VD CONCEPT: 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 CONCEPT
Largest movements
- Cash +€15,621
up €15,621 (+11.5%), from €136,059 to €151,679
mainly Other debts (+€142,919) and Depreciation (+€37,339)
- Stocks and contracts -€8,129
down €8,129 (-47.2%), from €17,229 to €9,100
- Receivables within one year -€7,409
down €7,409 (-12.4%), from €59,710 to €52,301
of which Trade receivables: -€4,788
- Other debts +€142,919
up €142,919 (+236%), from €60,524 to €203,443
- Profit (loss) carried forward -€63,411
down €63,411 (-67.4%), from €94,090 to €30,680
- Accrued charges and deferred income -€27,435
no longer reported in 2025 (was €27,435)
- Trade debts -€25,928
down €25,928 (-41.3%), from €62,741 to €36,813
- Debts after one year -€18,093
down €18,093 (-55.3%), from €32,704 to €14,611
- Gross operating margin -€107,062
down €107,062 (-52.7%), from €203,325 to €96,263
- Staff costs -€65,931
down €65,931, from €65,114 to -€817
- Taxes -€7,160
down €7,160 (-43.6%), from €16,406 to €9,246
- Depreciation -€6,935
down €6,935 (-15.7%), from €44,273 to €37,339
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 | €334,336 | €336,417 | +€2,082 | +0.6% |
| Fixed assets | 21/28 | €117,894 | €119,800 | +€1,906 | +1.6% |
| Tangible fixed assets | 22/27 | €115,994 | €117,900 | +€1,906 | +1.6% |
| Plant, machinery and equipment | 23 | €34,765 | €27,641 | -€7,124 | -20.5% |
| Furniture and vehicles | 24 | €81,229 | €90,259 | +€9,030 | +11.1% |
| Financial fixed assets | 28 | €1,900 | €1,900 | = | 0.0% |
| Current assets | 29/58 | €216,442 | €216,617 | +€176 | +0.1% |
| Stocks and contracts in progress | 3 | €17,229 | €9,100 | -€8,129 | -47.2% |
| Stocks | 30/36 | €17,229 | €9,100 | -€8,129 | -47.2% |
| Amounts receivable within one year | 40/41 | €59,710 | €52,301 | -€7,409 | -12.4% |
| Trade receivables | 40 | €39,076 | €34,288 | -€4,788 | -12.3% |
| Other amounts receivable | 41 | €20,635 | €18,014 | -€2,621 | -12.7% |
| Cash at bank and in hand | 54/58 | €136,059 | €151,679 | +€15,621 | +11.5% |
| Deferred charges and accrued income | 490/1 | €3,443 | €3,536 | +€93 | +2.7% |
| Total equity and liabilities | 10/49 | €334,336 | €336,417 | +€2,082 | +0.6% |
| Equity | 10/15 | €114,550 | €51,140 | -€63,411 | -55.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €94,090 | €30,680 | -€63,411 | -67.4% |
| Amounts payable | 17/49 | €219,785 | €285,278 | +€65,492 | +29.8% |
| Amounts payable after more than one year | 17 | €32,704 | €14,611 | -€18,093 | -55.3% |
| Financial debts | 170/4 | €32,704 | €14,611 | -€18,093 | -55.3% |
| Amounts payable within one year | 42/48 | €159,647 | €270,667 | +€111,020 | +69.5% |
| Current portion of amounts payable after more than one year | 42 | €30,076 | €19,093 | -€10,983 | -36.5% |
| Trade debts | 44 | €62,741 | €36,813 | -€25,928 | -41.3% |
| Suppliers | 440/4 | €62,741 | €36,813 | -€25,928 | -41.3% |
| Taxes, remuneration and social security | 45 | €6,306 | €11,318 | +€5,012 | +79.5% |
| Taxes | 450/3 | €6,306 | €11,318 | +€5,012 | +79.5% |
| Other amounts payable | 47/48 | €60,524 | €203,443 | +€142,919 | +236% |
| Accrued charges and deferred income | 492/3 | €27,435 | - | -€27,435 | |
| Remuneration, social security and pensions | 62 | €65,114 | -€817 | -€65,931 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,273 | €37,339 | -€6,935 | -15.7% |
| Other operating charges | 640/8 | €10,460 | €10,818 | +€358 | +3.4% |
| Non-recurring operating charges | 66A | - | €1,509 | +€1,509 | |
| Gross operating margin | 9900 | €203,325 | €96,263 | -€107,062 | -52.7% |
| Operating profit (loss) | 9901 | €83,478 | €47,415 | -€36,063 | -43.2% |
| Financial charges | 65/66B | €2,382 | €1,579 | -€802 | -33.7% |
| Recurring financial charges | 65 | €2,382 | €1,579 | -€802 | -33.7% |
| Profit (loss) for the period before taxes | 9903 | €81,096 | €45,835 | -€35,261 | -43.5% |
| Income taxes | 67/77 | €16,406 | €9,246 | -€7,160 | -43.6% |
| Profit (loss) for the period | 9904 | €64,690 | €36,589 | -€28,101 | -43.4% |
| Profit (loss) for the period to be appropriated | 9905 | €64,690 | €36,589 | -€28,101 | -43.4% |
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 15 October 2026 via checked.be.