VDB MANAGEMENT: what changed
VDB MANAGEMENT
Largest movements
- Receivables after one year -€67,861
down €67,861 (-67.9%), from €100,000 to €32,139
- Cash +€58,079
up €58,079 (+167%), from €34,870 to €92,948
mainly Receivables after one year (+€67,861) and Other debts (+€39,690)
- Receivables within one year -€24,005
down €24,005 (-91.4%), from €26,255 to €2,251
of which Other amounts receivable: -€25,338
- Deferred charges and accrued income +€22,080
up €22,080 (+604%), from €3,657 to €25,737
- Reserves -€70,628
down €70,628 (-21.1%), from €335,323 to €264,695
of which Distributable reserves: -€70,628
- Other debts +€39,690
up €39,690 (+55.6%), from €71,446 to €111,136
- Tax, wage and social debts +€9,242
up €9,242 (+180%), from €5,139 to €14,381
- Trade debts +€5,566
up €5,566 (+440%), from €1,266 to €6,832
- Gross operating margin +€12,389
up €12,389 (+60.6%), from €20,438 to €32,826
- Taxes +€4,661
up €4,661 (+50.9%), from €9,150 to €13,811
- Financial income +€1,620
up €1,620 (+23.2%), from €6,981 to €8,601
- Other operating charges +€1,310
up €1,310 (+212%), from €617 to €1,927
- Depreciation +€1,268
up €1,268 (+13.9%), from €9,101 to €10,368
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €432,112 | €416,619 | -€15,493 | -3.6% |
| Fixed assets | 21/28 | €17,330 | €13,544 | -€3,786 | -21.8% |
| Tangible fixed assets | 22/27 | €17,330 | €13,544 | -€3,786 | -21.8% |
| Furniture and vehicles | 24 | €12,679 | €8,830 | -€3,849 | -30.4% |
| Other tangible fixed assets | 26 | €4,651 | €4,714 | +€63 | +1.3% |
| Current assets | 29/58 | €414,782 | €403,075 | -€11,707 | -2.8% |
| Amounts receivable after more than one year | 29 | €100,000 | €32,139 | -€67,861 | -67.9% |
| Other amounts receivable | 291 | €100,000 | €32,139 | -€67,861 | -67.9% |
| Amounts receivable within one year | 40/41 | €26,255 | €2,251 | -€24,005 | -91.4% |
| Trade receivables | 40 | €917 | €2,251 | +€1,333 | +145% |
| Other amounts receivable | 41 | €25,338 | €0 | -€25,338 | -100% |
| Current investments | 50/53 | €250,000 | €250,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €34,870 | €92,948 | +€58,079 | +167% |
| Deferred charges and accrued income | 490/1 | €3,657 | €25,737 | +€22,080 | +604% |
| Total equity and liabilities | 10/49 | €432,112 | €416,619 | -€15,493 | -3.6% |
| Equity | 10/15 | €353,873 | €283,245 | -€70,628 | -20.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €335,323 | €264,695 | -€70,628 | -21.1% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €333,468 | €262,840 | -€70,628 | -21.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €78,239 | €133,373 | +€55,135 | +70.5% |
| Amounts payable within one year | 42/48 | €78,239 | €133,373 | +€55,135 | +70.5% |
| Financial debts | 43 | €388 | €1,025 | +€637 | +164% |
| Credit institutions | 430/8 | €388 | €1,025 | +€637 | +164% |
| Trade debts | 44 | €1,266 | €6,832 | +€5,566 | +440% |
| Suppliers | 440/4 | €1,266 | €6,832 | +€5,566 | +440% |
| Taxes, remuneration and social security | 45 | €5,139 | €14,381 | +€9,242 | +180% |
| Taxes | 450/3 | €5,139 | €14,381 | +€9,242 | +180% |
| Other amounts payable | 47/48 | €71,446 | €111,136 | +€39,690 | +55.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,101 | €10,368 | +€1,268 | +13.9% |
| Other operating charges | 640/8 | €617 | €1,927 | +€1,310 | +212% |
| Gross operating margin | 9900 | €20,438 | €32,826 | +€12,389 | +60.6% |
| Operating profit (loss) | 9901 | €10,720 | €20,531 | +€9,811 | +91.5% |
| Financial income | 75/76B | €6,981 | €8,601 | +€1,620 | +23.2% |
| Recurring financial income | 75 | €6,981 | €8,601 | +€1,620 | +23.2% |
| Financial charges | 65/66B | €612 | €131 | -€481 | -78.6% |
| Recurring financial charges | 65 | €612 | €131 | -€481 | -78.6% |
| Profit (loss) for the period before taxes | 9903 | €17,089 | €29,001 | +€11,911 | +69.7% |
| Income taxes | 67/77 | €9,150 | €13,811 | +€4,661 | +50.9% |
| Profit (loss) for the period | 9904 | €7,939 | €15,189 | +€7,250 | +91.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,939 | €15,189 | +€7,250 | +91.3% |
Next steps
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 1 November 2026 via checked.be.