VD Création: 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 Création
Largest movements
- Cash +€19,865
up €19,865 (+679%), from €2,925 to €22,790
mainly Depreciation (+€9,659) and Receivables within one year (+€6,270)
- Receivables within one year -€6,270
down €6,270 (-38.8%), from €16,175 to €9,906
of which Trade receivables: -€5,611
- Tangible fixed assets -€5,795
down €5,795 (-15.9%), from €36,445 to €30,650
of which Plant, machinery and equipment: -€5,468
- Stocks and contracts +€2,170
up €2,170 (+14.6%), from €14,917 to €17,087
of which Contracts in progress: +€2,170
- Tax, wage and social debts +€4,518
up €4,518 (+121%), from €3,732 to €8,251
of which Taxes: +€3,240
- Reserves +€3,615
new in 2025: €3,615
- Trade debts +€3,084
up €3,084 (+186%), from €1,656 to €4,740
- Other debts -€1,699
down €1,699 (-2.8%), from €60,798 to €59,099
- Gross operating margin +€14,896
up €14,896 (+51.8%), from €28,756 to €43,652
- Staff costs +€7,850
up €7,850 (+47.6%), from €16,501 to €24,351
- Taxes +€1,369
up €1,369 (+245%), from €558 to €1,928
- Financial charges +€917
up €917 (+44.6%), from €2,058 to €2,975
- Depreciation +€882
up €882 (+10.0%), from €8,777 to €9,659
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 | €71,545 | €80,952 | +€9,407 | +13.1% |
| Formation expenses | 20 | €191 | €0 | -€191 | -100% |
| Fixed assets | 21/28 | €37,239 | €31,169 | -€6,070 | -16.3% |
| Intangible fixed assets | 21 | €589 | €314 | -€275 | -46.7% |
| Tangible fixed assets | 22/27 | €36,445 | €30,650 | -€5,795 | -15.9% |
| Plant, machinery and equipment | 23 | €35,057 | €29,589 | -€5,468 | -15.6% |
| Furniture and vehicles | 24 | €1,388 | €1,061 | -€327 | -23.6% |
| Financial fixed assets | 28 | €205 | €205 | = | 0.0% |
| Current assets | 29/58 | €34,115 | €49,783 | +€15,668 | +45.9% |
| Stocks and contracts in progress | 3 | €14,917 | €17,087 | +€2,170 | +14.6% |
| Stocks | 30/36 | €1,417 | €1,417 | = | 0.0% |
| Contracts in progress | 37 | €13,500 | €15,670 | +€2,170 | +16.1% |
| Amounts receivable within one year | 40/41 | €16,175 | €9,906 | -€6,270 | -38.8% |
| Trade receivables | 40 | €15,517 | €9,906 | -€5,611 | -36.2% |
| Other amounts receivable | 41 | €659 | - | -€659 | |
| Cash at bank and in hand | 54/58 | €2,925 | €22,790 | +€19,865 | +679% |
| Deferred charges and accrued income | 490/1 | €98 | - | -€98 | |
| Total equity and liabilities | 10/49 | €71,545 | €80,952 | +€9,407 | +13.1% |
| Equity | 10/15 | €5,248 | €8,862 | +€3,615 | +68.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €3,615 | +€3,615 | |
| Distributable reserves | 133 | - | €3,615 | +€3,615 | |
| Profit (loss) carried forward | 14 | €248 | €248 | = | 0.0% |
| Amounts payable | 17/49 | €66,297 | €72,090 | +€5,792 | +8.7% |
| Amounts payable within one year | 42/48 | €66,235 | €72,090 | +€5,855 | +8.8% |
| Trade debts | 44 | €1,656 | €4,740 | +€3,084 | +186% |
| Suppliers | 440/4 | €1,656 | €4,740 | +€3,084 | +186% |
| Advances received on contracts in progress | 46 | €48 | - | -€48 | |
| Taxes, remuneration and social security | 45 | €3,732 | €8,251 | +€4,518 | +121% |
| Taxes | 450/3 | €3,732 | €6,972 | +€3,240 | +86.8% |
| Remuneration and social security | 454/9 | - | €1,279 | +€1,279 | |
| Other amounts payable | 47/48 | €60,798 | €59,099 | -€1,699 | -2.8% |
| Accrued charges and deferred income | 492/3 | €63 | - | -€63 | |
| Remuneration, social security and pensions | 62 | €16,501 | €24,351 | +€7,850 | +47.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,777 | €9,659 | +€882 | +10.0% |
| Other operating charges | 640/8 | €613 | €1,141 | +€528 | +86.3% |
| Gross operating margin | 9900 | €28,756 | €43,652 | +€14,896 | +51.8% |
| Operating profit (loss) | 9901 | €2,864 | €8,501 | +€5,636 | +197% |
| Financial income | 75/76B | - | €17 | +€17 | |
| Recurring financial income | 75 | - | €17 | +€17 | |
| Financial charges | 65/66B | €2,058 | €2,975 | +€917 | +44.6% |
| Recurring financial charges | 65 | €2,058 | €2,975 | +€917 | +44.6% |
| Profit (loss) for the period before taxes | 9903 | €806 | €5,542 | +€4,736 | +587% |
| Income taxes | 67/77 | €558 | €1,928 | +€1,369 | +245% |
| Profit (loss) for the period | 9904 | €248 | €3,615 | +€3,367 | +1,358% |
| Profit (loss) for the period to be appropriated | 9905 | €248 | €3,615 | +€3,367 | +1,358% |
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 18 October 2026 via checked.be.