VDARDENNE: 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.
VDARDENNE
Largest movements
- Current investments -€1.6m
down €1.6m (-55.5%), from €2.9m to €1.3m
- Tangible fixed assets +€1.4m
up €1.4m (+20.7%), from €6.8m to €8.2m
of which Furniture and vehicles: +€1.5m
- Cash +€1.1m
up €1.1m (+387%), from €296,637 to €1.4m
mainly Current investments (+€1.6m) and Net result for the year (+€973,315)
- Debts after one year -€1.1m
down €1.1m (-17.3%), from €6.4m to €5.3m
- Other debts +€935,707
up €935,707 (+260%), from €359,237 to €1.3m
- Profit (loss) carried forward +€823,315
up €823,315 (+31.1%), from €2.6m to €3.5m
- Current portion of long-term debt +€152,758
up €152,758 (+23.8%), from €642,408 to €795,166
- Reserves +€150,000
up €150,000 (+10.1%), from €1.5m to €1.6m
of which Distributable reserves: +€150,000
- Gross operating margin +€153,174
up €153,174 (+9.0%), from €1.7m to €1.9m
- Depreciation +€72,105
up €72,105 (+22.5%), from €320,961 to €393,066
- Financial income -€48,393
down €48,393 (-26.7%), from €180,937 to €132,544
- Taxes +€47,790
up €47,790 (+14.7%), from €325,361 to €373,151
- Other operating charges +€29,112
up €29,112 (+62.9%), from €46,251 to €75,363
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.
Derived cash bridge
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 | €11,935,933 | €12,838,047 | +€902,114 | +7.6% |
| Fixed assets | 21/28 | €8,180,786 | €9,582,380 | +€1.4m | +17.1% |
| Tangible fixed assets | 22/27 | €6,766,545 | €8,168,759 | +€1.4m | +20.7% |
| Land and buildings | 22 | €6,742,094 | €6,697,734 | -€44,360 | -0.7% |
| Furniture and vehicles | 24 | €5,951 | €1,471,025 | +€1.5m | +24,619% |
| Assets under construction and advance payments | 27 | €18,500 | - | -€18,500 | |
| Financial fixed assets | 28 | €1,414,241 | €1,413,621 | -€620 | 0.0% |
| Current assets | 29/58 | €3,755,147 | €3,255,667 | -€499,480 | -13.3% |
| Amounts receivable within one year | 40/41 | €486,858 | €496,585 | +€9,727 | +2.0% |
| Trade receivables | 40 | €190,933 | €192,691 | +€1,758 | +0.9% |
| Other amounts receivable | 41 | €295,925 | €303,894 | +€7,969 | +2.7% |
| Current investments | 50/53 | €2,949,364 | €1,313,442 | -€1.6m | -55.5% |
| Cash at bank and in hand | 54/58 | €296,637 | €1,444,211 | +€1.1m | +387% |
| Deferred charges and accrued income | 490/1 | €22,288 | €1,429 | -€20,859 | -93.6% |
| Total equity and liabilities | 10/49 | €11,935,933 | €12,838,047 | +€902,114 | +7.6% |
| Equity | 10/15 | €4,160,564 | €5,133,879 | +€973,315 | +23.4% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €1,482,192 | €1,632,192 | +€150,000 | +10.1% |
| Non-distributable reserves | 130/1 | €1,313,442 | €1,313,442 | = | 0.0% |
| Own shares acquired | 1312 | €1,313,442 | €1,313,442 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €150,000 | €300,000 | +€150,000 | +100% |
| Profit (loss) carried forward | 14 | €2,648,372 | €3,471,687 | +€823,315 | +31.1% |
| Amounts payable | 17/49 | €7,775,369 | €7,704,168 | -€71,201 | -0.9% |
| Amounts payable after more than one year | 17 | €6,383,975 | €5,279,823 | -€1.1m | -17.3% |
| Financial debts | 170/4 | €6,383,975 | €5,279,823 | -€1.1m | -17.3% |
| Amounts payable within one year | 42/48 | €1,352,465 | €2,387,721 | +€1.0m | +76.5% |
| Current portion of amounts payable after more than one year | 42 | €642,408 | €795,166 | +€152,758 | +23.8% |
| Trade debts | 44 | €142,815 | €23,650 | -€119,165 | -83.4% |
| Suppliers | 440/4 | €142,815 | €23,650 | -€119,165 | -83.4% |
| Taxes, remuneration and social security | 45 | €208,005 | €273,961 | +€65,956 | +31.7% |
| Taxes | 450/3 | €208,005 | €273,961 | +€65,956 | +31.7% |
| Other amounts payable | 47/48 | €359,237 | €1,294,944 | +€935,707 | +260% |
| Accrued charges and deferred income | 492/3 | €38,929 | €36,624 | -€2,305 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €320,961 | €393,066 | +€72,105 | +22.5% |
| Other operating charges | 640/8 | €46,251 | €75,363 | +€29,112 | +62.9% |
| Non-recurring operating charges | 66A | €99,565 | - | -€99,565 | |
| Gross operating margin | 9900 | €1,700,141 | €1,853,315 | +€153,174 | +9.0% |
| Operating profit (loss) | 9901 | €1,233,364 | €1,384,886 | +€151,522 | +12.3% |
| Financial income | 75/76B | €180,937 | €132,544 | -€48,393 | -26.7% |
| Recurring financial income | 75 | €180,937 | €132,544 | -€48,393 | -26.7% |
| Financial charges | 65/66B | €156,791 | €170,964 | +€14,173 | +9.0% |
| Recurring financial charges | 65 | €152,591 | €170,964 | +€18,373 | +12.0% |
| Non-recurring financial charges | 66B | €4,200 | - | -€4,200 | |
| Profit (loss) for the period before taxes | 9903 | €1,257,510 | €1,346,466 | +€88,956 | +7.1% |
| Income taxes | 67/77 | €325,361 | €373,151 | +€47,790 | +14.7% |
| Profit (loss) for the period | 9904 | €932,149 | €973,315 | +€41,166 | +4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €932,149 | €973,315 | +€41,166 | +4.4% |
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 27 October 2026 via checked.be.