VDB&CO: 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&CO
Largest movements
- Tangible fixed assets +€145,126
up €145,126 (+15.9%), from €913,431 to €1.1m
of which Land and buildings: +€138,029
- Cash +€140,628
up €140,628 (+131.9%), from €106,620 to €247,249
mainly Net result for the year (+€174,892) and Stocks and contracts (+€86,537)
- Stocks and contracts -€86,537
down €86,537 (-14.2%), from €609,537 to €523,000
- Profit (loss) carried forward +€174,892
up €174,892 (+19.8%), from €885,382 to €1.1m
- Debts after one year +€78,782
up €78,782 (+8.2%), from €960,762 to €1.0m
- Reserves -€44,673
down €44,673 (-9.4%), from €472,994 to €428,320
- Financial income -€118,686
down €118,686 (-50.8%), from €233,741 to €115,055
- Gross operating margin -€87,724
down €87,724 (-26.7%), from €328,998 to €241,273
- Taxes -€24,067
down €24,067 (-47.2%), from €51,005 to €26,938
- Staff costs +€20,388
up €20,388 (+29.1%), from €70,167 to €90,555
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 | €2,536,678 | €2,706,424 | +€169,745 | +6.7% |
| Fixed assets | 21/28 | €1,463,900 | €1,608,557 | +€144,657 | +9.9% |
| Intangible fixed assets | 21 | €469 | €0 | -€469 | -100.0% |
| Tangible fixed assets | 22/27 | €913,431 | €1,058,557 | +€145,126 | +15.9% |
| Land and buildings | 22 | €905,105 | €1,043,134 | +€138,029 | +15.3% |
| Plant, machinery and equipment | 23 | €5,749 | €15,423 | +€9,675 | +168.3% |
| Other tangible fixed assets | 26 | €2,578 | €0 | -€2,578 | -100.0% |
| Financial fixed assets | 28 | €550,000 | €550,000 | = | 0.0% |
| Current assets | 29/58 | €1,072,778 | €1,097,867 | +€25,089 | +2.3% |
| Amounts receivable after more than one year | 29 | €288,026 | €270,261 | -€17,766 | -6.2% |
| Other amounts receivable | 291 | €288,026 | €270,261 | -€17,766 | -6.2% |
| Stocks and contracts in progress | 3 | €609,537 | €523,000 | -€86,537 | -14.2% |
| Stocks | 30/36 | €609,537 | €523,000 | -€86,537 | -14.2% |
| Amounts receivable within one year | 40/41 | €57,502 | €38,187 | -€19,315 | -33.6% |
| Trade receivables | 40 | €17,037 | €14,522 | -€2,515 | -14.8% |
| Other amounts receivable | 41 | €40,465 | €23,665 | -€16,800 | -41.5% |
| Cash at bank and in hand | 54/58 | €106,620 | €247,249 | +€140,628 | +131.9% |
| Deferred charges and accrued income | 490/1 | €11,093 | €19,171 | +€8,078 | +72.8% |
| Total equity and liabilities | 10/49 | €2,536,678 | €2,706,424 | +€169,745 | +6.7% |
| Equity | 10/15 | €1,358,475 | €1,488,695 | +€130,219 | +9.6% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €472,994 | €428,320 | -€44,673 | -9.4% |
| Distributable reserves | 133 | €472,994 | €428,320 | -€44,673 | -9.4% |
| Profit (loss) carried forward | 14 | €885,382 | €1,060,274 | +€174,892 | +19.8% |
| Amounts payable | 17/49 | €1,178,203 | €1,217,729 | +€39,526 | +3.4% |
| Amounts payable after more than one year | 17 | €960,762 | €1,039,544 | +€78,782 | +8.2% |
| Financial debts | 170/4 | €960,762 | €1,039,544 | +€78,782 | +8.2% |
| Amounts payable within one year | 42/48 | €216,507 | €176,352 | -€40,155 | -18.5% |
| Current portion of amounts payable after more than one year | 42 | €109,778 | €105,631 | -€4,147 | -3.8% |
| Trade debts | 44 | €62,704 | €36,166 | -€26,538 | -42.3% |
| Suppliers | 440/4 | €62,704 | €36,166 | -€26,538 | -42.3% |
| Taxes, remuneration and social security | 45 | €44,026 | €34,336 | -€9,689 | -22.0% |
| Taxes | 450/3 | €35,148 | €25,521 | -€9,628 | -27.4% |
| Remuneration and social security | 454/9 | €8,877 | €8,816 | -€62 | -0.7% |
| Other amounts payable | 47/48 | - | €218 | +€218 | |
| Accrued charges and deferred income | 492/3 | €934 | €1,834 | +€900 | +96.4% |
| Remuneration, social security and pensions | 62 | €70,167 | €90,555 | +€20,388 | +29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,391 | €41,209 | -€2,181 | -5.0% |
| Other operating charges | 640/8 | €3,826 | €4,860 | +€1,034 | +27.0% |
| Gross operating margin | 9900 | €328,998 | €241,273 | -€87,724 | -26.7% |
| Operating profit (loss) | 9901 | €211,614 | €104,649 | -€106,965 | -50.5% |
| Financial income | 75/76B | €233,741 | €115,055 | -€118,686 | -50.8% |
| Recurring financial income | 75 | €233,741 | €115,055 | -€118,686 | -50.8% |
| Financial charges | 65/66B | €16,143 | €17,874 | +€1,731 | +10.7% |
| Recurring financial charges | 65 | €16,143 | €17,874 | +€1,731 | +10.7% |
| Profit (loss) for the period before taxes | 9903 | €429,211 | €201,831 | -€227,381 | -53.0% |
| Income taxes | 67/77 | €51,005 | €26,938 | -€24,067 | -47.2% |
| Profit (loss) for the period | 9904 | €378,207 | €174,892 | -€203,314 | -53.8% |
| Profit (loss) for the period to be appropriated | 9905 | €378,207 | €174,892 | -€203,314 | -53.8% |
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 8 October 2026 via checked.be.