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
- Receivables within one year -€105,456
down €105,456 (-33.9%), from €311,505 to €206,049
of which Trade receivables: -€107,498
- Cash +€78,500
up €78,500 (+29.5%), from €266,531 to €345,031
mainly Receivables within one year (+€105,456) and Depreciation (+€60,922)
- Tangible fixed assets -€53,090
down €53,090 (-15.9%), from €334,627 to €281,537
of which Furniture and vehicles: -€48,464
- Financial fixed assets -€10,545
down €10,545 (-70.4%), from €14,970 to €4,424
- Profit (loss) carried forward -€60,611
down €60,611 (-16.1%), from €376,602 to €315,990
- Debts after one year -€49,830
down €49,830 (-34.0%), from €146,424 to €96,594
- Current portion of long-term debt -€19,164
down €19,164 (-28.0%), from €68,472 to €49,308
- Tax, wage and social debts +€14,535
up €14,535 (+63.5%), from €22,887 to €37,422
of which Taxes: +€10,228
- Trade debts +€11,136
up €11,136 (+54.9%), from €20,266 to €31,402
- Gross operating margin -€37,616
down €37,616 (-16.5%), from €228,032 to €190,416
- Other operating charges +€18,882
up €18,882 (+69.0%), from €27,352 to €46,233
- Depreciation +€11,721
up €11,721 (+23.8%), from €49,202 to €60,922
- Staff costs +€8,243
up €8,243 (+6.4%), from €129,406 to €137,649
- Taxes -€3,932
down €3,932 (-80.5%), from €4,885 to €954
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 | €948,143 | €849,768 | -€98,375 | -10.4% |
| Fixed assets | 21/28 | €349,597 | €285,961 | -€63,636 | -18.2% |
| Tangible fixed assets | 22/27 | €334,627 | €281,537 | -€53,090 | -15.9% |
| Land and buildings | 22 | €183,939 | €175,656 | -€8,283 | -4.5% |
| Plant, machinery and equipment | 23 | €5,432 | €9,089 | +€3,656 | +67.3% |
| Furniture and vehicles | 24 | €145,256 | €96,792 | -€48,464 | -33.4% |
| Financial fixed assets | 28 | €14,970 | €4,424 | -€10,545 | -70.4% |
| Current assets | 29/58 | €598,546 | €563,806 | -€34,740 | -5.8% |
| Amounts receivable within one year | 40/41 | €311,505 | €206,049 | -€105,456 | -33.9% |
| Trade receivables | 40 | €296,692 | €189,194 | -€107,498 | -36.2% |
| Other amounts receivable | 41 | €14,812 | €16,855 | +€2,043 | +13.8% |
| Cash at bank and in hand | 54/58 | €266,531 | €345,031 | +€78,500 | +29.5% |
| Deferred charges and accrued income | 490/1 | €20,510 | €12,727 | -€7,783 | -37.9% |
| Total equity and liabilities | 10/49 | €948,143 | €849,768 | -€98,375 | -10.4% |
| Equity | 10/15 | €559,560 | €498,949 | -€60,611 | -10.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €170,558 | €170,558 | = | 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% |
| Distributable reserves | 133 | €168,698 | €168,698 | = | 0.0% |
| Profit (loss) carried forward | 14 | €376,602 | €315,990 | -€60,611 | -16.1% |
| Amounts payable | 17/49 | €388,583 | €350,819 | -€37,764 | -9.7% |
| Amounts payable after more than one year | 17 | €146,424 | €96,594 | -€49,830 | -34.0% |
| Financial debts | 170/4 | €146,424 | €96,594 | -€49,830 | -34.0% |
| Amounts payable within one year | 42/48 | €241,146 | €254,225 | +€13,079 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €68,472 | €49,308 | -€19,164 | -28.0% |
| Trade debts | 44 | €20,266 | €31,402 | +€11,136 | +54.9% |
| Suppliers | 440/4 | €20,266 | €31,402 | +€11,136 | +54.9% |
| Advances received on contracts in progress | 46 | - | €4,794 | +€4,794 | |
| Taxes, remuneration and social security | 45 | €22,887 | €37,422 | +€14,535 | +63.5% |
| Taxes | 450/3 | €7,485 | €17,713 | +€10,228 | +137% |
| Remuneration and social security | 454/9 | €15,403 | €19,710 | +€4,307 | +28.0% |
| Other amounts payable | 47/48 | €129,520 | €131,299 | +€1,778 | +1.4% |
| Accrued charges and deferred income | 492/3 | €1,013 | - | -€1,013 | |
| Remuneration, social security and pensions | 62 | €129,406 | €137,649 | +€8,243 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,202 | €60,922 | +€11,721 | +23.8% |
| Other operating charges | 640/8 | €27,352 | €46,233 | +€18,882 | +69.0% |
| Non-recurring operating charges | 66A | - | €4,398 | +€4,398 | |
| Gross operating margin | 9900 | €228,032 | €190,416 | -€37,616 | -16.5% |
| Operating profit (loss) | 9901 | €22,072 | -€58,787 | -€80,859 | |
| Financial income | 75/76B | €3,165 | €6,915 | +€3,750 | +118% |
| Recurring financial income | 75 | €3,165 | €6,915 | +€3,750 | +118% |
| Financial charges | 65/66B | €7,904 | €7,786 | -€118 | -1.5% |
| Recurring financial charges | 65 | €7,904 | €7,786 | -€118 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €17,334 | -€59,658 | -€76,991 | |
| Income taxes | 67/77 | €4,885 | €954 | -€3,932 | -80.5% |
| Profit (loss) for the period | 9904 | €12,448 | -€60,611 | -€73,060 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,448 | -€60,611 | -€73,060 |
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 14 October 2026 via checked.be.