VDAP Management: 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.
VDAP Management
Largest movements
- Cash +€169,968
up €169,968 (+246.0%), from €69,097 to €239,065
mainly Net result for the year (+€263,097) and Depreciation (+€35,425)
- Tangible fixed assets -€14,805
down €14,805 (-15.0%), from €98,467 to €83,662
of which Land and buildings: -€17,985
- Reserves +€263,097
up €263,097 (+21217.5%), from €1,240 to €264,337
- Debts after one year -€109,954
down €109,954 (-15.2%), from €724,923 to €614,969
- Financial income +€280,281
up €280,281 (+62145.1%), from €451 to €280,732
- Financial charges +€25,391
up €25,391 (+600.6%), from €4,227 to €29,618
- Gross operating margin +€1,634
up €1,634 (+3.5%), from €46,822 to €48,456
- Depreciation -€639
down €639 (-1.8%), from €36,064 to €35,425
- Other operating charges -€575
down €575 (-42.6%), from €1,349 to €775
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 | €914,797 | €1,067,945 | +€153,148 | +16.7% |
| Fixed assets | 21/28 | €835,956 | €821,151 | -€14,805 | -1.8% |
| Tangible fixed assets | 22/27 | €98,467 | €83,662 | -€14,805 | -15.0% |
| Land and buildings | 22 | €53,182 | €35,197 | -€17,985 | -33.8% |
| Plant, machinery and equipment | 23 | €18,454 | €31,205 | +€12,751 | +69.1% |
| Furniture and vehicles | 24 | €26,831 | €17,260 | -€9,571 | -35.7% |
| Financial fixed assets | 28 | €737,489 | €737,489 | = | 0.0% |
| Current assets | 29/58 | €78,841 | €246,795 | +€167,953 | +213.0% |
| Amounts receivable within one year | 40/41 | €1,885 | €2,763 | +€877 | +46.5% |
| Trade receivables | 40 | €1,545 | €1,476 | -€69 | -4.5% |
| Other amounts receivable | 41 | €340 | €1,286 | +€946 | +277.9% |
| Cash at bank and in hand | 54/58 | €69,097 | €239,065 | +€169,968 | +246.0% |
| Deferred charges and accrued income | 490/1 | €7,859 | €4,967 | -€2,892 | -36.8% |
| Total equity and liabilities | 10/49 | €914,797 | €1,067,945 | +€153,148 | +16.7% |
| Equity | 10/15 | €53,115 | €316,212 | +€263,097 | +495.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,240 | €264,337 | +€263,097 | +21217.5% |
| Distributable reserves | 133 | €1,240 | €264,337 | +€263,097 | +21217.5% |
| Profit (loss) carried forward | 14 | €33,275 | €33,275 | = | 0.0% |
| Amounts payable | 17/49 | €861,682 | €751,734 | -€109,948 | -12.8% |
| Amounts payable after more than one year | 17 | €724,923 | €614,969 | -€109,954 | -15.2% |
| Financial debts | 170/4 | €724,923 | €614,969 | -€109,954 | -15.2% |
| Amounts payable within one year | 42/48 | €136,647 | €136,764 | +€117 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €99,528 | €106,513 | +€6,985 | +7.0% |
| Trade debts | 44 | €5,628 | €6,424 | +€796 | +14.1% |
| Suppliers | 440/4 | €5,628 | €6,424 | +€796 | +14.1% |
| Taxes, remuneration and social security | 45 | €4,343 | €7,003 | +€2,660 | +61.2% |
| Taxes | 450/3 | €4,343 | €4,059 | -€284 | -6.5% |
| Remuneration and social security | 454/9 | - | €2,944 | +€2,944 | |
| Other amounts payable | 47/48 | €27,148 | €16,825 | -€10,323 | -38.0% |
| Accrued charges and deferred income | 492/3 | €112 | €0 | -€112 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,064 | €35,425 | -€639 | -1.8% |
| Other operating charges | 640/8 | €1,349 | €775 | -€575 | -42.6% |
| Gross operating margin | 9900 | €46,822 | €48,456 | +€1,634 | +3.5% |
| Operating profit (loss) | 9901 | €9,409 | €12,257 | +€2,848 | +30.3% |
| Financial income | 75/76B | €451 | €280,732 | +€280,281 | +62145.1% |
| Recurring financial income | 75 | €451 | €280,732 | +€280,281 | +62145.1% |
| Financial charges | 65/66B | €4,227 | €29,618 | +€25,391 | +600.6% |
| Recurring financial charges | 65 | €4,227 | €29,618 | +€25,391 | +600.6% |
| Profit (loss) for the period before taxes | 9903 | €5,632 | €263,370 | +€257,738 | +4576.1% |
| Income taxes | 67/77 | €295 | €273 | -€21 | -7.3% |
| Profit (loss) for the period | 9904 | €5,337 | €263,097 | +€257,759 | +4829.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,337 | €263,097 | +€257,759 | +4829.3% |
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 8 October 2026 via checked.be.