VD PACKAGING: 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 PACKAGING
Largest movements
- Cash +€128,382
up €128,382 (+346.7%), from €37,031 to €165,413
mainly Net result for the year (+€148,337) and Depreciation (+€63,989)
- Receivables within one year +€75,498
up €75,498 (+14.4%), from €525,009 to €600,506
of which Trade receivables: +€74,138
- Tangible fixed assets -€63,989
down €63,989 (-95.6%), from €66,949 to €2,960
of which Plant, machinery and equipment: -€63,272
- Reserves +€148,337
up €148,337 (+20.4%), from €727,188 to €875,525
of which Distributable reserves: +€148,337
- Tax, wage and social debts -€37,696
down €37,696 (-46.2%), from €81,561 to €43,865
of which Taxes: -€19,339
- Trade debts +€36,361
up €36,361 (+1067.4%), from €3,407 to €39,768
- Staff costs -€94,258
down €94,258 (-18.9%), from €499,463 to €405,204
- Gross operating margin -€19,354
down €19,354 (-2.9%), from €671,499 to €652,146
- Taxes +€19,190
up €19,190 (+62.1%), from €30,907 to €50,097
- Financial income +€7,100
up €7,100 (+65.1%), from €10,911 to €18,011
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 | €873,655 | €1,020,658 | +€147,003 | +16.8% |
| Fixed assets | 21/28 | €66,949 | €2,960 | -€63,989 | -95.6% |
| Tangible fixed assets | 22/27 | €66,949 | €2,960 | -€63,989 | -95.6% |
| Plant, machinery and equipment | 23 | €66,043 | €2,772 | -€63,272 | -95.8% |
| Furniture and vehicles | 24 | €906 | €189 | -€718 | -79.2% |
| Current assets | 29/58 | €806,706 | €1,017,697 | +€210,992 | +26.2% |
| Stocks and contracts in progress | 3 | €244,155 | €249,420 | +€5,265 | +2.2% |
| Stocks | 30/36 | €244,155 | €249,420 | +€5,265 | +2.2% |
| Amounts receivable within one year | 40/41 | €525,009 | €600,506 | +€75,498 | +14.4% |
| Trade receivables | 40 | €525,009 | €599,147 | +€74,138 | +14.1% |
| Other amounts receivable | 41 | - | €1,359 | +€1,359 | |
| Cash at bank and in hand | 54/58 | €37,031 | €165,413 | +€128,382 | +346.7% |
| Deferred charges and accrued income | 490/1 | €511 | €2,358 | +€1,847 | +361.3% |
| Total equity and liabilities | 10/49 | €873,655 | €1,020,658 | +€147,003 | +16.8% |
| Equity | 10/15 | €788,688 | €937,025 | +€148,337 | +18.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €727,188 | €875,525 | +€148,337 | +20.4% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €87,620 | €87,620 | = | 0.0% |
| Distributable reserves | 133 | €633,418 | €781,755 | +€148,337 | +23.4% |
| Amounts payable | 17/49 | €84,967 | €83,633 | -€1,335 | -1.6% |
| Amounts payable within one year | 42/48 | €84,967 | €83,633 | -€1,335 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €3,407 | €39,768 | +€36,361 | +1067.4% |
| Suppliers | 440/4 | €3,407 | €39,768 | +€36,361 | +1067.4% |
| Taxes, remuneration and social security | 45 | €81,561 | €43,865 | -€37,696 | -46.2% |
| Taxes | 450/3 | €37,327 | €17,988 | -€19,339 | -51.8% |
| Remuneration and social security | 454/9 | €44,233 | €25,877 | -€18,356 | -41.5% |
| Remuneration, social security and pensions | 62 | €499,463 | €405,204 | -€94,258 | -18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,989 | €63,989 | = | 0.0% |
| Other operating charges | 640/8 | €1,210 | €1,534 | +€324 | +26.8% |
| Gross operating margin | 9900 | €671,499 | €652,146 | -€19,354 | -2.9% |
| Operating profit (loss) | 9901 | €106,837 | €181,418 | +€74,581 | +69.8% |
| Financial income | 75/76B | €10,911 | €18,011 | +€7,100 | +65.1% |
| Recurring financial income | 75 | €10,911 | €18,011 | +€7,100 | +65.1% |
| Financial charges | 65/66B | €1,200 | €995 | -€206 | -17.1% |
| Recurring financial charges | 65 | €1,200 | €995 | -€206 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €116,548 | €198,434 | +€81,886 | +70.3% |
| Income taxes | 67/77 | €30,907 | €50,097 | +€19,190 | +62.1% |
| Profit (loss) for the period | 9904 | €85,641 | €148,337 | +€62,697 | +73.2% |
| Transfer to tax-exempt reserves | 689 | €42,100 | €0 | -€42,100 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €43,541 | €148,337 | +€104,797 | +240.7% |
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.