,027 | +30.0% |
| Land and buildings | 22 | €48,500 | €24,332 | -€24,168 | -49.8% |
| Plant, machinery and equipment | 23 | €5,400 | €4,387 | -€1,012 | -18.7% |
| Furniture and vehicles | 24 | €791,037 | €1,024,946 | +€233,909 | +29.6% |
| Leasing and similar rights | 25 | €147,248 | €229,587 | +€82,339 | +55.9% |
| Other tangible fixed assets | 26 | - | €6,958 | +€6,958 | |
| Current assets | 29/58 | €781,320 | €691,056 | -€90,264 | -11.6% |
| Amounts receivable within one year | 40/41 | €397,159 | €486,446 | +€89,287 | +22.5% |
| Trade receivables | 40 | €395,479 | €486,283 | +€90,805 | +23.0% |
| Other amounts receivable | 41 | €1,680 | €163 | -€1,517 | -90.3% |
| Cash at bank and in hand | 54/58 | €372,851 | €191,300 | -€181,552 | -48.7% |
| Deferred charges and accrued income | 490/1 | €11,310 | €13,310 | +€2,000 | +17.7% |
| Total equity and liabilities | 10/49 | €1,773,505 | €1,981,267 | +€207,762 | +11.7% |
| Equity | 10/15 | €555,505 | €597,250 | +€41,745 | +7.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €493,505 | €535,250 | +€41,745 | +8.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €487,305 | €529,050 | +€41,745 | +8.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,217,999 | €1,384,017 | +€166,018 | +13.6% |
| Amounts payable after more than one year | 17 | €205,867 | €211,166 | +€5,299 | +2.6% |
| Financial debts | 170/4 | €205,867 | €211,166 | +€5,299 | +2.6% |
| Amounts payable within one year | 42/48 | €1,008,520 | €1,170,816 | +€162,296 | +16.1% |
| Current portion of amounts payable after more than one year | 42 | €120,855 | €102,174 | -€18,681 | -15.5% |
| Trade debts | 44 | €436,149 | €625,845 | +€189,696 | +43.5% |
| Suppliers | 440/4 | €436,149 | €625,845 | +€189,696 | +43.5% |
| Taxes, remuneration and social security | 45 | €129,786 | €122,777 | -€7,009 | -5.4% |
| Taxes | 450/3 | €49,228 | €32,354 | -€16,873 | -34.3% |
| Remuneration and social security | 454/9 | €80,558 | €90,423 | +€9,865 | +12.2% |
| Other amounts payable | 47/48 | €321,731 | €320,020 | -€1,710 | -0.5% |
| Accrued charges and deferred income | 492/3 | €3,613 | €2,035 | -€1,578 | -43.7% |
| Non-recurring operating income | 76A | €72,900 | €60,600 | -€12,300 | -16.9% |
| Remuneration, social security and pensions | 62 | €565,987 | €662,793 | +€96,807 | +17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €271,320 | €417,425 | +€146,106 | +53.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €1,080 | +€1,080 | |
| Other operating charges | 640/8 | €15,193 | €7,830 | -€7,363 | -48.5% |
| Non-recurring operating charges | 66A | €0 | €1,639 | +€1,639 | |
| Gross operating margin | 9900 | €1,204,302 | €1,291,411 | +€87,109 | +7.2% |
| Operating profit (loss) | 9901 | €351,802 | €200,643 | -€151,159 | -43.0% |
| Financial income | 75/76B | €2,220 | €1,111 | -€1,109 | -50.0% |
| Recurring financial income | 75 | €2,220 | €1,111 | -€1,109 | -50.0% |
| Financial charges | 65/66B | €3,595 | €7,287 | +€3,692 | +103% |
| Recurring financial charges | 65 | €3,595 | €7,287 | +€3,692 | +103% |
| Profit (loss) for the period before taxes | 9903 | €350,427 | €194,467 | -€155,960 | -44.5% |
| Income taxes | 67/77 | €29,003 | €17,723 | -€11,281 | -38.9% |
| Profit (loss) for the period | 9904 | €321,424 | €176,745 | -€144,679 | -45.0% |
| Profit (loss) for the period to be appropriated | 9905 | €321,424 | €176,745 | -€144,679 | -45.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.