VDB Liner: 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 Liner
Largest movements
- Tangible fixed assets +€50,559
up €50,559 (+87.0%), from €58,102 to €108,661
of which Furniture and vehicles: +€52,473
- Receivables within one year -€8,586
down €8,586 (-38.4%), from €22,355 to €13,770
of which Trade receivables: -€9,342
- Cash +€3,339
up €3,339 (+4.2%), from €79,711 to €83,051
mainly Debts after one year (+€42,940) and Depreciation (+€28,941)
- Debts after one year +€42,940
up €42,940 (+184%), from €23,397 to €66,337
- Current portion of long-term debt +€11,047
up €11,047 (+77.7%), from €14,220 to €25,267
- Profit (loss) carried forward -€3,622
down €3,622 (-43.7%), from €8,281 to €4,658
- Advances received -€2,178
no longer reported in 2025 (was €2,178)
- Trade debts -€2,094
down €2,094 (-55.9%), from €3,748 to €1,654
- Depreciation +€5,933
up €5,933 (+25.8%), from €23,008 to €28,941
- Gross operating margin -€4,360
down €4,360 (-12.9%), from €33,707 to €29,347
- Taxes -€1,288
down €1,288 (-79.2%), from €1,627 to €339
- Financial charges -€1,182
down €1,182 (-50.4%), from €2,344 to €1,162
- Other operating charges -€655
down €655 (-20.6%), from €3,183 to €2,528
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 | €162,785 | €207,788 | +€45,003 | +27.6% |
| Fixed assets | 21/28 | €58,102 | €108,661 | +€50,559 | +87.0% |
| Tangible fixed assets | 22/27 | €58,102 | €108,661 | +€50,559 | +87.0% |
| Plant, machinery and equipment | 23 | €9,412 | €7,498 | -€1,913 | -20.3% |
| Furniture and vehicles | 24 | €48,690 | €101,163 | +€52,473 | +108% |
| Current assets | 29/58 | €104,683 | €99,127 | -€5,556 | -5.3% |
| Amounts receivable within one year | 40/41 | €22,355 | €13,770 | -€8,586 | -38.4% |
| Trade receivables | 40 | €10,877 | €1,534 | -€9,342 | -85.9% |
| Other amounts receivable | 41 | €11,478 | €12,235 | +€757 | +6.6% |
| Cash at bank and in hand | 54/58 | €79,711 | €83,051 | +€3,339 | +4.2% |
| Deferred charges and accrued income | 490/1 | €2,617 | €2,307 | -€310 | -11.9% |
| Total equity and liabilities | 10/49 | €162,785 | €207,788 | +€45,003 | +27.6% |
| Equity | 10/15 | €117,814 | €114,192 | -€3,622 | -3.1% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Contributions outside capital | 11 | €12,500 | - | -€12,500 | |
| Other | 1109/19 | €12,500 | - | -€12,500 | |
| Reserves | 13 | €97,034 | €97,034 | = | 0.0% |
| Distributable reserves | 133 | €97,034 | €97,034 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,281 | €4,658 | -€3,622 | -43.7% |
| Amounts payable | 17/49 | €44,971 | €93,597 | +€48,626 | +108% |
| Amounts payable after more than one year | 17 | €23,397 | €66,337 | +€42,940 | +184% |
| Financial debts | 170/4 | €23,397 | €66,337 | +€42,940 | +184% |
| Amounts payable within one year | 42/48 | €21,574 | €27,260 | +€5,686 | +26.4% |
| Current portion of amounts payable after more than one year | 42 | €14,220 | €25,267 | +€11,047 | +77.7% |
| Trade debts | 44 | €3,748 | €1,654 | -€2,094 | -55.9% |
| Suppliers | 440/4 | €3,748 | €1,654 | -€2,094 | -55.9% |
| Advances received on contracts in progress | 46 | €2,178 | - | -€2,178 | |
| Taxes, remuneration and social security | 45 | €1,428 | €339 | -€1,089 | -76.3% |
| Taxes | 450/3 | €1,428 | €339 | -€1,089 | -76.3% |
| Non-recurring operating income | 76A | €28,395 | - | -€28,395 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,008 | €28,941 | +€5,933 | +25.8% |
| Other operating charges | 640/8 | €3,183 | €2,528 | -€655 | -20.6% |
| Gross operating margin | 9900 | €33,707 | €29,347 | -€4,360 | -12.9% |
| Operating profit (loss) | 9901 | €7,516 | -€2,122 | -€9,638 | |
| Financial income | 75/76B | €193 | - | -€193 | |
| Recurring financial income | 75 | €193 | - | -€193 | |
| Financial charges | 65/66B | €2,344 | €1,162 | -€1,182 | -50.4% |
| Recurring financial charges | 65 | €2,344 | €1,162 | -€1,182 | -50.4% |
| Profit (loss) for the period before taxes | 9903 | €5,365 | -€3,283 | -€8,649 | |
| Income taxes | 67/77 | €1,627 | €339 | -€1,288 | -79.2% |
| Profit (loss) for the period | 9904 | €3,738 | -€3,622 | -€7,361 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,738 | -€3,622 | -€7,361 |
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 16 October 2026 via checked.be.