VD: 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.
VD
Largest movements
- Cash +€30,800
up €30,800 (+12.2%), from €253,378 to €284,178
mainly Net result for the year (+€130,937) and Depreciation (+€36,209)
- Tangible fixed assets -€14,433
down €14,433 (-2.3%), from €626,538 to €612,105
of which Furniture and vehicles: -€17,034
- Receivables within one year -€9,998
down €9,998 (-54.3%), from €18,410 to €8,412
- Reserves +€130,937
up €130,937 (+22.7%), from €576,093 to €707,030
of which Distributable reserves: +€130,937
- Other debts -€74,740
down €74,740 (-48.5%), from €154,081 to €79,341
- Debts after one year -€28,750
down €28,750 (-24.0%), from €119,792 to €91,042
- Accrued charges and deferred income -€16,698
down €16,698 (-83.9%), from €19,906 to €3,208
- Financial charges +€8,214
up €8,214 (+123%), from €6,693 to €14,907
- Depreciation +€7,830
up €7,830 (+27.6%), from €28,379 to €36,209
- Taxes -€6,025
down €6,025 (-9.9%), from €60,707 to €54,682
- Gross operating margin -€3,306
down €3,306 (-1.3%), from €245,214 to €241,907
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 | €935,463 | €944,269 | +€8,805 | +0.9% |
| Fixed assets | 21/28 | €626,538 | €612,105 | -€14,433 | -2.3% |
| Tangible fixed assets | 22/27 | €626,538 | €612,105 | -€14,433 | -2.3% |
| Land and buildings | 22 | €551,306 | €553,907 | +€2,601 | +0.5% |
| Furniture and vehicles | 24 | €75,232 | €58,198 | -€17,034 | -22.6% |
| Current assets | 29/58 | €308,925 | €332,164 | +€23,238 | +7.5% |
| Amounts receivable within one year | 40/41 | €18,410 | €8,412 | -€9,998 | -54.3% |
| Other amounts receivable | 41 | €18,410 | €8,412 | -€9,998 | -54.3% |
| Current investments | 50/53 | €907 | €907 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €253,378 | €284,178 | +€30,800 | +12.2% |
| Deferred charges and accrued income | 490/1 | €36,230 | €38,667 | +€2,437 | +6.7% |
| Total equity and liabilities | 10/49 | €935,463 | €944,269 | +€8,805 | +0.9% |
| Equity | 10/15 | €594,693 | €725,630 | +€130,937 | +22.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €576,093 | €707,030 | +€130,937 | +22.7% |
| Non-distributable reserves | 130/1 | €30,570 | €30,570 | = | 0.0% |
| Reserves not available under the articles | 1311 | €30,570 | €30,570 | = | 0.0% |
| Distributable reserves | 133 | €545,523 | €676,460 | +€130,937 | +24.0% |
| Amounts payable | 17/49 | €340,770 | €218,638 | -€122,132 | -35.8% |
| Amounts payable after more than one year | 17 | €119,792 | €91,042 | -€28,750 | -24.0% |
| Financial debts | 170/4 | €119,792 | €91,042 | -€28,750 | -24.0% |
| Amounts payable within one year | 42/48 | €201,071 | €124,388 | -€76,684 | -38.1% |
| Current portion of amounts payable after more than one year | 42 | €28,750 | €28,750 | = | 0.0% |
| Trade debts | 44 | €3,785 | €471 | -€3,313 | -87.5% |
| Suppliers | 440/4 | €3,785 | €471 | -€3,313 | -87.5% |
| Taxes, remuneration and social security | 45 | €14,455 | €15,825 | +€1,370 | +9.5% |
| Taxes | 450/3 | €14,455 | €15,825 | +€1,370 | +9.5% |
| Other amounts payable | 47/48 | €154,081 | €79,341 | -€74,740 | -48.5% |
| Accrued charges and deferred income | 492/3 | €19,906 | €3,208 | -€16,698 | -83.9% |
| Non-recurring operating income | 76A | €13,000 | - | -€13,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,379 | €36,209 | +€7,830 | +27.6% |
| Other operating charges | 640/8 | €4,880 | €5,173 | +€293 | +6.0% |
| Gross operating margin | 9900 | €245,214 | €241,907 | -€3,306 | -1.3% |
| Operating profit (loss) | 9901 | €211,955 | €200,526 | -€11,428 | -5.4% |
| Financial charges | 65/66B | €6,693 | €14,907 | +€8,214 | +123% |
| Recurring financial charges | 65 | €6,693 | €14,907 | +€8,214 | +123% |
| Profit (loss) for the period before taxes | 9903 | €205,261 | €185,619 | -€19,643 | -9.6% |
| Income taxes | 67/77 | €60,707 | €54,682 | -€6,025 | -9.9% |
| Profit (loss) for the period | 9904 | €144,555 | €130,937 | -€13,618 | -9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €144,555 | €130,937 | -€13,618 | -9.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.