VDB GROUP: 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 GROUP
Largest movements
- Current investments +€8.5m
up €8.5m (+17.6%), from €48.6m to €57.1m
- Financial fixed assets +€3.7m
up €3.7m (+12.5%), from €29.6m to €33.3m
- Cash -€1.3m
down €1.3m (-18.6%), from €7.0m to €5.7m
mainly Current investments (-€8.5m) and Investment in fixed assets (net) (-€3.7m)
- Other debts +€7.8m
up €7.8m (+48.7%), from €16.1m to €23.9m
- Profit (loss) carried forward +€2.9m
up €2.9m (+4.7%), from €61.6m to €64.5m
- Financial income +€2.5m
up €2.5m (+60.5%), from €4.1m to €6.5m
- Financial charges +€1.0m
up €1.0m (+438.8%), from €237,086 to €1.3m
- Taxes +€269,617
up €269,617 (+97.9%), from €275,425 to €545,042
- Gross operating margin -€124,603
down €124,603 (-17.5%), from €711,751 to €587,148
- Staff costs +€34,645
up €34,645 (+4.8%), from €722,886 to €757,531
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 | €100,979,130 | €111,280,691 | +€10.3m | +10.2% |
| Fixed assets | 21/28 | €29,584,905 | €33,283,126 | +€3.7m | +12.5% |
| Tangible fixed assets | 22/27 | €7,281 | €4,535 | -€2,746 | -37.7% |
| Furniture and vehicles | 24 | €7,281 | €4,535 | -€2,746 | -37.7% |
| Financial fixed assets | 28 | €29,577,624 | €33,278,592 | +€3.7m | +12.5% |
| Current assets | 29/58 | €71,394,225 | €77,997,564 | +€6.6m | +9.2% |
| Amounts receivable after more than one year | 29 | €14,630,184 | €14,022,855 | -€607,329 | -4.2% |
| Other amounts receivable | 291 | €14,630,184 | €14,022,855 | -€607,329 | -4.2% |
| Amounts receivable within one year | 40/41 | €1,202,431 | €1,155,827 | -€46,604 | -3.9% |
| Trade receivables | 40 | €606,505 | €508,498 | -€98,007 | -16.2% |
| Other amounts receivable | 41 | €595,926 | €647,329 | +€51,404 | +8.6% |
| Current investments | 50/53 | €48,608,057 | €57,140,183 | +€8.5m | +17.6% |
| Cash at bank and in hand | 54/58 | €6,952,338 | €5,659,175 | -€1.3m | -18.6% |
| Deferred charges and accrued income | 490/1 | €1,216 | €19,525 | +€18,309 | +1505.9% |
| Total equity and liabilities | 10/49 | €100,979,130 | €111,280,691 | +€10.3m | +10.2% |
| Equity | 10/15 | €84,103,684 | €86,989,555 | +€2.9m | +3.4% |
| Contributions | 10/11 | €20,456,546 | €20,456,546 | = | 0.0% |
| Capital | 10 | €20,456,546 | €20,456,546 | = | 0.0% |
| Issued capital | 100 | €20,456,546 | €20,456,546 | = | 0.0% |
| Reserves | 13 | €2,045,655 | €2,045,655 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,045,655 | €2,045,655 | = | 0.0% |
| Legal reserve | 130 | €2,045,655 | €2,045,655 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,601,483 | €64,487,354 | +€2.9m | +4.7% |
| Amounts payable | 17/49 | €16,875,447 | €24,291,136 | +€7.4m | +43.9% |
| Amounts payable within one year | 42/48 | €16,391,895 | €24,165,529 | +€7.8m | +47.4% |
| Trade debts | 44 | €50,300 | €60,176 | +€9,876 | +19.6% |
| Suppliers | 440/4 | €50,300 | €60,176 | +€9,876 | +19.6% |
| Taxes, remuneration and social security | 45 | €289,935 | €236,012 | -€53,924 | -18.6% |
| Taxes | 450/3 | €157,839 | €96,221 | -€61,619 | -39.0% |
| Remuneration and social security | 454/9 | €132,096 | €139,791 | +€7,695 | +5.8% |
| Other amounts payable | 47/48 | €16,051,659 | €23,869,342 | +€7.8m | +48.7% |
| Accrued charges and deferred income | 492/3 | €483,552 | €125,607 | -€357,945 | -74.0% |
| Remuneration, social security and pensions | 62 | €722,886 | €757,531 | +€34,645 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,554 | €2,746 | +€192 | +7.5% |
| Other operating charges | 640/8 | €1,246 | €2,896 | +€1,650 | +132.4% |
| Gross operating margin | 9900 | €711,751 | €587,148 | -€124,603 | -17.5% |
| Operating profit (loss) | 9901 | -€14,936 | -€176,025 | -€161,089 | -1078.5% |
| Financial income | 75/76B | €4,077,407 | €6,543,971 | +€2.5m | +60.5% |
| Recurring financial income | 75 | €4,077,407 | €6,543,971 | +€2.5m | +60.5% |
| Financial charges | 65/66B | €237,086 | €1,277,425 | +€1.0m | +438.8% |
| Recurring financial charges | 65 | €237,086 | €1,277,425 | +€1.0m | +438.8% |
| Profit (loss) for the period before taxes | 9903 | €3,825,385 | €5,090,521 | +€1.3m | +33.1% |
| Income taxes | 67/77 | €275,425 | €545,042 | +€269,617 | +97.9% |
| Profit (loss) for the period | 9904 | €3,549,960 | €4,545,479 | +€995,519 | +28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,549,960 | €4,545,479 | +€995,519 | +28.0% |
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 4 October 2026 via checked.be.