V.D.V.: 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.V.
Largest movements
- Tangible fixed assets -€41,630
down €41,630 (-7.9%), from €529,580 to €487,950
of which Land and buildings: -€36,025
- Reserves -€22,439
down €22,439 (-37.6%), from €59,627 to €37,187
of which Distributable reserves: -€22,439
- Other debts -€17,565
down €17,565 (-5.4%), from €323,857 to €306,292
- Debts after one year -€13,454
down €13,454 (-38.8%), from €34,717 to €21,263
of which Financial debts: -€13,454
- Trade debts +€8,940
up €8,940, from €0 to €8,940
- Other operating charges -€2,782
down €2,782 (-38.1%), from €7,304 to €4,521
- Depreciation +€1,096
up €1,096 (+2.5%), from €43,483 to €44,579
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 | €544,422 | €494,427 | -€49,996 | -9.2% |
| Fixed assets | 21/28 | €530,185 | €488,555 | -€41,630 | -7.9% |
| Tangible fixed assets | 22/27 | €529,580 | €487,950 | -€41,630 | -7.9% |
| Land and buildings | 22 | €498,210 | €462,185 | -€36,025 | -7.2% |
| Plant, machinery and equipment | 23 | €1,335 | €3,053 | +€1,718 | +129% |
| Furniture and vehicles | 24 | €30,035 | €22,711 | -€7,324 | -24.4% |
| Financial fixed assets | 28 | €605 | €605 | = | 0.0% |
| Current assets | 29/58 | €14,238 | €5,872 | -€8,365 | -58.8% |
| Amounts receivable within one year | 40/41 | €7,673 | €3,006 | -€4,666 | -60.8% |
| Trade receivables | 40 | €7,673 | €3,001 | -€4,671 | -60.9% |
| Other amounts receivable | 41 | - | €5 | +€5 | |
| Cash at bank and in hand | 54/58 | €5,964 | €2,169 | -€3,795 | -63.6% |
| Deferred charges and accrued income | 490/1 | €601 | €697 | +€96 | +16.0% |
| Total equity and liabilities | 10/49 | €544,422 | €494,427 | -€49,996 | -9.2% |
| Equity | 10/15 | €155,066 | €132,626 | -€22,439 | -14.5% |
| Contributions | 10/11 | €95,439 | €95,439 | = | 0.0% |
| Capital | 10 | €95,439 | €95,439 | = | 0.0% |
| Issued capital | 100 | €95,439 | €95,439 | = | 0.0% |
| Reserves | 13 | €59,627 | €37,187 | -€22,439 | -37.6% |
| Non-distributable reserves | 130/1 | €9,544 | €9,544 | = | 0.0% |
| Legal reserve | 130 | €9,544 | €9,544 | = | 0.0% |
| Distributable reserves | 133 | €50,083 | €27,644 | -€22,439 | -44.8% |
| Amounts payable | 17/49 | €389,357 | €361,800 | -€27,556 | -7.1% |
| Amounts payable after more than one year | 17 | €34,717 | €21,263 | -€13,454 | -38.8% |
| Financial debts | 170/4 | €27,281 | €13,826 | -€13,454 | -49.3% |
| Other amounts payable | 178/9 | €7,437 | €7,437 | = | 0.0% |
| Amounts payable within one year | 42/48 | €345,109 | €334,468 | -€10,641 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €15,444 | €13,454 | -€1,989 | -12.9% |
| Trade debts | 44 | €0 | €8,940 | +€8,940 | |
| Suppliers | 440/4 | €0 | €8,940 | +€8,940 | |
| Taxes, remuneration and social security | 45 | €5,808 | €5,782 | -€26 | -0.4% |
| Taxes | 450/3 | €5,808 | €5,782 | -€26 | -0.4% |
| Other amounts payable | 47/48 | €323,857 | €306,292 | -€17,565 | -5.4% |
| Accrued charges and deferred income | 492/3 | €9,530 | €6,069 | -€3,461 | -36.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,483 | €44,579 | +€1,096 | +2.5% |
| Other operating charges | 640/8 | €7,304 | €4,521 | -€2,782 | -38.1% |
| Gross operating margin | 9900 | €39,197 | €39,316 | +€119 | +0.3% |
| Operating profit (loss) | 9901 | -€11,590 | -€9,784 | +€1,806 | +15.6% |
| Financial income | 75/76B | - | €11 | +€11 | |
| Recurring financial income | 75 | - | €11 | +€11 | |
| Financial charges | 65/66B | €12,315 | €12,125 | -€190 | -1.5% |
| Recurring financial charges | 65 | €12,315 | €12,125 | -€190 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | -€23,905 | -€21,898 | +€2,007 | +8.4% |
| Income taxes | 67/77 | €488 | €541 | +€53 | +11.0% |
| Profit (loss) for the period | 9904 | -€24,392 | -€22,439 | +€1,953 | +8.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,392 | -€22,439 | +€1,953 | +8.0% |
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 25 October 2026 via checked.be.