VDB.M: 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.M
Largest movements
- Receivables within one year +€14,310
up €14,310 (+51.7%), from €27,702 to €42,012
- Deferred charges and accrued income +€9,845
up €9,845 (+785.4%), from €1,254 to €11,099
- Tangible fixed assets -€6,099
down €6,099 (-15.9%), from €38,455 to €32,356
of which Furniture and vehicles: -€7,014
- Cash +€2,860
up €2,860 (+39.3%), from €7,279 to €10,139
mainly Net result for the year (+€25,726) and Depreciation (+€10,890)
- Reserves +€25,244
up €25,244 (+82.2%), from €30,708 to €55,952
- Debts after one year -€7,974
down €7,974 (-28.7%), from €27,787 to €19,813
- Tax, wage and social debts +€2,537
up €2,537 (+58.9%), from €4,306 to €6,842
of which Remuneration and social security: +€2,441
- Staff costs +€14,586
new in 2025: €14,586
- Taxes -€5,465
down €5,465 (-35.6%), from €15,367 to €9,901
- Financial income +€1,262
up €1,262 (+157.2%), from €802 to €2,064
- Gross operating margin -€1,129
down €1,129 (-1.8%), from €61,750 to €60,621
- Depreciation +€723
up €723 (+7.1%), from €10,168 to €10,890
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 | €74,689 | €95,606 | +€20,916 | +28.0% |
| Fixed assets | 21/28 | €38,455 | €32,356 | -€6,099 | -15.9% |
| Tangible fixed assets | 22/27 | €38,455 | €32,356 | -€6,099 | -15.9% |
| Plant, machinery and equipment | 23 | - | €914 | +€914 | |
| Furniture and vehicles | 24 | €38,455 | €31,441 | -€7,014 | -18.2% |
| Current assets | 29/58 | €36,234 | €63,250 | +€27,016 | +74.6% |
| Amounts receivable within one year | 40/41 | €27,702 | €42,012 | +€14,310 | +51.7% |
| Other amounts receivable | 41 | €27,702 | €42,012 | +€14,310 | +51.7% |
| Cash at bank and in hand | 54/58 | €7,279 | €10,139 | +€2,860 | +39.3% |
| Deferred charges and accrued income | 490/1 | €1,254 | €11,099 | +€9,845 | +785.4% |
| Total equity and liabilities | 10/49 | €74,689 | €95,606 | +€20,916 | +28.0% |
| Equity | 10/15 | €34,208 | €59,452 | +€25,244 | +73.8% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €30,708 | €55,952 | +€25,244 | +82.2% |
| Distributable reserves | 133 | €30,708 | €55,952 | +€25,244 | +82.2% |
| Amounts payable | 17/49 | €40,482 | €36,153 | -€4,328 | -10.7% |
| Amounts payable after more than one year | 17 | €27,787 | €19,813 | -€7,974 | -28.7% |
| Financial debts | 170/4 | €27,787 | €19,813 | -€7,974 | -28.7% |
| Amounts payable within one year | 42/48 | €12,694 | €16,340 | +€3,646 | +28.7% |
| Current portion of amounts payable after more than one year | 42 | €7,680 | €7,974 | +€294 | +3.8% |
| Trade debts | 44 | €708 | €1,524 | +€816 | +115.2% |
| Suppliers | 440/4 | €708 | €1,524 | +€816 | +115.2% |
| Taxes, remuneration and social security | 45 | €4,306 | €6,842 | +€2,537 | +58.9% |
| Taxes | 450/3 | €4,306 | €4,401 | +€96 | +2.2% |
| Remuneration and social security | 454/9 | - | €2,441 | +€2,441 | |
| Remuneration, social security and pensions | 62 | - | €14,586 | +€14,586 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,168 | €10,890 | +€723 | +7.1% |
| Gross operating margin | 9900 | €61,750 | €60,621 | -€1,129 | -1.8% |
| Operating profit (loss) | 9901 | €51,583 | €35,145 | -€16,438 | -31.9% |
| Financial income | 75/76B | €802 | €2,064 | +€1,262 | +157.2% |
| Recurring financial income | 75 | €802 | €2,064 | +€1,262 | +157.2% |
| Financial charges | 65/66B | €959 | €1,582 | +€623 | +64.9% |
| Recurring financial charges | 65 | €959 | €1,582 | +€623 | +64.9% |
| Profit (loss) for the period before taxes | 9903 | €51,426 | €35,627 | -€15,799 | -30.7% |
| Income taxes | 67/77 | €15,367 | €9,901 | -€5,465 | -35.6% |
| Profit (loss) for the period | 9904 | €36,059 | €25,726 | -€10,334 | -28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €36,059 | €25,726 | -€10,334 | -28.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.