VD Advisory: 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 Advisory
Largest movements
- Tangible fixed assets -€26,586
down €26,586 (-10.0%), from €266,187 to €239,602
of which Land and buildings: -€16,863
- Cash -€8,755
down €8,755 (-55.8%), from €15,699 to €6,944
mainly Tax, wage and social debts (-€11,838) and Debts after one year (-€11,288)
- Receivables within one year +€5,340
up €5,340 (+175%), from €3,060 to €8,400
- Tax, wage and social debts -€11,838
down €11,838 (-48.2%), from €24,562 to €12,724
of which Taxes: -€13,338
- Debts after one year -€11,288
down €11,288 (-5.9%), from €191,289 to €180,002
- Reserves -€7,333
down €7,333 (-16.1%), from €45,606 to €38,273
- Other debts -€4,736
down €4,736 (-47.3%), from €10,008 to €5,272
- Trade debts +€4,076
up €4,076 (+822%), from €496 to €4,572
- Gross operating margin -€16,089
down €16,089 (-34.0%), from €47,286 to €31,197
- Taxes -€4,036
down €4,036 (-90.6%), from €4,454 to €418
- Depreciation +€3,443
up €3,443 (+14.9%), from €23,142 to €26,586
- Other operating charges +€2,091
up €2,091 (+199%), from €1,052 to €3,144
- Financial charges +€1,463
up €1,463 (+21.1%), from €6,920 to €8,383
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 | €286,224 | €256,091 | -€30,133 | -10.5% |
| Fixed assets | 21/28 | €266,187 | €239,602 | -€26,586 | -10.0% |
| Tangible fixed assets | 22/27 | €266,187 | €239,602 | -€26,586 | -10.0% |
| Land and buildings | 22 | €240,851 | €223,988 | -€16,863 | -7.0% |
| Plant, machinery and equipment | 23 | €317 | €0 | -€317 | -100% |
| Furniture and vehicles | 24 | €25,020 | €15,614 | -€9,406 | -37.6% |
| Current assets | 29/58 | €20,037 | €16,489 | -€3,548 | -17.7% |
| Amounts receivable within one year | 40/41 | €3,060 | €8,400 | +€5,340 | +175% |
| Trade receivables | 40 | €3,060 | €8,400 | +€5,340 | +175% |
| Cash at bank and in hand | 54/58 | €15,699 | €6,944 | -€8,755 | -55.8% |
| Deferred charges and accrued income | 490/1 | €1,278 | €1,146 | -€132 | -10.3% |
| Total equity and liabilities | 10/49 | €286,224 | €256,091 | -€30,133 | -10.5% |
| Equity | 10/15 | €48,606 | €41,273 | -€7,333 | -15.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €45,606 | €38,273 | -€7,333 | -16.1% |
| Distributable reserves | 133 | €45,606 | €38,273 | -€7,333 | -16.1% |
| Amounts payable | 17/49 | €237,618 | €214,818 | -€22,800 | -9.6% |
| Amounts payable after more than one year | 17 | €191,289 | €180,002 | -€11,288 | -5.9% |
| Financial debts | 170/4 | €191,289 | €180,002 | -€11,288 | -5.9% |
| Amounts payable within one year | 42/48 | €45,927 | €33,854 | -€12,073 | -26.3% |
| Current portion of amounts payable after more than one year | 42 | €10,862 | €11,288 | +€426 | +3.9% |
| Trade debts | 44 | €496 | €4,572 | +€4,076 | +822% |
| Suppliers | 440/4 | €496 | €4,572 | +€4,076 | +822% |
| Taxes, remuneration and social security | 45 | €24,562 | €12,724 | -€11,838 | -48.2% |
| Taxes | 450/3 | €24,562 | €11,224 | -€13,338 | -54.3% |
| Remuneration and social security | 454/9 | - | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | €10,008 | €5,272 | -€4,736 | -47.3% |
| Accrued charges and deferred income | 492/3 | €401 | €961 | +€560 | +140% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,142 | €26,586 | +€3,443 | +14.9% |
| Other operating charges | 640/8 | €1,052 | €3,144 | +€2,091 | +199% |
| Gross operating margin | 9900 | €47,286 | €31,197 | -€16,089 | -34.0% |
| Operating profit (loss) | 9901 | €23,092 | €1,468 | -€21,624 | -93.6% |
| Financial income | 75/76B | €49 | €0 | -€49 | -100% |
| Recurring financial income | 75 | €49 | €0 | -€49 | -100% |
| Financial charges | 65/66B | €6,920 | €8,383 | +€1,463 | +21.1% |
| Recurring financial charges | 65 | €6,920 | €8,383 | +€1,463 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | €16,220 | -€6,915 | -€23,135 | |
| Income taxes | 67/77 | €4,454 | €418 | -€4,036 | -90.6% |
| Profit (loss) for the period | 9904 | €11,766 | -€7,333 | -€19,099 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,766 | -€7,333 | -€19,099 |
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 28 October 2026 via checked.be.