V.D.W.: what changed
Two fiscal 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.W.
Largest movements
- Receivables after one year -€30,833
no longer reported in 2025 (was €30,833)
- Tangible fixed assets +€18,570
up €18,570 (+4.2%), from €442,548 to €461,118
of which Land and buildings: +€18,161
- Cash +€11,379
up €11,379 (+163.8%), from €6,945 to €18,324
mainly Receivables after one year (+€30,833) and Depreciation (+€22,977)
- Debts after one year -€16,667
down €16,667 (-12.6%), from €131,945 to €115,278
- Reserves +€16,377
up €16,377 (+7.1%), from €229,966 to €246,343
of which Distributable reserves: +€37,678
- Provisions -€15,413
down €15,413 (-15.1%), from €101,998 to €86,585
of which Deferred taxes: -€8,948
- Tax, wage and social debts +€13,501
up €13,501 (+1061.4%), from €1,272 to €14,773
- Financial income +€1,758
up €1,758 (+1164.2%), from €151 to €1,909
- Taxes -€1,684
down €1,684 (-8.6%), from €19,653 to €17,969
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 | €481,924 | €479,722 | -€2,202 | -0.5% |
| Fixed assets | 21/28 | €442,798 | €461,368 | +€18,570 | +4.2% |
| Tangible fixed assets | 22/27 | €442,548 | €461,118 | +€18,570 | +4.2% |
| Land and buildings | 22 | €437,193 | €455,354 | +€18,161 | +4.2% |
| Plant, machinery and equipment | 23 | €4,012 | €2,744 | -€1,268 | -31.6% |
| Furniture and vehicles | 24 | €1,343 | €3,020 | +€1,677 | +124.9% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €39,126 | €18,354 | -€20,772 | -53.1% |
| Amounts receivable after more than one year | 29 | €30,833 | - | -€30,833 | |
| Other amounts receivable | 291 | €30,833 | - | -€30,833 | |
| Amounts receivable within one year | 40/41 | €1,348 | €30 | -€1,318 | -97.8% |
| Other amounts receivable | 41 | €1,348 | €30 | -€1,318 | -97.8% |
| Cash at bank and in hand | 54/58 | €6,945 | €18,324 | +€11,379 | +163.8% |
| Total equity and liabilities | 10/49 | €481,924 | €479,722 | -€2,202 | -0.5% |
| Equity | 10/15 | €230,042 | €246,419 | +€16,377 | +7.1% |
| Reserves | 13 | €229,966 | €246,343 | +€16,377 | +7.1% |
| Tax-exempt reserves | 132 | €21,301 | - | -€21,301 | |
| Distributable reserves | 133 | €208,665 | €246,343 | +€37,678 | +18.1% |
| Profit (loss) carried forward | 14 | €76 | €76 | = | 0.0% |
| Provisions and deferred taxes | 16 | €101,998 | €86,585 | -€15,413 | -15.1% |
| Provisions for liabilities and charges | 160/5 | €93,050 | €86,585 | -€6,465 | -6.9% |
| Environmental obligations | 163 | €93,050 | €86,585 | -€6,465 | -6.9% |
| Deferred taxes | 168 | €8,948 | - | -€8,948 | |
| Amounts payable | 17/49 | €149,884 | €146,718 | -€3,166 | -2.1% |
| Amounts payable after more than one year | 17 | €131,945 | €115,278 | -€16,667 | -12.6% |
| Financial debts | 170/4 | €131,945 | €115,278 | -€16,667 | -12.6% |
| Amounts payable within one year | 42/48 | €17,939 | €31,440 | +€13,501 | +75.3% |
| Current portion of amounts payable after more than one year | 42 | €16,667 | €16,667 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €1,272 | €14,773 | +€13,501 | +1061.4% |
| Taxes | 450/3 | €1,272 | €14,773 | +€13,501 | +1061.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,658 | €22,977 | +€319 | +1.4% |
| Other operating charges | 640/8 | €8,270 | €8,715 | +€445 | +5.4% |
| Gross operating margin | 9900 | €58,463 | €58,636 | +€173 | +0.3% |
| Operating profit (loss) | 9901 | €27,535 | €26,944 | -€591 | -2.1% |
| Financial income | 75/76B | €151 | €1,909 | +€1,758 | +1164.2% |
| Recurring financial income | 75 | €151 | €1,909 | +€1,758 | +1164.2% |
| Financial charges | 65/66B | €3,803 | €3,454 | -€349 | -9.2% |
| Recurring financial charges | 65 | €3,803 | €3,454 | -€349 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €23,883 | €25,399 | +€1,516 | +6.3% |
| Transfer from deferred taxes | 780 | €10,720 | €8,947 | -€1,773 | -16.5% |
| Income taxes | 67/77 | €19,653 | €17,969 | -€1,684 | -8.6% |
| Profit (loss) for the period | 9904 | €14,950 | €16,377 | +€1,427 | +9.5% |
| Transfer from tax-exempt reserves | 789 | €25,521 | €21,301 | -€4,220 | -16.5% |
| Profit (loss) for the period to be appropriated | 9905 | €40,471 | €37,678 | -€2,793 | -6.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.