VD-CAD: 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.
VD-CAD
Largest movements
- Cash -€23,729
down €23,729 (-24.0%), from €98,963 to €75,235
mainly Contributions, distributions and other (-€53,176) and Receivables within one year (-€18,341)
- Receivables within one year +€18,341
up €18,341 (+36.5%), from €50,202 to €68,544
of which Other amounts receivable: +€17,196
- Tangible fixed assets -€10,390
down €10,390 (-27.9%), from €37,186 to €26,796
of which Furniture and vehicles: -€11,842
- Reserves -€19,063
down €19,063 (-11.8%), from €161,485 to €142,421
of which Distributable reserves: -€19,063
- Tax, wage and social debts +€3,357
up €3,357 (+25.2%), from €13,345 to €16,701
- Gross operating margin -€7,897
down €7,897 (-11.3%), from €70,082 to €62,184
- Depreciation -€2,561
down €2,561 (-16.7%), from €15,324 to €12,763
- Taxes -€1,606
down €1,606 (-8.8%), from €18,251 to €16,645
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 | €187,637 | €171,877 | -€15,760 | -8.4% |
| Fixed assets | 21/28 | €38,236 | €27,846 | -€10,390 | -27.2% |
| Tangible fixed assets | 22/27 | €37,186 | €26,796 | -€10,390 | -27.9% |
| Plant, machinery and equipment | 23 | €900 | €1,534 | +€635 | +70.5% |
| Furniture and vehicles | 24 | €36,286 | €24,444 | -€11,842 | -32.6% |
| Other tangible fixed assets | 26 | - | €818 | +€818 | |
| Financial fixed assets | 28 | €1,050 | €1,050 | = | 0.0% |
| Current assets | 29/58 | €149,401 | €144,031 | -€5,370 | -3.6% |
| Amounts receivable within one year | 40/41 | €50,202 | €68,544 | +€18,341 | +36.5% |
| Trade receivables | 40 | €11,865 | €13,010 | +€1,145 | +9.6% |
| Other amounts receivable | 41 | €38,337 | €55,534 | +€17,196 | +44.9% |
| Cash at bank and in hand | 54/58 | €98,963 | €75,235 | -€23,729 | -24.0% |
| Deferred charges and accrued income | 490/1 | €235 | €253 | +€18 | +7.5% |
| Total equity and liabilities | 10/49 | €187,637 | €171,877 | -€15,760 | -8.4% |
| Equity | 10/15 | €173,885 | €154,821 | -€19,063 | -11.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €161,485 | €142,421 | -€19,063 | -11.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €161,485 | €142,421 | -€19,063 | -11.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €13,752 | €17,056 | +€3,304 | +24.0% |
| Amounts payable within one year | 42/48 | €13,752 | €17,056 | +€3,304 | +24.0% |
| Trade debts | 44 | €407 | €354 | -€53 | -13.0% |
| Suppliers | 440/4 | €407 | €354 | -€53 | -13.0% |
| Taxes, remuneration and social security | 45 | €13,345 | €16,701 | +€3,357 | +25.2% |
| Taxes | 450/3 | €13,345 | €16,701 | +€3,357 | +25.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €37 | +€37 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,324 | €12,763 | -€2,561 | -16.7% |
| Other operating charges | 640/8 | €757 | €500 | -€257 | -33.9% |
| Gross operating margin | 9900 | €70,082 | €62,184 | -€7,897 | -11.3% |
| Operating profit (loss) | 9901 | €54,000 | €48,921 | -€5,080 | -9.4% |
| Financial income | 75/76B | €1,655 | €2,211 | +€556 | +33.6% |
| Recurring financial income | 75 | €1,655 | €2,211 | +€556 | +33.6% |
| Financial charges | 65/66B | €367 | €374 | +€7 | +1.8% |
| Recurring financial charges | 65 | €367 | €374 | +€7 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | €55,288 | €50,758 | -€4,530 | -8.2% |
| Income taxes | 67/77 | €18,251 | €16,645 | -€1,606 | -8.8% |
| Profit (loss) for the period | 9904 | €37,036 | €34,113 | -€2,924 | -7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €37,036 | €34,113 | -€2,924 | -7.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.