V.N.D.: 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.N.D.
Largest movements
- Tangible fixed assets +€18,872
up €18,872 (+810%), from €2,331 to €21,203
of which Furniture and vehicles: +€19,510
- Receivables within one year +€15,226
up €15,226 (+13.9%), from €109,471 to €124,697
of which Other amounts receivable: +€12,853
- Cash +€7,422
up €7,422 (+236%), from €3,139 to €10,561
mainly Net result for the year (+€15,535) and Current portion of long-term debt (+€7,564)
- Deferred charges and accrued income -€6,290
down €6,290 (-90.6%), from €6,944 to €654
- Reserves +€15,500
up €15,500 (+18.5%), from €83,922 to €99,422
of which Distributable reserves: +€15,500
- Current portion of long-term debt +€7,564
new in 2025: €7,564
- Debts after one year +€7,189
new in 2025: €7,189
- Accrued charges and deferred income +€4,252
new in 2025: €4,252
- Tax, wage and social debts +€1,638
up €1,638 (+74.1%), from €2,211 to €3,849
- Gross operating margin +€6,013
up €6,013 (+30.7%), from €19,571 to €25,584
- Depreciation +€3,305
up €3,305 (+202%), from €1,636 to €4,940
- Taxes +€1,518
up €1,518 (+21.3%), from €7,120 to €8,638
- Financial charges -€585
down €585 (-31.4%), from €1,862 to €1,277
- Financial income +€362
up €362 (+6.8%), from €5,320 to €5,682
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 | €121,885 | €157,114 | +€35,229 | +28.9% |
| Fixed assets | 21/28 | €2,331 | €21,203 | +€18,872 | +810% |
| Tangible fixed assets | 22/27 | €2,331 | €21,203 | +€18,872 | +810% |
| Plant, machinery and equipment | 23 | €1,429 | €790 | -€639 | -44.7% |
| Furniture and vehicles | 24 | €902 | €20,412 | +€19,510 | +2,163% |
| Current assets | 29/58 | €119,554 | €135,912 | +€16,358 | +13.7% |
| Amounts receivable within one year | 40/41 | €109,471 | €124,697 | +€15,226 | +13.9% |
| Trade receivables | 40 | €12,619 | €14,992 | +€2,373 | +18.8% |
| Other amounts receivable | 41 | €96,852 | €109,704 | +€12,853 | +13.3% |
| Cash at bank and in hand | 54/58 | €3,139 | €10,561 | +€7,422 | +236% |
| Deferred charges and accrued income | 490/1 | €6,944 | €654 | -€6,290 | -90.6% |
| Total equity and liabilities | 10/49 | €121,885 | €157,114 | +€35,229 | +28.9% |
| Equity | 10/15 | €100,326 | €115,861 | +€15,535 | +15.5% |
| Contributions | 10/11 | €16,200 | €16,200 | = | 0.0% |
| Reserves | 13 | €83,922 | €99,422 | +€15,500 | +18.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,134 | €9,134 | = | 0.0% |
| Distributable reserves | 133 | €72,927 | €88,427 | +€15,500 | +21.3% |
| Profit (loss) carried forward | 14 | €205 | €239 | +€35 | +17.0% |
| Amounts payable | 17/49 | €21,558 | €41,253 | +€19,695 | +91.4% |
| Amounts payable after more than one year | 17 | - | €7,189 | +€7,189 | |
| Financial debts | 170/4 | - | €7,189 | +€7,189 | |
| Amounts payable within one year | 42/48 | €21,558 | €29,813 | +€8,254 | +38.3% |
| Current portion of amounts payable after more than one year | 42 | - | €7,564 | +€7,564 | |
| Financial debts | 43 | €7,000 | €7,000 | = | 0.0% |
| Credit institutions | 430/8 | €7,000 | €7,000 | = | 0.0% |
| Trade debts | 44 | €10,747 | €11,399 | +€652 | +6.1% |
| Suppliers | 440/4 | €10,747 | €11,399 | +€652 | +6.1% |
| Taxes, remuneration and social security | 45 | €2,211 | €3,849 | +€1,638 | +74.1% |
| Taxes | 450/3 | €2,211 | €3,849 | +€1,638 | +74.1% |
| Other amounts payable | 47/48 | €1,600 | - | -€1,600 | |
| Accrued charges and deferred income | 492/3 | - | €4,252 | +€4,252 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,636 | €4,940 | +€3,305 | +202% |
| Other operating charges | 640/8 | €854 | €875 | +€21 | +2.5% |
| Gross operating margin | 9900 | €19,571 | €25,584 | +€6,013 | +30.7% |
| Operating profit (loss) | 9901 | €17,081 | €19,769 | +€2,688 | +15.7% |
| Financial income | 75/76B | €5,320 | €5,682 | +€362 | +6.8% |
| Recurring financial income | 75 | €5,320 | €5,682 | +€362 | +6.8% |
| Financial charges | 65/66B | €1,862 | €1,277 | -€585 | -31.4% |
| Recurring financial charges | 65 | €1,862 | €1,277 | -€585 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €20,538 | €24,173 | +€3,635 | +17.7% |
| Income taxes | 67/77 | €7,120 | €8,638 | +€1,518 | +21.3% |
| Profit (loss) for the period | 9904 | €13,418 | €15,535 | +€2,117 | +15.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,418 | €15,535 | +€2,117 | +15.8% |
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 17 October 2026 via checked.be.