V.D. TRANS: 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. TRANS
Largest movements
- Cash +€119,802
up €119,802 (+15.4%), from €779,150 to €898,952
mainly Depreciation (+€142,518) and Net result for the year (+€32,977)
- Receivables within one year -€29,971
down €29,971 (-10.3%), from €291,323 to €261,353
of which Trade receivables: -€35,377
- Tangible fixed assets -€18,018
down €18,018 (-5.6%), from €319,600 to €301,583
of which Furniture and vehicles: -€17,341
- Reserves +€32,977
up €32,977 (+3.3%), from €1.0m to €1.0m
of which Distributable reserves: +€69,817
- Advances received +€31,460
new in 2025: €31,460
- Staff costs +€97,631
up €97,631 (+21.5%), from €454,595 to €552,227
- Gross operating margin +€41,976
up €41,976 (+5.9%), from €711,926 to €753,901
- Depreciation -€36,013
down €36,013 (-20.2%), from €178,531 to €142,518
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 | €1,518,246 | €1,599,148 | +€80,902 | +5.3% |
| Fixed assets | 21/28 | €321,650 | €303,498 | -€18,153 | -5.6% |
| Tangible fixed assets | 22/27 | €319,600 | €301,583 | -€18,018 | -5.6% |
| Plant, machinery and equipment | 23 | €677 | - | -€677 | |
| Furniture and vehicles | 24 | €318,924 | €301,583 | -€17,341 | -5.4% |
| Financial fixed assets | 28 | €2,050 | €1,915 | -€135 | -6.6% |
| Current assets | 29/58 | €1,196,596 | €1,295,650 | +€99,054 | +8.3% |
| Stocks and contracts in progress | 3 | €6,816 | €16,535 | +€9,719 | +142.6% |
| Stocks | 30/36 | €6,816 | €16,535 | +€9,719 | +142.6% |
| Amounts receivable within one year | 40/41 | €291,323 | €261,353 | -€29,971 | -10.3% |
| Trade receivables | 40 | €278,820 | €243,443 | -€35,377 | -12.7% |
| Other amounts receivable | 41 | €12,503 | €17,910 | +€5,406 | +43.2% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €779,150 | €898,952 | +€119,802 | +15.4% |
| Deferred charges and accrued income | 490/1 | €19,307 | €18,811 | -€496 | -2.6% |
| Total equity and liabilities | 10/49 | €1,518,246 | €1,599,148 | +€80,902 | +5.3% |
| Equity | 10/15 | €1,020,964 | €1,053,941 | +€32,977 | +3.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,002,372 | €1,035,349 | +€32,977 | +3.3% |
| Tax-exempt reserves | 132 | €194,722 | €157,882 | -€36,840 | -18.9% |
| Distributable reserves | 133 | €807,650 | €877,467 | +€69,817 | +8.6% |
| Provisions and deferred taxes | 16 | €7,555 | €5,595 | -€1,960 | -25.9% |
| Deferred taxes | 168 | €7,555 | €5,595 | -€1,960 | -25.9% |
| Amounts payable | 17/49 | €489,727 | €539,612 | +€49,884 | +10.2% |
| Amounts payable within one year | 42/48 | €484,866 | €536,988 | +€52,122 | +10.7% |
| Trade debts | 44 | €40,602 | €46,715 | +€6,113 | +15.1% |
| Suppliers | 440/4 | €40,602 | €46,715 | +€6,113 | +15.1% |
| Advances received on contracts in progress | 46 | - | €31,460 | +€31,460 | |
| Taxes, remuneration and social security | 45 | €67,671 | €75,861 | +€8,189 | +12.1% |
| Taxes | 450/3 | €22,779 | €26,788 | +€4,009 | +17.6% |
| Remuneration and social security | 454/9 | €44,892 | €49,072 | +€4,181 | +9.3% |
| Other amounts payable | 47/48 | €376,593 | €382,953 | +€6,360 | +1.7% |
| Accrued charges and deferred income | 492/3 | €4,861 | €2,623 | -€2,238 | -46.0% |
| Non-recurring operating income | 76A | - | €12,000 | +€12,000 | |
| Remuneration, social security and pensions | 62 | €454,595 | €552,227 | +€97,631 | +21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €178,531 | €142,518 | -€36,013 | -20.2% |
| Other operating charges | 640/8 | €9,545 | €4,345 | -€5,199 | -54.5% |
| Gross operating margin | 9900 | €711,926 | €753,901 | +€41,976 | +5.9% |
| Operating profit (loss) | 9901 | €69,255 | €54,812 | -€14,444 | -20.9% |
| Financial income | 75/76B | €502 | €5,028 | +€4,527 | +902.4% |
| Recurring financial income | 75 | €502 | €5,028 | +€4,527 | +902.4% |
| Financial charges | 65/66B | €3,561 | €4,469 | +€908 | +25.5% |
| Recurring financial charges | 65 | €3,561 | €4,469 | +€908 | +25.5% |
| Profit (loss) for the period before taxes | 9903 | €66,196 | €55,371 | -€10,825 | -16.4% |
| Transfer from deferred taxes | 780 | €1,960 | €1,960 | = | 0.0% |
| Income taxes | 67/77 | €24,261 | €24,354 | +€93 | +0.4% |
| Profit (loss) for the period | 9904 | €43,895 | €32,977 | -€10,917 | -24.9% |
| Transfer from tax-exempt reserves | 789 | €44,723 | €36,840 | -€7,883 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €88,618 | €69,817 | -€18,801 | -21.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.