V.D.V.-POL: 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.-POL
Largest movements
- Cash +€27,698
up €27,698 (+15.4%), from €179,879 to €207,577
mainly Net result for the year (+€60,141) and Tax, wage and social debts (+€31,113)
- Deferred charges and accrued income -€9,705
down €9,705 (-82.6%), from €11,751 to €2,046
- Receivables within one year +€4,586
up €4,586 (+8.1%), from €56,851 to €61,436
of which Other amounts receivable: +€28,786
- Trade debts -€47,312
down €47,312 (-92.3%), from €51,274 to €3,962
- Tax, wage and social debts +€31,113
up €31,113 (+166%), from €18,781 to €49,894
of which Remuneration and social security: +€18,473
- Other debts +€25,075
up €25,075 (+46.9%), from €53,457 to €78,532
- Reserves -€18,391
down €18,391 (-10.6%), from €173,973 to €155,582
- Debts after one year +€16,063
new in 2025: €16,063
- Gross operating margin +€64,685
up €64,685 (+23.8%), from €271,319 to €336,004
- Staff costs +€61,301
up €61,301 (+39.0%), from €157,101 to €218,403
- Depreciation -€3,911
down €3,911 (-14.3%), from €27,413 to €23,502
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 | €316,243 | €336,490 | +€20,248 | +6.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €67,762 | €65,431 | -€2,331 | -3.4% |
| Intangible fixed assets | 21 | €2,970 | €1,970 | -€1,000 | -33.7% |
| Tangible fixed assets | 22/27 | €64,092 | €62,761 | -€1,331 | -2.1% |
| Plant, machinery and equipment | 23 | €43,079 | €46,276 | +€3,197 | +7.4% |
| Furniture and vehicles | 24 | €21,013 | €16,485 | -€4,528 | -21.6% |
| Financial fixed assets | 28 | €700 | €700 | = | 0.0% |
| Current assets | 29/58 | €248,481 | €271,059 | +€22,579 | +9.1% |
| Amounts receivable within one year | 40/41 | €56,851 | €61,436 | +€4,586 | +8.1% |
| Trade receivables | 40 | €24,380 | €180 | -€24,200 | -99.3% |
| Other amounts receivable | 41 | €32,471 | €61,256 | +€28,786 | +88.7% |
| Cash at bank and in hand | 54/58 | €179,879 | €207,577 | +€27,698 | +15.4% |
| Deferred charges and accrued income | 490/1 | €11,751 | €2,046 | -€9,705 | -82.6% |
| Total equity and liabilities | 10/49 | €316,243 | €336,490 | +€20,248 | +6.4% |
| Equity | 10/15 | €192,573 | €174,182 | -€18,391 | -9.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €173,973 | €155,582 | -€18,391 | -10.6% |
| Distributable reserves | 133 | €173,973 | €155,582 | -€18,391 | -10.6% |
| Amounts payable | 17/49 | €123,670 | €162,309 | +€38,639 | +31.2% |
| Amounts payable after more than one year | 17 | - | €16,063 | +€16,063 | |
| Financial debts | 170/4 | - | €16,063 | +€16,063 | |
| Amounts payable within one year | 42/48 | €123,511 | €145,637 | +€22,126 | +17.9% |
| Current portion of amounts payable after more than one year | 42 | - | €13,249 | +€13,249 | |
| Trade debts | 44 | €51,274 | €3,962 | -€47,312 | -92.3% |
| Suppliers | 440/4 | €51,274 | €3,962 | -€47,312 | -92.3% |
| Taxes, remuneration and social security | 45 | €18,781 | €49,894 | +€31,113 | +166% |
| Taxes | 450/3 | €5,066 | €17,706 | +€12,640 | +250% |
| Remuneration and social security | 454/9 | €13,715 | €32,188 | +€18,473 | +135% |
| Other amounts payable | 47/48 | €53,457 | €78,532 | +€25,075 | +46.9% |
| Accrued charges and deferred income | 492/3 | €159 | €609 | +€451 | +284% |
| Non-recurring operating income | 76A | €23,500 | - | -€23,500 | |
| Remuneration, social security and pensions | 62 | €157,101 | €218,403 | +€61,301 | +39.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,413 | €23,502 | -€3,911 | -14.3% |
| Other operating charges | 640/8 | €6,239 | €7,755 | +€1,516 | +24.3% |
| Gross operating margin | 9900 | €271,319 | €336,004 | +€64,685 | +23.8% |
| Operating profit (loss) | 9901 | €80,566 | €86,345 | +€5,779 | +7.2% |
| Financial income | 75/76B | €183 | €2,318 | +€2,135 | +1,164% |
| Recurring financial income | 75 | €183 | €2,318 | +€2,135 | +1,164% |
| Financial charges | 65/66B | €5,485 | €5,455 | -€30 | -0.5% |
| Recurring financial charges | 65 | €5,485 | €5,455 | -€30 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €75,265 | €83,208 | +€7,943 | +10.6% |
| Income taxes | 67/77 | €20,128 | €23,067 | +€2,939 | +14.6% |
| Profit (loss) for the period | 9904 | €55,137 | €60,141 | +€5,004 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €55,137 | €60,141 | +€5,004 | +9.1% |
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 23 October 2026 via checked.be.