VDB Consulting: 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 Consulting
Largest movements
- Financial fixed assets +€697,485
up €697,485 (+53.8%), from €1.3m to €2.0m
- Cash -€279,492
down €279,492 (-58.8%), from €474,985 to €195,493
mainly Investment in fixed assets (net) (-€982,431) and Current investments (-€231,753)
- Tangible fixed assets +€234,293
up €234,293 (+28.6%), from €820,591 to €1.1m
of which Land and buildings: +€229,009
- Current investments +€231,753
up €231,753 (+28.5%), from €813,929 to €1.0m
- Short-term financial debts +€482,024
up €482,024 (+97.9%), from €492,143 to €974,168
of which Other loans: +€480,000
- Reserves +€218,547
up €218,547 (+8.6%), from €2.5m to €2.8m
- Other debts +€109,054
up €109,054 (+1,027%), from €10,619 to €119,673
- Tax, wage and social debts +€60,197
up €60,197 (+713%), from €8,439 to €68,636
of which Taxes: +€55,785
- Financial income -€286,524
down €286,524 (-41.0%), from €698,001 to €411,477
- Gross operating margin +€36,875
up €36,875 (+203%), from €18,200 to €55,075
- Taxes +€33,910
up €33,910 (+7,325%), from €463 to €34,373
- Other operating charges +€20,207
up €20,207 (+560%), from €3,609 to €23,815
- Depreciation +€2,231
up €2,231 (+4.6%), from €48,422 to €50,653
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 | €3,452,189 | €4,314,562 | +€862,374 | +25.0% |
| Fixed assets | 21/28 | €2,116,091 | €3,047,869 | +€931,778 | +44.0% |
| Tangible fixed assets | 22/27 | €820,591 | €1,054,884 | +€234,293 | +28.6% |
| Land and buildings | 22 | €797,580 | €1,026,589 | +€229,009 | +28.7% |
| Plant, machinery and equipment | 23 | - | €935 | +€935 | |
| Furniture and vehicles | 24 | €12,461 | €16,810 | +€4,349 | +34.9% |
| Other tangible fixed assets | 26 | €10,550 | €10,550 | = | 0.0% |
| Financial fixed assets | 28 | €1,295,500 | €1,992,985 | +€697,485 | +53.8% |
| Current assets | 29/58 | €1,336,098 | €1,266,694 | -€69,404 | -5.2% |
| Amounts receivable within one year | 40/41 | €45,269 | €22,787 | -€22,482 | -49.7% |
| Trade receivables | 40 | €42,653 | €21,478 | -€21,175 | -49.6% |
| Other amounts receivable | 41 | €2,617 | €1,310 | -€1,307 | -50.0% |
| Current investments | 50/53 | €813,929 | €1,045,682 | +€231,753 | +28.5% |
| Cash at bank and in hand | 54/58 | €474,985 | €195,493 | -€279,492 | -58.8% |
| Deferred charges and accrued income | 490/1 | €1,915 | €2,732 | +€817 | +42.7% |
| Total equity and liabilities | 10/49 | €3,452,189 | €4,314,562 | +€862,374 | +25.0% |
| Equity | 10/15 | €2,543,730 | €2,762,277 | +€218,547 | +8.6% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €2,543,630 | €2,762,177 | +€218,547 | +8.6% |
| Distributable reserves | 133 | €2,543,630 | €2,762,177 | +€218,547 | +8.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €908,459 | €1,552,286 | +€643,827 | +70.9% |
| Amounts payable after more than one year | 17 | €369,568 | €343,907 | -€25,661 | -6.9% |
| Financial debts | 170/4 | €369,568 | €343,907 | -€25,661 | -6.9% |
| Amounts payable within one year | 42/48 | €538,891 | €1,208,378 | +€669,488 | +124% |
| Current portion of amounts payable after more than one year | 42 | €24,775 | €25,661 | +€886 | +3.6% |
| Financial debts | 43 | €492,143 | €974,168 | +€482,024 | +97.9% |
| Credit institutions | 430/8 | €2,143 | €4,168 | +€2,024 | +94.5% |
| Other loans | 439 | €490,000 | €970,000 | +€480,000 | +98.0% |
| Trade debts | 44 | €2,914 | €20,241 | +€17,327 | +595% |
| Suppliers | 440/4 | €2,914 | €20,241 | +€17,327 | +595% |
| Taxes, remuneration and social security | 45 | €8,439 | €68,636 | +€60,197 | +713% |
| Taxes | 450/3 | €8,322 | €64,107 | +€55,785 | +670% |
| Remuneration and social security | 454/9 | €117 | €4,529 | +€4,412 | +3,756% |
| Other amounts payable | 47/48 | €10,619 | €119,673 | +€109,054 | +1,027% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,422 | €50,653 | +€2,231 | +4.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €3,609 | €23,815 | +€20,207 | +560% |
| Gross operating margin | 9900 | €18,200 | €55,075 | +€36,875 | +203% |
| Operating profit (loss) | 9901 | -€33,831 | -€19,393 | +€14,438 | +42.7% |
| Financial income | 75/76B | €698,001 | €411,477 | -€286,524 | -41.0% |
| Recurring financial income | 75 | €698,001 | €411,477 | -€286,524 | -41.0% |
| Financial charges | 65/66B | €18,614 | €19,935 | +€1,320 | +7.1% |
| Recurring financial charges | 65 | €18,614 | €19,935 | +€1,320 | +7.1% |
| Profit (loss) for the period before taxes | 9903 | €645,555 | €372,149 | -€273,407 | -42.4% |
| Income taxes | 67/77 | €463 | €34,373 | +€33,910 | +7,325% |
| Profit (loss) for the period | 9904 | €645,092 | €337,776 | -€307,317 | -47.6% |
| Profit (loss) for the period to be appropriated | 9905 | €645,092 | €337,776 | -€307,317 | -47.6% |
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 18 October 2026 via checked.be.