VDB: 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.
VDB
Largest movements
- Stocks and contracts -€122,204
down €122,204 (-9.7%), from €1.3m to €1.1m
- Receivables within one year -€120,648
down €120,648 (-65.9%), from €182,996 to €62,348
of which Trade receivables: -€119,152
- Cash +€44,879
up €44,879 (+288.1%), from €15,579 to €60,458
mainly Other debts (+€135,758) and Stocks and contracts (+€122,204)
- Debts after one year -€247,619
down €247,619 (-24.2%), from €1.0m to €777,158
- Other debts +€135,758
up €135,758 (+132.6%), from €102,389 to €238,147
- Reserves -€72,506
down €72,506 (-67.1%), from €108,065 to €35,559
- Tax, wage and social debts -€63,296
down €63,296 (-99.9%), from €63,346 to €50
- Current portion of long-term debt +€32,592
up €32,592 (+185.7%), from €17,551 to €50,143
- Gross operating margin -€218,653
down €218,653, from €148,459 to -€70,194
- Taxes -€31,796
down €31,796 (-99.8%), from €31,846 to €50
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 | €1,464,528 | €1,266,375 | -€198,153 | -13.5% |
| Current assets | 29/58 | €1,464,528 | €1,266,375 | -€198,153 | -13.5% |
| Stocks and contracts in progress | 3 | €1,265,772 | €1,143,569 | -€122,204 | -9.7% |
| Stocks | 30/36 | €1,265,772 | €1,143,569 | -€122,204 | -9.7% |
| Amounts receivable within one year | 40/41 | €182,996 | €62,348 | -€120,648 | -65.9% |
| Trade receivables | 40 | €181,500 | €62,348 | -€119,152 | -65.6% |
| Other amounts receivable | 41 | €1,496 | - | -€1,496 | |
| Cash at bank and in hand | 54/58 | €15,579 | €60,458 | +€44,879 | +288.1% |
| Deferred charges and accrued income | 490/1 | €181 | - | -€181 | |
| Total equity and liabilities | 10/49 | €1,464,528 | €1,266,375 | -€198,153 | -13.5% |
| Equity | 10/15 | €110,565 | €38,059 | -€72,506 | -65.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €108,065 | €35,559 | -€72,506 | -67.1% |
| Distributable reserves | 133 | €108,065 | €35,559 | -€72,506 | -67.1% |
| Amounts payable | 17/49 | €1,353,964 | €1,228,316 | -€125,648 | -9.3% |
| Amounts payable after more than one year | 17 | €1,024,777 | €777,158 | -€247,619 | -24.2% |
| Financial debts | 170/4 | €1,024,777 | €777,158 | -€247,619 | -24.2% |
| Amounts payable within one year | 42/48 | €329,186 | €446,157 | +€116,971 | +35.5% |
| Current portion of amounts payable after more than one year | 42 | €17,551 | €50,143 | +€32,592 | +185.7% |
| Trade debts | 44 | €145,900 | €157,818 | +€11,918 | +8.2% |
| Suppliers | 440/4 | €145,900 | €157,818 | +€11,918 | +8.2% |
| Taxes, remuneration and social security | 45 | €63,346 | €50 | -€63,296 | -99.9% |
| Taxes | 450/3 | €63,346 | €50 | -€63,296 | -99.9% |
| Other amounts payable | 47/48 | €102,389 | €238,147 | +€135,758 | +132.6% |
| Accrued charges and deferred income | 492/3 | - | €5,000 | +€5,000 | |
| Other operating charges | 640/8 | €1,086 | €2,117 | +€1,031 | +95.0% |
| Gross operating margin | 9900 | €148,459 | -€70,194 | -€218,653 | |
| Operating profit (loss) | 9901 | €147,374 | -€72,311 | -€219,684 | |
| Financial income | 75/76B | €88 | €21 | -€67 | -76.4% |
| Recurring financial income | 75 | €88 | €21 | -€67 | -76.4% |
| Financial charges | 65/66B | €78 | €166 | +€88 | +112.3% |
| Recurring financial charges | 65 | €78 | €166 | +€88 | +112.3% |
| Profit (loss) for the period before taxes | 9903 | €147,384 | -€72,456 | -€219,839 | |
| Income taxes | 67/77 | €31,846 | €50 | -€31,796 | -99.8% |
| Profit (loss) for the period | 9904 | €115,538 | -€72,506 | -€188,043 | |
| Profit (loss) for the period to be appropriated | 9905 | €115,538 | -€72,506 | -€188,043 |
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 6 October 2026 via checked.be.