VDA: 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.
VDA
Largest movements
- Receivables within one year +€5,458
up €5,458 (+29.5%), from €18,504 to €23,962
of which Trade receivables: +€5,054
- Tangible fixed assets +€5,152
up €5,152 (+46.2%), from €11,147 to €16,298
of which Furniture and vehicles: +€5,916
- Stocks and contracts -€4,552
down €4,552 (-18.1%), from €25,103 to €20,551
- Deferred charges and accrued income +€1,742
up €1,742 (+173.1%), from €1,006 to €2,748
- Cash -€1,340
down €1,340 (-6.7%), from €19,913 to €18,573
mainly Investment in fixed assets (net) (-€9,837) and Receivables within one year (-€5,458)
- Other debts +€7,189
up €7,189 (+6.7%), from €106,508 to €113,697
- Profit (loss) carried forward -€3,307
down €3,307 (-5.6%), from -€59,444 to -€62,752
- Trade debts +€2,243
up €2,243 (+11.2%), from €20,011 to €22,253
- Gross operating margin +€29,748
up €29,748, from -€26,700 to €3,048
- Write-downs -€7,492
no longer reported in 2025 (was €7,492)
- Depreciation -€574
down €574 (-9.9%), from €5,782 to €5,208
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 | €76,196 | €82,133 | +€5,937 | +7.8% |
| Fixed assets | 21/28 | €11,669 | €16,298 | +€4,629 | +39.7% |
| Intangible fixed assets | 21 | €523 | - | -€523 | |
| Tangible fixed assets | 22/27 | €11,147 | €16,298 | +€5,152 | +46.2% |
| Land and buildings | 22 | €3,827 | €4,622 | +€796 | +20.8% |
| Plant, machinery and equipment | 23 | €2,847 | €1,288 | -€1,560 | -54.8% |
| Furniture and vehicles | 24 | €4,473 | €10,388 | +€5,916 | +132.3% |
| Current assets | 29/58 | €64,526 | €65,834 | +€1,308 | +2.0% |
| Stocks and contracts in progress | 3 | €25,103 | €20,551 | -€4,552 | -18.1% |
| Stocks | 30/36 | €25,103 | €20,551 | -€4,552 | -18.1% |
| Amounts receivable within one year | 40/41 | €18,504 | €23,962 | +€5,458 | +29.5% |
| Trade receivables | 40 | €17,642 | €22,696 | +€5,054 | +28.6% |
| Other amounts receivable | 41 | €862 | €1,267 | +€404 | +46.9% |
| Cash at bank and in hand | 54/58 | €19,913 | €18,573 | -€1,340 | -6.7% |
| Deferred charges and accrued income | 490/1 | €1,006 | €2,748 | +€1,742 | +173.1% |
| Total equity and liabilities | 10/49 | €76,196 | €82,133 | +€5,937 | +7.8% |
| Equity | 10/15 | -€54,444 | -€57,752 | -€3,307 | -6.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,444 | -€62,752 | -€3,307 | -5.6% |
| Amounts payable | 17/49 | €130,640 | €139,884 | +€9,244 | +7.1% |
| Amounts payable within one year | 42/48 | €130,640 | €139,884 | +€9,244 | +7.1% |
| Trade debts | 44 | €20,011 | €22,253 | +€2,243 | +11.2% |
| Suppliers | 440/4 | €20,011 | €22,253 | +€2,243 | +11.2% |
| Advances received on contracts in progress | 46 | €289 | €289 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €3,833 | €3,645 | -€187 | -4.9% |
| Taxes | 450/3 | €3,833 | €3,645 | -€187 | -4.9% |
| Other amounts payable | 47/48 | €106,508 | €113,697 | +€7,189 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,782 | €5,208 | -€574 | -9.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,492 | - | -€7,492 | |
| Other operating charges | 640/8 | €241 | €206 | -€35 | -14.4% |
| Non-recurring operating charges | 66A | - | €475 | +€475 | |
| Gross operating margin | 9900 | -€26,700 | €3,048 | +€29,748 | |
| Operating profit (loss) | 9901 | -€40,215 | -€2,842 | +€37,373 | +92.9% |
| Financial income | 75/76B | €28 | - | -€28 | |
| Recurring financial income | 75 | €28 | - | -€28 | |
| Financial charges | 65/66B | €377 | €260 | -€117 | -30.9% |
| Recurring financial charges | 65 | €377 | €260 | -€117 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | -€40,564 | -€3,102 | +€37,462 | +92.4% |
| Income taxes | 67/77 | €225 | €205 | -€20 | -8.9% |
| Profit (loss) for the period | 9904 | -€40,789 | -€3,307 | +€37,482 | +91.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,789 | -€3,307 | +€37,482 | +91.9% |
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 28 September 2026 via checked.be.