VD Agri: 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 Agri
Largest movements
- Current investments +€803,778
new in 2025: €803,778
- Cash -€595,499
down €595,499 (-60.7%), from €981,504 to €386,005
mainly Current investments (-€803,778) and Investment in fixed assets (net) (-€536,147)
- Tangible fixed assets +€137,687
up €137,687 (+8.9%), from €1.5m to €1.7m
of which Furniture and vehicles: +€173,563
- Receivables within one year -€93,855
down €93,855 (-13.5%), from €694,699 to €600,844
of which Trade receivables: -€112,654
- Deferred charges and accrued income +€91,443
up €91,443 (+38912.1%), from €235 to €91,678
- Reserves +€670,037
up €670,037 (+41.3%), from €1.6m to €2.3m
- Tax, wage and social debts -€263,731
down €263,731 (-83.6%), from €315,602 to €51,872
of which Taxes: -€266,782
- Current portion of long-term debt -€139,803
down €139,803 (-65.8%), from €212,402 to €72,599
- Accrued charges and deferred income +€49,992
up €49,992, from €0 to €49,992
- Depreciation +€110,098
up €110,098 (+37.5%), from €293,331 to €403,428
- Staff costs +€83,036
up €83,036 (+18.6%), from €445,526 to €528,562
- Gross operating margin +€79,829
up €79,829 (+4.5%), from €1.8m to €1.9m
- Financial income +€44,544
up €44,544 (+173.3%), from €25,699 to €70,242
- Taxes -€30,738
down €30,738 (-9.8%), from €312,521 to €281,783
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 | €3,642,045 | €4,000,636 | +€358,590 | +9.8% |
| Fixed assets | 21/28 | €1,550,886 | €1,683,605 | +€132,719 | +8.6% |
| Intangible fixed assets | 21 | €11,463 | €6,370 | -€5,093 | -44.4% |
| Tangible fixed assets | 22/27 | €1,539,424 | €1,677,110 | +€137,687 | +8.9% |
| Land and buildings | 22 | €580,425 | €554,294 | -€26,131 | -4.5% |
| Plant, machinery and equipment | 23 | €644,135 | €634,389 | -€9,746 | -1.5% |
| Furniture and vehicles | 24 | €314,864 | €488,427 | +€173,563 | +55.1% |
| Financial fixed assets | 28 | - | €125 | +€125 | |
| Current assets | 29/58 | €2,091,159 | €2,317,030 | +€225,871 | +10.8% |
| Stocks and contracts in progress | 3 | €414,721 | €434,726 | +€20,004 | +4.8% |
| Stocks | 30/36 | €414,721 | €434,726 | +€20,004 | +4.8% |
| Amounts receivable within one year | 40/41 | €694,699 | €600,844 | -€93,855 | -13.5% |
| Trade receivables | 40 | €685,281 | €572,627 | -€112,654 | -16.4% |
| Other amounts receivable | 41 | €9,418 | €28,217 | +€18,799 | +199.6% |
| Current investments | 50/53 | - | €803,778 | +€803,778 | |
| Cash at bank and in hand | 54/58 | €981,504 | €386,005 | -€595,499 | -60.7% |
| Deferred charges and accrued income | 490/1 | €235 | €91,678 | +€91,443 | +38912.1% |
| Total equity and liabilities | 10/49 | €3,642,045 | €4,000,636 | +€358,590 | +9.8% |
| Equity | 10/15 | €2,069,475 | €2,776,698 | +€707,223 | +34.2% |
| Contributions | 10/11 | €395,100 | €395,100 | = | 0.0% |
| Reserves | 13 | €1,620,468 | €2,290,505 | +€670,037 | +41.3% |
| Distributable reserves | 133 | €1,620,468 | €2,290,505 | +€670,037 | +41.3% |
| Investment grants | 15 | €53,907 | €91,093 | +€37,185 | +69.0% |
| Provisions and deferred taxes | 16 | €2,837 | €4,795 | +€1,958 | +69.0% |
| Deferred taxes | 168 | €2,837 | €4,795 | +€1,958 | +69.0% |
| Amounts payable | 17/49 | €1,569,733 | €1,219,142 | -€350,590 | -22.3% |
| Amounts payable after more than one year | 17 | €300,514 | €309,616 | +€9,102 | +3.0% |
| Financial debts | 170/4 | €300,514 | €309,616 | +€9,102 | +3.0% |
| Amounts payable within one year | 42/48 | €1,269,219 | €859,534 | -€409,685 | -32.3% |
| Current portion of amounts payable after more than one year | 42 | €212,402 | €72,599 | -€139,803 | -65.8% |
| Trade debts | 44 | €137,959 | €155,578 | +€17,619 | +12.8% |
| Suppliers | 440/4 | €137,959 | €155,578 | +€17,619 | +12.8% |
| Taxes, remuneration and social security | 45 | €315,602 | €51,872 | -€263,731 | -83.6% |
| Taxes | 450/3 | €301,935 | €35,153 | -€266,782 | -88.4% |
| Remuneration and social security | 454/9 | €13,667 | €16,718 | +€3,051 | +22.3% |
| Other amounts payable | 47/48 | €603,256 | €579,486 | -€23,770 | -3.9% |
| Accrued charges and deferred income | 492/3 | €0 | €49,992 | +€49,992 | |
| Non-recurring operating income | 76A | - | €5,851 | +€5,851 | |
| Remuneration, social security and pensions | 62 | €445,526 | €528,562 | +€83,036 | +18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €293,331 | €403,428 | +€110,098 | +37.5% |
| Other operating charges | 640/8 | €9,748 | €9,266 | -€482 | -4.9% |
| Non-recurring operating charges | 66A | €273 | €0 | -€273 | -100.0% |
| Gross operating margin | 9900 | €1,783,064 | €1,862,893 | +€79,829 | +4.5% |
| Operating profit (loss) | 9901 | €1,034,186 | €921,636 | -€112,550 | -10.9% |
| Financial income | 75/76B | €25,699 | €70,242 | +€44,544 | +173.3% |
| Recurring financial income | 75 | €25,699 | €70,242 | +€44,544 | +173.3% |
| Financial charges | 65/66B | €46,836 | €42,957 | -€3,878 | -8.3% |
| Recurring financial charges | 65 | €46,836 | €42,957 | -€3,878 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €1,013,049 | €948,921 | -€64,128 | -6.3% |
| Transfer from deferred taxes | 780 | €557 | €2,899 | +€2,342 | +420.6% |
| Income taxes | 67/77 | €312,521 | €281,783 | -€30,738 | -9.8% |
| Profit (loss) for the period | 9904 | €701,085 | €670,037 | -€31,048 | -4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €701,085 | €670,037 | -€31,048 | -4.4% |
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 9 October 2026 via checked.be.