VD METAL: 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 METAL
Largest movements
- Receivables within one year -€14,819
down €14,819 (-42.6%), from €34,809 to €19,990
of which Trade receivables: -€17,389
- Cash +€3,039
up €3,039 (+36.1%), from €8,427 to €11,466
mainly Receivables within one year (+€14,819) and Trade debts (+€8,705)
- Tangible fixed assets +€2,264
up €2,264 (+122%), from €1,854 to €4,117
of which Furniture and vehicles: +€2,946
- Deferred charges and accrued income +€2,008
up €2,008 (+185%), from €1,088 to €3,096
- Trade debts +€8,705
up €8,705 (+85.2%), from €10,216 to €18,921
- Current portion of long-term debt -€5,069
down €5,069 (-83.1%), from €6,101 to €1,032
- Short-term financial debts -€4,989
no longer reported in 2025 (was €4,989)
- Profit (loss) carried forward -€3,110
down €3,110 (-50.2%), from €6,194 to €3,084
- Tax, wage and social debts -€2,014
down €2,014 (-19.8%), from €10,146 to €8,132
of which Remuneration and social security: -€1,100
- Gross operating margin -€39,748
down €39,748 (-98.4%), from €40,388 to €640
- Taxes -€4,715
down €4,715 (-93.5%), from €5,045 to €330
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 | €46,177 | €38,669 | -€7,508 | -16.3% |
| Fixed assets | 21/28 | €1,854 | €4,117 | +€2,264 | +122% |
| Tangible fixed assets | 22/27 | €1,854 | €4,117 | +€2,264 | +122% |
| Plant, machinery and equipment | 23 | €959 | €276 | -€682 | -71.2% |
| Furniture and vehicles | 24 | €895 | €3,841 | +€2,946 | +329% |
| Current assets | 29/58 | €44,324 | €34,552 | -€9,772 | -22.0% |
| Amounts receivable within one year | 40/41 | €34,809 | €19,990 | -€14,819 | -42.6% |
| Trade receivables | 40 | €27,762 | €10,373 | -€17,389 | -62.6% |
| Other amounts receivable | 41 | €7,047 | €9,617 | +€2,570 | +36.5% |
| Cash at bank and in hand | 54/58 | €8,427 | €11,466 | +€3,039 | +36.1% |
| Deferred charges and accrued income | 490/1 | €1,088 | €3,096 | +€2,008 | +185% |
| Total equity and liabilities | 10/49 | €46,177 | €38,669 | -€7,508 | -16.3% |
| Equity | 10/15 | €13,694 | €10,584 | -€3,110 | -22.7% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Contributions outside capital | 11 | €7,500 | €7,500 | = | 0.0% |
| Other | 1109/19 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,194 | €3,084 | -€3,110 | -50.2% |
| Amounts payable | 17/49 | €32,483 | €28,085 | -€4,398 | -13.5% |
| Amounts payable after more than one year | 17 | €1,032 | - | -€1,032 | |
| Financial debts | 170/4 | €1,032 | - | -€1,032 | |
| Amounts payable within one year | 42/48 | €31,452 | €28,085 | -€3,366 | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €6,101 | €1,032 | -€5,069 | -83.1% |
| Financial debts | 43 | €4,989 | - | -€4,989 | |
| Credit institutions | 430/8 | €4,989 | - | -€4,989 | |
| Trade debts | 44 | €10,216 | €18,921 | +€8,705 | +85.2% |
| Suppliers | 440/4 | €10,216 | €18,921 | +€8,705 | +85.2% |
| Taxes, remuneration and social security | 45 | €10,146 | €8,132 | -€2,014 | -19.8% |
| Taxes | 450/3 | €8,146 | €7,232 | -€914 | -11.2% |
| Remuneration and social security | 454/9 | €2,000 | €900 | -€1,100 | -55.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,324 | €1,667 | +€343 | +25.9% |
| Other operating charges | 640/8 | €918 | €557 | -€361 | -39.3% |
| Non-recurring operating charges | 66A | €3,556 | - | -€3,556 | |
| Gross operating margin | 9900 | €40,388 | €640 | -€39,748 | -98.4% |
| Operating profit (loss) | 9901 | €34,590 | -€1,584 | -€36,174 | |
| Financial income | 75/76B | €6 | €288 | +€282 | +4,585% |
| Recurring financial income | 75 | €6 | €288 | +€282 | +4,585% |
| Financial charges | 65/66B | €1,092 | €1,483 | +€391 | +35.8% |
| Recurring financial charges | 65 | €1,092 | €1,483 | +€391 | +35.8% |
| Profit (loss) for the period before taxes | 9903 | €33,504 | -€2,780 | -€36,283 | |
| Income taxes | 67/77 | €5,045 | €330 | -€4,715 | -93.5% |
| Profit (loss) for the period | 9904 | €28,458 | -€3,110 | -€31,568 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,458 | -€3,110 | -€31,568 |
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 31 October 2026 via checked.be.