VD Group: 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 Group
Largest movements
- Receivables within one year +€55,103
up €55,103 (+240.9%), from €22,869 to €77,972
of which Trade receivables: +€55,283
- Deferred charges and accrued income -€37,604
down €37,604 (-96.2%), from €39,081 to €1,477
- Cash -€18,391
down €18,391 (-83.4%), from €22,065 to €3,674
mainly Other debts (-€80,639) and Investment in fixed assets (net) (-€59,380)
- Tangible fixed assets +€4,798
up €4,798 (+2.8%), from €171,983 to €176,780
of which Plant, machinery and equipment: +€13,403
- Other debts -€80,639
down €80,639 (-100.0%), from €80,639 to €0
- Profit (loss) carried forward +€53,343
up €53,343, from -€8,774 to €44,569
- Current portion of long-term debt +€39,225
up €39,225 (+147.1%), from €26,660 to €65,885
- Debts after one year -€25,885
down €25,885 (-51.2%), from €50,561 to €24,675
- Tax, wage and social debts +€12,247
up €12,247, from €0 to €12,247
- Gross operating margin +€117,004
up €117,004 (+386.3%), from €30,289 to €147,292
- Depreciation +€23,369
up €23,369 (+74.9%), from €31,214 to €54,582
- Staff costs +€21,318
new in 2025: €21,318
- Financial charges +€8,673
up €8,673 (+156.6%), from €5,539 to €14,212
- Other operating charges +€1,624
up €1,624 (+71.0%), from €2,286 to €3,910
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 | €258,888 | €262,793 | +€3,905 | +1.5% |
| Fixed assets | 21/28 | €174,873 | €179,670 | +€4,798 | +2.7% |
| Tangible fixed assets | 22/27 | €171,983 | €176,780 | +€4,798 | +2.8% |
| Plant, machinery and equipment | 23 | €146,920 | €160,323 | +€13,403 | +9.1% |
| Furniture and vehicles | 24 | €25,063 | €16,457 | -€8,605 | -34.3% |
| Financial fixed assets | 28 | €2,890 | €2,890 | = | 0.0% |
| Current assets | 29/58 | €84,015 | €83,122 | -€893 | -1.1% |
| Amounts receivable within one year | 40/41 | €22,869 | €77,972 | +€55,103 | +240.9% |
| Trade receivables | 40 | €12,520 | €67,804 | +€55,283 | +441.5% |
| Other amounts receivable | 41 | €10,349 | €10,168 | -€180 | -1.7% |
| Cash at bank and in hand | 54/58 | €22,065 | €3,674 | -€18,391 | -83.4% |
| Deferred charges and accrued income | 490/1 | €39,081 | €1,477 | -€37,604 | -96.2% |
| Total equity and liabilities | 10/49 | €258,888 | €262,793 | +€3,905 | +1.5% |
| Equity | 10/15 | €73,976 | €127,319 | +€53,343 | +72.1% |
| Contributions | 10/11 | €82,750 | €82,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,774 | €44,569 | +€53,343 | |
| Amounts payable | 17/49 | €184,912 | €135,473 | -€49,438 | -26.7% |
| Amounts payable after more than one year | 17 | €50,561 | €24,675 | -€25,885 | -51.2% |
| Financial debts | 170/4 | €50,561 | €24,675 | -€25,885 | -51.2% |
| Amounts payable within one year | 42/48 | €134,351 | €110,798 | -€23,553 | -17.5% |
| Current portion of amounts payable after more than one year | 42 | €26,660 | €65,885 | +€39,225 | +147.1% |
| Trade debts | 44 | €27,052 | €32,665 | +€5,613 | +20.7% |
| Suppliers | 440/4 | €27,052 | €32,665 | +€5,613 | +20.7% |
| Taxes, remuneration and social security | 45 | €0 | €12,247 | +€12,247 | |
| Taxes | 450/3 | €0 | €12,247 | +€12,247 | |
| Other amounts payable | 47/48 | €80,639 | €0 | -€80,639 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €21,318 | +€21,318 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,214 | €54,582 | +€23,369 | +74.9% |
| Other operating charges | 640/8 | €2,286 | €3,910 | +€1,624 | +71.0% |
| Gross operating margin | 9900 | €30,289 | €147,292 | +€117,004 | +386.3% |
| Operating profit (loss) | 9901 | -€3,211 | €67,482 | +€70,693 | |
| Financial income | 75/76B | €0 | €73 | +€73 | +182500.0% |
| Recurring financial income | 75 | €0 | €73 | +€73 | +182500.0% |
| Financial charges | 65/66B | €5,539 | €14,212 | +€8,673 | +156.6% |
| Recurring financial charges | 65 | €5,539 | €14,212 | +€8,673 | +156.6% |
| Profit (loss) for the period before taxes | 9903 | -€8,750 | €53,343 | +€62,093 | |
| Profit (loss) for the period | 9904 | -€8,750 | €53,343 | +€62,093 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,750 | €53,343 | +€62,093 |
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 12 October 2026 via checked.be.