VDB Beheer: what changed
VDB Beheer
Largest movements
- Current investments -€289,088
down €289,088 (-66.0%), from €438,100 to €149,012
- Cash +€84,921
up €84,921 (+241%), from €35,176 to €120,097
mainly Current investments (+€289,088) and Other debts (+€257,758)
- Tangible fixed assets -€16,502
down €16,502 (-4.6%), from €358,648 to €342,146
of which Land and buildings: -€15,434
- Reserves -€450,347
down €450,347 (-59.0%), from €762,868 to €312,521
of which Distributable reserves: -€450,187
- Other debts +€257,758
up €257,758 (+1,965%), from €13,116 to €270,874
- Tax, wage and social debts -€15,765
down €15,765 (-61.6%), from €25,601 to €9,836
- Provisions -€10,080
down €10,080 (-87.2%), from €11,555 to €1,475
of which Provisions for liabilities and charges: -€10,000
- Provisions +€70,000
up €70,000 (+87.5%), from -€80,000 to -€10,000
- Taxes -€20,083
down €20,083 (-53.2%), from €37,737 to €17,654
- Gross operating margin +€10,886
up €10,886 (+22.9%), from €47,474 to €58,360
- Financial income -€3,868
down €3,868 (-29.2%), from €13,253 to €9,385
- Financial charges +€2,194
up €2,194 (+76.3%), from -€2,875 to -€681
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €839,355 | €622,779 | -€216,577 | -25.8% |
| Fixed assets | 21/28 | €358,648 | €342,146 | -€16,502 | -4.6% |
| Tangible fixed assets | 22/27 | €358,648 | €342,146 | -€16,502 | -4.6% |
| Land and buildings | 22 | €357,380 | €341,947 | -€15,434 | -4.3% |
| Plant, machinery and equipment | 23 | €871 | - | -€871 | |
| Furniture and vehicles | 24 | €396 | €199 | -€197 | -49.8% |
| Current assets | 29/58 | €480,708 | €280,633 | -€200,075 | -41.6% |
| Amounts receivable within one year | 40/41 | €3,478 | €9,502 | +€6,025 | +173% |
| Other amounts receivable | 41 | €3,478 | €9,502 | +€6,025 | +173% |
| Current investments | 50/53 | €438,100 | €149,012 | -€289,088 | -66.0% |
| Cash at bank and in hand | 54/58 | €35,176 | €120,097 | +€84,921 | +241% |
| Deferred charges and accrued income | 490/1 | €3,954 | €2,022 | -€1,932 | -48.9% |
| Total equity and liabilities | 10/49 | €839,355 | €622,779 | -€216,577 | -25.8% |
| Equity | 10/15 | €781,468 | €331,121 | -€450,347 | -57.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €762,868 | €312,521 | -€450,347 | -59.0% |
| Tax-exempt reserves | 132 | €54,327 | €54,167 | -€160 | -0.3% |
| Distributable reserves | 133 | €708,541 | €258,354 | -€450,187 | -63.5% |
| Provisions and deferred taxes | 16 | €11,555 | €1,475 | -€10,080 | -87.2% |
| Provisions for liabilities and charges | 160/5 | €10,000 | - | -€10,000 | |
| Other liabilities and charges | 164/5 | €10,000 | - | -€10,000 | |
| Deferred taxes | 168 | €1,555 | €1,475 | -€80 | -5.2% |
| Amounts payable | 17/49 | €46,332 | €290,183 | +€243,851 | +526% |
| Amounts payable within one year | 42/48 | €43,948 | €287,487 | +€243,539 | +554% |
| Trade debts | 44 | €5,231 | €6,777 | +€1,546 | +29.6% |
| Suppliers | 440/4 | €5,231 | €6,777 | +€1,546 | +29.6% |
| Taxes, remuneration and social security | 45 | €25,601 | €9,836 | -€15,765 | -61.6% |
| Taxes | 450/3 | €25,601 | €9,836 | -€15,765 | -61.6% |
| Other amounts payable | 47/48 | €13,116 | €270,874 | +€257,758 | +1,965% |
| Accrued charges and deferred income | 492/3 | €2,384 | €2,696 | +€312 | +13.1% |
| Non-recurring operating income | 76A | €15,650 | - | -€15,650 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,908 | €15,631 | +€723 | +4.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€80,000 | -€10,000 | +€70,000 | +87.5% |
| Other operating charges | 640/8 | €8,207 | €8,300 | +€92 | +1.1% |
| Non-recurring operating charges | 66A | - | €71 | +€71 | |
| Gross operating margin | 9900 | €47,474 | €58,360 | +€10,886 | +22.9% |
| Operating profit (loss) | 9901 | €104,359 | €44,358 | -€60,001 | -57.5% |
| Financial income | 75/76B | €13,253 | €9,385 | -€3,868 | -29.2% |
| Recurring financial income | 75 | €13,253 | €9,385 | -€3,868 | -29.2% |
| Financial charges | 65/66B | -€2,875 | -€681 | +€2,194 | +76.3% |
| Recurring financial charges | 65 | -€2,875 | -€681 | +€2,194 | +76.3% |
| Profit (loss) for the period before taxes | 9903 | €120,486 | €54,424 | -€66,063 | -54.8% |
| Transfer from deferred taxes | 780 | €80 | €80 | = | 0.0% |
| Income taxes | 67/77 | €37,737 | €17,654 | -€20,083 | -53.2% |
| Profit (loss) for the period | 9904 | €82,830 | €36,850 | -€45,980 | -55.5% |
| Transfer from tax-exempt reserves | 789 | €160 | €160 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €82,990 | €37,010 | -€45,980 | -55.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.