VDB & C: 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 & C
Largest movements
- Tangible fixed assets -€36,879
down €36,879 (-16.5%), from €224,177 to €187,298
of which Furniture and vehicles: -€27,679
- Stocks and contracts +€24,213
up €24,213 (+68.2%), from €35,500 to €59,713
- Receivables within one year -€18,178
down €18,178 (-22.4%), from €81,165 to €62,986
of which Trade receivables: -€14,675
- Cash +€17,414
up €17,414 (+7.8%), from €224,225 to €241,639
mainly Depreciation (+€68,557) and Net result for the year (+€59,355)
- Other debts -€76,495
down €76,495 (-56.8%), from €134,704 to €58,209
- Reserves +€59,355
up €59,355 (+19.6%), from €303,588 to €362,943
- Trade debts +€27,004
up €27,004 (+65.8%), from €41,064 to €68,069
- Debts after one year -€12,816
down €12,816 (-43.9%), from €29,204 to €16,388
- Tax, wage and social debts -€7,160
down €7,160 (-28.5%), from €25,127 to €17,968
of which Remuneration and social security: -€11,973
- Staff costs -€50,919
down €50,919 (-82.9%), from €61,440 to €10,521
- Gross operating margin -€22,684
down €22,684 (-11.7%), from €193,521 to €170,837
- Depreciation +€16,805
up €16,805 (+32.5%), from €51,752 to €68,557
- Taxes +€2,102
up €2,102 (+10.5%), from €20,077 to €22,179
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 | €570,793 | €557,242 | -€13,550 | -2.4% |
| Fixed assets | 21/28 | €224,177 | €187,298 | -€36,879 | -16.5% |
| Tangible fixed assets | 22/27 | €224,177 | €187,298 | -€36,879 | -16.5% |
| Plant, machinery and equipment | 23 | €75,421 | €66,611 | -€8,811 | -11.7% |
| Furniture and vehicles | 24 | €146,853 | €119,174 | -€27,679 | -18.8% |
| Other tangible fixed assets | 26 | €1,902 | €1,513 | -€389 | -20.4% |
| Current assets | 29/58 | €346,615 | €369,944 | +€23,329 | +6.7% |
| Stocks and contracts in progress | 3 | €35,500 | €59,713 | +€24,213 | +68.2% |
| Stocks | 30/36 | €35,500 | €59,713 | +€24,213 | +68.2% |
| Amounts receivable within one year | 40/41 | €81,165 | €62,986 | -€18,178 | -22.4% |
| Trade receivables | 40 | €66,795 | €52,121 | -€14,675 | -22.0% |
| Other amounts receivable | 41 | €14,370 | €10,866 | -€3,504 | -24.4% |
| Cash at bank and in hand | 54/58 | €224,225 | €241,639 | +€17,414 | +7.8% |
| Deferred charges and accrued income | 490/1 | €5,726 | €5,606 | -€120 | -2.1% |
| Total equity and liabilities | 10/49 | €570,793 | €557,242 | -€13,550 | -2.4% |
| Equity | 10/15 | €322,188 | €381,543 | +€59,355 | +18.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €303,588 | €362,943 | +€59,355 | +19.6% |
| Distributable reserves | 133 | €303,588 | €362,943 | +€59,355 | +19.6% |
| Amounts payable | 17/49 | €248,605 | €175,699 | -€72,906 | -29.3% |
| Amounts payable after more than one year | 17 | €29,204 | €16,388 | -€12,816 | -43.9% |
| Financial debts | 170/4 | €29,204 | €16,388 | -€12,816 | -43.9% |
| Amounts payable within one year | 42/48 | €217,335 | €157,061 | -€60,274 | -27.7% |
| Current portion of amounts payable after more than one year | 42 | €16,440 | €12,816 | -€3,624 | -22.0% |
| Trade debts | 44 | €41,064 | €68,069 | +€27,004 | +65.8% |
| Suppliers | 440/4 | €41,064 | €68,069 | +€27,004 | +65.8% |
| Taxes, remuneration and social security | 45 | €25,127 | €17,968 | -€7,160 | -28.5% |
| Taxes | 450/3 | €12,443 | €17,256 | +€4,813 | +38.7% |
| Remuneration and social security | 454/9 | €12,684 | €711 | -€11,973 | -94.4% |
| Other amounts payable | 47/48 | €134,704 | €58,209 | -€76,495 | -56.8% |
| Accrued charges and deferred income | 492/3 | €2,066 | €2,250 | +€184 | +8.9% |
| Non-recurring operating income | 76A | €413 | €11,470 | +€11,057 | +2,676% |
| Remuneration, social security and pensions | 62 | €61,440 | €10,521 | -€50,919 | -82.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,752 | €68,557 | +€16,805 | +32.5% |
| Other operating charges | 640/8 | €769 | €580 | -€189 | -24.6% |
| Non-recurring operating charges | 66A | - | €7,613 | +€7,613 | |
| Gross operating margin | 9900 | €193,521 | €170,837 | -€22,684 | -11.7% |
| Operating profit (loss) | 9901 | €79,560 | €83,567 | +€4,007 | +5.0% |
| Financial income | 75/76B | €226 | €433 | +€207 | +91.8% |
| Recurring financial income | 75 | €226 | €433 | +€207 | +91.8% |
| Financial charges | 65/66B | €2,525 | €2,466 | -€60 | -2.4% |
| Recurring financial charges | 65 | €2,525 | €2,466 | -€60 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €77,261 | €81,534 | +€4,273 | +5.5% |
| Income taxes | 67/77 | €20,077 | €22,179 | +€2,102 | +10.5% |
| Profit (loss) for the period | 9904 | €57,184 | €59,355 | +€2,172 | +3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €57,184 | €59,355 | +€2,172 | +3.8% |
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 29 October 2026 via checked.be.