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
- Current investments +€1.2m
up €1.2m (+268.4%), from €432,258 to €1.6m
- Cash -€875,149
down €875,149 (-34.7%), from €2.5m to €1.6m
mainly Current investments (-€1.2m) and Receivables within one year (-€255,795)
- Financial fixed assets -€621,810
down €621,810 (-34.5%), from €1.8m to €1.2m
- Receivables within one year +€255,795
up €255,795 (+47.4%), from €539,770 to €795,565
of which Other amounts receivable: +€260,777
- Reserves -€139,440
down €139,440 (-7.1%), from €2.0m to €1.8m
- Financial charges +€92,529
up €92,529 (+94.4%), from €98,058 to €190,587
- Gross operating margin -€87,047
down €87,047, from €57,295 to -€29,752
- Financial income -€22,332
down €22,332 (-15.1%), from €147,713 to €125,381
- Taxes -€17,694
down €17,694, from €16,001 to -€1,693
- Depreciation -€4,590
down €4,590 (-10.0%), from €46,006 to €41,416
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 | €5,765,185 | €5,652,072 | -€113,113 | -2.0% |
| Fixed assets | 21/28 | €2,270,565 | €1,607,339 | -€663,226 | -29.2% |
| Tangible fixed assets | 22/27 | €470,565 | €429,149 | -€41,416 | -8.8% |
| Land and buildings | 22 | €411,272 | €386,069 | -€25,203 | -6.1% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €59,293 | €43,080 | -€16,212 | -27.3% |
| Financial fixed assets | 28 | €1,800,000 | €1,178,190 | -€621,810 | -34.5% |
| Current assets | 29/58 | €3,494,620 | €4,044,732 | +€550,113 | +15.7% |
| Amounts receivable within one year | 40/41 | €539,770 | €795,565 | +€255,795 | +47.4% |
| Trade receivables | 40 | €19,303 | €14,322 | -€4,982 | -25.8% |
| Other amounts receivable | 41 | €520,467 | €781,244 | +€260,777 | +50.1% |
| Current investments | 50/53 | €432,258 | €1,592,609 | +€1.2m | +268.4% |
| Cash at bank and in hand | 54/58 | €2,522,592 | €1,647,443 | -€875,149 | -34.7% |
| Deferred charges and accrued income | 490/1 | €0 | €9,115 | +€9,115 | |
| Total equity and liabilities | 10/49 | €5,765,185 | €5,652,072 | -€113,113 | -2.0% |
| Equity | 10/15 | €3,543,507 | €3,404,067 | -€139,440 | -3.9% |
| Contributions | 10/11 | €1,574,700 | €1,574,700 | = | 0.0% |
| Reserves | 13 | €1,968,807 | €1,829,367 | -€139,440 | -7.1% |
| Distributable reserves | 133 | €1,968,807 | €1,829,367 | -€139,440 | -7.1% |
| Amounts payable | 17/49 | €2,221,677 | €2,248,004 | +€26,327 | +1.2% |
| Amounts payable after more than one year | 17 | €1,500,000 | €1,500,000 | = | 0.0% |
| Financial debts | 170/4 | €1,500,000 | €1,500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €595,691 | €641,050 | +€45,359 | +7.6% |
| Trade debts | 44 | €7,016 | €7,038 | +€22 | +0.3% |
| Suppliers | 440/4 | €7,016 | €7,038 | +€22 | +0.3% |
| Taxes, remuneration and social security | 45 | €0 | €17 | +€17 | |
| Taxes | 450/3 | €0 | €17 | +€17 | |
| Other amounts payable | 47/48 | €588,675 | €633,995 | +€45,320 | +7.7% |
| Accrued charges and deferred income | 492/3 | €125,987 | €106,954 | -€19,032 | -15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,006 | €41,416 | -€4,590 | -10.0% |
| Other operating charges | 640/8 | €5,368 | €4,759 | -€609 | -11.3% |
| Gross operating margin | 9900 | €57,295 | -€29,752 | -€87,047 | |
| Operating profit (loss) | 9901 | €5,921 | -€75,927 | -€81,848 | |
| Financial income | 75/76B | €147,713 | €125,381 | -€22,332 | -15.1% |
| Recurring financial income | 75 | €147,713 | €125,381 | -€22,332 | -15.1% |
| Financial charges | 65/66B | €98,058 | €190,587 | +€92,529 | +94.4% |
| Recurring financial charges | 65 | €98,058 | €190,587 | +€92,529 | +94.4% |
| Profit (loss) for the period before taxes | 9903 | €55,576 | -€141,133 | -€196,709 | |
| Income taxes | 67/77 | €16,001 | -€1,693 | -€17,694 | |
| Profit (loss) for the period | 9904 | €39,575 | -€139,440 | -€179,016 | |
| Profit (loss) for the period to be appropriated | 9905 | €39,575 | -€139,440 | -€179,016 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.