VCVD: 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.
VCVD
Largest movements
- Current investments +€245,000
up €245,000 (+245.0%), from €100,000 to €345,000
- Cash -€150,652
down €150,652 (-69.3%), from €217,294 to €66,641
mainly Current investments (-€245,000) and Contributions, distributions and other (-€14,319)
- Reserves +€85,860
up €85,860 (+27.0%), from €317,672 to €403,532
- Tax, wage and social debts +€8,594
up €8,594 (+70.6%), from €12,167 to €20,761
of which Remuneration and social security: +€6,029
- Gross operating margin +€30,641
up €30,641 (+17.4%), from €176,290 to €206,931
- Staff costs +€9,771
up €9,771 (+17.4%), from €56,085 to €65,856
- Taxes +€8,115
up €8,115 (+24.6%), from €33,037 to €41,152
- Depreciation -€4,512
down €4,512 (-44.9%), from €10,041 to €5,529
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 | €346,578 | €434,950 | +€88,373 | +25.5% |
| Fixed assets | 21/28 | €8,525 | €6,621 | -€1,905 | -22.3% |
| Intangible fixed assets | 21 | €3,125 | €0 | -€3,125 | -100.0% |
| Tangible fixed assets | 22/27 | €5,400 | €6,621 | +€1,220 | +22.6% |
| Plant, machinery and equipment | 23 | €3,598 | €5,284 | +€1,686 | +46.8% |
| Other tangible fixed assets | 26 | €1,802 | €1,337 | -€465 | -25.8% |
| Current assets | 29/58 | €338,052 | €428,329 | +€90,277 | +26.7% |
| Stocks and contracts in progress | 3 | €11,555 | €9,828 | -€1,727 | -14.9% |
| Stocks | 30/36 | €11,555 | €9,828 | -€1,727 | -14.9% |
| Amounts receivable within one year | 40/41 | €4,833 | €4,902 | +€69 | +1.4% |
| Trade receivables | 40 | €4,673 | €2,027 | -€2,646 | -56.6% |
| Other amounts receivable | 41 | €159 | €2,875 | +€2,716 | +1703.2% |
| Current investments | 50/53 | €100,000 | €345,000 | +€245,000 | +245.0% |
| Cash at bank and in hand | 54/58 | €217,294 | €66,641 | -€150,652 | -69.3% |
| Deferred charges and accrued income | 490/1 | €4,371 | €1,958 | -€2,413 | -55.2% |
| Total equity and liabilities | 10/49 | €346,578 | €434,950 | +€88,373 | +25.5% |
| Equity | 10/15 | €323,872 | €409,732 | +€85,860 | +26.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €317,672 | €403,532 | +€85,860 | +27.0% |
| Distributable reserves | 133 | €317,672 | €403,532 | +€85,860 | +27.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €22,705 | €25,218 | +€2,513 | +11.1% |
| Amounts payable within one year | 42/48 | €21,496 | €24,585 | +€3,089 | +14.4% |
| Trade debts | 44 | €7,935 | €3,824 | -€4,110 | -51.8% |
| Suppliers | 440/4 | €7,935 | €3,824 | -€4,110 | -51.8% |
| Taxes, remuneration and social security | 45 | €12,167 | €20,761 | +€8,594 | +70.6% |
| Taxes | 450/3 | €9,992 | €12,557 | +€2,565 | +25.7% |
| Remuneration and social security | 454/9 | €2,175 | €8,204 | +€6,029 | +277.2% |
| Other amounts payable | 47/48 | €1,394 | €0 | -€1,394 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,209 | €633 | -€577 | -47.7% |
| Remuneration, social security and pensions | 62 | €56,085 | €65,856 | +€9,771 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,041 | €5,529 | -€4,512 | -44.9% |
| Other operating charges | 640/8 | €1,973 | €2,024 | +€51 | +2.6% |
| Gross operating margin | 9900 | €176,290 | €206,931 | +€30,641 | +17.4% |
| Operating profit (loss) | 9901 | €108,191 | €133,521 | +€25,331 | +23.4% |
| Financial income | 75/76B | €8,152 | €7,885 | -€267 | -3.3% |
| Recurring financial income | 75 | €8,152 | €7,885 | -€267 | -3.3% |
| Financial charges | 65/66B | €67 | €75 | +€8 | +11.9% |
| Recurring financial charges | 65 | €67 | €75 | +€8 | +11.9% |
| Profit (loss) for the period before taxes | 9903 | €116,275 | €141,331 | +€25,055 | +21.5% |
| Income taxes | 67/77 | €33,037 | €41,152 | +€8,115 | +24.6% |
| Profit (loss) for the period | 9904 | €83,238 | €100,179 | +€16,941 | +20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €83,238 | €100,179 | +€16,941 | +20.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.