VD FINANCES: 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 FINANCES
Largest movements
- Current investments +€234,299
up €234,299 (+30.3%), from €774,170 to €1.0m
- Cash -€57,521
down €57,521 (-55.2%), from €104,294 to €46,773
mainly Current investments (-€234,299) and Investment in fixed assets (net) (-€56,000)
- Tangible fixed assets +€45,897
up €45,897 (+908.8%), from €5,050 to €50,947
of which Furniture and vehicles: +€48,629
- Reserves +€200,000
up €200,000 (+29.7%), from €673,860 to €873,860
- Tax, wage and social debts -€29,563
down €29,563 (-29.9%), from €98,829 to €69,266
of which Taxes: -€29,353
- Debts after one year +€22,272
new in 2025: €22,272
- Other debts +€19,357
up €19,357 (+391.6%), from €4,943 to €24,300
- Gross operating margin +€8,688
up €8,688 (+1.7%), from €520,190 to €528,878
- Depreciation +€7,346
up €7,346 (+266.5%), from €2,757 to €10,103
- Staff costs +€5,652
up €5,652 (+3.0%), from €189,957 to €195,608
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 | €940,950 | €1,166,666 | +€225,716 | +24.0% |
| Fixed assets | 21/28 | €5,275 | €51,172 | +€45,897 | +870.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €5,050 | €50,947 | +€45,897 | +908.8% |
| Furniture and vehicles | 24 | €824 | €49,453 | +€48,629 | +5899.7% |
| Other tangible fixed assets | 26 | €4,226 | €1,494 | -€2,732 | -64.7% |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €935,675 | €1,115,494 | +€179,819 | +19.2% |
| Amounts receivable within one year | 40/41 | €56,961 | €59,938 | +€2,978 | +5.2% |
| Trade receivables | 40 | €3,027 | €2,728 | -€299 | -9.9% |
| Other amounts receivable | 41 | €53,933 | €57,210 | +€3,277 | +6.1% |
| Current investments | 50/53 | €774,170 | €1,008,469 | +€234,299 | +30.3% |
| Cash at bank and in hand | 54/58 | €104,294 | €46,773 | -€57,521 | -55.2% |
| Deferred charges and accrued income | 490/1 | €250 | €314 | +€64 | +25.6% |
| Total equity and liabilities | 10/49 | €940,950 | €1,166,666 | +€225,716 | +24.0% |
| Equity | 10/15 | €835,748 | €1,041,847 | +€206,099 | +24.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €673,860 | €873,860 | +€200,000 | +29.7% |
| Distributable reserves | 133 | €673,860 | €873,860 | +€200,000 | +29.7% |
| Profit (loss) carried forward | 14 | €143,288 | €149,387 | +€6,099 | +4.3% |
| Amounts payable | 17/49 | €105,202 | €124,819 | +€19,617 | +18.6% |
| Amounts payable after more than one year | 17 | - | €22,272 | +€22,272 | |
| Financial debts | 170/4 | - | €22,272 | +€22,272 | |
| Amounts payable within one year | 42/48 | €105,202 | €102,547 | -€2,655 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €0 | €8,747 | +€8,747 | |
| Trade debts | 44 | €1,430 | €233 | -€1,197 | -83.7% |
| Suppliers | 440/4 | €1,430 | €233 | -€1,197 | -83.7% |
| Taxes, remuneration and social security | 45 | €98,829 | €69,266 | -€29,563 | -29.9% |
| Taxes | 450/3 | €73,254 | €43,902 | -€29,353 | -40.1% |
| Remuneration and social security | 454/9 | €25,575 | €25,365 | -€210 | -0.8% |
| Other amounts payable | 47/48 | €4,943 | €24,300 | +€19,357 | +391.6% |
| Remuneration, social security and pensions | 62 | €189,957 | €195,608 | +€5,652 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,757 | €10,103 | +€7,346 | +266.5% |
| Other operating charges | 640/8 | €7,024 | €11,778 | +€4,754 | +67.7% |
| Gross operating margin | 9900 | €520,190 | €528,878 | +€8,688 | +1.7% |
| Operating profit (loss) | 9901 | €320,452 | €311,388 | -€9,064 | -2.8% |
| Financial income | 75/76B | €17,817 | €20,996 | +€3,179 | +17.8% |
| Recurring financial income | 75 | €17,817 | €20,996 | +€3,179 | +17.8% |
| Financial charges | 65/66B | €3,815 | €602 | -€3,212 | -84.2% |
| Recurring financial charges | 65 | €3,815 | €602 | -€3,212 | -84.2% |
| Profit (loss) for the period before taxes | 9903 | €334,455 | €331,782 | -€2,673 | -0.8% |
| Income taxes | 67/77 | €102,964 | €101,383 | -€1,581 | -1.5% |
| Profit (loss) for the period | 9904 | €231,491 | €230,399 | -€1,092 | -0.5% |
| Profit (loss) for the period to be appropriated | 9905 | €231,491 | €230,399 | -€1,092 | -0.5% |
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 12 October 2026 via checked.be.