V.R.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.R.D.
Largest movements
- Tangible fixed assets -€18,767
down €18,767 (-32.4%), from €57,912 to €39,145
of which Furniture and vehicles: -€20,551
- Receivables within one year -€12,457
down €12,457 (-7.8%), from €160,299 to €147,842
of which Trade receivables: -€8,796
- Cash +€6,815
up €6,815 (+6.4%), from €106,118 to €112,933
mainly Depreciation (+€21,251) and Receivables within one year (+€12,457)
- Debts after one year -€17,029
down €17,029 (-57.6%), from €29,539 to €12,510
- Trade debts -€7,571
down €7,571 (-13.9%), from €54,387 to €46,816
- Tax, wage and social debts -€5,221
down €5,221 (-47.0%), from €11,104 to €5,883
- Taxes -€2,515
down €2,515 (-32.6%), from €7,721 to €5,206
- Financial charges -€660
down €660 (-24.3%), from €2,720 to €2,060
- Other operating charges -€482
down €482 (-15.0%), from €3,206 to €2,724
- Depreciation +€403
up €403 (+1.9%), from €20,848 to €21,251
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 | €327,191 | €301,482 | -€25,709 | -7.9% |
| Fixed assets | 21/28 | €58,321 | €39,554 | -€18,767 | -32.2% |
| Tangible fixed assets | 22/27 | €57,912 | €39,145 | -€18,767 | -32.4% |
| Plant, machinery and equipment | 23 | €676 | €2,460 | +€1,784 | +264% |
| Furniture and vehicles | 24 | €57,236 | €36,685 | -€20,551 | -35.9% |
| Financial fixed assets | 28 | €409 | €409 | = | 0.0% |
| Current assets | 29/58 | €268,870 | €261,928 | -€6,942 | -2.6% |
| Amounts receivable within one year | 40/41 | €160,299 | €147,842 | -€12,457 | -7.8% |
| Trade receivables | 40 | €142,585 | €133,789 | -€8,796 | -6.2% |
| Other amounts receivable | 41 | €17,714 | €14,053 | -€3,661 | -20.7% |
| Cash at bank and in hand | 54/58 | €106,118 | €112,933 | +€6,815 | +6.4% |
| Deferred charges and accrued income | 490/1 | €2,453 | €1,153 | -€1,300 | -53.0% |
| Total equity and liabilities | 10/49 | €327,191 | €301,482 | -€25,709 | -7.9% |
| Equity | 10/15 | €214,050 | €215,900 | +€1,850 | +0.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €205,991 | €207,841 | +€1,850 | +0.9% |
| Amounts payable | 17/49 | €113,141 | €85,582 | -€27,559 | -24.4% |
| Amounts payable after more than one year | 17 | €29,539 | €12,510 | -€17,029 | -57.6% |
| Financial debts | 170/4 | €29,539 | €12,510 | -€17,029 | -57.6% |
| Amounts payable within one year | 42/48 | €83,602 | €70,187 | -€13,415 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €18,111 | €17,488 | -€623 | -3.4% |
| Trade debts | 44 | €54,387 | €46,816 | -€7,571 | -13.9% |
| Suppliers | 440/4 | €54,387 | €46,816 | -€7,571 | -13.9% |
| Taxes, remuneration and social security | 45 | €11,104 | €5,883 | -€5,221 | -47.0% |
| Taxes | 450/3 | €11,104 | €5,883 | -€5,221 | -47.0% |
| Accrued charges and deferred income | 492/3 | - | €2,885 | +€2,885 | |
| Remuneration, social security and pensions | 62 | €614 | €751 | +€137 | +22.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,848 | €21,251 | +€403 | +1.9% |
| Other operating charges | 640/8 | €3,206 | €2,724 | -€482 | -15.0% |
| Non-recurring operating charges | 66A | €201 | - | -€201 | |
| Gross operating margin | 9900 | €33,944 | €33,838 | -€106 | -0.3% |
| Operating profit (loss) | 9901 | €9,075 | €9,112 | +€37 | +0.4% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €2,720 | €2,060 | -€660 | -24.3% |
| Recurring financial charges | 65 | €2,720 | €2,060 | -€660 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | €6,355 | €7,056 | +€701 | +11.0% |
| Income taxes | 67/77 | €7,721 | €5,206 | -€2,515 | -32.6% |
| Profit (loss) for the period | 9904 | -€1,366 | €1,850 | +€3,216 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,366 | €1,850 | +€3,216 |
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.