VDB HOLDING: 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 HOLDING
Largest movements
- Receivables within one year +€37,887
up €37,887 (+23.9%), from €158,296 to €196,183
of which Other amounts receivable: +€22,515
- Tangible fixed assets -€18,686
down €18,686 (-53.5%), from €34,946 to €16,260
of which Furniture and vehicles: -€17,068
- Deferred charges and accrued income +€17,281
up €17,281 (+32.8%), from €52,645 to €69,925
- Stocks and contracts -€11,240
down €11,240 (-81.2%), from €13,842 to €2,602
- Other debts +€49,867
up €49,867 (+347.0%), from €14,369 to €64,236
- Reserves -€30,557
down €30,557 (-19.1%), from €159,894 to €129,337
of which Distributable reserves: -€28,697
- Debts after one year +€18,979
up €18,979 (+4.0%), from €470,500 to €489,479
- Accrued charges and deferred income -€14,283
down €14,283 (-38.3%), from €37,339 to €23,057
- Tax, wage and social debts +€9,335
up €9,335 (+43.7%), from €21,347 to €30,683
- Financial income -€51,145
down €51,145 (-79.3%), from €64,507 to €13,361
- Depreciation -€23,582
down €23,582 (-87.3%), from €27,021 to €3,439
- Gross operating margin -€8,050
down €8,050 (-12.6%), from €63,986 to €55,936
- Other operating charges +€890
up €890 (+78.7%), from €1,131 to €2,021
- Financial charges -€717
down €717 (-2.7%), from €26,887 to €26,170
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 | €847,760 | €876,744 | +€28,983 | +3.4% |
| Fixed assets | 21/28 | €602,209 | €584,484 | -€17,725 | -2.9% |
| Tangible fixed assets | 22/27 | €34,946 | €16,260 | -€18,686 | -53.5% |
| Furniture and vehicles | 24 | €30,652 | €13,584 | -€17,068 | -55.7% |
| Other tangible fixed assets | 26 | €4,293 | €2,676 | -€1,618 | -37.7% |
| Financial fixed assets | 28 | €567,263 | €568,224 | +€961 | +0.2% |
| Current assets | 29/58 | €245,552 | €292,260 | +€46,708 | +19.0% |
| Stocks and contracts in progress | 3 | €13,842 | €2,602 | -€11,240 | -81.2% |
| Stocks | 30/36 | €13,842 | €2,602 | -€11,240 | -81.2% |
| Amounts receivable within one year | 40/41 | €158,296 | €196,183 | +€37,887 | +23.9% |
| Trade receivables | 40 | €104,619 | €119,991 | +€15,372 | +14.7% |
| Other amounts receivable | 41 | €53,677 | €76,192 | +€22,515 | +41.9% |
| Cash at bank and in hand | 54/58 | €20,769 | €23,550 | +€2,781 | +13.4% |
| Deferred charges and accrued income | 490/1 | €52,645 | €69,925 | +€17,281 | +32.8% |
| Total equity and liabilities | 10/49 | €847,760 | €876,744 | +€28,983 | +3.4% |
| Equity | 10/15 | €288,089 | €257,532 | -€30,557 | -10.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €159,894 | €129,337 | -€30,557 | -19.1% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €158,034 | €129,337 | -€28,697 | -18.2% |
| Profit (loss) carried forward | 14 | €121,995 | €121,995 | = | 0.0% |
| Amounts payable | 17/49 | €559,671 | €619,212 | +€59,541 | +10.6% |
| Amounts payable after more than one year | 17 | €470,500 | €489,479 | +€18,979 | +4.0% |
| Financial debts | 170/4 | €470,500 | €489,479 | +€18,979 | +4.0% |
| Amounts payable within one year | 42/48 | €51,832 | €106,676 | +€54,844 | +105.8% |
| Current portion of amounts payable after more than one year | 42 | €15,278 | €7,187 | -€8,091 | -53.0% |
| Trade debts | 44 | €837 | €4,570 | +€3,734 | +446.2% |
| Suppliers | 440/4 | €837 | €4,570 | +€3,734 | +446.2% |
| Taxes, remuneration and social security | 45 | €21,347 | €30,683 | +€9,335 | +43.7% |
| Taxes | 450/3 | €21,347 | €30,683 | +€9,335 | +43.7% |
| Other amounts payable | 47/48 | €14,369 | €64,236 | +€49,867 | +347.0% |
| Accrued charges and deferred income | 492/3 | €37,339 | €23,057 | -€14,283 | -38.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,021 | €3,439 | -€23,582 | -87.3% |
| Other operating charges | 640/8 | €1,131 | €2,021 | +€890 | +78.7% |
| Non-recurring operating charges | 66A | - | €3,381 | +€3,381 | |
| Gross operating margin | 9900 | €63,986 | €55,936 | -€8,050 | -12.6% |
| Operating profit (loss) | 9901 | €35,834 | €47,095 | +€11,261 | +31.4% |
| Financial income | 75/76B | €64,507 | €13,361 | -€51,145 | -79.3% |
| Recurring financial income | 75 | €64,507 | €13,361 | -€51,145 | -79.3% |
| Financial charges | 65/66B | €26,887 | €26,170 | -€717 | -2.7% |
| Recurring financial charges | 65 | €26,887 | €26,170 | -€717 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €73,454 | €34,286 | -€39,167 | -53.3% |
| Income taxes | 67/77 | €16,435 | €17,093 | +€659 | +4.0% |
| Profit (loss) for the period | 9904 | €57,019 | €17,193 | -€39,826 | -69.8% |
| Profit (loss) for the period to be appropriated | 9905 | €57,019 | €17,193 | -€39,826 | -69.8% |
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.