VDB Management: 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 Management
Largest movements
- Receivables within one year -€95,381
down €95,381 (-57.3%), from €166,465 to €71,084
- Cash +€12,903
up €12,903 (+112%), from €11,557 to €24,461
mainly Receivables within one year (+€95,381) and Other debts (+€45,300)
- Profit (loss) carried forward -€105,564
down €105,564 (-83.6%), from €126,234 to €20,670
- Tax, wage and social debts -€49,409
down €49,409 (-91.7%), from €53,898 to €4,489
- Other debts +€45,300
up €45,300 (+18,776%), from €241 to €45,541
- Trade debts +€26,666
new in 2025: €26,666
- Gross operating margin -€110,186
down €110,186 (-79.7%), from €138,179 to €27,994
- Taxes -€22,496
down €22,496 (-78.1%), from €28,807 to €6,310
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 | €183,758 | €100,750 | -€83,008 | -45.2% |
| Fixed assets | 21/28 | €4,236 | €3,706 | -€530 | -12.5% |
| Tangible fixed assets | 22/27 | €4,236 | €3,706 | -€530 | -12.5% |
| Other tangible fixed assets | 26 | €4,236 | €3,706 | -€530 | -12.5% |
| Current assets | 29/58 | €179,522 | €97,045 | -€82,478 | -45.9% |
| Amounts receivable within one year | 40/41 | €166,465 | €71,084 | -€95,381 | -57.3% |
| Trade receivables | 40 | €166,465 | €71,084 | -€95,381 | -57.3% |
| Cash at bank and in hand | 54/58 | €11,557 | €24,461 | +€12,903 | +112% |
| Deferred charges and accrued income | 490/1 | €1,500 | €1,500 | = | 0.0% |
| Total equity and liabilities | 10/49 | €183,758 | €100,750 | -€83,008 | -45.2% |
| Equity | 10/15 | €129,234 | €23,670 | -€105,564 | -81.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €126,234 | €20,670 | -€105,564 | -83.6% |
| Amounts payable | 17/49 | €54,524 | €77,081 | +€22,557 | +41.4% |
| Amounts payable within one year | 42/48 | €54,139 | €76,696 | +€22,557 | +41.7% |
| Trade debts | 44 | - | €26,666 | +€26,666 | |
| Suppliers | 440/4 | - | €26,666 | +€26,666 | |
| Taxes, remuneration and social security | 45 | €53,898 | €4,489 | -€49,409 | -91.7% |
| Taxes | 450/3 | €53,898 | €4,489 | -€49,409 | -91.7% |
| Other amounts payable | 47/48 | €241 | €45,541 | +€45,300 | +18,776% |
| Accrued charges and deferred income | 492/3 | €385 | €385 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €530 | €530 | = | 0.0% |
| Other operating charges | 640/8 | €505 | €430 | -€76 | -15.0% |
| Gross operating margin | 9900 | €138,179 | €27,994 | -€110,186 | -79.7% |
| Operating profit (loss) | 9901 | €137,144 | €27,034 | -€110,110 | -80.3% |
| Financial charges | 65/66B | €78 | €54 | -€24 | -30.8% |
| Recurring financial charges | 65 | €78 | €54 | -€24 | -30.8% |
| Profit (loss) for the period before taxes | 9903 | €137,066 | €26,980 | -€110,086 | -80.3% |
| Income taxes | 67/77 | €28,807 | €6,310 | -€22,496 | -78.1% |
| Profit (loss) for the period | 9904 | €108,259 | €20,670 | -€87,590 | -80.9% |
| Profit (loss) for the period to be appropriated | 9905 | €108,259 | €20,670 | -€87,590 | -80.9% |
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 28 October 2026 via checked.be.