VD NATION: what changed
Two fiscal 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 NATION
Largest movements
- Tangible fixed assets -€50,137
down €50,137 (-12.9%), from €390,089 to €339,951
of which Land and buildings: -€33,215
- Cash -€4,186
down €4,186 (-66.4%), from €6,307 to €2,121
mainly Debts after one year (-€65,112) and Net result for the year (-€6,322)
- Debts after one year -€65,112
down €65,112 (-53.5%), from €121,746 to €56,635
- Reserves -€27,486
down €27,486 (-18.8%), from €146,007 to €118,521
of which Distributable reserves: -€27,486
- Profit (loss) carried forward +€21,164
no longer reported in 2025 (was -€21,164)
- Other debts +€13,427
up €13,427 (+37.7%), from €35,612 to €49,039
- Gross operating margin +€22,834
up €22,834 (+50.6%), from €45,149 to €67,982
- Other operating charges +€12,995
up €12,995 (+3355.0%), from €387 to €13,383
- Financial charges -€3,017
down €3,017 (-28.9%), from €10,446 to €7,429
- Depreciation -€1,987
down €1,987 (-3.6%), from €55,479 to €53,492
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 | €396,396 | €342,073 | -€54,324 | -13.7% |
| Fixed assets | 21/28 | €390,089 | €339,951 | -€50,137 | -12.9% |
| Tangible fixed assets | 22/27 | €390,089 | €339,951 | -€50,137 | -12.9% |
| Land and buildings | 22 | €329,523 | €296,308 | -€33,215 | -10.1% |
| Plant, machinery and equipment | 23 | - | €3,038 | +€3,038 | |
| Other tangible fixed assets | 26 | €60,566 | €40,605 | -€19,961 | -33.0% |
| Current assets | 29/58 | €6,307 | €2,121 | -€4,186 | -66.4% |
| Cash at bank and in hand | 54/58 | €6,307 | €2,121 | -€4,186 | -66.4% |
| Total equity and liabilities | 10/49 | €396,396 | €342,073 | -€54,324 | -13.7% |
| Equity | 10/15 | €176,900 | €170,578 | -€6,322 | -3.6% |
| Contributions | 10/11 | €52,057 | €52,057 | = | 0.0% |
| Capital | 10 | €51,515 | €51,515 | = | 0.0% |
| Issued capital | 100 | €51,515 | €51,515 | = | 0.0% |
| Outside capital | 11 | €542 | €542 | = | 0.0% |
| Share premium | 1100/10 | €542 | €542 | = | 0.0% |
| Reserves | 13 | €146,007 | €118,521 | -€27,486 | -18.8% |
| Non-distributable reserves | 130/1 | €6,307 | €6,307 | = | 0.0% |
| Legal reserve | 130 | €6,307 | €6,307 | = | 0.0% |
| Distributable reserves | 133 | €139,701 | €112,214 | -€27,486 | -19.7% |
| Profit (loss) carried forward | 14 | -€21,164 | - | +€21,164 | |
| Amounts payable | 17/49 | €219,496 | €171,495 | -€48,001 | -21.9% |
| Amounts payable after more than one year | 17 | €121,746 | €56,635 | -€65,112 | -53.5% |
| Financial debts | 170/4 | €121,746 | €56,635 | -€65,112 | -53.5% |
| Amounts payable within one year | 42/48 | €97,750 | €114,860 | +€17,110 | +17.5% |
| Current portion of amounts payable after more than one year | 42 | €62,138 | €65,112 | +€2,974 | +4.8% |
| Taxes, remuneration and social security | 45 | - | €710 | +€710 | |
| Taxes | 450/3 | - | €710 | +€710 | |
| Other amounts payable | 47/48 | €35,612 | €49,039 | +€13,427 | +37.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,479 | €53,492 | -€1,987 | -3.6% |
| Other operating charges | 640/8 | €387 | €13,383 | +€12,995 | +3355.0% |
| Gross operating margin | 9900 | €45,149 | €67,982 | +€22,834 | +50.6% |
| Operating profit (loss) | 9901 | -€10,718 | €1,107 | +€11,825 | |
| Financial charges | 65/66B | €10,446 | €7,429 | -€3,017 | -28.9% |
| Recurring financial charges | 65 | €10,446 | €7,429 | -€3,017 | -28.9% |
| Profit (loss) for the period before taxes | 9903 | -€21,164 | -€6,322 | +€14,842 | +70.1% |
| Profit (loss) for the period | 9904 | -€21,164 | -€6,322 | +€14,842 | +70.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,164 | -€6,322 | +€14,842 | +70.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.