VD & Fils: 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 & Fils
Largest movements
- Cash +€35,595
up €35,595 (+31.4%), from €113,249 to €148,844
mainly Net result for the year (+€37,850) and Depreciation (+€36,970)
- Tangible fixed assets +€21,601
up €21,601 (+26.0%), from €83,196 to €104,797
of which Other tangible fixed assets: +€24,583
- Stocks and contracts +€16,188
new in 2025: €16,188
- Intangible fixed assets -€14,286
down €14,286 (-16.9%), from €84,524 to €70,238
- Receivables within one year +€4,227
up €4,227 (+42.5%), from €9,955 to €14,182
of which Trade receivables: +€2,792
- Profit (loss) carried forward +€37,850
up €37,850 (+122%), from €31,004 to €68,854
- Trade debts +€20,338
up €20,338 (+49.6%), from €41,017 to €61,355
- Tax, wage and social debts +€7,136
up €7,136 (+20.7%), from €34,486 to €41,622
of which Taxes: +€10,979
- Current portion of long-term debt +€5,861
up €5,861 (+24.7%), from €23,737 to €29,598
- Gross operating margin +€57,816
up €57,816 (+24.8%), from €232,959 to €290,775
- Staff costs +€48,583
up €48,583 (+33.3%), from €145,944 to €194,526
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 | €303,827 | €371,419 | +€67,591 | +22.2% |
| Fixed assets | 21/28 | €171,720 | €182,035 | +€10,315 | +6.0% |
| Intangible fixed assets | 21 | €84,524 | €70,238 | -€14,286 | -16.9% |
| Tangible fixed assets | 22/27 | €83,196 | €104,797 | +€21,601 | +26.0% |
| Plant, machinery and equipment | 23 | €79,445 | €62,374 | -€17,070 | -21.5% |
| Furniture and vehicles | 24 | €2,473 | €16,561 | +€14,089 | +570% |
| Other tangible fixed assets | 26 | €1,278 | €25,861 | +€24,583 | +1,923% |
| Financial fixed assets | 28 | €4,000 | €7,000 | +€3,000 | +75.0% |
| Current assets | 29/58 | €132,108 | €189,384 | +€57,276 | +43.4% |
| Stocks and contracts in progress | 3 | - | €16,188 | +€16,188 | |
| Stocks | 30/36 | - | €16,188 | +€16,188 | |
| Amounts receivable within one year | 40/41 | €9,955 | €14,182 | +€4,227 | +42.5% |
| Trade receivables | 40 | €2,943 | €5,735 | +€2,792 | +94.9% |
| Other amounts receivable | 41 | €7,013 | €8,447 | +€1,435 | +20.5% |
| Cash at bank and in hand | 54/58 | €113,249 | €148,844 | +€35,595 | +31.4% |
| Deferred charges and accrued income | 490/1 | €8,904 | €10,170 | +€1,267 | +14.2% |
| Total equity and liabilities | 10/49 | €303,827 | €371,419 | +€67,591 | +22.2% |
| Equity | 10/15 | €33,004 | €70,854 | +€37,850 | +115% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,004 | €68,854 | +€37,850 | +122% |
| Amounts payable | 17/49 | €270,823 | €300,565 | +€29,742 | +11.0% |
| Amounts payable after more than one year | 17 | €135,655 | €131,943 | -€3,712 | -2.7% |
| Financial debts | 170/4 | €135,655 | €131,943 | -€3,712 | -2.7% |
| Amounts payable within one year | 42/48 | €134,629 | €167,452 | +€32,822 | +24.4% |
| Current portion of amounts payable after more than one year | 42 | €23,737 | €29,598 | +€5,861 | +24.7% |
| Trade debts | 44 | €41,017 | €61,355 | +€20,338 | +49.6% |
| Suppliers | 440/4 | €41,017 | €61,355 | +€20,338 | +49.6% |
| Taxes, remuneration and social security | 45 | €34,486 | €41,622 | +€7,136 | +20.7% |
| Taxes | 450/3 | €3,670 | €14,649 | +€10,979 | +299% |
| Remuneration and social security | 454/9 | €30,816 | €26,973 | -€3,843 | -12.5% |
| Other amounts payable | 47/48 | €35,389 | €34,877 | -€513 | -1.4% |
| Accrued charges and deferred income | 492/3 | €539 | €1,170 | +€631 | +117% |
| Remuneration, social security and pensions | 62 | €145,944 | €194,526 | +€48,583 | +33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,405 | €36,970 | -€435 | -1.2% |
| Other operating charges | 640/8 | €2,135 | €1,352 | -€783 | -36.7% |
| Gross operating margin | 9900 | €232,959 | €290,775 | +€57,816 | +24.8% |
| Operating profit (loss) | 9901 | €47,474 | €57,926 | +€10,452 | +22.0% |
| Financial income | 75/76B | - | €377 | +€377 | |
| Recurring financial income | 75 | - | €377 | +€377 | |
| Financial charges | 65/66B | €7,483 | €9,831 | +€2,348 | +31.4% |
| Recurring financial charges | 65 | €7,483 | €9,831 | +€2,348 | +31.4% |
| Profit (loss) for the period before taxes | 9903 | €39,991 | €48,472 | +€8,481 | +21.2% |
| Income taxes | 67/77 | €8,987 | €10,622 | +€1,635 | +18.2% |
| Profit (loss) for the period | 9904 | €31,004 | €37,850 | +€6,846 | +22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €31,004 | €37,850 | +€6,846 | +22.1% |
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 23 October 2026 via checked.be.