VDB INVEST: what changed
What changed
VDB INVEST
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
€61,614
2024 · €61,121+€493
Equity
€664,602
2024 · €602,988+€61,614
Cash
€19,453
2024 · €90,835-€71,381
Balance sheet total
€1.2m
2024 · €1.2m-€47,565
Largest movements
Assets
- Cash -€71,381
down €71,381 (-78.6%), from €90,835 to €19,453
mainly Debts after one year (-€67,014) and Investment in fixed assets (net) (-€47,429)
- Receivables within one year +€19,733
up €19,733 (+2.9%), from €680,613 to €700,347
of which Trade receivables: +€28,335
Equity and liabilities
- Debts after one year -€67,014
down €67,014 (-26.7%), from €251,448 to €184,434
- Profit (loss) carried forward +€61,614
up €61,614 (+12.1%), from €507,508 to €569,122
- Accrued charges and deferred income -€30,658
down €30,658 (-37.6%), from €81,487 to €50,829
Income statement
- Staff costs -€13,100
down €13,100 (-58.2%), from €22,513 to €9,413
- Gross operating margin -€7,468
down €7,468 (-4.2%), from €177,526 to €170,058
- Other operating charges +€6,885
up €6,885 (+30.4%), from €22,627 to €29,512
- Financial charges -€3,708
down €3,708 (-13.6%), from €27,199 to €23,490
- Financial income -€2,388
down €2,388 (-15.0%), from €15,902 to €13,515
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
€61,121
Gross operating margin
-€7,468
Staff costs
+€13,100
Depreciation
+€496
Other operating charges
-€6,885
Financial income
-€2,388
Financial charges
+€3,708
Taxes
-€70
Result 2025
€61,614
raises the resultlowers the result
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
+€45,847
Investment
-€47,429
Financing
-€69,799
Cash 2024
€90,835
From operations (derived)
+€45,847
Net result for the year
+€61,614
Depreciation
+€39,774
Receivables within one year
-€19,733
Deferred charges and accrued income
+€3,573
Trade debts
-€2,274
Tax, wage and social debts
-€5,846
Other debts
-€602
Accrued charges and deferred income
-€30,658
Investment (derived)
-€47,429
Investment in fixed assets (net)
-€47,429
Financing
-€69,799
Debts after one year
-€67,014
Current portion of long-term debt
-€2,785
Cash 2025
€19,453
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,233,135 | €1,185,570 | -€47,565 | -3.9% |
| Fixed assets | 21/28 | €387,986 | €395,641 | +€7,655 | +2.0% |
| Tangible fixed assets | 22/27 | €387,986 | €395,641 | +€7,655 | +2.0% |
| Land and buildings | 22 | €363,640 | €373,503 | +€9,863 | +2.7% |
| Plant, machinery and equipment | 23 | €24,346 | €22,138 | -€2,208 | -9.1% |
| Current assets | 29/58 | €845,149 | €789,929 | -€55,221 | -6.5% |
| Amounts receivable within one year | 40/41 | €680,613 | €700,347 | +€19,733 | +2.9% |
| Trade receivables | 40 | €80,216 | €108,551 | +€28,335 | +35.3% |
| Other amounts receivable | 41 | €600,397 | €591,796 | -€8,601 | -1.4% |
| Cash at bank and in hand | 54/58 | €90,835 | €19,453 | -€71,381 | -78.6% |
| Deferred charges and accrued income | 490/1 | €73,701 | €70,129 | -€3,573 | -4.8% |
| Total equity and liabilities | 10/49 | €1,233,135 | €1,185,570 | -€47,565 | -3.9% |
| Equity | 10/15 | €602,988 | €664,602 | +€61,614 | +10.2% |
| Contributions | 10/11 | €86,800 | €86,800 | = | 0.0% |
| Capital | 10 | €86,800 | €86,800 | = | 0.0% |
| Issued capital | 100 | €86,800 | €86,800 | = | 0.0% |
| Reserves | 13 | €8,680 | €8,680 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,680 | €8,680 | = | 0.0% |
| Legal reserve | 130 | €8,680 | €8,680 | = | 0.0% |
| Profit (loss) carried forward | 14 | €507,508 | €569,122 | +€61,614 | +12.1% |
| Amounts payable | 17/49 | €630,147 | €520,968 | -€109,179 | -17.3% |
| Amounts payable after more than one year | 17 | €251,448 | €184,434 | -€67,014 | -26.7% |
| Financial debts | 170/4 | €251,448 | €184,434 | -€67,014 | -26.7% |
| Amounts payable within one year | 42/48 | €297,212 | €285,706 | -€11,507 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €79,913 | €77,128 | -€2,785 | -3.5% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €3,888 | €1,614 | -€2,274 | -58.5% |
| Suppliers | 440/4 | €3,888 | €1,614 | -€2,274 | -58.5% |
| Taxes, remuneration and social security | 45 | €12,457 | €6,611 | -€5,846 | -46.9% |
| Taxes | 450/3 | €12,457 | €6,611 | -€5,846 | -46.9% |
| Other amounts payable | 47/48 | €955 | €353 | -€602 | -63.0% |
| Accrued charges and deferred income | 492/3 | €81,487 | €50,829 | -€30,658 | -37.6% |
| Non-recurring operating income | 76A | €1,904 | - | -€1,904 | |
| Remuneration, social security and pensions | 62 | €22,513 | €9,413 | -€13,100 | -58.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,269 | €39,774 | -€496 | -1.2% |
| Other operating charges | 640/8 | €22,627 | €29,512 | +€6,885 | +30.4% |
| Gross operating margin | 9900 | €177,526 | €170,058 | -€7,468 | -4.2% |
| Operating profit (loss) | 9901 | €92,117 | €91,360 | -€758 | -0.8% |
| Financial income | 75/76B | €15,902 | €13,515 | -€2,388 | -15.0% |
| Recurring financial income | 75 | €15,902 | €13,515 | -€2,388 | -15.0% |
| Financial charges | 65/66B | €27,199 | €23,490 | -€3,708 | -13.6% |
| Recurring financial charges | 65 | €27,199 | €23,490 | -€3,708 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €80,821 | €81,384 | +€563 | +0.7% |
| Income taxes | 67/77 | €19,700 | €19,770 | +€70 | +0.4% |
| Profit (loss) for the period | 9904 | €61,121 | €61,614 | +€493 | +0.8% |
| Profit (loss) for the period to be appropriated | 9905 | €61,121 | €61,614 | +€493 | +0.8% |
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 4 November 2026 via checked.be.