VD-S: 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-S
Largest movements
- Cash +€49,912
up €49,912 (+149.9%), from €33,287 to €83,198
mainly Net result for the year (+€36,645) and Debts after one year (+€14,957)
- Tangible fixed assets +€17,775
up €17,775 (+152.3%), from €11,671 to €29,446
of which Furniture and vehicles: +€21,457
- Receivables within one year -€4,022
down €4,022 (-39.5%), from €10,180 to €6,158
of which Trade receivables: -€8,812
- Reserves +€36,645
up €36,645 (+39.5%), from €92,880 to €129,525
- Debts after one year +€14,957
new in 2025: €14,957
- Current portion of long-term debt +€10,213
new in 2025: €10,213
- Gross operating margin -€25,814
down €25,814 (-30.3%), from €85,243 to €59,429
- Depreciation +€6,044
up €6,044 (+121.5%), from €4,976 to €11,020
- Taxes -€5,920
down €5,920 (-35.1%), from €16,852 to €10,932
- Financial income +€2,375
up €2,375 (+7702.6%), from €31 to €2,406
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 | €120,138 | €183,802 | +€63,664 | +53.0% |
| Fixed assets | 21/28 | €11,671 | €29,446 | +€17,775 | +152.3% |
| Tangible fixed assets | 22/27 | €11,671 | €29,446 | +€17,775 | +152.3% |
| Plant, machinery and equipment | 23 | €8,595 | €4,912 | -€3,682 | -42.8% |
| Furniture and vehicles | 24 | €3,076 | €24,533 | +€21,457 | +697.5% |
| Current assets | 29/58 | €108,467 | €154,356 | +€45,889 | +42.3% |
| Amounts receivable within one year | 40/41 | €10,180 | €6,158 | -€4,022 | -39.5% |
| Trade receivables | 40 | €9,773 | €961 | -€8,812 | -90.2% |
| Other amounts receivable | 41 | €407 | €5,197 | +€4,790 | +1176.2% |
| Current investments | 50/53 | €65,000 | €65,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €33,287 | €83,198 | +€49,912 | +149.9% |
| Total equity and liabilities | 10/49 | €120,138 | €183,802 | +€63,664 | +53.0% |
| Equity | 10/15 | €95,380 | €132,025 | +€36,645 | +38.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €92,880 | €129,525 | +€36,645 | +39.5% |
| Distributable reserves | 133 | €92,880 | €129,525 | +€36,645 | +39.5% |
| Amounts payable | 17/49 | €24,757 | €51,776 | +€27,019 | +109.1% |
| Amounts payable after more than one year | 17 | - | €14,957 | +€14,957 | |
| Financial debts | 170/4 | - | €14,957 | +€14,957 | |
| Amounts payable within one year | 42/48 | €24,757 | €36,819 | +€12,062 | +48.7% |
| Current portion of amounts payable after more than one year | 42 | - | €10,213 | +€10,213 | |
| Trade debts | 44 | €807 | €1,906 | +€1,099 | +136.2% |
| Suppliers | 440/4 | €807 | €1,906 | +€1,099 | +136.2% |
| Taxes, remuneration and social security | 45 | €579 | €494 | -€85 | -14.7% |
| Taxes | 450/3 | €579 | €494 | -€85 | -14.7% |
| Other amounts payable | 47/48 | €23,372 | €24,207 | +€835 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,976 | €11,020 | +€6,044 | +121.5% |
| Other operating charges | 640/8 | €742 | €906 | +€164 | +22.0% |
| Gross operating margin | 9900 | €85,243 | €59,429 | -€25,814 | -30.3% |
| Operating profit (loss) | 9901 | €79,524 | €47,503 | -€32,022 | -40.3% |
| Financial income | 75/76B | €31 | €2,406 | +€2,375 | +7702.6% |
| Recurring financial income | 75 | €31 | €2,406 | +€2,375 | +7702.6% |
| Financial charges | 65/66B | €2,037 | €2,331 | +€295 | +14.5% |
| Recurring financial charges | 65 | €2,037 | €2,331 | +€295 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €77,519 | €47,577 | -€29,942 | -38.6% |
| Income taxes | 67/77 | €16,852 | €10,932 | -€5,920 | -35.1% |
| Profit (loss) for the period | 9904 | €60,667 | €36,645 | -€24,022 | -39.6% |
| Profit (loss) for the period to be appropriated | 9905 | €60,667 | €36,645 | -€24,022 | -39.6% |
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 5 October 2026 via checked.be.