VDB Management Services: 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 Services
Largest movements
- Receivables within one year +€12,274
up €12,274 (+177%), from €6,951 to €19,225
of which Trade receivables: +€8,291
- Cash -€5,942
down €5,942 (-13.5%), from €43,984 to €38,041
mainly Investment in fixed assets (net) (-€28,179) and Receivables within one year (-€12,274)
- Receivables after one year +€4,300
up €4,300 (+53.1%), from €8,100 to €12,400
- Stocks and contracts +€2,791
up €2,791 (+83.7%), from €3,333 to €6,124
- Tax, wage and social debts +€13,345
up €13,345 (+147%), from €9,079 to €22,424
of which Remuneration and social security: +€9,184
- Debts after one year -€12,009
down €12,009 (-18.4%), from €65,312 to €53,303
- Reserves +€9,032
up €9,032 (+24.3%), from €37,217 to €46,249
- Current portion of long-term debt +€2,673
up €2,673 (+10.4%), from €25,667 to €28,340
- Financial charges -€10,951
down €10,951 (-63.5%), from €17,252 to €6,301
of which Non-recurring financial charges: -€10,050
- Staff costs +€2,743
up €2,743 (+3.6%), from €75,307 to €78,050
- Taxes +€2,706
up €2,706 (+281%), from €964 to €3,671
- Depreciation +€1,317
up €1,317 (+4.7%), from €28,038 to €29,355
- Other operating charges -€1,288
down €1,288 (-62.7%), from €2,054 to €766
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 | €152,544 | €164,791 | +€12,247 | +8.0% |
| Fixed assets | 21/28 | €90,177 | €89,001 | -€1,176 | -1.3% |
| Tangible fixed assets | 22/27 | €88,677 | €87,501 | -€1,176 | -1.3% |
| Land and buildings | 22 | €7,496 | €6,343 | -€1,153 | -15.4% |
| Plant, machinery and equipment | 23 | €70,228 | €53,549 | -€16,679 | -23.7% |
| Furniture and vehicles | 24 | - | €3,476 | +€3,476 | |
| Leasing and similar rights | 25 | €7,162 | €21,390 | +€14,228 | +199% |
| Other tangible fixed assets | 26 | €3,791 | €2,743 | -€1,048 | -27.6% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €62,368 | €75,790 | +€13,422 | +21.5% |
| Amounts receivable after more than one year | 29 | €8,100 | €12,400 | +€4,300 | +53.1% |
| Other amounts receivable | 291 | €8,100 | €12,400 | +€4,300 | +53.1% |
| Stocks and contracts in progress | 3 | €3,333 | €6,124 | +€2,791 | +83.7% |
| Stocks | 30/36 | €3,333 | €6,124 | +€2,791 | +83.7% |
| Amounts receivable within one year | 40/41 | €6,951 | €19,225 | +€12,274 | +177% |
| Trade receivables | 40 | €2,346 | €10,637 | +€8,291 | +353% |
| Other amounts receivable | 41 | €4,605 | €8,588 | +€3,983 | +86.5% |
| Cash at bank and in hand | 54/58 | €43,984 | €38,041 | -€5,942 | -13.5% |
| Total equity and liabilities | 10/49 | €152,544 | €164,791 | +€12,247 | +8.0% |
| Equity | 10/15 | €43,417 | €52,449 | +€9,032 | +20.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €37,217 | €46,249 | +€9,032 | +24.3% |
| Distributable reserves | 133 | €37,217 | €46,249 | +€9,032 | +24.3% |
| Amounts payable | 17/49 | €109,127 | €112,342 | +€3,214 | +2.9% |
| Amounts payable after more than one year | 17 | €65,312 | €53,303 | -€12,009 | -18.4% |
| Financial debts | 170/4 | €65,312 | €53,303 | -€12,009 | -18.4% |
| Amounts payable within one year | 42/48 | €43,815 | €59,038 | +€15,223 | +34.7% |
| Current portion of amounts payable after more than one year | 42 | €25,667 | €28,340 | +€2,673 | +10.4% |
| Trade debts | 44 | €8,995 | €8,257 | -€738 | -8.2% |
| Suppliers | 440/4 | €8,995 | €8,257 | -€738 | -8.2% |
| Taxes, remuneration and social security | 45 | €9,079 | €22,424 | +€13,345 | +147% |
| Taxes | 450/3 | €1,316 | €5,477 | +€4,161 | +316% |
| Remuneration and social security | 454/9 | €7,763 | €16,947 | +€9,184 | +118% |
| Other amounts payable | 47/48 | €74 | €18 | -€56 | -76.3% |
| Remuneration, social security and pensions | 62 | €75,307 | €78,050 | +€2,743 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,038 | €29,355 | +€1,317 | +4.7% |
| Other operating charges | 640/8 | €2,054 | €766 | -€1,288 | -62.7% |
| Non-recurring operating charges | 66A | €53 | €180 | +€127 | +239% |
| Gross operating margin | 9900 | €124,982 | €126,049 | +€1,067 | +0.9% |
| Operating profit (loss) | 9901 | €19,529 | €17,698 | -€1,831 | -9.4% |
| Financial income | 75/76B | €828 | €1,306 | +€477 | +57.6% |
| Recurring financial income | 75 | €828 | €1,306 | +€477 | +57.6% |
| Financial charges | 65/66B | €17,252 | €6,301 | -€10,951 | -63.5% |
| Recurring financial charges | 65 | €7,202 | €6,301 | -€901 | -12.5% |
| Non-recurring financial charges | 66B | €10,050 | - | -€10,050 | |
| Profit (loss) for the period before taxes | 9903 | €3,105 | €12,703 | +€9,598 | +309% |
| Income taxes | 67/77 | €964 | €3,671 | +€2,706 | +281% |
| Profit (loss) for the period | 9904 | €2,141 | €9,032 | +€6,891 | +322% |
| Profit (loss) for the period to be appropriated | 9905 | €2,141 | €9,032 | +€6,891 | +322% |
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 20 October 2026 via checked.be.