V.D.W.: 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.W.
Largest movements
- Tangible fixed assets -€4,082
down €4,082 (-7.8%), from €52,299 to €48,217
of which Land and buildings: -€3,539
- Cash +€2,142
up €2,142 (+15.8%), from €13,591 to €15,733
mainly Depreciation (+€4,567) and Current portion of long-term debt (+€673)
- Reserves -€989
down €989 (-3.0%), from €33,334 to €32,344
- Current portion of long-term debt +€673
new in 2025: €673
- Gross operating margin -€4,768
down €4,768 (-44.2%), from €10,778 to €6,010
- Taxes -€578
down €578 (-53.3%), from €1,085 to €506
- Depreciation -€478
down €478 (-9.5%), from €5,045 to €4,567
- Other operating charges -€316
down €316 (-14.6%), from €2,169 to €1,853
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 | €66,989 | €66,154 | -€834 | -1.2% |
| Fixed assets | 21/28 | €52,299 | €48,217 | -€4,082 | -7.8% |
| Tangible fixed assets | 22/27 | €52,299 | €48,217 | -€4,082 | -7.8% |
| Land and buildings | 22 | €48,724 | €45,185 | -€3,539 | -7.3% |
| Plant, machinery and equipment | 23 | €3,192 | €3,032 | -€160 | -5.0% |
| Furniture and vehicles | 24 | €383 | €0 | -€383 | -100.0% |
| Current assets | 29/58 | €14,690 | €17,938 | +€3,248 | +22.1% |
| Amounts receivable within one year | 40/41 | €1,099 | €1,677 | +€578 | +52.6% |
| Other amounts receivable | 41 | €1,099 | €1,677 | +€578 | +52.6% |
| Cash at bank and in hand | 54/58 | €13,591 | €15,733 | +€2,142 | +15.8% |
| Deferred charges and accrued income | 490/1 | - | €527 | +€527 | |
| Total equity and liabilities | 10/49 | €66,989 | €66,154 | -€834 | -1.2% |
| Equity | 10/15 | €64,320 | €63,331 | -€989 | -1.5% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €33,334 | €32,344 | -€989 | -3.0% |
| Distributable reserves | 133 | €33,334 | €32,344 | -€989 | -3.0% |
| Amounts payable | 17/49 | €2,668 | €2,823 | +€155 | +5.8% |
| Amounts payable within one year | 42/48 | €2,668 | €2,823 | +€155 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | - | €673 | +€673 | |
| Trade debts | 44 | - | €53 | +€53 | |
| Suppliers | 440/4 | - | €53 | +€53 | |
| Other amounts payable | 47/48 | €2,668 | €2,097 | -€571 | -21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,045 | €4,567 | -€478 | -9.5% |
| Other operating charges | 640/8 | €2,169 | €1,853 | -€316 | -14.6% |
| Gross operating margin | 9900 | €10,778 | €6,010 | -€4,768 | -44.2% |
| Operating profit (loss) | 9901 | €3,564 | -€411 | -€3,974 | |
| Financial charges | 65/66B | €77 | €72 | -€4 | -5.7% |
| Recurring financial charges | 65 | €77 | €72 | -€4 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €3,487 | -€483 | -€3,970 | |
| Income taxes | 67/77 | €1,085 | €506 | -€578 | -53.3% |
| Profit (loss) for the period | 9904 | €2,402 | -€989 | -€3,392 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,402 | -€989 | -€3,392 |
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 11 October 2026 via checked.be.