VCDM: 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.
VCDM
Largest movements
- Receivables within one year -€56,713
down €56,713 (-35.1%), from €161,532 to €104,819
of which Trade receivables: -€46,713
- Cash -€50,718
down €50,718 (-85.5%), from €59,291 to €8,573
mainly Net result for the year (-€34,208) and Current portion of long-term debt (-€30,695)
- Tangible fixed assets -€10,713
down €10,713 (-46.7%), from €22,964 to €12,251
of which Furniture and vehicles: -€6,407
- Stocks and contracts +€5,000
up €5,000 (+5.4%), from €92,926 to €97,926
of which Stocks: +€5,000
- Profit (loss) carried forward -€34,208
down €34,208 (-33.3%), from -€102,638 to -€136,846
- Current portion of long-term debt -€30,695
down €30,695 (-50.1%), from €61,309 to €30,614
- Trade debts -€28,799
down €28,799 (-30.5%), from €94,305 to €65,506
- Tax, wage and social debts -€16,422
down €16,422 (-87.2%), from €18,831 to €2,409
of which Taxes: -€16,631
- Debts after one year -€5,614
down €5,614 (-5.3%), from €106,577 to €100,963
- Gross operating margin -€53,326
down €53,326 (-49.7%), from €107,299 to €53,973
- Staff costs -€5,552
down €5,552 (-7.5%), from €73,686 to €68,134
- Other operating charges +€2,659
up €2,659 (+127%), from €2,096 to €4,755
- Depreciation -€2,633
down €2,633 (-19.7%), from €13,346 to €10,713
- Financial income -€1,883
no longer reported in 2025 (was €1,883)
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 | €336,713 | €223,904 | -€112,809 | -33.5% |
| Fixed assets | 21/28 | €22,964 | €12,251 | -€10,713 | -46.7% |
| Tangible fixed assets | 22/27 | €22,964 | €12,251 | -€10,713 | -46.7% |
| Plant, machinery and equipment | 23 | €9,757 | €5,451 | -€4,306 | -44.1% |
| Furniture and vehicles | 24 | €13,207 | €6,800 | -€6,407 | -48.5% |
| Current assets | 29/58 | €313,749 | €211,653 | -€102,096 | -32.5% |
| Amounts receivable after more than one year | 29 | - | €335 | +€335 | |
| Other amounts receivable | 291 | - | €335 | +€335 | |
| Stocks and contracts in progress | 3 | €92,926 | €97,926 | +€5,000 | +5.4% |
| Stocks | 30/36 | €45,752 | €50,752 | +€5,000 | +10.9% |
| Contracts in progress | 37 | €47,174 | €47,174 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €161,532 | €104,819 | -€56,713 | -35.1% |
| Trade receivables | 40 | €151,532 | €104,819 | -€46,713 | -30.8% |
| Other amounts receivable | 41 | €10,000 | - | -€10,000 | |
| Cash at bank and in hand | 54/58 | €59,291 | €8,573 | -€50,718 | -85.5% |
| Total equity and liabilities | 10/49 | €336,713 | €223,904 | -€112,809 | -33.5% |
| Equity | 10/15 | -€31,178 | -€65,386 | -€34,208 | -110% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €52,860 | €52,860 | = | 0.0% |
| Distributable reserves | 133 | €52,860 | €52,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€102,638 | -€136,846 | -€34,208 | -33.3% |
| Amounts payable | 17/49 | €367,891 | €289,290 | -€78,601 | -21.4% |
| Amounts payable after more than one year | 17 | €106,577 | €100,963 | -€5,614 | -5.3% |
| Financial debts | 170/4 | €106,577 | €100,963 | -€5,614 | -5.3% |
| Amounts payable within one year | 42/48 | €248,814 | €171,827 | -€76,987 | -30.9% |
| Current portion of amounts payable after more than one year | 42 | €61,309 | €30,614 | -€30,695 | -50.1% |
| Trade debts | 44 | €94,305 | €65,506 | -€28,799 | -30.5% |
| Suppliers | 440/4 | €94,305 | €65,506 | -€28,799 | -30.5% |
| Taxes, remuneration and social security | 45 | €18,831 | €2,409 | -€16,422 | -87.2% |
| Taxes | 450/3 | €16,631 | - | -€16,631 | |
| Remuneration and social security | 454/9 | €2,200 | €2,409 | +€209 | +9.5% |
| Other amounts payable | 47/48 | €74,369 | €73,298 | -€1,071 | -1.4% |
| Accrued charges and deferred income | 492/3 | €12,500 | €16,500 | +€4,000 | +32.0% |
| Remuneration, social security and pensions | 62 | €73,686 | €68,134 | -€5,552 | -7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,346 | €10,713 | -€2,633 | -19.7% |
| Other operating charges | 640/8 | €2,096 | €4,755 | +€2,659 | +127% |
| Gross operating margin | 9900 | €107,299 | €53,973 | -€53,326 | -49.7% |
| Operating profit (loss) | 9901 | €18,171 | -€29,629 | -€47,800 | |
| Financial income | 75/76B | €1,883 | - | -€1,883 | |
| Recurring financial income | 75 | €1,883 | - | -€1,883 | |
| Financial charges | 65/66B | €5,865 | €4,579 | -€1,286 | -21.9% |
| Recurring financial charges | 65 | €5,865 | €4,579 | -€1,286 | -21.9% |
| Profit (loss) for the period before taxes | 9903 | €14,189 | -€34,208 | -€48,397 | |
| Profit (loss) for the period | 9904 | €14,189 | -€34,208 | -€48,397 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,189 | -€34,208 | -€48,397 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.