VDB-ENGELS: what changed
What changed
VDB-ENGELS
NACE 47.811, Retail sale of cars and light vans (up to 3.5 tonnes)
filed annual accounts (NBB)
Net result for the year
€367,797
2024 · €344,154+€23,644
Equity
€724,855
2024 · €733,930-€9,075
Cash
€580,462
2024 · €333,976+€246,486
Balance sheet total
€1.7m
2024 · €1.6m+€173,892
Largest movements
Assets
- Cash +€246,486
up €246,486 (+73.8%), from €333,976 to €580,462
mainly Net result for the year (+€367,797) and Other debts (+€203,735)
- Receivables within one year -€63,803
down €63,803 (-10.5%), from €610,139 to €546,336
of which Trade receivables: -€55,297
- Stocks and contracts -€37,745
down €37,745 (-53.2%), from €70,947 to €33,202
Equity and liabilities
- Other debts +€203,735
up €203,735 (+114%), from €179,050 to €382,785
- Debts after one year -€39,241
down €39,241 (-15.7%), from €249,352 to €210,111
Income statement
- Gross operating margin +€203,604
up €203,604 (+13.5%), from €1.5m to €1.7m
- Staff costs +€131,569
up €131,569 (+15.1%), from €871,987 to €1.0m
- Financial income -€25,415
down €25,415 (-92.6%), from €27,450 to €2,036
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.
Result 2024
€344,154
Gross operating margin
+€203,604
Staff costs
-€131,569
Depreciation
-€2,409
Write-downs
+€7,526
Other operating charges
-€10,906
Financial income
-€25,415
Financial charges
-€3,615
Taxes
-€14,004
Deferred taxes and other
+€430
Result 2025
€367,797
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€807,355
Investment
-€146,506
Financing
-€414,362
Cash 2024
€333,976
From operations (derived)
+€807,355
Net result for the year
+€367,797
Depreciation
+€133,681
Stocks and contracts
+€37,745
Receivables within one year
+€63,803
Deferred charges and accrued income
-€16,128
Provisions
-€3,025
Trade debts
+€1,390
Tax, wage and social debts
+€17,402
Other debts
+€203,735
Accrued charges and deferred income
+€956
Investment (derived)
-€146,506
Investment in fixed assets (net)
-€146,506
Financing
-€414,362
Debts after one year
-€39,241
Current portion of long-term debt
+€1,751
Contributions, distributions and other
-€376,872
Cash 2025
€580,462
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,575,543 | €1,749,435 | +€173,892 | +11.0% |
| Fixed assets | 21/28 | €560,481 | €573,307 | +€12,825 | +2.3% |
| Tangible fixed assets | 22/27 | €403,711 | €416,402 | +€12,690 | +3.1% |
| Plant, machinery and equipment | 23 | €30,467 | €43,042 | +€12,575 | +41.3% |
| Furniture and vehicles | 24 | €316,414 | €312,052 | -€4,362 | -1.4% |
| Other tangible fixed assets | 26 | €56,831 | €61,309 | +€4,478 | +7.9% |
| Financial fixed assets | 28 | €156,770 | €156,905 | +€135 | +0.1% |
| Current assets | 29/58 | €1,015,062 | €1,176,129 | +€161,067 | +15.9% |
| Stocks and contracts in progress | 3 | €70,947 | €33,202 | -€37,745 | -53.2% |
| Stocks | 30/36 | €70,947 | €33,202 | -€37,745 | -53.2% |
| Amounts receivable within one year | 40/41 | €610,139 | €546,336 | -€63,803 | -10.5% |
| Trade receivables | 40 | €376,767 | €321,470 | -€55,297 | -14.7% |
| Other amounts receivable | 41 | €233,373 | €224,867 | -€8,506 | -3.6% |
| Cash at bank and in hand | 54/58 | €333,976 | €580,462 | +€246,486 | +73.8% |
| Deferred charges and accrued income | 490/1 | €0 | €16,128 | +€16,128 | |
| Total equity and liabilities | 10/49 | €1,575,543 | €1,749,435 | +€173,892 | +11.0% |
| Equity | 10/15 | €733,930 | €724,855 | -€9,075 | -1.2% |
| Contributions | 10/11 | €38,600 | €38,600 | = | 0.0% |
| Reserves | 13 | €231,449 | €222,374 | -€9,075 | -3.9% |
| Tax-exempt reserves | 132 | €37,589 | €28,514 | -€9,075 | -24.1% |
| Distributable reserves | 133 | €193,860 | €193,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €463,881 | €463,881 | = | 0.0% |
| Provisions and deferred taxes | 16 | €12,530 | €9,505 | -€3,025 | -24.1% |
| Deferred taxes | 168 | €12,530 | €9,505 | -€3,025 | -24.1% |
| Amounts payable | 17/49 | €829,083 | €1,015,075 | +€185,992 | +22.4% |
| Amounts payable after more than one year | 17 | €249,352 | €210,111 | -€39,241 | -15.7% |
| Financial debts | 170/4 | €249,352 | €210,111 | -€39,241 | -15.7% |
| Amounts payable within one year | 42/48 | €568,248 | €792,525 | +€224,277 | +39.5% |
| Current portion of amounts payable after more than one year | 42 | €135,850 | €137,600 | +€1,751 | +1.3% |
| Trade debts | 44 | €106,823 | €108,213 | +€1,390 | +1.3% |
| Suppliers | 440/4 | €106,823 | €108,213 | +€1,390 | +1.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €146,525 | €163,927 | +€17,402 | +11.9% |
| Taxes | 450/3 | €75,762 | €81,984 | +€6,222 | +8.2% |
| Remuneration and social security | 454/9 | €70,763 | €81,943 | +€11,181 | +15.8% |
| Other amounts payable | 47/48 | €179,050 | €382,785 | +€203,735 | +114% |
| Accrued charges and deferred income | 492/3 | €11,483 | €12,439 | +€956 | +8.3% |
| Remuneration, social security and pensions | 62 | €871,987 | €1,003,556 | +€131,569 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,272 | €133,681 | +€2,409 | +1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,223 | €1,698 | -€7,526 | -81.6% |
| Other operating charges | 640/8 | €37,767 | €48,672 | +€10,906 | +28.9% |
| Gross operating margin | 9900 | €1,508,805 | €1,712,409 | +€203,604 | +13.5% |
| Operating profit (loss) | 9901 | €458,555 | €524,802 | +€66,247 | +14.4% |
| Financial income | 75/76B | €27,450 | €2,036 | -€25,415 | -92.6% |
| Recurring financial income | 75 | €27,450 | €2,036 | -€25,415 | -92.6% |
| Financial charges | 65/66B | €27,316 | €30,931 | +€3,615 | +13.2% |
| Recurring financial charges | 65 | €27,316 | €30,931 | +€3,615 | +13.2% |
| Profit (loss) for the period before taxes | 9903 | €458,689 | €495,906 | +€37,217 | +8.1% |
| Transfer from deferred taxes | 780 | €2,595 | €3,025 | +€430 | +16.6% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €117,131 | €131,134 | +€14,004 | +12.0% |
| Profit (loss) for the period | 9904 | €344,154 | €367,797 | +€23,644 | +6.9% |
| Transfer from tax-exempt reserves | 789 | €7,786 | €9,075 | +€1,289 | +16.6% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €351,939 | €376,872 | +€24,933 | +7.1% |
Next steps
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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 3 November 2026 via checked.be.