VD GESTION: 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 GESTION
Largest movements
- Receivables within one year -€111,216
down €111,216 (-59.8%), from €185,882 to €74,666
of which Trade receivables: -€145,716
- Cash +€67,039
up €67,039 (+255.6%), from €26,230 to €93,269
mainly Receivables within one year (+€111,216) and Net result for the year (+€40,622)
- Tangible fixed assets +€6,494
up €6,494 (+33.8%), from €19,197 to €25,691
of which Furniture and vehicles: +€9,147
- Tax, wage and social debts -€44,070
down €44,070 (-70.1%), from €62,832 to €18,763
of which Taxes: -€38,302
- Profit (loss) carried forward +€40,622
up €40,622 (+18039.1%), from €225 to €40,847
- Other debts -€32,127
down €32,127 (-24.3%), from €132,068 to €99,941
- Short-term financial debts +€15,475
new in 2025: €15,475
- Current portion of long-term debt -€15,256
no longer reported in 2025 (was €15,256)
- Gross operating margin -€246,531
down €246,531 (-81.0%), from €304,315 to €57,784
- Taxes -€60,484
down €60,484 (-86.1%), from €70,278 to €9,794
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 | €231,457 | €193,627 | -€37,830 | -16.3% |
| Fixed assets | 21/28 | €19,197 | €25,691 | +€6,494 | +33.8% |
| Tangible fixed assets | 22/27 | €19,197 | €25,691 | +€6,494 | +33.8% |
| Furniture and vehicles | 24 | €7,610 | €16,757 | +€9,147 | +120.2% |
| Leasing and similar rights | 25 | - | €950 | +€950 | |
| Other tangible fixed assets | 26 | €11,588 | €7,984 | -€3,603 | -31.1% |
| Current assets | 29/58 | €212,259 | €167,935 | -€44,324 | -20.9% |
| Amounts receivable within one year | 40/41 | €185,882 | €74,666 | -€111,216 | -59.8% |
| Trade receivables | 40 | €185,882 | €40,166 | -€145,716 | -78.4% |
| Other amounts receivable | 41 | - | €34,500 | +€34,500 | |
| Cash at bank and in hand | 54/58 | €26,230 | €93,269 | +€67,039 | +255.6% |
| Deferred charges and accrued income | 490/1 | €147 | - | -€147 | |
| Total equity and liabilities | 10/49 | €231,457 | €193,627 | -€37,830 | -16.3% |
| Equity | 10/15 | €18,825 | €59,447 | +€40,622 | +215.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €225 | €40,847 | +€40,622 | +18039.1% |
| Amounts payable | 17/49 | €212,631 | €134,179 | -€78,452 | -36.9% |
| Amounts payable within one year | 42/48 | €212,631 | €134,179 | -€78,452 | -36.9% |
| Current portion of amounts payable after more than one year | 42 | €15,256 | - | -€15,256 | |
| Financial debts | 43 | - | €15,475 | +€15,475 | |
| Credit institutions | 430/8 | - | €15,475 | +€15,475 | |
| Trade debts | 44 | €2,475 | - | -€2,475 | |
| Suppliers | 440/4 | €2,475 | - | -€2,475 | |
| Taxes, remuneration and social security | 45 | €62,832 | €18,763 | -€44,070 | -70.1% |
| Taxes | 450/3 | €57,065 | €18,763 | -€38,302 | -67.1% |
| Remuneration and social security | 454/9 | €5,767 | - | -€5,767 | |
| Other amounts payable | 47/48 | €132,068 | €99,941 | -€32,127 | -24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,239 | €5,012 | -€228 | -4.3% |
| Other operating charges | 640/8 | €548 | €635 | +€87 | +16.0% |
| Gross operating margin | 9900 | €304,315 | €57,784 | -€246,531 | -81.0% |
| Operating profit (loss) | 9901 | €298,528 | €52,137 | -€246,391 | -82.5% |
| Financial income | 75/76B | €33 | €18 | -€15 | -44.3% |
| Recurring financial income | 75 | €33 | €18 | -€15 | -44.3% |
| Financial charges | 65/66B | €3,442 | €1,739 | -€1,704 | -49.5% |
| Recurring financial charges | 65 | €3,442 | €1,739 | -€1,704 | -49.5% |
| Profit (loss) for the period before taxes | 9903 | €295,118 | €50,416 | -€244,702 | -82.9% |
| Income taxes | 67/77 | €70,278 | €9,794 | -€60,484 | -86.1% |
| Profit (loss) for the period | 9904 | €224,841 | €40,622 | -€184,218 | -81.9% |
| Profit (loss) for the period to be appropriated | 9905 | €224,841 | €40,622 | -€184,218 | -81.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.