VDB-CO: 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-CO
Largest movements
- Receivables after one year -€27,500
down €27,500 (-73.3%), from €37,500 to €10,000
- Receivables within one year +€23,697
up €23,697 (+50.2%), from €47,165 to €70,862
of which Trade receivables: +€28,434
- Cash -€5,622
down €5,622 (-12.1%), from €46,478 to €40,856
mainly Other debts (-€65,765) and Receivables within one year (-€23,697)
- Reserves +€66,619
up €66,619 (+202%), from €33,033 to €99,652
- Other debts -€65,765
down €65,765 (-65.8%), from €100,000 to €34,235
- Tax, wage and social debts -€5,645
down €5,645 (-59.1%), from €9,545 to €3,900
- Debts after one year -€3,756
down €3,756 (-100%), from €3,756 to €0
- Current portion of long-term debt -€1,790
down €1,790 (-20.1%), from €8,921 to €7,131
- Gross operating margin +€43,727
up €43,727 (+67.6%), from €64,641 to €108,368
- Taxes +€12,614
up €12,614 (+126%), from €10,049 to €22,662
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 | €158,580 | €148,881 | -€9,699 | -6.1% |
| Fixed assets | 21/28 | €27,436 | €27,163 | -€274 | -1.0% |
| Tangible fixed assets | 22/27 | €27,436 | €27,163 | -€274 | -1.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €21,366 | €5,027 | -€16,339 | -76.5% |
| Other tangible fixed assets | 26 | €6,070 | €22,135 | +€16,065 | +265% |
| Current assets | 29/58 | €131,144 | €121,718 | -€9,425 | -7.2% |
| Amounts receivable after more than one year | 29 | €37,500 | €10,000 | -€27,500 | -73.3% |
| Other amounts receivable | 291 | €37,500 | €10,000 | -€27,500 | -73.3% |
| Amounts receivable within one year | 40/41 | €47,165 | €70,862 | +€23,697 | +50.2% |
| Trade receivables | 40 | €38,520 | €66,954 | +€28,434 | +73.8% |
| Other amounts receivable | 41 | €8,645 | €3,908 | -€4,737 | -54.8% |
| Cash at bank and in hand | 54/58 | €46,478 | €40,856 | -€5,622 | -12.1% |
| Total equity and liabilities | 10/49 | €158,580 | €148,881 | -€9,699 | -6.1% |
| Equity | 10/15 | €33,133 | €99,752 | +€66,619 | +201% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €33,033 | €99,652 | +€66,619 | +202% |
| Distributable reserves | 133 | €33,033 | €99,652 | +€66,619 | +202% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €125,447 | €49,129 | -€76,318 | -60.8% |
| Amounts payable after more than one year | 17 | €3,756 | €0 | -€3,756 | -100% |
| Financial debts | 170/4 | €3,756 | €0 | -€3,756 | -100% |
| Amounts payable within one year | 42/48 | €121,691 | €49,129 | -€72,562 | -59.6% |
| Current portion of amounts payable after more than one year | 42 | €8,921 | €7,131 | -€1,790 | -20.1% |
| Trade debts | 44 | €3,225 | €3,863 | +€638 | +19.8% |
| Suppliers | 440/4 | €3,225 | €3,863 | +€638 | +19.8% |
| Taxes, remuneration and social security | 45 | €9,545 | €3,900 | -€5,645 | -59.1% |
| Taxes | 450/3 | €9,545 | €3,900 | -€5,645 | -59.1% |
| Other amounts payable | 47/48 | €100,000 | €34,235 | -€65,765 | -65.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,121 | €16,647 | -€474 | -2.8% |
| Other operating charges | 640/8 | €1,704 | €1,772 | +€69 | +4.0% |
| Non-recurring operating charges | 66A | - | €167 | +€167 | |
| Gross operating margin | 9900 | €64,641 | €108,368 | +€43,727 | +67.6% |
| Operating profit (loss) | 9901 | €45,817 | €89,781 | +€43,964 | +96.0% |
| Financial income | 75/76B | €1,131 | €248 | -€883 | -78.1% |
| Recurring financial income | 75 | €1,131 | €248 | -€883 | -78.1% |
| Financial charges | 65/66B | €458 | €748 | +€289 | +63.1% |
| Recurring financial charges | 65 | €458 | €748 | +€289 | +63.1% |
| Profit (loss) for the period before taxes | 9903 | €46,489 | €89,282 | +€42,792 | +92.0% |
| Income taxes | 67/77 | €10,049 | €22,662 | +€12,614 | +126% |
| Profit (loss) for the period | 9904 | €36,440 | €66,619 | +€30,179 | +82.8% |
| Profit (loss) for the period to be appropriated | 9905 | €36,440 | €66,619 | +€30,179 | +82.8% |
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 31 October 2026 via checked.be.