V.D.V.G.: 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.G.
Largest movements
- Receivables within one year +€129,604
up €129,604 (+65.9%), from €196,729 to €326,333
- Tangible fixed assets -€31,266
down €31,266 (-5.2%), from €606,201 to €574,935
of which Land and buildings: -€31,879
- Cash -€12,222
no longer reported in 2025 (was €12,222)
mainly Receivables within one year (-€129,604) and Tax, wage and social debts (-€4,229)
- Reserves +€63,435
up €63,435 (+10.1%), from €625,202 to €688,637
of which Non-distributable reserves: +€63,435
- Current portion of long-term debt +€17,591
up €17,591 (+57.7%), from €30,480 to €48,071
- Gross operating margin -€51,640
down €51,640 (-31.1%), from €165,960 to €114,321
- Taxes -€16,730
down €16,730 (-40.0%), from €41,864 to €25,134
- Financial income +€7,607
up €7,607 (+44.7%), from €17,020 to €24,627
- Financial charges +€3,949
up €3,949 (+39.7%), from €9,952 to €13,901
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 | €1,057,390 | €1,138,893 | +€81,503 | +7.7% |
| Fixed assets | 21/28 | €606,201 | €574,935 | -€31,266 | -5.2% |
| Tangible fixed assets | 22/27 | €606,201 | €574,935 | -€31,266 | -5.2% |
| Land and buildings | 22 | €601,109 | €569,230 | -€31,879 | -5.3% |
| Furniture and vehicles | 24 | €591 | €1,204 | +€613 | +104% |
| Other tangible fixed assets | 26 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €451,189 | €563,958 | +€112,769 | +25.0% |
| Amounts receivable after more than one year | 29 | €150,000 | €150,000 | = | 0.0% |
| Trade receivables | 290 | €150,000 | €150,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €196,729 | €326,333 | +€129,604 | +65.9% |
| Other amounts receivable | 41 | €196,729 | €326,333 | +€129,604 | +65.9% |
| Cash at bank and in hand | 54/58 | €12,222 | - | -€12,222 | |
| Deferred charges and accrued income | 490/1 | €92,239 | €87,625 | -€4,613 | -5.0% |
| Total equity and liabilities | 10/49 | €1,057,390 | €1,138,893 | +€81,503 | +7.7% |
| Equity | 10/15 | €700,909 | €764,344 | +€63,435 | +9.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €625,202 | €688,637 | +€63,435 | +10.1% |
| Non-distributable reserves | 130/1 | €616,347 | €679,783 | +€63,435 | +10.3% |
| Reserves not available under the articles | 1311 | €616,347 | €679,783 | +€63,435 | +10.3% |
| Tax-exempt reserves | 132 | €5,752 | €5,752 | = | 0.0% |
| Distributable reserves | 133 | €3,103 | €3,103 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,307 | €63,307 | = | 0.0% |
| Amounts payable | 17/49 | €356,481 | €374,549 | +€18,068 | +5.1% |
| Amounts payable after more than one year | 17 | €240,851 | €236,647 | -€4,204 | -1.7% |
| Financial debts | 170/4 | €240,851 | €236,647 | -€4,204 | -1.7% |
| Amounts payable within one year | 42/48 | €103,706 | €120,221 | +€16,515 | +15.9% |
| Current portion of amounts payable after more than one year | 42 | €30,480 | €48,071 | +€17,591 | +57.7% |
| Financial debts | 43 | €24,956 | €28,503 | +€3,547 | +14.2% |
| Credit institutions | 430/8 | €24,956 | €28,503 | +€3,547 | +14.2% |
| Trade debts | 44 | €20,833 | €20,439 | -€394 | -1.9% |
| Suppliers | 440/4 | €20,833 | €20,439 | -€394 | -1.9% |
| Taxes, remuneration and social security | 45 | €27,437 | €23,207 | -€4,229 | -15.4% |
| Taxes | 450/3 | €27,437 | €23,207 | -€4,229 | -15.4% |
| Accrued charges and deferred income | 492/3 | €11,924 | €17,681 | +€5,757 | +48.3% |
| Non-recurring operating income | 76A | €14,850 | - | -€14,850 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,470 | €32,630 | +€159 | +0.5% |
| Other operating charges | 640/8 | €2,464 | €3,848 | +€1,384 | +56.2% |
| Gross operating margin | 9900 | €165,960 | €114,321 | -€51,640 | -31.1% |
| Operating profit (loss) | 9901 | €131,026 | €77,843 | -€53,183 | -40.6% |
| Financial income | 75/76B | €17,020 | €24,627 | +€7,607 | +44.7% |
| Recurring financial income | 75 | €17,020 | €24,627 | +€7,607 | +44.7% |
| Financial charges | 65/66B | €9,952 | €13,901 | +€3,949 | +39.7% |
| Recurring financial charges | 65 | €9,952 | €13,901 | +€3,949 | +39.7% |
| Profit (loss) for the period before taxes | 9903 | €138,094 | €88,569 | -€49,525 | -35.9% |
| Income taxes | 67/77 | €41,864 | €25,134 | -€16,730 | -40.0% |
| Profit (loss) for the period | 9904 | €96,230 | €63,435 | -€32,795 | -34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €96,230 | €63,435 | -€32,795 | -34.1% |
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 17 October 2026 via checked.be.