VdA: 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.
VdA
Largest movements
- Tangible fixed assets -€222,639
down €222,639 (-35.9%), from €619,565 to €396,926
of which Land and buildings: -€185,618
- Receivables within one year -€23,917
down €23,917 (-62.8%), from €38,066 to €14,149
of which Trade receivables: -€18,719
- Cash +€17,925
up €17,925 (+26.7%), from €67,122 to €85,047
mainly Investment in fixed assets (net) (+€180,860) and Depreciation (+€41,779)
- Deferred charges and accrued income +€9,076
up €9,076 (+168.7%), from €5,378 to €14,454
- Debts after one year -€143,663
down €143,663 (-38.5%), from €372,939 to €229,275
- Profit (loss) carried forward -€64,545
new in 2025: -€64,545
- Current portion of long-term debt -€10,164
down €10,164 (-25.1%), from €40,488 to €30,324
- Gross operating margin -€121,763
down €121,763 (-89.4%), from €136,157 to €14,394
- Taxes -€18,773
down €18,773 (-98.0%), from €19,163 to €391
- Financial charges -€8,356
down €8,356 (-38.1%), from €21,937 to €13,581
- Depreciation -€3,790
down €3,790 (-8.3%), from €45,569 to €41,779
- Other operating charges +€1,456
up €1,456 (+18.3%), from €7,968 to €9,425
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 | €752,032 | €532,976 | -€219,055 | -29.1% |
| Fixed assets | 21/28 | €619,565 | €396,926 | -€222,639 | -35.9% |
| Tangible fixed assets | 22/27 | €619,565 | €396,926 | -€222,639 | -35.9% |
| Land and buildings | 22 | €511,790 | €326,172 | -€185,618 | -36.3% |
| Plant, machinery and equipment | 23 | €7,762 | €8,141 | +€379 | +4.9% |
| Furniture and vehicles | 24 | €100,013 | €62,613 | -€37,400 | -37.4% |
| Current assets | 29/58 | €132,467 | €136,050 | +€3,584 | +2.7% |
| Amounts receivable within one year | 40/41 | €38,066 | €14,149 | -€23,917 | -62.8% |
| Trade receivables | 40 | €26,928 | €8,209 | -€18,719 | -69.5% |
| Other amounts receivable | 41 | €11,138 | €5,940 | -€5,198 | -46.7% |
| Current investments | 50/53 | €21,900 | €22,400 | +€500 | +2.3% |
| Cash at bank and in hand | 54/58 | €67,122 | €85,047 | +€17,925 | +26.7% |
| Deferred charges and accrued income | 490/1 | €5,378 | €14,454 | +€9,076 | +168.7% |
| Total equity and liabilities | 10/49 | €752,032 | €532,976 | -€219,055 | -29.1% |
| Equity | 10/15 | €317,265 | €252,720 | -€64,545 | -20.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €298,715 | €298,715 | = | 0.0% |
| Distributable reserves | 133 | €298,715 | €298,715 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€64,545 | -€64,545 | |
| Amounts payable | 17/49 | €434,766 | €280,257 | -€154,510 | -35.5% |
| Amounts payable after more than one year | 17 | €372,939 | €229,275 | -€143,663 | -38.5% |
| Financial debts | 170/4 | €372,939 | €229,275 | -€143,663 | -38.5% |
| Amounts payable within one year | 42/48 | €58,871 | €49,726 | -€9,146 | -15.5% |
| Current portion of amounts payable after more than one year | 42 | €40,488 | €30,324 | -€10,164 | -25.1% |
| Trade debts | 44 | €8,838 | €12,679 | +€3,841 | +43.5% |
| Suppliers | 440/4 | €8,838 | €12,679 | +€3,841 | +43.5% |
| Taxes, remuneration and social security | 45 | €8,475 | €2,458 | -€6,017 | -71.0% |
| Taxes | 450/3 | €6,021 | €2,458 | -€3,563 | -59.2% |
| Remuneration and social security | 454/9 | €2,454 | - | -€2,454 | |
| Other amounts payable | 47/48 | €1,070 | €4,265 | +€3,195 | +298.6% |
| Accrued charges and deferred income | 492/3 | €2,956 | €1,256 | -€1,701 | -57.5% |
| Non-recurring operating income | 76A | €66,817 | - | -€66,817 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,569 | €41,779 | -€3,790 | -8.3% |
| Other operating charges | 640/8 | €7,968 | €9,425 | +€1,456 | +18.3% |
| Non-recurring operating charges | 66A | - | €14,510 | +€14,510 | |
| Gross operating margin | 9900 | €136,157 | €14,394 | -€121,763 | -89.4% |
| Operating profit (loss) | 9901 | €82,620 | -€51,320 | -€133,940 | |
| Financial income | 75/76B | €527 | €746 | +€219 | +41.5% |
| Recurring financial income | 75 | €527 | €746 | +€219 | +41.5% |
| Financial charges | 65/66B | €21,937 | €13,581 | -€8,356 | -38.1% |
| Recurring financial charges | 65 | €21,937 | €13,581 | -€8,356 | -38.1% |
| Profit (loss) for the period before taxes | 9903 | €61,211 | -€64,155 | -€125,366 | |
| Income taxes | 67/77 | €19,163 | €391 | -€18,773 | -98.0% |
| Profit (loss) for the period | 9904 | €42,048 | -€64,545 | -€106,593 | |
| Profit (loss) for the period to be appropriated | 9905 | €42,048 | -€64,545 | -€106,593 |
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 11 October 2026 via checked.be.