VDB: 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.
VDB
Largest movements
- Tangible fixed assets -€122,123
down €122,123 (-3.5%), from €3.5m to €3.3m
of which Land and buildings: -€117,937
- Debts after one year -€180,900
down €180,900 (-6.6%), from €2.8m to €2.6m
of which Financial debts: -€180,900
- Trade debts +€60,157
up €60,157 (+126%), from €47,910 to €108,067
- Short-term financial debts -€50,000
down €50,000 (-13.9%), from €360,000 to €310,000
- Tax, wage and social debts -€43,945
down €43,945 (-70.3%), from €62,467 to €18,522
- Gross operating margin -€197,761
down €197,761 (-45.5%), from €435,047 to €237,285
- Depreciation -€66,145
down €66,145 (-35.1%), from €188,268 to €122,123
- Financial charges -€53,587
down €53,587 (-39.5%), from €135,765 to €82,178
- Taxes -€7,445
down €7,445 (-71.5%), from €10,410 to €2,965
- Staff costs +€5,734
no longer reported in 2025 (was -€5,734)
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 | €3,640,981 | €3,503,259 | -€137,722 | -3.8% |
| Fixed assets | 21/28 | €3,466,257 | €3,344,134 | -€122,123 | -3.5% |
| Tangible fixed assets | 22/27 | €3,463,757 | €3,341,634 | -€122,123 | -3.5% |
| Land and buildings | 22 | €3,456,812 | €3,338,875 | -€117,937 | -3.4% |
| Plant, machinery and equipment | 23 | €2,073 | €1,704 | -€369 | -17.8% |
| Furniture and vehicles | 24 | €4,873 | €1,055 | -€3,818 | -78.3% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €174,724 | €159,125 | -€15,599 | -8.9% |
| Amounts receivable within one year | 40/41 | €24,929 | €35,882 | +€10,952 | +43.9% |
| Trade receivables | 40 | €24,929 | €35,882 | +€10,952 | +43.9% |
| Cash at bank and in hand | 54/58 | €147,549 | €122,265 | -€25,283 | -17.1% |
| Deferred charges and accrued income | 490/1 | €2,246 | €978 | -€1,268 | -56.5% |
| Total equity and liabilities | 10/49 | €3,640,981 | €3,503,259 | -€137,722 | -3.8% |
| Equity | 10/15 | €191,218 | €219,141 | +€27,924 | +14.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €172,330 | €200,230 | +€27,900 | +16.2% |
| Distributable reserves | 133 | €172,330 | €200,230 | +€27,900 | +16.2% |
| Profit (loss) carried forward | 14 | €288 | €311 | +€24 | +8.2% |
| Amounts payable | 17/49 | €3,449,763 | €3,284,118 | -€165,646 | -4.8% |
| Amounts payable after more than one year | 17 | €2,755,479 | €2,574,578 | -€180,900 | -6.6% |
| Financial debts | 170/4 | €1,755,479 | €1,574,578 | -€180,900 | -10.3% |
| Other amounts payable | 178/9 | €1,000,000 | €1,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €690,615 | €709,539 | +€18,924 | +2.7% |
| Current portion of amounts payable after more than one year | 42 | €155,054 | €180,900 | +€25,847 | +16.7% |
| Financial debts | 43 | €360,000 | €310,000 | -€50,000 | -13.9% |
| Credit institutions | 430/8 | €360,000 | €310,000 | -€50,000 | -13.9% |
| Trade debts | 44 | €47,910 | €108,067 | +€60,157 | +126% |
| Suppliers | 440/4 | €47,910 | €108,067 | +€60,157 | +126% |
| Taxes, remuneration and social security | 45 | €62,467 | €18,522 | -€43,945 | -70.3% |
| Taxes | 450/3 | €62,467 | €18,522 | -€43,945 | -70.3% |
| Other amounts payable | 47/48 | €65,184 | €92,050 | +€26,865 | +41.2% |
| Accrued charges and deferred income | 492/3 | €3,670 | - | -€3,670 | |
| Remuneration, social security and pensions | 62 | -€5,734 | - | +€5,734 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €188,268 | €122,123 | -€66,145 | -35.1% |
| Other operating charges | 640/8 | €5,056 | €2,095 | -€2,961 | -58.6% |
| Gross operating margin | 9900 | €435,047 | €237,285 | -€197,761 | -45.5% |
| Operating profit (loss) | 9901 | €247,456 | €113,067 | -€134,389 | -54.3% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €135,765 | €82,178 | -€53,587 | -39.5% |
| Recurring financial charges | 65 | €135,765 | €82,178 | -€53,587 | -39.5% |
| Profit (loss) for the period before taxes | 9903 | €111,692 | €30,889 | -€80,804 | -72.3% |
| Income taxes | 67/77 | €10,410 | €2,965 | -€7,445 | -71.5% |
| Profit (loss) for the period | 9904 | €101,282 | €27,924 | -€73,359 | -72.4% |
| Profit (loss) for the period to be appropriated | 9905 | €101,282 | €27,924 | -€73,359 | -72.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.